Tuesday, March 31, 2009
Todd Investment partners to buy back firm, merge with Veredus
The partners in Todd Investment Advisors, one of Louisville’s largest institutional-investment firms, are buying back the firm from Cincinnati-based Fort Washington Investment Advisors Inc. and merging with another Louisville firm... Terms of the deal were not disclosed in a news release from the firms.
The release said the deal is a definitive agreement that is expected to close at the end of April... Upon completing the purchase, the Todd partners will merge with Veredus Asset Management to form Todd/Veredus Asset Management LLC...
BizJournals: Todd Investment partners to buy back firm, merge with Veredus
The release said the deal is a definitive agreement that is expected to close at the end of April... Upon completing the purchase, the Todd partners will merge with Veredus Asset Management to form Todd/Veredus Asset Management LLC...
BizJournals: Todd Investment partners to buy back firm, merge with Veredus
Permalink posted by markw @ 7:27 AM 
Financial Rescue Approaches GDP as U.S. Pledges $12.8 Trillion
The U.S. government and the Federal Reserve have spent, lent or guaranteed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.
New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.
President Barack Obama and Treasury Secretary Timothy Geithner met with the chief executives of the nation’s 12 biggest banks on March 27 at the White House to enlist their support to thaw a 20-month freeze in bank lending...
Bloomberg: Financial Rescue Approaches GDP as U.S. Pledges $12.8 Trillion
New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.
President Barack Obama and Treasury Secretary Timothy Geithner met with the chief executives of the nation’s 12 biggest banks on March 27 at the White House to enlist their support to thaw a 20-month freeze in bank lending...
Bloomberg: Financial Rescue Approaches GDP as U.S. Pledges $12.8 Trillion
Permalink posted by markw @ 7:06 AM
Proposal to Track Uninsured With Red-Light Cameras Has Cities Seeing Big Money
Running a red light may get more complicated — and more expensive — for some of the country's uninsured drivers... Under a proposal by Chicago Alderman Edward Burke, cameras at 132 city intersections that currently enforce $100 red light violations would also be used to nab motorists whose cars are uninsured. Washington, DC officials told FOXNews.com it is willing to consider a similiar program...
Burke says the increased enforcement not only would make Chicago's roadways safer, but, at $90 per violation, would raise nearly $10 million a year for the cash-strapped city...
Fox: Proposal to Track Uninsured With Red-Light Cameras Has Cities Seeing Big Money
Burke says the increased enforcement not only would make Chicago's roadways safer, but, at $90 per violation, would raise nearly $10 million a year for the cash-strapped city...
Fox: Proposal to Track Uninsured With Red-Light Cameras Has Cities Seeing Big Money
Permalink posted by markw @ 6:07 AM
FINRA fines Wachovia Securities and First Clearing
For the firms' failure to provide more than 800,000 required notifications to customers
US-based Financial Industry Regulatory Authority has fined Wachovia Securities and First Clearing $1.1m for the firms' failure to provide more than 800,000 required notifications to customers over a five-year period ending in 2008...
...FINRA found that the failures by Wachovia Securities and First Clearing were the result of various computer programming and operational problems that went undetected by the firms' internal controls procedures and supervisors. Those failures included over 300,000 notifications of changes in investment objectives and approximately 340,000 notifications of changes of address...
BBR: FINRA fines Wachovia Securities and First Clearing
US-based Financial Industry Regulatory Authority has fined Wachovia Securities and First Clearing $1.1m for the firms' failure to provide more than 800,000 required notifications to customers over a five-year period ending in 2008...
...FINRA found that the failures by Wachovia Securities and First Clearing were the result of various computer programming and operational problems that went undetected by the firms' internal controls procedures and supervisors. Those failures included over 300,000 notifications of changes in investment objectives and approximately 340,000 notifications of changes of address...
BBR: FINRA fines Wachovia Securities and First Clearing
Permalink posted by markw @ 5:05 AM
Bank ratings reveal turmoil
Century Bank of Sarasota was one of 19 Florida banks, and two local banks, rated "zero" by BauerFinancial Inc., a Coral Gables bank rating firm.
You can count the number of Southwest Florida’s profitable banks on one hand, and still have two fingers to spare.
Seventeen of the banks based in Sarasota, Manatee and Charlotte counties lost money in 2008. Only three managed to turn a profit.
In a year when the U.S. banking industry posted its first money-losing quarter since 1990, local banks continued to be battered by a slumping economy, stacks of bad loans and plunging real estate values...
Herald-Tribune: Bank ratings reveal turmoil
You can count the number of Southwest Florida’s profitable banks on one hand, and still have two fingers to spare.
Seventeen of the banks based in Sarasota, Manatee and Charlotte counties lost money in 2008. Only three managed to turn a profit.
In a year when the U.S. banking industry posted its first money-losing quarter since 1990, local banks continued to be battered by a slumping economy, stacks of bad loans and plunging real estate values...
Herald-Tribune: Bank ratings reveal turmoil
Permalink posted by markw @ 5:03 AM
InsWeb Launches Consumer Online Insurance Information Site FreeInsuranceAdvice.com
Online insurance aggregator’s site provides information, tools and other resources designed to be useful to consumers, who can access information organized by demographic group or product type.
InsWeb (Sacramento, Calif.) has gone live with FreeInsuranceAdvice.com, which the online insurance aggregator describes as an information center dedicated to consumer education. The site offers one of the Web's largest collections of insurance articles, resources and tools, according to an InsWeb source.
The new site is focused solely on providing expert answers to consumers' insurance questions, according to Michael Crosson, InsWeb senior vice president of advertising sales, FreeInsuranceAdvice.com. "Most individuals find insurance to be a very complicated subject, but we believe that's because they don't have an educational resource that's truly easy to use," he says...
I&T: InsWeb Launches Consumer Online Insurance Information Site FreeInsuranceAdvice.com
InsWeb (Sacramento, Calif.) has gone live with FreeInsuranceAdvice.com, which the online insurance aggregator describes as an information center dedicated to consumer education. The site offers one of the Web's largest collections of insurance articles, resources and tools, according to an InsWeb source.
The new site is focused solely on providing expert answers to consumers' insurance questions, according to Michael Crosson, InsWeb senior vice president of advertising sales, FreeInsuranceAdvice.com. "Most individuals find insurance to be a very complicated subject, but we believe that's because they don't have an educational resource that's truly easy to use," he says...
I&T: InsWeb Launches Consumer Online Insurance Information Site FreeInsuranceAdvice.com
Permalink posted by markw @ 4:44 AM
Alarming News: Bank Losses Spreading!
For the first time in history, U.S. banks have suffered large, ominous losses in a giant sector that, until now, they thought was solid: bets on interest rates.
In a moment, I’ll explain what this means for your savings and your stocks.
But first, here’s the alarming news: According to the fourth quarter report just released this past Friday by the Comptroller of the Currency (OCC), commercial banks lost a record $3.4 billion in interest rate derivatives, or more than seven times their worst previous quarterly loss in that category.1
And here’s why the losses are so ominous...
Money & Markets: Alarming News: Bank Losses Spreading!
In a moment, I’ll explain what this means for your savings and your stocks.
But first, here’s the alarming news: According to the fourth quarter report just released this past Friday by the Comptroller of the Currency (OCC), commercial banks lost a record $3.4 billion in interest rate derivatives, or more than seven times their worst previous quarterly loss in that category.1
And here’s why the losses are so ominous...
Money & Markets: Alarming News: Bank Losses Spreading!
Permalink posted by markw @ 4:38 AM
Lincoln National Reinsurance Deal Offers Relief
Lincoln National Corp. will get about $240 million in capital relief as it enters a reinsurance agreement with Commonwealth Annuity & Life Insurance Co. on a block of life-insurance policies...
WSJ: Lincoln National Reinsurance Deal Offers Relief (subscription required)
WSJ: Lincoln National Reinsurance Deal Offers Relief (subscription required)
Permalink posted by markw @ 4:36 AM
The Best Variable Annuities
Sales of variable annuities in 2008 were down 15.1% from their peak in 2007, according to the Association for Insured Retirement Solutions, a variable annuity trade association. Total sales declined to $154.8 billion from $182.2 billion the year earlier.
Despite the decline—most pronounced with the year-over-year fourth quarter decrease in sales of 30.3%—clearly millions of investors still consider variable annuities an important part of retirement planning.
The biggest drawback to variable annuities is the additional costs associated with them as compared to straight mutual fund investing. The biggest benefit to them is the guaranteed withdrawal benefits which have proved their worth during this ongoing market decline.
As part of the annual update of TheStreet.com Ratings’ Consumer Guide to Variable Annuities, we reviewed more than 1,300 annuities listed in the Morningstar Principia Variable Annuities Advanced product to find those meeting specific criteria: no front-end load, no surrender charges, an insurance company with TheStreet.com Financial Strength Rating of B- or higher, a wide selection of mutual fund choices, above-average returns, and below-average internal expenses...
Mainstreet: The Best Variable Annuities
Despite the decline—most pronounced with the year-over-year fourth quarter decrease in sales of 30.3%—clearly millions of investors still consider variable annuities an important part of retirement planning.
The biggest drawback to variable annuities is the additional costs associated with them as compared to straight mutual fund investing. The biggest benefit to them is the guaranteed withdrawal benefits which have proved their worth during this ongoing market decline.
As part of the annual update of TheStreet.com Ratings’ Consumer Guide to Variable Annuities, we reviewed more than 1,300 annuities listed in the Morningstar Principia Variable Annuities Advanced product to find those meeting specific criteria: no front-end load, no surrender charges, an insurance company with TheStreet.com Financial Strength Rating of B- or higher, a wide selection of mutual fund choices, above-average returns, and below-average internal expenses...
Mainstreet: The Best Variable Annuities
Permalink posted by markw @ 4:33 AM
Fifth Third sells processing business
Downtown-based Fifth Third Bancorp has sold a 51 percent interest in its processing business to Advent International, a private equity firm, for $561 million, Fifth Third announced in a press release today.
Advertisement
The processing business handles electronic transactions of ATM, credit and debit cards for retailers and other banks.
Fifth Third officials said jobs for the unit’s 1,400 employees, most of them local, would not be affected by the transaction...
Cincinnati.com: Fifth Third sells processing business
Advertisement
The processing business handles electronic transactions of ATM, credit and debit cards for retailers and other banks.
Fifth Third officials said jobs for the unit’s 1,400 employees, most of them local, would not be affected by the transaction...
Cincinnati.com: Fifth Third sells processing business
Permalink posted by markw @ 3:54 AM
Big Bang Theory: Fixing Annuity Risk by Recouponing CDS
Pop-quiz! In which market can you actually lose money by being too right? Well, credit derivatives, where else? Read on for an explanation.
One of the recent Big Bang changes in the CDS market has been the recouponing of CDS to 100bp or 500bp. This change achieves two things: enhances fungibility and liquidity for clients and solves the vexing risky annuity issue that has brought much pain to dealers throughout the years.
To illustrate the basic motivation for the recouponing change consider a reference entity that has one bond outstanding and no loans. Trading the credit of this company is pretty easy: you’ve got a single security with a fixed coupon and an observable market price...
Seeking Alpha: Big Bang Theory: Fixing Annuity Risk by Recouponing CDS
One of the recent Big Bang changes in the CDS market has been the recouponing of CDS to 100bp or 500bp. This change achieves two things: enhances fungibility and liquidity for clients and solves the vexing risky annuity issue that has brought much pain to dealers throughout the years.
To illustrate the basic motivation for the recouponing change consider a reference entity that has one bond outstanding and no loans. Trading the credit of this company is pretty easy: you’ve got a single security with a fixed coupon and an observable market price...
Seeking Alpha: Big Bang Theory: Fixing Annuity Risk by Recouponing CDS
Permalink posted by markw @ 3:33 AM
Talks to Buy Business Units of The Hartford Stall
Sun Life's talks with The Hartford to buy some of its businesses have halted at least for now, a Canadian newspaper reported today, and Moody's has downgraded The Hartford's ratings again.
Talks to Buy Business Units of The Hartford Stall
Source: Hartford Courant
Talks to Buy Business Units of The Hartford Stall
Source: Hartford Courant
Permalink posted by armandn @ 12:45 AM
Monday, March 30, 2009
Estate Planning Opportunities Await You in 2009
Estate planning is a key practice area for most of the 2,000 top life insurance practitioners in AALU’s membership. When AALU began its major federal advocacy role for sustainable estate tax reform in 2000, there was a projected 10-year $5.6 trillion federal budget surplus and general anticipation that Congress would permanently eliminate the estate tax. Previous years of high federal government spending and deficits, however, made us at AALU correctly skeptical of the sustainability of repeal and prompted us to press for reform that we believe is sustainable.
Estate Planning Opportunities Await You in 2009
Source: Life Insurance Selling
Estate Planning Opportunities Await You in 2009
Source: Life Insurance Selling
Permalink posted by armandn @ 11:17 AM
Considering Life Insurance Settlements When Selling Your Life Insurance Could be a Good Option
MetLife has asked to file a brief in support of the Securities & Exchange Commission’s rule to treat indexed annuities as securities.
The carrier is equating support for the SEC’s Rule 151A with support for federal regulation.
Considering Life Insurance Settlements When Selling Your Life Insurance Could be a Good Option
Source: PR Newswire
The carrier is equating support for the SEC’s Rule 151A with support for federal regulation.
Considering Life Insurance Settlements When Selling Your Life Insurance Could be a Good Option
Source: PR Newswire
Permalink posted by armandn @ 11:15 AM
Lincoln National May Lose Out on Government Relief
Five months ago, Lincoln National, the embattled insurance giant with huge loses stemming from its investment portfolio, bought an Indiana savings & loan, replete with $7 million in assets and three employees, as its entree to federal banking relief funds. ”See,” it seemed to say, ”We’re a bank. Now share with us your TAPR money, please.”
Lincoln National May Lose Out on Government Relief
Source: Barron's
Lincoln National May Lose Out on Government Relief
Source: Barron's
Permalink posted by armandn @ 11:14 AM
Life insurance for your passwords: Legacy Locker
Jeremy Toeman is unveiling on Tuesday a simple, clever, and very different kind of backup service.
Legacy Locker simply backs up the passwords and access codes to your online accounts. When you die, it gives that information to the people you designate.
I got this concept in half a second: if I go, I cannot imagine the trouble my wife would have trying to untangle my financial and e-mail accounts and deal with my contacts on my social networks, not to mention controlling the disposition of some online assets I own, like domain names.
The idea with Legacy Locker is to give your survivors easy access to your photo, blog, social network, e-mail, and other personal online sites so they can figure out what to do with the info and files stored there. Or, possibly, so your survivors can reach out to your followers or friends to let them know what's happened to you...
CNet: Life insurance for your passwords: Legacy Locker
Legacy Locker simply backs up the passwords and access codes to your online accounts. When you die, it gives that information to the people you designate.
I got this concept in half a second: if I go, I cannot imagine the trouble my wife would have trying to untangle my financial and e-mail accounts and deal with my contacts on my social networks, not to mention controlling the disposition of some online assets I own, like domain names.
The idea with Legacy Locker is to give your survivors easy access to your photo, blog, social network, e-mail, and other personal online sites so they can figure out what to do with the info and files stored there. Or, possibly, so your survivors can reach out to your followers or friends to let them know what's happened to you...
CNet: Life insurance for your passwords: Legacy Locker
Permalink posted by markw @ 7:46 AM
AIG crisis could be the tip of an insurance iceberg
The company's situation reflects problems throughout the life insurance industry as investments suffer. Further strain could bring about a second financial crisis.
When insurance giant American International Group Inc. imploded last fall, the firm's problems were quickly blamed not on its core insurance business but on an obscure operation that traded exotic mortgage securities.
But as the economic crisis deepens, it has become clear that AIG's problems extend across most of its business lines, including its massive life insurance and retirement services operations, which reported a staggering $18-billion quarterly loss this month...
...Two key pieces of AIG's life insurance and retirement products operations are Los Angeles-based SunAmerica Inc., which sells retirement annuities, and Houston-based American General Life...
Wintrob is now considering a consolidation of SunAmerica and American General. Both operations say they are well capitalized and have many times the minimum required level of reserves to meet their obligations to their 17 million customers...
LA Times: AIG crisis could be the tip of an insurance iceberg
When insurance giant American International Group Inc. imploded last fall, the firm's problems were quickly blamed not on its core insurance business but on an obscure operation that traded exotic mortgage securities.
But as the economic crisis deepens, it has become clear that AIG's problems extend across most of its business lines, including its massive life insurance and retirement services operations, which reported a staggering $18-billion quarterly loss this month...
...Two key pieces of AIG's life insurance and retirement products operations are Los Angeles-based SunAmerica Inc., which sells retirement annuities, and Houston-based American General Life...
Wintrob is now considering a consolidation of SunAmerica and American General. Both operations say they are well capitalized and have many times the minimum required level of reserves to meet their obligations to their 17 million customers...
LA Times: AIG crisis could be the tip of an insurance iceberg
Permalink posted by markw @ 6:46 AM
Geithner Says Some Banks to Need ‘Large Amounts’ of Assistance
U.S. Treasury Secretary Timothy Geithner said some financial institutions will need substantial government aid, while warning against any attempt to tax investors who join a federal program to buy tainted assets from banks.
“Some banks are going to need some large amounts of assistance,” Geithner said today on the ABC News program “This Week.” The terms of a $500 billion public-private program to aid banks “cannot change” for investors or they’ll lose confidence in the plan, he said on NBC’s “Meet the Press...”
Bloomberg: Geithner Says Some Banks to Need ‘Large Amounts’ of Assistance
“Some banks are going to need some large amounts of assistance,” Geithner said today on the ABC News program “This Week.” The terms of a $500 billion public-private program to aid banks “cannot change” for investors or they’ll lose confidence in the plan, he said on NBC’s “Meet the Press...”
Bloomberg: Geithner Says Some Banks to Need ‘Large Amounts’ of Assistance
Permalink posted by markw @ 6:42 AM
Geithner on TARP Money: 'We Have Roughly $135 Billion Left'
Treasury Secretary Timothy Geithner told me this morning on "This Week" that his department has roughly $135 billion in uncommitted money left over in the TARP plan.
"George, we have roughly $135 billion left of uncommitted resources," Geithner said on "This Week" -- in his first public accounting of TARP funds.
According to estimates, there was only about $32 billion dollars left of in the TARP money, the government's financial rescue plan...
ABC: Geithner on TARP Money: 'We Have Roughly $135 Billion Left'
"George, we have roughly $135 billion left of uncommitted resources," Geithner said on "This Week" -- in his first public accounting of TARP funds.
According to estimates, there was only about $32 billion dollars left of in the TARP money, the government's financial rescue plan...
ABC: Geithner on TARP Money: 'We Have Roughly $135 Billion Left'
Permalink posted by markw @ 6:38 AM
Should I Stay or Should I go?
With many advisors frustrated about the way management is running their franchises, more are starting to explore the independent channel.
It’s still too early to tell. But changing jobs is certainly top of mind these days. Indeed, a recent Registered Rep. survey of 1,459 advisors found that 63 percent might change firms in the next two years. In fact, one in four advisors said they are considering or would consider starting an independent advisory business.
There are many benefits to going solo. For starters, you are in control of your own destiny. You get to call the shots, you have more flexibility in how you run your business, you can potentially provide a lower cost structure to clients, and you may be able to make more money than you would as an employee of a firm.
When you work for a big company, “you have massive amounts of pressure to produce revenue,” said John Burns, founder and principal of Burns Advisory Group, a registered investment advisor in Oklahoma City. As a business owner, however, your clients’ interests come first, he said...
Registered Rep: Should I Stay or Should I go?
It’s still too early to tell. But changing jobs is certainly top of mind these days. Indeed, a recent Registered Rep. survey of 1,459 advisors found that 63 percent might change firms in the next two years. In fact, one in four advisors said they are considering or would consider starting an independent advisory business.
There are many benefits to going solo. For starters, you are in control of your own destiny. You get to call the shots, you have more flexibility in how you run your business, you can potentially provide a lower cost structure to clients, and you may be able to make more money than you would as an employee of a firm.
When you work for a big company, “you have massive amounts of pressure to produce revenue,” said John Burns, founder and principal of Burns Advisory Group, a registered investment advisor in Oklahoma City. As a business owner, however, your clients’ interests come first, he said...
Registered Rep: Should I Stay or Should I go?
Permalink posted by markw @ 5:25 AM
Opportunity knocks in the guise of TIPs and annuities
Some things are certain. Over the next 10 years, millions of baby boomers are going to retire, dependent entirely on Social Security and 401(k) balances, and the Department of the Treasury is going to issue trillions in debt. The baby boomers are going to need to transform a substantial portion of their 401(k) balances into annuities — products that guarantee lifetime income — and the providers of annuities are going to need long-dated inflation-indexed bonds...
Investment News: Opportunity knocks in the guise of TIPs and annuities
Investment News: Opportunity knocks in the guise of TIPs and annuities
Permalink posted by markw @ 4:57 AM
Lock in a Lifetime of Income
Tough times in the markets are renewing interest in an old, reliable investment for retirement: immediate annuities.
These insurance products convert your cash into a stream of income that can be guaranteed to last the rest of your life. With many retirees staring at double-digit losses on their portfolios, that kind of reassurance is attractive.
[Encore illustration] Dan Picasso
Unlike some annuities that are complicated and expensive, immediate annuities are usually fairly straightforward. However, comparison shopping among insurers is essential because their payouts vary...
WSJ: Lock in a Lifetime of Income
These insurance products convert your cash into a stream of income that can be guaranteed to last the rest of your life. With many retirees staring at double-digit losses on their portfolios, that kind of reassurance is attractive.
[Encore illustration] Dan Picasso
Unlike some annuities that are complicated and expensive, immediate annuities are usually fairly straightforward. However, comparison shopping among insurers is essential because their payouts vary...
WSJ: Lock in a Lifetime of Income
Permalink posted by markw @ 4:56 AM
Insurance industry for boomers is booming
Aging baby boomers mean more job opportunities at one Charlotte insurance office.
Bankers Life and Casualty focuses exclusively on senior citizens, selling insurance and investment products to retirees or people nearing retirement. Founded in 1879, the company has its headquarters in Chicago and one of its largest branches – of about 200 nationwide – in south Charlotte.
Kevin Breen is a unit supervisor in Charlotte, where Bankers Life and Casualty is expanding in a building near Carmel and Pineville-Matthews roads. “We keep taking over the leases of other offices and knocking down walls,” he said...
Charlotte Observer: Insurance industry for boomers is booming
Bankers Life and Casualty focuses exclusively on senior citizens, selling insurance and investment products to retirees or people nearing retirement. Founded in 1879, the company has its headquarters in Chicago and one of its largest branches – of about 200 nationwide – in south Charlotte.
Kevin Breen is a unit supervisor in Charlotte, where Bankers Life and Casualty is expanding in a building near Carmel and Pineville-Matthews roads. “We keep taking over the leases of other offices and knocking down walls,” he said...
Charlotte Observer: Insurance industry for boomers is booming
Permalink posted by markw @ 4:55 AM
Fidelity, Pershing, Schwab, TD in a tech 'arms race'
Companies continue to spend on systems despite the weak economic conditions
Despite budget cuts across the financial industry, Fidelity Institutional Wealth Services, Pershing LLC, Schwab Institutional and TD Ameritrade Institutional are spending money to upgrade technology... Spending is increasing, on average, 1.5% to 2% this year. That is a modest amount, perhaps, but noteworthy because firms are cutting costs in most other areas.
However, to lure breakaway brokers, custodians consider the expenditures necessary.
"Wirehouses do provide their advisers with great tools, and when an adviser goes independent, they expect nothing less from their custodian. In fact, my research shows that platform capabilities and ease of use may be the largest determinants of custodian selection," said Robert Ellis, a senior vice president and head of the wealth management practice with Celent Communications LLC, a consulting firm in Boston...
Investment News: Fidelity, Pershing, Schwab, TD in a tech 'arms race'
Despite budget cuts across the financial industry, Fidelity Institutional Wealth Services, Pershing LLC, Schwab Institutional and TD Ameritrade Institutional are spending money to upgrade technology... Spending is increasing, on average, 1.5% to 2% this year. That is a modest amount, perhaps, but noteworthy because firms are cutting costs in most other areas.
However, to lure breakaway brokers, custodians consider the expenditures necessary.
"Wirehouses do provide their advisers with great tools, and when an adviser goes independent, they expect nothing less from their custodian. In fact, my research shows that platform capabilities and ease of use may be the largest determinants of custodian selection," said Robert Ellis, a senior vice president and head of the wealth management practice with Celent Communications LLC, a consulting firm in Boston...
Investment News: Fidelity, Pershing, Schwab, TD in a tech 'arms race'
Permalink posted by markw @ 4:47 AM
Friday, March 27, 2009
When She Talks, Agents Listen - and Learn
The life insurance industry has known for years that its agent ranks are shrinking. The median age of producers is well over 50, and industry events are starting to look more like AARP conventions. Carriers and distributors wonder how to identify and recruit younger agents from Generations X and Y. For those new agents who do venture into the profession, however, there’s a simple solution to get them trained well.
Clone Fran Jacoby.
A transplanted New Yorker who has enjoyed a noteworthy 36-year career in Indianapolis, Fran is a one-woman mentoring machine to younger agents. She has adopted scores of them over the years at her primary company, Prudential, and also travels the country encouraging newer producers to aspire to membership in the Million Dollar Round Table. She’s sold enough life insurance herself to be a 35-year Life and Qualifying MDRT member, including four times at the Top of the Table...
Life Insurance Selling: When She Talks, Agents Listen - and Learn
Clone Fran Jacoby.
A transplanted New Yorker who has enjoyed a noteworthy 36-year career in Indianapolis, Fran is a one-woman mentoring machine to younger agents. She has adopted scores of them over the years at her primary company, Prudential, and also travels the country encouraging newer producers to aspire to membership in the Million Dollar Round Table. She’s sold enough life insurance herself to be a 35-year Life and Qualifying MDRT member, including four times at the Top of the Table...
Life Insurance Selling: When She Talks, Agents Listen - and Learn
Permalink posted by markw @ 10:46 AM
Insurance Industry Groups React to Treasury Secretary’s Statements
Speaking before the House Financial Services Committee, Geithner was forthright about the need for systemic risk regulation but his comments on optional federal charter were subject to interpretation.
The comments of Treasury Secretary Timothy Geithner, speaking yesterday before the House Financial Services Committee, elicited reactions from various insurance trade associations monitoring federal government activity potentially affecting the future regulatory regime under which insurers will operate. Geithner called for a systemic risk regulator in his prepared statement. Later, in response to a question from long-time optional federal charter (OFC) proponent Rep. Ed Royce (R-Calif.), Geithner said a "good case" could be made for OFC.
Frank Keating, president ad CEO of the American Council of Life Insurers (ACLI, Washington, D.C.) expressed great appreciation for Geithner's comment on OFC, in a statement issued late yesterday. "Optional federal charter legislation is inextricably linked to proposals by the secretary and other policymakers to enhance the federal government's ability to monitor and address potential threats to our nation's financial services system," he said. "Without the federal insurance regulatory office that would be established by OFC legislation, any effort to oversee systemic risk would necessarily fall short...
I&T: Insurance Industry Groups React to Treasury Secretary’s Statements
The comments of Treasury Secretary Timothy Geithner, speaking yesterday before the House Financial Services Committee, elicited reactions from various insurance trade associations monitoring federal government activity potentially affecting the future regulatory regime under which insurers will operate. Geithner called for a systemic risk regulator in his prepared statement. Later, in response to a question from long-time optional federal charter (OFC) proponent Rep. Ed Royce (R-Calif.), Geithner said a "good case" could be made for OFC.
Frank Keating, president ad CEO of the American Council of Life Insurers (ACLI, Washington, D.C.) expressed great appreciation for Geithner's comment on OFC, in a statement issued late yesterday. "Optional federal charter legislation is inextricably linked to proposals by the secretary and other policymakers to enhance the federal government's ability to monitor and address potential threats to our nation's financial services system," he said. "Without the federal insurance regulatory office that would be established by OFC legislation, any effort to oversee systemic risk would necessarily fall short...
I&T: Insurance Industry Groups React to Treasury Secretary’s Statements
Permalink posted by markw @ 10:01 AM
Financial Planning: Is It Right for You?
When I was in college I looked for a new career that would keep me challenged throughout my working life. I had great corporate jobs - all of which bored me to death after about two years. I discovered financial planning in a small office in Corvallis, in the mid- 1970s. I was lucky. I was given an opportunity to begin a lifelong career that still drives me to achieve and helps me solve the great puzzles of people's lives...
American Chronicle: Financial Planning: Is It Right for You?
American Chronicle: Financial Planning: Is It Right for You?
Permalink posted by markw @ 8:02 AM
9 wackiest tax deductions for 2009
Did you hear the one about the instant "nephew"? The $35,000 in dance lessons? The new definition of office paperwork?
That's right, it's time for the fourth installment of Bankrate's "wackiest tax deductions," our homage to the endlessly creative ways some taxpayers dream up to try to limbo under the tax code.
In our first installment, taxpayers tried to write off everything from sperm donations to an arsonist's fee. Our second installment found clever filers trying to deduct a "love shack," doggie day care and a pimped-out Amish buggy. Round three featured otherwise law-abiding Americans trying to write off a $50,000 wedding as a business expense and claim everyone in New York City as a dependent! ...
Yahoo! Finance: 9 wackiest tax deductions for 2009
That's right, it's time for the fourth installment of Bankrate's "wackiest tax deductions," our homage to the endlessly creative ways some taxpayers dream up to try to limbo under the tax code.
In our first installment, taxpayers tried to write off everything from sperm donations to an arsonist's fee. Our second installment found clever filers trying to deduct a "love shack," doggie day care and a pimped-out Amish buggy. Round three featured otherwise law-abiding Americans trying to write off a $50,000 wedding as a business expense and claim everyone in New York City as a dependent! ...
Yahoo! Finance: 9 wackiest tax deductions for 2009
Permalink posted by markw @ 6:29 AM
Rep. Manzullo to Geithner: Your Plan Is 'Radical'
In testimony before the House Financial Services committee that just adjourned, Treasury Secretary Tim Geithner just had to defend his institutional takeover plan against charges of radicalism.
"Do you realize how radical your proposal is?" Rep. Donald Manzullo (R-Ill.) asked.
"It's not radical. . ." Geither began, before Manzullo interrupted him.
"You're talking about seizing private businesses and you don't consider that radical?" Manzullo replied, his voice rising...
WaPo Ticker: Rep. Manzullo to Geithner: Your Plan Is 'Radical'
"Do you realize how radical your proposal is?" Rep. Donald Manzullo (R-Ill.) asked.
"It's not radical. . ." Geither began, before Manzullo interrupted him.
"You're talking about seizing private businesses and you don't consider that radical?" Manzullo replied, his voice rising...
WaPo Ticker: Rep. Manzullo to Geithner: Your Plan Is 'Radical'
Permalink posted by markw @ 6:27 AM
Big Fund Houses Are Joining Forces
Client Assets Moved After Consolidations Doubled in 2008
The value of client money that changed hands as a result of consolidation in Europe's asset-management industry last year rose by 138% from 2007 levels despite the number of deals remaining flat, according to new research.
That is one indicator of how rapidly large fund houses are joining forces in a bid to survive the financial crisis. Assets under management that were transferred between consolidating European managers in 2008, totaled $632 billion...
WSJ: Big Fund Houses Are Joining Forces (Subscription)
The value of client money that changed hands as a result of consolidation in Europe's asset-management industry last year rose by 138% from 2007 levels despite the number of deals remaining flat, according to new research.
That is one indicator of how rapidly large fund houses are joining forces in a bid to survive the financial crisis. Assets under management that were transferred between consolidating European managers in 2008, totaled $632 billion...
WSJ: Big Fund Houses Are Joining Forces (Subscription)
Permalink posted by markw @ 6:26 AM
More Americans "Live to Work" Than "Work to Live"
Would you quit your job if you won the lottery? With the U.S. economy ailing and companies laying off millions of Americans who are anxiously searching for employment, a new CIGNA survey shows that for the majority of Americans, work means a lot more to them than a paycheck to cover the bills.
More Americans "Live to Work" Than "Work to Live"
Source: Business Wire
More Americans "Live to Work" Than "Work to Live"
Source: Business Wire
Permalink posted by armandn @ 4:47 AM
AIG Official Defends Bonuses as Necessary
Until two weeks ago, the $218 million in bonuses paid out to employees of AIG Financial Products was doing exactly what it was designed to do — keeping workers with the company long enough to dismantle their own work and then leave, an AIG executive told state legislators Thursday.
AIG Official Defends Bonuses as Necessary
Source: Hartford Courant
AIG Official Defends Bonuses as Necessary
Source: Hartford Courant
Permalink posted by armandn @ 4:47 AM
Insurers Oppose Minnesota Consumer Credit Ban Bill
While insurance consumer advocates step up their criticism of insurers' use of credit scores, the American Insurance Association (AIA) and Property Casualty Insurers Association of America testified before a Minnesota Senate committee against legislation that they said would take away an insurance premium discount factor enjoyed by a majority of consumers in that state.
Insurers Oppose Minnesota Consumer Credit Ban Bill
Source: Insurance Journal
Insurers Oppose Minnesota Consumer Credit Ban Bill
Source: Insurance Journal
Permalink posted by armandn @ 4:46 AM
Schlifske Named President of Northwestern Mutual
Back in 1982, Shorewood native John E. Schlifske was an intern in Northwestern Mutual Life Insurance Co.'s investment department and starting to dream about what it would be like to be an investment professional in big cities like New York and Chicago.
Schlifske Named President of Northwestern Mutual
Source: Insurance News Net
Schlifske Named President of Northwestern Mutual
Source: Insurance News Net
Permalink posted by armandn @ 4:45 AM
Symetra Annuities Provide Stability for Shell-Shocked Investors
As the economic recession continues to wreak havoc on retirement savings, increasing numbers of Americans are looking for financial products that are sure to hold their value regardless of what happens to the stock market. To help concerned customers, Symetra offers reliability in the form of income annuities that deliver steady, guaranteed income payments not vulnerable to market volatility...
INN: Symetra Annuities Provide Stability for Shell-Shocked Investors
INN: Symetra Annuities Provide Stability for Shell-Shocked Investors
Permalink posted by markw @ 4:36 AM
Thursday, March 26, 2009
How to Sell Life Insurance in the Current Recession
A year ago, in anticipation of the current meltdown of the economy, I wrote a series of articles about how you can make your life insurance sales career recession-proof. In view of what's happening today, I think many of the ideas, tips and strategies in those articles need repeating today.
Unfortunately, most agents are looking for a quick fix, something new and exciting that requires very little time or effort on their part. If that's what you're looking for, don't bother reading any further.
How to Sell Life Insurance in the Current Recession
Source: Producers Web
Unfortunately, most agents are looking for a quick fix, something new and exciting that requires very little time or effort on their part. If that's what you're looking for, don't bother reading any further.
How to Sell Life Insurance in the Current Recession
Source: Producers Web
Permalink posted by armandn @ 11:29 AM
Liberty Mutual Pays $982,042 in Fines, Restitution
Liberty Mutual companies are paying $928,042 in fines and restitution for overcharging customers, settling claims improperly and other violations of state law.
Liberty Mutual Pays $982,042 in Fines, Restitution
Source: Hartford Courant
Liberty Mutual Pays $982,042 in Fines, Restitution
Source: Hartford Courant
Permalink posted by armandn @ 11:29 AM
Life's Market Values Fall as Seniors Unload Insurance Policies
Retirees seeking extra cash last year could sell a $5 million life insurance policy to investors for $1 million. Today, the price is as low as $600,000.
Sales of so-called life settlements declined 20 percent in the second half of 2008 as the credit crunch slowed demand, according to a report from Life Policy Dynamics LLC, a Washington-based consultant. U.S. life insurance policies worth approximately $12 billion were sold in 2008.
Life's Market Values Fall as Seniors Unload Insurance Policies
Source: Bloomberg
Sales of so-called life settlements declined 20 percent in the second half of 2008 as the credit crunch slowed demand, according to a report from Life Policy Dynamics LLC, a Washington-based consultant. U.S. life insurance policies worth approximately $12 billion were sold in 2008.
Life's Market Values Fall as Seniors Unload Insurance Policies
Source: Bloomberg
Permalink posted by armandn @ 11:28 AM
Symetra Annuities Provide Stability for Shell-Shocked Investors
As the economic recession continues to wreak havoc on retirement savings, increasing numbers of Americans are looking for financial products that are sure to hold their value regardless of what happens to the stock market. To help concerned customers, Symetra offers reliability in the form of income annuities that deliver steady, guaranteed income payments not vulnerable to market volatility.
Symetra Annuities Provide Stability for Shell-Shocked Investors
Source: Earth Times
Symetra Annuities Provide Stability for Shell-Shocked Investors
Source: Earth Times
Permalink posted by armandn @ 11:26 AM
Report: "We think the insurance industry now is essentially where the banking industry was 12 months ago"
The insurance industry could be the next shoe to drop in the financial crisis, a big hedge fund warns.
According to a report from Bridgewater Associates, a Westport, Conn.-based hedge fund with $71 billion in assets under management, insurance companies are looking a lot like what banks looked like a year ago as the assets they're sitting on continue to sour -- setting the stage for those companies to need a rescue of their own.
"We think the insurance industry now is essentially where the banking industry was 12 months ago," according to the 5½-page report, which is distributed to a tight circle of clients and was obtained by The Post. Bridgewater officials declined to comment...
NY Post: REDUCED PREMIUMS: INSURERS WILL NEED THEIR OWN GOV'T. HELP: REPORT
According to a report from Bridgewater Associates, a Westport, Conn.-based hedge fund with $71 billion in assets under management, insurance companies are looking a lot like what banks looked like a year ago as the assets they're sitting on continue to sour -- setting the stage for those companies to need a rescue of their own.
"We think the insurance industry now is essentially where the banking industry was 12 months ago," according to the 5½-page report, which is distributed to a tight circle of clients and was obtained by The Post. Bridgewater officials declined to comment...
NY Post: REDUCED PREMIUMS: INSURERS WILL NEED THEIR OWN GOV'T. HELP: REPORT
Permalink posted by markw @ 5:45 AM
WSJ: The Real AIG Disgrace - "Cuomo is a thug"
...The [AIG bonus] retention plan was known to [Geithner's] staff. The details had been disclosed over and over in public filings. As far back as October, New York Attorney General Andrew Cuomo had summoned the Treasury-appointed Mr. Liddy to hammer out a deal on AIG's pay practices. Said Mr. Cuomo in a statement afterward: "These actions are not intended to jeopardize the hard-earned compensation of the vast majority of AIG's employees, including retention and severance arrangements, who are essential to rebuilding AIG and the economy of New York."
...Which brings us back to Mr. Cuomo, whose office has been implicitly threatening to publish names of AIG employees who don't relinquish pay they were contractually entitled to.
Mr. Cuomo is a thug, but at least he reminds us: It can happen here.
WSJ (Holman Jenkins): The Real AIG Disgrace
...Which brings us back to Mr. Cuomo, whose office has been implicitly threatening to publish names of AIG employees who don't relinquish pay they were contractually entitled to.
Mr. Cuomo is a thug, but at least he reminds us: It can happen here.
WSJ (Holman Jenkins): The Real AIG Disgrace
Permalink posted by markw @ 5:20 AM
Moody's Cuts Ratings On Prudential Bank On Insurer Weakness
Moody's Investors Service cut its ratings on Prudential Bank & Trust, a unit of Prudential Financial Inc. (PRU), saying weakness in the company's life insurance operations could hurt the bank's financial fundamentals...
WSJ: Moody's Cuts Ratings On Prudential Bank On Insurer Weakness (subscription)
WSJ: Moody's Cuts Ratings On Prudential Bank On Insurer Weakness (subscription)
Permalink posted by markw @ 5:17 AM
Threats to AIG: "We Will Get Your Children"
Documents reveal the level of threats against AIG employees
The anger in the threats against AIG executives is palpable.
"Get the bonus, we will get your children," someone identified only as "Jacob the Killer" hauntingly writes in an e-mail... His is one of dozens of threats against AIG and its employees that were obtained from Connecticut Attorney General Richard Blumenthal's office under a Freedom of Information Act request by NBC Connecticut...
NBC Connecticut: Threats to AIG: "We Will Get Your Children"
The anger in the threats against AIG executives is palpable.
"Get the bonus, we will get your children," someone identified only as "Jacob the Killer" hauntingly writes in an e-mail... His is one of dozens of threats against AIG and its employees that were obtained from Connecticut Attorney General Richard Blumenthal's office under a Freedom of Information Act request by NBC Connecticut...
NBC Connecticut: Threats to AIG: "We Will Get Your Children"
Permalink posted by markw @ 4:44 AM
Life’s Market Value Falls as Seniors Unload Insurance Policies
Retirees seeking extra cash last year could sell a $5 million life insurance policy to investors for $1 million. Today, the price is as low as $600,000.
Sales of so-called life settlements declined 20 percent in the second half of 2008 as the credit crunch slowed demand, according to a report from Life Policy Dynamics LLC, a Washington-based consultant. U.S. life insurance policies worth approximately $12 billion were sold in 2008.
“You’ve now got more people who would be willing to consider selling than you have buyers,” according to life settlement experts such as Scott Hawkins, an analyst at the Hartford-based asset management firm Conning & Co...
Bloomberg: Life’s Market Value Falls as Seniors Unload Insurance Policies
Sales of so-called life settlements declined 20 percent in the second half of 2008 as the credit crunch slowed demand, according to a report from Life Policy Dynamics LLC, a Washington-based consultant. U.S. life insurance policies worth approximately $12 billion were sold in 2008.
“You’ve now got more people who would be willing to consider selling than you have buyers,” according to life settlement experts such as Scott Hawkins, an analyst at the Hartford-based asset management firm Conning & Co...
Bloomberg: Life’s Market Value Falls as Seniors Unload Insurance Policies
Permalink posted by markw @ 4:44 AM
Car Arsons For Insurance Cash On The Rise
CBS Evening News: Desperate And In Debt, More Americans -With No Criminal Histories - Torching Their Own Cars
Arson investigators say every time the economy flames out, they get busy. Now, amid the worsening recession, new figures show police are facing a rising number of auto arsonists - specifically, people torching their cars for insurance money, as CBS News correspondent Mark Strassmann reports.
Outside Las Vegas, the desert's a dumping ground for the red-hot recession insurance scam. In fact, it's detective Mark Menzie's full-time beat.
"This wasn't your typical auto thief who did this," Menzie said as he examined a charred sedan... So many cars are dumped every day over such a vast area that the Las Vegas Police patrol by daily by helicopter to find them...
CBS: Car Arsons For Insurance Cash On The Rise
Arson investigators say every time the economy flames out, they get busy. Now, amid the worsening recession, new figures show police are facing a rising number of auto arsonists - specifically, people torching their cars for insurance money, as CBS News correspondent Mark Strassmann reports.
Outside Las Vegas, the desert's a dumping ground for the red-hot recession insurance scam. In fact, it's detective Mark Menzie's full-time beat.
"This wasn't your typical auto thief who did this," Menzie said as he examined a charred sedan... So many cars are dumped every day over such a vast area that the Las Vegas Police patrol by daily by helicopter to find them...
CBS: Car Arsons For Insurance Cash On The Rise
Permalink posted by markw @ 4:42 AM
NY regulator proposes rules for life settlements
New York insurance regulator Eric Dinallo said on Monday he has proposed legislation to create oversight for an obscure but growing niche market that allows life insurance policyholders to sell active policies to investor groups.
The sales typically allow the policyholder to reap a payment that is more than the surrender value of the policy but less than the death benefits...
Reuters: NY regulator proposes rules for life settlements
The sales typically allow the policyholder to reap a payment that is more than the surrender value of the policy but less than the death benefits...
Reuters: NY regulator proposes rules for life settlements
Permalink posted by markw @ 4:41 AM
Banks told to step up security after attack
Banks were warned on Wednesday to take security precautions to protect their staff after vandals attacked the Edinburgh home of Sir Fred Goodwin, former chief executive of Royal Bank of Scotland.
A group claiming responsibility for the attack later e-mailed the Edinburgh Evening News warning of further action. One of the messages read: “We are angry that rich people, like him, are paying themselves a huge amount of money, and living in luxury, while ordinary people are made unemployed, destitute and homeless. This is a crime. Bank bosses should be jailed. This is just the beginning.”
Three ground-floor windows of the detached house were smashed. A Mercedes S600 car in the driveway was vandalised. Police, alerted by a burglar alarm at 4.35am, said Sir Fred was not home at the time of the attack...
FT: Banks told to step up security after attack
A group claiming responsibility for the attack later e-mailed the Edinburgh Evening News warning of further action. One of the messages read: “We are angry that rich people, like him, are paying themselves a huge amount of money, and living in luxury, while ordinary people are made unemployed, destitute and homeless. This is a crime. Bank bosses should be jailed. This is just the beginning.”
Three ground-floor windows of the detached house were smashed. A Mercedes S600 car in the driveway was vandalised. Police, alerted by a burglar alarm at 4.35am, said Sir Fred was not home at the time of the attack...
FT: Banks told to step up security after attack
Permalink posted by markw @ 4:38 AM
GETTING PERSONAL: Insurers Add Passive Annuity Strategies
A growing number of life insurers are exploring adding more index-based investing strategies to their variable-annuity fund menus, including exchange-traded funds.
Insurance companies sell minimum-return guarantees with many of these retirement-income products. Boosting the use of more passive strategies will help them improve the effectiveness of the financial-hedging strategies they use to offset the risk of those guarantees.
The hedging strategies are largely based on market indexes, so insurers have an incentive to use funds with results that will line up neatly with those indexes...
WSJ: GETTING PERSONAL: Insurers Add Passive Annuity Strategies (Subscription required)
Insurance companies sell minimum-return guarantees with many of these retirement-income products. Boosting the use of more passive strategies will help them improve the effectiveness of the financial-hedging strategies they use to offset the risk of those guarantees.
The hedging strategies are largely based on market indexes, so insurers have an incentive to use funds with results that will line up neatly with those indexes...
WSJ: GETTING PERSONAL: Insurers Add Passive Annuity Strategies (Subscription required)
Permalink posted by markw @ 4:36 AM
ING Announces New Indexed Universal Life Product
ING Life Companies introduced a new indexed universal life insurance product, entitled ING Indexed Universal Life-CV (ING IUL-CV). ING IUL-CV offers traditional universal life benefits with the opportunity to earn an index credit linked, in part, to any increases in the S&P 500 (subject to a maximum index credit rate cap) with protection from downside risk through a minimum interest guarantee...
ING IUL-CV features include:
-- Potential for stronger long-term surrender values
-- Fixed and indexed crediting strategies
-- Unlimited rolling targets and heaped commissions
-- Guaranteed-issue underwriting available for corporate sales
-- Waiver of surrender charge rider available for traditional premium
finance cases
-- Preferred loans currently available beginning in the 11th policy year
-- A full range of key riders, including accelerated benefit rider,
adjustable term insurance rider, overloan lapse protection rider,
additional insured rider, waiver of specified premium rider and more...
Fox Business: ING Announces New Indexed Universal Life Product
ING IUL-CV features include:
-- Potential for stronger long-term surrender values
-- Fixed and indexed crediting strategies
-- Unlimited rolling targets and heaped commissions
-- Guaranteed-issue underwriting available for corporate sales
-- Waiver of surrender charge rider available for traditional premium
finance cases
-- Preferred loans currently available beginning in the 11th policy year
-- A full range of key riders, including accelerated benefit rider,
adjustable term insurance rider, overloan lapse protection rider,
additional insured rider, waiver of specified premium rider and more...
Fox Business: ING Announces New Indexed Universal Life Product
Permalink posted by markw @ 4:32 AM
Wednesday, March 25, 2009
Betrayed by AIG: Exec VP Resigns, Publicly Skewers CEO Liddy
Outrage over the AIG bonuses took a new turn Wednesday as Jake DeSantis, an executive VP in AIG's notorious financial products (AIGFP) unit, expressed his outrage over how AIG employees have been treated, most notably by AIG CEO Edward Liddy.
"After 12 months of hard work dismantling the company - during which A.I.G. reassured us many times we would be rewarded in March 2009 - we in the financial products unit have been betrayed by A.I.G. and are being unfairly persecuted by elected officials," DeSantis wrote in a resignation letter to Liddy published in The New York Times.
The bulk of DeSantis ire is directed at Liddy, whom the executive charges caved to political pressure as the rhetoric over the AIG bonuses reached a fever pitch last week. "At no time during the past six months that you have been leading A.I.G. did you ask us to revise, renegotiate or break these contracts - until several hours before your appearance last week before Congress," DeSantis writes...
Yahoo! Finance: Betrayed by AIG: Exec VP Resigns, Publicly Skewers CEO Liddy
"After 12 months of hard work dismantling the company - during which A.I.G. reassured us many times we would be rewarded in March 2009 - we in the financial products unit have been betrayed by A.I.G. and are being unfairly persecuted by elected officials," DeSantis wrote in a resignation letter to Liddy published in The New York Times.
The bulk of DeSantis ire is directed at Liddy, whom the executive charges caved to political pressure as the rhetoric over the AIG bonuses reached a fever pitch last week. "At no time during the past six months that you have been leading A.I.G. did you ask us to revise, renegotiate or break these contracts - until several hours before your appearance last week before Congress," DeSantis writes...
Yahoo! Finance: Betrayed by AIG: Exec VP Resigns, Publicly Skewers CEO Liddy
Permalink posted by markw @ 2:01 PM
Report: AIG memo may suggest privacy tied to return of bonuses
American International Group Inc (AIG.N) appeared to advise staffers in its troubled Financial Products division that, if enough returned bonuses than it was unlikely their names would be publicly released, according to the Wall Street Journal...
Reuters: Report: AIG memo may suggest privacy tied to return of bonuses
Reuters: Report: AIG memo may suggest privacy tied to return of bonuses
Permalink posted by markw @ 9:49 AM
Obama Plans to Name Task Force to "Rebalance" Tax Code
President Barack Obama plans to name a task force to review and overhaul the U.S. tax code, a spokesman for the Office of Management and Budget said today.
Obama will ask the Economic Recovery Advisory Board, led by former Federal Reserve Board Chairman Paul Volcker, for a top- to-bottom review of the 96-year-old law in an effort to “rebalance the federal tax code,” spokesman Tom Gavin said in an interview.
“The goal is a tax system that works better for the American people,” Gavin said. “The president’s going to ask the board that they find ways to simplify the tax code, protect progressivity in the revenue base, close tax loopholes and find ways to reduce tax evasion and that they reduce corporate welfare...”
Bloomberg: Obama Plans to Name Task Force to Overhaul Tax Code
Obama will ask the Economic Recovery Advisory Board, led by former Federal Reserve Board Chairman Paul Volcker, for a top- to-bottom review of the 96-year-old law in an effort to “rebalance the federal tax code,” spokesman Tom Gavin said in an interview.
“The goal is a tax system that works better for the American people,” Gavin said. “The president’s going to ask the board that they find ways to simplify the tax code, protect progressivity in the revenue base, close tax loopholes and find ways to reduce tax evasion and that they reduce corporate welfare...”
Bloomberg: Obama Plans to Name Task Force to Overhaul Tax Code
Permalink posted by markw @ 8:29 AM
ING Announces New Indexed Universal Life Product
ING Life Companies introduced a new indexed universal life insurance product, entitled ING Indexed Universal Life-CV (ING IUL-CV). ING IUL-CV offers traditional universal life benefits with the opportunity to earn an index credit linked, in part, to any increases in the S&P 500(R)(1) (subject to a maximum index credit rate cap) with protection from downside risk through a minimum interest guarantee.
ING Announces New Indexed Universal Life Product
Source: PR Newswire
ING Announces New Indexed Universal Life Product
Source: PR Newswire
Permalink posted by armandn @ 7:53 AM
Arrows Pointing "Up" In VA Market
These turbulent economic times are placing tremendous pressure on the financial services industry.
With the global financial crisis and a prolonged recession wreaking havoc with our financial system, most Americans are understandably worried about their financial future. As a result, consumer confidence in the financial markets was severely tested in 2008, which negatively impacted sales of all kinds of equity investments.
Arrows Pointing "Up" In VA Market
Source: Life Insurance Selling
With the global financial crisis and a prolonged recession wreaking havoc with our financial system, most Americans are understandably worried about their financial future. As a result, consumer confidence in the financial markets was severely tested in 2008, which negatively impacted sales of all kinds of equity investments.
Arrows Pointing "Up" In VA Market
Source: Life Insurance Selling
Permalink posted by armandn @ 7:51 AM
Guardian Awarded Two 2008 DALBAR Seals of Excellence
The Guardian Life Insurance Company of America (Guardian) announced today that its Guardian Insurance & Annuity Company (GIAC), Inc. subsidiary has been awarded two DALBAR Seals of Excellence. DALBAR Seals are awarded to those firms that consistently exceed customer expectations for their level of servicing.
Guardian Awarded Two 2008 DALBAR Seals of Excellence
Source: PR Newswire
Guardian Awarded Two 2008 DALBAR Seals of Excellence
Source: PR Newswire
Permalink posted by armandn @ 7:51 AM
U.K. Bond Auction Fails for First Time Since 2002 on Brown Plan
The U.K. failed to find enough buyers for 1.75 billion pounds ($2.55 billion) of bonds for the first time in almost seven years as debt investors repudiated Prime Minister Gordon Brown’s plan to stem the worst economic crisis in three decades.
Gilts slumped after the London-based Debt Management Office, which manages bond auctions on behalf of the Treasury, said investors bid for 1.63 billion pounds of the 40-year securities. The last time the U.K. government was unable to attract enough investors was in 2002 when it tried to sell 30- year inflation-protected bonds.
“This is a warning signal investors are sending to the government,” said Neil Mackinnon, chief economist at hedge fund ECU Group Plc in London, who helps manage about $1 billion in assets and is a former U.K. Treasury official. “Investors are giving the thumbs down to the gilt market...”
Bloomberg: U.K. Bond Auction Fails for First Time Since 2002 on Brown Plan
Gilts slumped after the London-based Debt Management Office, which manages bond auctions on behalf of the Treasury, said investors bid for 1.63 billion pounds of the 40-year securities. The last time the U.K. government was unable to attract enough investors was in 2002 when it tried to sell 30- year inflation-protected bonds.
“This is a warning signal investors are sending to the government,” said Neil Mackinnon, chief economist at hedge fund ECU Group Plc in London, who helps manage about $1 billion in assets and is a former U.K. Treasury official. “Investors are giving the thumbs down to the gilt market...”
Bloomberg: U.K. Bond Auction Fails for First Time Since 2002 on Brown Plan
Permalink posted by markw @ 6:48 AM
Twitter as a Daytrading Analyst
If you were to observe hedge fund portfolio managers at work, you'd notice that they interact frequently with one or more analysts and assistants. The role of the analysts is to help generate ideas for trading and investment. For example, a single portfolio manager specializing in equities might work with a number of analysts, each of whom is devoted to a particular sector. The analysts scour financial statements, talk with brokers, visit companies, and read everything they can about companies in order to generate recommendations for buying or selling. It is then up to the portfolio manager to figure out how (and whether) to incorporate that recommendation in the portfolio, when precisely to buy and sell it, when to scale into and out of the position, etc. Very often, the analysts will generate research reports that summarize their recommendations and make the case for why the idea should be expressed in the portfolio...
TraderFeed: Twitter as a Daytrading Analyst
TraderFeed: Twitter as a Daytrading Analyst
Permalink posted by markw @ 6:44 AM
After AIG: Which Insurer Is Next in Line for a Federal Handout?
Now that we’ve seen the brouhaha over the AIG government bailout and subsequent payments to US and foreign banks, as well as the outcry over the AIG bonus payouts to employees of the unit responsible for the firm’s transgressions, can we derive any solace that the rest of the insurance industry is sound? Are there any other insurers that may need government help?
Apart from AIG, Are Any of the Other Insurers Next?
So far in 2009, there have been a number of bank failures, and Shenandoah Life has been placed into receivership on the insurance front, with several other insurers capturing headlines due to financial issues. Fortunately, to date there has been more investor concern than policyholder concern. Most insurance stocks remain significantly down for the year, and there has been a marked slowdown in life insurance sales, especially for certain annuity products. But there has not been a major shift to exchange insurance products from the weaker insurers into the stronger ones; we thankfully have not seen a run on the weaker insurers. Nonetheless, rating agencies continue to cut ratings, insurers continue to cut staff and dividends, and asset valuations remain tenuous. In addition, some insurers have asked state regulators for relaxation of regulatory requirements due to reduced risk-based capital ratios, sending a troubling signal to investors and policyholders alike...
Seeking Alpha: After AIG: Which Insurer Is Next in Line for a Federal Handout?
Apart from AIG, Are Any of the Other Insurers Next?
So far in 2009, there have been a number of bank failures, and Shenandoah Life has been placed into receivership on the insurance front, with several other insurers capturing headlines due to financial issues. Fortunately, to date there has been more investor concern than policyholder concern. Most insurance stocks remain significantly down for the year, and there has been a marked slowdown in life insurance sales, especially for certain annuity products. But there has not been a major shift to exchange insurance products from the weaker insurers into the stronger ones; we thankfully have not seen a run on the weaker insurers. Nonetheless, rating agencies continue to cut ratings, insurers continue to cut staff and dividends, and asset valuations remain tenuous. In addition, some insurers have asked state regulators for relaxation of regulatory requirements due to reduced risk-based capital ratios, sending a troubling signal to investors and policyholders alike...
Seeking Alpha: After AIG: Which Insurer Is Next in Line for a Federal Handout?
Permalink posted by markw @ 5:29 AM
Fed to Start Purchasing Treasuries to Unfreeze Credit
The Federal Reserve starts purchasing long-term Treasuries today, aiming to bring down borrowing costs by employing tools last used in the 1960s.
The first operation in the $300 billion effort is targeted on notes maturing from February 2016 to February 2019, the New York Fed Bank said in a statement yesterday. In the coming eight days, the central bank plans to buy debt maturing between March 2011 and February 2039, according to the tentative schedule.
The Fed joins central banks in the U.K. and Japan in extraordinary purchases of government debt, broadening efforts to unfreeze credit and end the recession after cutting the benchmark interest rate close to zero. The Fed’s purchases may ultimately be overwhelmed by new government borrowing to finance a budget deficit projected at $1.5 trillion this year...
Bloomberg: Fed to Start Purchasing Treasuries to Unfreeze Credit
The first operation in the $300 billion effort is targeted on notes maturing from February 2016 to February 2019, the New York Fed Bank said in a statement yesterday. In the coming eight days, the central bank plans to buy debt maturing between March 2011 and February 2039, according to the tentative schedule.
The Fed joins central banks in the U.K. and Japan in extraordinary purchases of government debt, broadening efforts to unfreeze credit and end the recession after cutting the benchmark interest rate close to zero. The Fed’s purchases may ultimately be overwhelmed by new government borrowing to finance a budget deficit projected at $1.5 trillion this year...
Bloomberg: Fed to Start Purchasing Treasuries to Unfreeze Credit
Permalink posted by markw @ 5:09 AM
Expert: All Predictive Models Are Wrong
The headline of this post is somewhat misleading but the point is that predictive models are too—even when used properly. Says catastrophe risk management expert Karen Clark: “Model users frequently forget that all models are based on simplifying assumptions, and therefore all models are wrong.”
Clark’s comment appeared in a release by her eponymous firm consulting firm, Karen Clark & Company, announcing a report on the performance of so called “near-term” hurricane models. These models have suffered heavy criticism from Florida government spokesmen, as we reported early last year. The near- or medium term models were designed to replace standard models that failed to predict the anomalous 2004 and 2005 hurricane season.
In late 2006, Florida Governor Charlie Crist said RMS’s medium-term model was based on “unscientific” assumptions and amounted to “big insurance” taking advantage of the people of Florida...
I&T: Expert: All Predictive Models Are Wrong
Clark’s comment appeared in a release by her eponymous firm consulting firm, Karen Clark & Company, announcing a report on the performance of so called “near-term” hurricane models. These models have suffered heavy criticism from Florida government spokesmen, as we reported early last year. The near- or medium term models were designed to replace standard models that failed to predict the anomalous 2004 and 2005 hurricane season.
In late 2006, Florida Governor Charlie Crist said RMS’s medium-term model was based on “unscientific” assumptions and amounted to “big insurance” taking advantage of the people of Florida...
I&T: Expert: All Predictive Models Are Wrong
Permalink posted by markw @ 5:07 AM
Florida CFO blasts Rep. Patterson over bottled up senior annuities bill
CFO Alex Sink wants to take DeLand Rep. Pat Patterson to the woodshed for allegedly bottling up a bill meant to increase the penalties for unscrupulous insurance agents who bilk seniors out of their life savings.
Sink, a Democrat, has been pushing the reform for more than in a year to mandate prison time for insurance agents who coax seniors aged 65 and older into buying insurance annuities that might not start paying out benefits for years.
The so-called Safeguard Our Seniors bill, HB 981, creates a third-degree felony out of the practice known as “twisting” and “churning,” and would impose prison sentences of up to five years on agents who intentionally distort the type of life insurance product they’re selling or coax seniors into liquidating their assets to buy an annuity that might not make any payments to them for years...
Orlando Sentinel: Florida CFO blasts Rep. Patterson over bottled up senior annuities bill
Sink, a Democrat, has been pushing the reform for more than in a year to mandate prison time for insurance agents who coax seniors aged 65 and older into buying insurance annuities that might not start paying out benefits for years.
The so-called Safeguard Our Seniors bill, HB 981, creates a third-degree felony out of the practice known as “twisting” and “churning,” and would impose prison sentences of up to five years on agents who intentionally distort the type of life insurance product they’re selling or coax seniors into liquidating their assets to buy an annuity that might not make any payments to them for years...
Orlando Sentinel: Florida CFO blasts Rep. Patterson over bottled up senior annuities bill
Permalink posted by markw @ 5:01 AM
Fusty Insurance Lures Buyers Seeking Safety
Whole-Life Policies Offer Steady Ride, but Figuring Actual Returns Can Be Tricky
As the economy sinks, a growing number of Americans are turning to a stodgy financial product favored by their parents and grandparents: whole-life insurance.
These policies' steady, tax-deferred returns, many now in the 4% to 5.5% range or more over 20 years, look enticing after the 40%-plus declines in the stock market over the past year and a half. Indeed, investor angst is helping insurance agents sell whole-life insurance...
WSJ: Fusty Insurance Lures Buyers Seeking Safety
As the economy sinks, a growing number of Americans are turning to a stodgy financial product favored by their parents and grandparents: whole-life insurance.
These policies' steady, tax-deferred returns, many now in the 4% to 5.5% range or more over 20 years, look enticing after the 40%-plus declines in the stock market over the past year and a half. Indeed, investor angst is helping insurance agents sell whole-life insurance...
WSJ: Fusty Insurance Lures Buyers Seeking Safety
Permalink posted by markw @ 4:55 AM
Tuesday, March 24, 2009
Ford Bronco Owners Most Likely to Have DUIs on Record
According to an analysis of the auto insurance quote requests of nearly 1.2 million InsWeb.com customers in the second half of 2008, Americans who own Ford Broncos have more DUIs, DWIs, and other alcohol-related violations in their past than owners of any other vehicle.
During the InsWeb.com quote request process, drivers share basic information about themselves, their vehicles and their driving records. According to these requests, the ten vehicles whose drivers were the most likely to report alcohol-related violations on their record were...
InsWeb: Ford Bronco Owners Most Likely to Have DUIs on Record
During the InsWeb.com quote request process, drivers share basic information about themselves, their vehicles and their driving records. According to these requests, the ten vehicles whose drivers were the most likely to report alcohol-related violations on their record were...
InsWeb: Ford Bronco Owners Most Likely to Have DUIs on Record
Permalink posted by markw @ 1:57 PM
Phoenix's CEO Stepping Down as Insurer Battles for Survival
Dona D. Young, who tried to turn around the struggling Phoenix Cos. for six years as CEO, will retire April 15 as the Hartford insurer fights for survival in a dismal economy.
James D. Wehr, 51, who is senior executive vice president and chief investment officer, will become president and chief executive and join the board of directors, The Phoenix Companies Inc. said Monday. Thomas S. Johnson, 68, a member of the company's board since 2000, will be non-executive chairman.
Phoenix's CEO Stepping Down as Insurer Battles for Survival
Source: Hartford Courant
James D. Wehr, 51, who is senior executive vice president and chief investment officer, will become president and chief executive and join the board of directors, The Phoenix Companies Inc. said Monday. Thomas S. Johnson, 68, a member of the company's board since 2000, will be non-executive chairman.
Phoenix's CEO Stepping Down as Insurer Battles for Survival
Source: Hartford Courant
Permalink posted by armandn @ 9:52 AM
NY Regulator Proposes Rules For Life Settlements
New York insurance regulator Eric Dinallo said on Monday he has proposed legislation to create oversight for an obscure but growing niche market that allows life insurance policyholders to sell active policies to investor groups.
The sales typically allow the policyholder to reap a payment that is more than the surrender value of the policy but less than the death benefits.
NY Regulator Proposes Rules For Life Settlements
Source: Reuters
The sales typically allow the policyholder to reap a payment that is more than the surrender value of the policy but less than the death benefits.
NY Regulator Proposes Rules For Life Settlements
Source: Reuters
Permalink posted by armandn @ 9:48 AM
Policy Locator Service from MIB Solutions Helps Attorneys Find Missing Life Insurance Policies
A lost or missing life insurance policy can create major headaches when handling a decedent's affairs. For estate, probate and trust attorneys, it can be a matter of meeting their fiduciary responsibilities to identify all such policies as they help settle an estate.
Policy Locator Service from MIB Solutions Helps Attorneys Find Missing Life Insurance Policies
Source: PR Newswire
Policy Locator Service from MIB Solutions Helps Attorneys Find Missing Life Insurance Policies
Source: PR Newswire
Permalink posted by armandn @ 9:47 AM
Wealth Managers Still in Demand
The statistics on job losses in the securities industry look grim.
Last year, the headcount in the securities sector fell by 3.3% or 29,000 positions with more expected cuts this year. But for wealth managers, the picture isn’t quite that bleak, insists John Benson, the founder and chief executive officer of eFinancialCareers.com...
Benson’s web site, eFinancialCareers.com, has seen a 116% year-over-year increase of jobs posted in the United States for private banking/wealth management positions. That compares with a 54% decline in posted jobs in the debt/fixed income subset. Benson’s web site, founded in 2000, has offices in the U.S., London, Singapore and Sydney, and posts 6,000 jobs mainly from financial services firms in 18 different markets. He points out there is “considerable demand for those with a book-of-business that they can hang onto...”
Bank Investment Consultant: Wealth Managers Still in Demand
Last year, the headcount in the securities sector fell by 3.3% or 29,000 positions with more expected cuts this year. But for wealth managers, the picture isn’t quite that bleak, insists John Benson, the founder and chief executive officer of eFinancialCareers.com...
Benson’s web site, eFinancialCareers.com, has seen a 116% year-over-year increase of jobs posted in the United States for private banking/wealth management positions. That compares with a 54% decline in posted jobs in the debt/fixed income subset. Benson’s web site, founded in 2000, has offices in the U.S., London, Singapore and Sydney, and posts 6,000 jobs mainly from financial services firms in 18 different markets. He points out there is “considerable demand for those with a book-of-business that they can hang onto...”
Bank Investment Consultant: Wealth Managers Still in Demand
Permalink posted by markw @ 5:52 AM
Number of Mutual Funds Could Decline 70% by 2014
With mutual fund investors burned by negative returns of 30% to 50% over the past year, they are unlikely to remain confident about their investments, Celent predicts. As a result, the universe of 7,000 funds could shrink by as much as 70% over the next five years, leaving only 2,000 funds in existence.
“The entire financial services sector has been mauled, causing portfolios and retirement plans to hemorrhage value while requiring investors to question such basic issues as capacity for risk and planning for retirement,” said Robert J. Ellis, senior vice president of the wealth management practice at Celent and author of the report, “The Global Credit Crisis: Implications for North American Wealth Management...”
Bank Investment Consultant: Number of Mutual Funds Could Decline 70% by 2014
“The entire financial services sector has been mauled, causing portfolios and retirement plans to hemorrhage value while requiring investors to question such basic issues as capacity for risk and planning for retirement,” said Robert J. Ellis, senior vice president of the wealth management practice at Celent and author of the report, “The Global Credit Crisis: Implications for North American Wealth Management...”
Bank Investment Consultant: Number of Mutual Funds Could Decline 70% by 2014
Permalink posted by markw @ 5:46 AM
Treasury could get authority to seize insurers, investment firms and hedge funds
U.S. Seeks Expanded Power to Seize Firms Goal Is to Limit Risk to Broader Economy
The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.
The government at present has the authority to seize only banks.
Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president's Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document...
Washington Post: U.S. Seeks Expanded Power to Seize Firms
The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.
The government at present has the authority to seize only banks.
Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president's Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document...
Washington Post: U.S. Seeks Expanded Power to Seize Firms
Permalink posted by markw @ 5:17 AM
15 Of Top 20 AIG Execs To Give Back Bonuses
New York Attorney General Andrew Cuomo announced Monday evening that nine of the top 10 executives at AIG will return their bonuses.
The insurance giant came under scrutiny last week after it was revealed that company executives were scheduled to receive more than $165 million in bonuses following a taxpayer bailout.
In all 15 of the top 20 bonus recipients have agreed to give back the money, which equals approximately $30 million...
WCBS TV: 15 Of Top 20 AIG Execs To Give Back Bonuses
The insurance giant came under scrutiny last week after it was revealed that company executives were scheduled to receive more than $165 million in bonuses following a taxpayer bailout.
In all 15 of the top 20 bonus recipients have agreed to give back the money, which equals approximately $30 million...
WCBS TV: 15 Of Top 20 AIG Execs To Give Back Bonuses
Permalink posted by markw @ 5:16 AM
John Hancock Financial Leads Industry in Life Insurance Sales for 2008
John Hancock led the industry in total individual life insurance sales in 2008, according to a recent survey of 78 major life insurers by LIMRA International.
According to LIMRA, John Hancock Life Insurance had sales in 2008 of $835 million in premium*. The company also increased its industry-leading market share to more than seven percent and led the industry in average face amount of approximately $1.3 million...
Fox Business: John Hancock Financial Leads Industry in Life Insurance Sales for 2008
According to LIMRA, John Hancock Life Insurance had sales in 2008 of $835 million in premium*. The company also increased its industry-leading market share to more than seven percent and led the industry in average face amount of approximately $1.3 million...
Fox Business: John Hancock Financial Leads Industry in Life Insurance Sales for 2008
Permalink posted by markw @ 5:12 AM
New Haven Register: "Chris Dodd is a lying weasel"
EDITORIAL: Dodd Lied About AIG Bonuses: Senator Has Broken a Bond With Voters Who Expect Honesty From Elected Representatives.
We're not going to mince words. Chris Dodd is a lying weasel. It is hard enough to swallow that the senator had no idea that he got preferential treatment on his home mortgages that saved him thousands of dollars. Or that, simply out of friendship, a wealthy New York man, who was later convicted in a huge stock swindle, picked up much of the cost of a condo Dodd bought in Washington; or that the stock swindler's business partner out of a love of Ireland did the same for Dodd when the senator bought a waterfront house in Ireland.
Now, Dodd flat-out has lied about his role in legislation that is allowing employees of American International Group to receive $400 million in bonuses despite receiving $173 billion in taxpayer money to keep the failed financial giant alive...
New Haven Register (McClatchy): Dodd Lied About AIG Bonuses: Senator Has Broken a Bond With Voters Who Expect Honesty From Elected Representatives
We're not going to mince words. Chris Dodd is a lying weasel. It is hard enough to swallow that the senator had no idea that he got preferential treatment on his home mortgages that saved him thousands of dollars. Or that, simply out of friendship, a wealthy New York man, who was later convicted in a huge stock swindle, picked up much of the cost of a condo Dodd bought in Washington; or that the stock swindler's business partner out of a love of Ireland did the same for Dodd when the senator bought a waterfront house in Ireland.
Now, Dodd flat-out has lied about his role in legislation that is allowing employees of American International Group to receive $400 million in bonuses despite receiving $173 billion in taxpayer money to keep the failed financial giant alive...
New Haven Register (McClatchy): Dodd Lied About AIG Bonuses: Senator Has Broken a Bond With Voters Who Expect Honesty From Elected Representatives
Permalink posted by markw @ 5:09 AM
Bank of China looking for life insurance company
Bank of China, China's biggest foreign exchange lender, said on Tuesday it was looking to buy a life insurance business, but that it has no concrete plans...
Reuters: Bank of China looking for life insurance
Reuters: Bank of China looking for life insurance
Permalink posted by markw @ 5:08 AM
AIG furor may have helped funds in U.S. toxic plan
In an ironic twist, public anger about massive bonuses at bailed-out insurer American International Group may have helped big investors land a sweeter deal in the U.S. government's latest financial rescue plan.
Managers of some major funds last week showed reluctance about joining government plans to rescue the economy on fears that Washington might retroactively change the terms of any deal including imposing limits on compensation or profits...
Reuters: AIG furor may have helped funds in U.S. toxic plan
Managers of some major funds last week showed reluctance about joining government plans to rescue the economy on fears that Washington might retroactively change the terms of any deal including imposing limits on compensation or profits...
Reuters: AIG furor may have helped funds in U.S. toxic plan
Permalink posted by markw @ 4:28 AM
Monday, March 23, 2009
New York Governor plots secret tax hike on rich
GOV. PATERSON and legislative Democrats have secretly agreed on an $8 billion, two- year tax hike on individuals making more than $500,000 a year that will "sunset" around the time he plans to run for election in 2010, legislative sources told The Post.
Also under intense discussion yesterday as lawmakers rushed to complete a budget by April 1 is a proposal to raise the state's 4 percent sales tax to 4.5 percent the total of which would jump to close to 10 percent in parts of the state with the addition of local sales taxes...
NY Post: New York Governor plots secret tax hike on rich
Also under intense discussion yesterday as lawmakers rushed to complete a budget by April 1 is a proposal to raise the state's 4 percent sales tax to 4.5 percent the total of which would jump to close to 10 percent in parts of the state with the addition of local sales taxes...
NY Post: New York Governor plots secret tax hike on rich
Permalink posted by markw @ 1:43 PM
MetLife's Employee Benefits Trends Study Finds Employees Move from "Intent" to "Action" to Protect Financial Future
Despite current economic conditions, “employee retention” remains the most important benefits objective for US companies, demonstrating that employers view talent as a source of competitive business advantage in good economic times and bad, according to MetLife’s 7th Annual Employee Benefits Trends Study, released today. However, economic pressures are increasing employers’ emphasis on simultaneously controlling costs and increasing employee productivity – employers’ second and third benefits objectives, respectively.
MetLife's Employee Benefits Trends Study Finds Employees Move from "Intent" to "Action" to Protect Financial Future
Source: Yahoo! Finance
MetLife's Employee Benefits Trends Study Finds Employees Move from "Intent" to "Action" to Protect Financial Future
Source: Yahoo! Finance
Permalink posted by armandn @ 7:27 AM
Estate Planning Offers Stability in Stressful Times
Estate planning can include writing a will, designating financial and health-care powers of attorney, establishing a living will, looking at estate taxes and methods for transferring assets, and establishing trusts, said Kay Richter, an elder-law and estate-planning attorney in Tucson.
Estate Planning Offers Stability in Stressful Times
Source: Insurance News Net
Estate Planning Offers Stability in Stressful Times
Source: Insurance News Net
Permalink posted by armandn @ 7:26 AM
In Today's Economic Turmoil, Whole Life Has Never Looked Better!
I hesitate to use the word “looked” in the title, because it is a subjective term used in this way. I really mean that whole life has always been the best method of delivering tax-favored, risk-averse cash when a person dies. If you have been underwritten by a reputable life insurance company, and given a standard or better offer, the odds of you dying anytime soon are slim. The odds of you dying someday, of course, are 100%.
In Today's Economic Turmoil, Whole Life Has Never Looked Better!
Source: Life Insurance Selling
In Today's Economic Turmoil, Whole Life Has Never Looked Better!
Source: Life Insurance Selling
Permalink posted by armandn @ 7:25 AM
Florida annuity proposal worries insurance industry
As Florida weighs proposed legislation that could make it easier to toss annuity salespeople into prison, agents and the insurance industry are rallying to fight the bill...
...Under the bill, which would apply to sales in Florida to people over 65, the surrender periods — or the length of time an investor must keep an annuity — would be set at a maximum of five years. The surrender fee — or what investors are charged for early withdrawal from the product — would be set at a maximum of 5% and would be lowered to 0% by the end of the fifth policy year. That could take a bite out of sales commissions, agents fear.
An additional provision would also hit agents and advisers with a third-degree felony charge and a maximum of five years in prison if they made misleading representations about a policy, which is known as "twisting," or if they encourage a client to surrender or withdraw from a product in order to buy another annuity, which is known as "churning." ...
...According to the ACLI, Florida accounted for $23.1 billion in direct annuity premiums in 2007, the latest year for which data are available.
Investment News: Florida annuity proposal worries insurance industry
...Under the bill, which would apply to sales in Florida to people over 65, the surrender periods — or the length of time an investor must keep an annuity — would be set at a maximum of five years. The surrender fee — or what investors are charged for early withdrawal from the product — would be set at a maximum of 5% and would be lowered to 0% by the end of the fifth policy year. That could take a bite out of sales commissions, agents fear.
An additional provision would also hit agents and advisers with a third-degree felony charge and a maximum of five years in prison if they made misleading representations about a policy, which is known as "twisting," or if they encourage a client to surrender or withdraw from a product in order to buy another annuity, which is known as "churning." ...
...According to the ACLI, Florida accounted for $23.1 billion in direct annuity premiums in 2007, the latest year for which data are available.
Investment News: Florida annuity proposal worries insurance industry
Permalink posted by markw @ 5:19 AM
AIG's essential asset, it's brand, is tarnished
The government’s fourth round of assistance to the American International Group this month was a play for time — for languishing markets to rebound, for pockets to fill up again and for buyers to emerge for the sturdy insurance companies under A.I.G.’s tattered corporate umbrella...
...But after the latest uproar, time does not look like A.I.G.’s friend. The problem now is not a toxic spiral of derivatives like the one that crippled the company last fall, but the damage done to A.I.G.’s brand, first by the financial troubles and then by the recent wave of hearings, subpoenas, late-night television jokes and even a bus tour past executives’ homes.
A strong brand is something no insurer can afford to put at risk. Insurance companies trade, more than anything else, on their image of strength and stability...
NY Times: AIG's essential asset, it's brand, is tarnished
...But after the latest uproar, time does not look like A.I.G.’s friend. The problem now is not a toxic spiral of derivatives like the one that crippled the company last fall, but the damage done to A.I.G.’s brand, first by the financial troubles and then by the recent wave of hearings, subpoenas, late-night television jokes and even a bus tour past executives’ homes.
A strong brand is something no insurer can afford to put at risk. Insurance companies trade, more than anything else, on their image of strength and stability...
NY Times: AIG's essential asset, it's brand, is tarnished
Permalink posted by markw @ 5:12 AM
Adjusting annuities: Insurers moving to passive strategies for better hedging
Insurance companies are adding more passive subadvisers to their annuities lineups, hoping to hedge their programs more effectively after active managers struggled last year to match their plunging benchmarks.
That “trend is already occurring and will continue,” said Del Campbell, assistant vice president, variable annuity, product development with Lincoln Financial Group, Philadelphia...
P&I Online: Adjusting annuities
That “trend is already occurring and will continue,” said Del Campbell, assistant vice president, variable annuity, product development with Lincoln Financial Group, Philadelphia...
P&I Online: Adjusting annuities
Permalink posted by markw @ 5:10 AM
Deferred-compensation plans have risks
...Deferred compensation at for-profit companies has also reached somewhat lower into organizations in recent years, though it is still typically for executives, and some advisers are cautioning clients to steer clear. As in the non-profit world, many of these plans come with the stipulation that the money is at risk in the event of a corporate bankruptcy.
"We're recommending clients not participate" in deferred-compensation programs, said David Yeske, founding principal of Yeske Buie, a financial planning firm in Vienna, Va., and San Francisco.
"You really can't take anything for granted today," Yeske said...
Fox4KC: Deferred-compensation plans have risks
"We're recommending clients not participate" in deferred-compensation programs, said David Yeske, founding principal of Yeske Buie, a financial planning firm in Vienna, Va., and San Francisco.
"You really can't take anything for granted today," Yeske said...
Fox4KC: Deferred-compensation plans have risks
Permalink posted by markw @ 4:57 AM
Norwich Union Announces Swap Deal for Longevity-Related Annuity Risks
U.K. insurer Norwich Union announced an agreement that will allow 475 million pounds (504 million euros) in longevity-related annuity risks to be transferred to the capital markets.
The swap deal, which also involves Bermuda-based reinsurer PartnerRe Group and Royal Bank of Scotland, will cover the risks until 2018. The business was placed with a range of capital market investors despite difficult market conditions and brings new capacity for longevity risk, Norwich Union said...
TradingMarkets: Norwich Union Announces Swap Deal for Longevity-Related Annuity Risks
The swap deal, which also involves Bermuda-based reinsurer PartnerRe Group and Royal Bank of Scotland, will cover the risks until 2018. The business was placed with a range of capital market investors despite difficult market conditions and brings new capacity for longevity risk, Norwich Union said...
TradingMarkets: Norwich Union Announces Swap Deal for Longevity-Related Annuity Risks
Permalink posted by markw @ 4:47 AM
MetLife Boosts Equity-Linked Annuity Regs
MetLife has come out in support of a Securities and Exchange Commission proposal that would force equity-linked annuities to be regulated as securities, just as variable annuities are. The insurer filed a motion Monday to submit a brief to the SEC charging that for competitive reasons only licensed broker dealers should be able to sell equity-linked...
DW Online: MetLife Boosts Equity-Linked Annuity Regs (Subscription required)
DW Online: MetLife Boosts Equity-Linked Annuity Regs (Subscription required)
Permalink posted by markw @ 4:44 AM
Friday, March 20, 2009
90% Bonus Tax? Way to Destroy Our Economy
The frantic passage of the Populist Rage Tax was a new low in the US government's response to this crisis. It shows just how likely we are to doom ourselves to a decade or more of misery--by choking our markets, closing our borders, turning our banks into tools of social policy, and wrecking what's left of our economy...
...If the "TARP bonus" bill the House passed yesterday becomes law, any of the hundreds of thousands of people who work for Citigroup, Bank of America, AIG, and nine other major US corporations will have to fork over 90 cents of every bonus dollar that puts their household income over $250,000.
That's household income, not individual income. If you're married and filing singly, you'll have to surrender anything over $125,000. Indefinitely...
Yahoo! Finance: 90% Bonus Tax? Way to Destroy Our Economy
...If the "TARP bonus" bill the House passed yesterday becomes law, any of the hundreds of thousands of people who work for Citigroup, Bank of America, AIG, and nine other major US corporations will have to fork over 90 cents of every bonus dollar that puts their household income over $250,000.
That's household income, not individual income. If you're married and filing singly, you'll have to surrender anything over $125,000. Indefinitely...
Yahoo! Finance: 90% Bonus Tax? Way to Destroy Our Economy
Permalink posted by markw @ 10:18 AM
Alleged STOLI Schemes Have Insurance Companies on Guard
"Think about it: Do you want just anyone to have a financial interest in your early demise?"
That will get your attention every time. And it is exactly what the insurance department in at least one state -- California in this instance -- has in mind on its website devoted to educating visitors about so-called "Stranger-Owned Life Insurance" or STOLI policies. Senior citizens are being targeted and insurance companies appear ready to fight back...
PR Newswire: Alleged STOLI Schemes Have Insurance Companies on Guard
That will get your attention every time. And it is exactly what the insurance department in at least one state -- California in this instance -- has in mind on its website devoted to educating visitors about so-called "Stranger-Owned Life Insurance" or STOLI policies. Senior citizens are being targeted and insurance companies appear ready to fight back...
PR Newswire: Alleged STOLI Schemes Have Insurance Companies on Guard
Permalink posted by markw @ 5:37 AM
"Global Contagion" - Canada Life Insurers Face Downgrades by A.M. Best
Canadian life insurers face downgrades as a “global contagion” in equity markets hurts earnings of companies such as Manulife Financial Corp. and Sun Life Financial Inc.
A.M. Best Co. lowered its outlook today for Canada’s life insurance industry to “negative” from “stable” due to the impact of the economic slump on the country. A.M. Best said in a statement that it may downgrade credit ratings and financial strength grades as the insurers face “mounting pressures” from a worldwide financial crisis that hampers their ability to maintain capital and sustain earnings.
...Manulife, Canada’s largest insurer, and No. 2 Great-West Lifeco Inc. posted their first quarterly losses in at least a decade last month, while Sun Life said profit fell 77 percent as the industry suffered from debt writedowns and plunging stock prices. Insurers guarantee returns on some equity-based retirement products even when stock markets fall...
Bloomberg: Canada Life Insurers Face Downgrades, A.M. Best Says
A.M. Best Co. lowered its outlook today for Canada’s life insurance industry to “negative” from “stable” due to the impact of the economic slump on the country. A.M. Best said in a statement that it may downgrade credit ratings and financial strength grades as the insurers face “mounting pressures” from a worldwide financial crisis that hampers their ability to maintain capital and sustain earnings.
...Manulife, Canada’s largest insurer, and No. 2 Great-West Lifeco Inc. posted their first quarterly losses in at least a decade last month, while Sun Life said profit fell 77 percent as the industry suffered from debt writedowns and plunging stock prices. Insurers guarantee returns on some equity-based retirement products even when stock markets fall...
Bloomberg: Canada Life Insurers Face Downgrades, A.M. Best Says
Permalink posted by markw @ 5:07 AM
Jackson Reports 2008 IFRS Revenue of $4.5 Billion; Strong Core Operating Earnings Offset by Investment Writedowns
Jackson National Life Insurance Company (Jackson) generated $4.5 billion of International Financial Reporting Standards (IFRS) revenue in 2008 and achieved the second-best sales performance in the company's history. Jackson's IFRS pretax operating income was $761 million; however, net earnings were negatively impacted by $1.0 billion in net realized losses on investments, which were the primary driver of an IFRS net loss of $1.0 billion in 2008...
MarketWatch: Jackson Reports 2008 IFRS Revenue of $4.5 Billion; Strong Core Operating Earnings Offset by Investment Writedowns
MarketWatch: Jackson Reports 2008 IFRS Revenue of $4.5 Billion; Strong Core Operating Earnings Offset by Investment Writedowns
Permalink posted by markw @ 4:42 AM
Prudential Shares Plunge After Moody’s Downgrade
Prudential Financial Inc., the second-biggest U.S. life insurer, led decliners in the Standard and Poor’s 500 Index after a downgrade by Moody’s Investors Service on costs tied to retirement products.
Prudential fell $6.16, or 25 percent, to $18.76 at 4:15 p.m. in New York Stock Exchange composite trading, the most since the company went public in 2001. The insurer has plunged by more than 70 percent in the past 12 months.
Life insurers, which often guarantee minimum returns on retirement products called variable annuities, have suffered as declines in stocks backing the policies forced them to set aside more capital to fund potential future payouts. Assets in U.S. variable annuities fell 13 percent industrywide in the three months ended Dec. 31, a trade group said yesterday...
Bloomberg: Prudential Shares Plunge After Moody’s Downgrade
Prudential fell $6.16, or 25 percent, to $18.76 at 4:15 p.m. in New York Stock Exchange composite trading, the most since the company went public in 2001. The insurer has plunged by more than 70 percent in the past 12 months.
Life insurers, which often guarantee minimum returns on retirement products called variable annuities, have suffered as declines in stocks backing the policies forced them to set aside more capital to fund potential future payouts. Assets in U.S. variable annuities fell 13 percent industrywide in the three months ended Dec. 31, a trade group said yesterday...
Bloomberg: Prudential Shares Plunge After Moody’s Downgrade
Permalink posted by markw @ 4:40 AM
A.I.G. Sues U.S. for Return of $306 Million in Tax Payments
While the American International Group comes under fire from Congress over executive bonuses, it is quietly fighting the federal government for the return of $306 million in tax payments, some related to deals that were conducted through offshore tax havens.
A.I.G. sued the government last month in a bid to force it to return the payments, which stemmed in large part from its use of aggressive tax deals, some involving entities controlled by the company’s financial products unit in the Cayman Islands, Ireland, the Dutch Antilles and other offshore havens...
NY Times: A.I.G. Sues U.S. for Return of $306 Million in Tax Payments
A.I.G. sued the government last month in a bid to force it to return the payments, which stemmed in large part from its use of aggressive tax deals, some involving entities controlled by the company’s financial products unit in the Cayman Islands, Ireland, the Dutch Antilles and other offshore havens...
NY Times: A.I.G. Sues U.S. for Return of $306 Million in Tax Payments
Permalink posted by markw @ 4:31 AM
House GOP Report Details Countrywide's Efforts to Benefit VIPs
Executives at Countrywide Financial, one of the biggest names of the housing boom, routinely violated internal company policies to provide below-market rates on home loans to the politically connected and powerful, according to a congressional report to be released today.
Loan documents show how far Countrywide went to give loans to VIPs through a program known as "Friends of Angelo," named after the company's chief executive Angelo Mozilo, according to congressional investigators. Executives manually overrode the company's computer software that routinely warned that certain additional fees would be necessary to accommodate below-market rates...
Washington Post: House GOP Report Details Countrywide's Efforts to Benefit VIPs
Loan documents show how far Countrywide went to give loans to VIPs through a program known as "Friends of Angelo," named after the company's chief executive Angelo Mozilo, according to congressional investigators. Executives manually overrode the company's computer software that routinely warned that certain additional fees would be necessary to accommodate below-market rates...
Washington Post: House GOP Report Details Countrywide's Efforts to Benefit VIPs
Permalink posted by markw @ 4:23 AM
Thursday, March 19, 2009
Merrill Switches Profit on Silver Into Base Metals
Merrill Lynch Global Wealth Management is switching profit made on gains in silver into industrial metals as output cuts curb supply and investors become less negative about prospects for economic growth.
“We have taken some profits on the very strong performance on silver, switching into base metals,” Gary Dugan, London-based chief investment officer for Europe, the Middle East and Africa, said in an interview by phone today. “We are still underweight base metals, but we are increasing our weighting.”
Silver, which rose 29 percent this year to a Feb. 23 peak, has slipped 16 percent since as a gauge of base metals traded in London rose 8 percent and the Standard & Poor’s 500 Index of U.S. stocks gained 4 percent. Commodities will outperform equities and bonds as companies sell shares to raise cash and governments issue debt to fund stimulus spending, Dugan said...
Bloomberg: Merrill Switches Profit on Silver Into Base Metals
“We have taken some profits on the very strong performance on silver, switching into base metals,” Gary Dugan, London-based chief investment officer for Europe, the Middle East and Africa, said in an interview by phone today. “We are still underweight base metals, but we are increasing our weighting.”
Silver, which rose 29 percent this year to a Feb. 23 peak, has slipped 16 percent since as a gauge of base metals traded in London rose 8 percent and the Standard & Poor’s 500 Index of U.S. stocks gained 4 percent. Commodities will outperform equities and bonds as companies sell shares to raise cash and governments issue debt to fund stimulus spending, Dugan said...
Bloomberg: Merrill Switches Profit on Silver Into Base Metals
Permalink posted by markw @ 1:33 PM
ATMs at Risk
Targeted attack on ATMs raises the bar -- as well as concerns -- about security of cash machines
...Cracking automatic teller machines isn't new: ATMs have been rigged with sniffers, spoofed with cloned cards created from successful phishing attacks, and even physically blasted open by explosives. But a new, sophisticated attack that inserted information-stealing malware on ATM machines has raised the bar on just what determined criminals can and will do to steal banking information and money.
The latest ATM hack came to light yesterday after Sophos revealed its discovery of a Trojan that had been specially crafted to steal information from users of Diebold ATM machines. Diebold in January had issued a security update for its Windows-based Opteva ATMs, some of which it said had been physically broken into and infiltrated with the Trojan software in Russia.
...The attackers were well-versed in the software internals of the ATM machines. "It's fascinating that the hackers went to this extent...they [knew] the API calls and understood how the cash machine works," says Graham Cluley, senior technology consultant at Sophos. "We haven't seen that before... This is not something the average hacker on the street would have access to," he adds. "They need physical access to the ATM -- they need to have someone on the inside or involved with the manufacture of these devices to gain access and install the software..."
Dark Reading: ATMs At Risk
...Cracking automatic teller machines isn't new: ATMs have been rigged with sniffers, spoofed with cloned cards created from successful phishing attacks, and even physically blasted open by explosives. But a new, sophisticated attack that inserted information-stealing malware on ATM machines has raised the bar on just what determined criminals can and will do to steal banking information and money.
The latest ATM hack came to light yesterday after Sophos revealed its discovery of a Trojan that had been specially crafted to steal information from users of Diebold ATM machines. Diebold in January had issued a security update for its Windows-based Opteva ATMs, some of which it said had been physically broken into and infiltrated with the Trojan software in Russia.
...The attackers were well-versed in the software internals of the ATM machines. "It's fascinating that the hackers went to this extent...they [knew] the API calls and understood how the cash machine works," says Graham Cluley, senior technology consultant at Sophos. "We haven't seen that before... This is not something the average hacker on the street would have access to," he adds. "They need physical access to the ATM -- they need to have someone on the inside or involved with the manufacture of these devices to gain access and install the software..."
Dark Reading: ATMs At Risk
Permalink posted by markw @ 1:17 PM
Moody's chops ratings on Manulife units, including John Hancock
Moody's chopped ratings on several units of Manulife Financial Corp (MFC.TO), Canada's largest insurer, on Wednesday after the company reported its first ever quarterly loss last month.
The ratings agency downgraded the insurance financial strength ratings on subsidiaries including John Hancock Life Insurance Co to Aa3 from Aa1, and lowered the debt ratings of the subsidiaries by two notches...
Reuters: Moody's chops ratings on Manulife units, including John Hancock
The ratings agency downgraded the insurance financial strength ratings on subsidiaries including John Hancock Life Insurance Co to Aa3 from Aa1, and lowered the debt ratings of the subsidiaries by two notches...
Reuters: Moody's chops ratings on Manulife units, including John Hancock
Permalink posted by markw @ 5:59 AM
Variable Annuity Assets Fall 13% to $1.1 Trillion
Assets in U.S. variable annuities declined 13 percent in the three months ended Dec. 31 as stock markets plunged and savers scaled back purchases... Total assets were $1.13 trillion at the end of 2008 compared with $1.3 trillion on Sept. 30, said NAVA Inc., a trade group for companies that sell the retirement products, in a statement today distributed by PR Newswire.
Life insurers, which often guarantee minimum returns on the variable annuities they sell, suffered as the decline in assets forced them to set aside more capital to fund potential future payouts to customers. Prudential Financial Inc., the second- biggest U.S. life insurer, and Hartford Financial Services Group Inc. both reported losses of more than $1.5 billion in the second half of 2008 amid costs tied to annuities...
Bloomberg: Variable Annuity Assets Fall 13% to $1.1 Trillion
Life insurers, which often guarantee minimum returns on the variable annuities they sell, suffered as the decline in assets forced them to set aside more capital to fund potential future payouts to customers. Prudential Financial Inc., the second- biggest U.S. life insurer, and Hartford Financial Services Group Inc. both reported losses of more than $1.5 billion in the second half of 2008 amid costs tied to annuities...
Bloomberg: Variable Annuity Assets Fall 13% to $1.1 Trillion
Permalink posted by markw @ 4:34 AM
Moody's cuts Prudential to two notches above junk
Prudential Financial Inc (PRU.N) was downgraded to the second-lowest investment grade by Moody's Investors Service on Wednesday, which cited the large life insurer's reduced profitability and potential for more capital strain if conditions worsen.
Moody's lowered Prudential's senior debt rating by two notches to "Baa2" from "A3," and the insurance financial strength rating of its Prudential Insurance Co of America unit by two notches to "A2" from "Aa3." The outlook is "negative," meaning another cut is possible within two years...
Reuters: Moody's cuts Prudential to two notches above junk
Moody's lowered Prudential's senior debt rating by two notches to "Baa2" from "A3," and the insurance financial strength rating of its Prudential Insurance Co of America unit by two notches to "A2" from "Aa3." The outlook is "negative," meaning another cut is possible within two years...
Reuters: Moody's cuts Prudential to two notches above junk
Permalink posted by markw @ 4:32 AM
Wednesday, March 18, 2009
Citi unveils OpenWealth
Citi today announced the launch of OpenWealthsm, the first Unified Managed Household (UMH) servicing platform providing automated household portfolio and tax optimization for investors serviced through distributors and sponsors of wealth management...
TIAA-CREF, the nation's leading provider of retirement services for the academic, medical, research and cultural fields, has selected and launched Citi's offering as the operating platform for its fee-based wealth management solution...
FinExtra: Citi unveils OpenWealth
TIAA-CREF, the nation's leading provider of retirement services for the academic, medical, research and cultural fields, has selected and launched Citi's offering as the operating platform for its fee-based wealth management solution...
FinExtra: Citi unveils OpenWealth
Permalink posted by markw @ 11:20 AM
Madoff accountant charged
The former accountant of disgraced financier Bernard Madoff has been arrested and charged with aiding a decades-long, massive Ponzi scheme run by Mr. Madoff.
David G. Friehling, the sole practitioner at Friehling & Horowitz, CPAs, PC, has been charged with securities fraud, aiding and abetting investment adviser fraud and four counts of filing false audit reports with the Securities and Exchange Commission.
Mr. Friehling, 49 years old, faces up to 105 years in prison on all of the charges. He is expected to be presented before a federal magistrate judge in Manhattan later Wednesday...
WSJ: Madoff accountant charged
David G. Friehling, the sole practitioner at Friehling & Horowitz, CPAs, PC, has been charged with securities fraud, aiding and abetting investment adviser fraud and four counts of filing false audit reports with the Securities and Exchange Commission.
Mr. Friehling, 49 years old, faces up to 105 years in prison on all of the charges. He is expected to be presented before a federal magistrate judge in Manhattan later Wednesday...
WSJ: Madoff accountant charged
Permalink posted by markw @ 8:58 AM
Senate Banking Committee Hears Divergent Testimony from P&C, Life Industry
Representatives Frank Keating of the American Council of Life Insurers (ACLI) argued the need for a federal insurance regulator, while John T. Hill of the National Association of Mutual Insurance Companies (NAMIC) said his organization supported a reformed state-based system.
Testifying before the Senate Banking Committee today, representatives from life and P&C industries associations presented diverging recommendations about changes to insurance regulation, as revealed by advance copies of the remarks of Frank Keating, president and CEO of the American Council of Life Insurers (ACLI) and John T. Hill, president and COO of Magna Carta Companies (New York) and chairman-elect of the National Association of Mutual Insurance Companies (NAMIC). Keating and Hill spoke before the congressional Committee's hearing entitled "Perspectives on Modernizing Insurance Regulation," along with representatives of the National Association of Insurance Commissioners (NAIC), the Independent Insurance Agents and Brokers of America (the Big "I"), and others...
I&T: Senate Banking Committee Hears Divergent Testimony from P&C, Life Industry
Testifying before the Senate Banking Committee today, representatives from life and P&C industries associations presented diverging recommendations about changes to insurance regulation, as revealed by advance copies of the remarks of Frank Keating, president and CEO of the American Council of Life Insurers (ACLI) and John T. Hill, president and COO of Magna Carta Companies (New York) and chairman-elect of the National Association of Mutual Insurance Companies (NAMIC). Keating and Hill spoke before the congressional Committee's hearing entitled "Perspectives on Modernizing Insurance Regulation," along with representatives of the National Association of Insurance Commissioners (NAIC), the Independent Insurance Agents and Brokers of America (the Big "I"), and others...
I&T: Senate Banking Committee Hears Divergent Testimony from P&C, Life Industry
Permalink posted by markw @ 5:07 AM
SEC examining asset custody procedures
The U.S. Securities and Exchange Commission staff is examining the procedures certain investment advisers and brokerage firms have in place for safeguarding client assets.
The SEC is looking at firms' custodial arrangements, controls for safekeeping assets and the implementation of these controls, Lori Richards, director of the SEC's office of compliance inspections and examinations, said in a recent letter to many firms, according to an attorney whose clients received the letter...
WSJ: SEC examining asset custody procedures
The SEC is looking at firms' custodial arrangements, controls for safekeeping assets and the implementation of these controls, Lori Richards, director of the SEC's office of compliance inspections and examinations, said in a recent letter to many firms, according to an attorney whose clients received the letter...
WSJ: SEC examining asset custody procedures
Permalink posted by markw @ 4:55 AM
Variable Annuity Prices Up, Despite Sales Drop
It's counterintuitive — wealth managers are ratcheting up the price and providing lower returns on variable annuities.
Some providers have doubled prices in the past six months, and more changes are expected.
Steve Mabry, a senior vice president of annuity product development for Axa Equitable, said the New York company repriced its variable annuity with a living benefit guarantee in November and again in February. "These products are dependent on the interest rate environment," Mabry said in an interview last week. "Based on the low interest rate condition and the high volatility in the equity markets, we felt it was prudent to make an adjustment..."
Financial Planning: Variable Annuity Prices Up, Despite Sales Drop
Some providers have doubled prices in the past six months, and more changes are expected.
Steve Mabry, a senior vice president of annuity product development for Axa Equitable, said the New York company repriced its variable annuity with a living benefit guarantee in November and again in February. "These products are dependent on the interest rate environment," Mabry said in an interview last week. "Based on the low interest rate condition and the high volatility in the equity markets, we felt it was prudent to make an adjustment..."
Financial Planning: Variable Annuity Prices Up, Despite Sales Drop
Permalink posted by markw @ 4:40 AM
The 20 Strongest Annuity Insurers
Many insurance companies that write annuities have suffered downgrades because of severe losses and capital deterioration. Many, however, have maintained strong capital levels that so far have cushioned the blow from the decline in the stock market.
Teachers Insurance and Annuity Association, better known as TIAA-CREF, is the largest annuity company to receive TheStreet.com Ratings' top ranking of A-plus. It lost $3.3 billion in 2008 but held $17.8 billion in capital at year-end...
Street: The 20 Strongest Annuity Insurers
Teachers Insurance and Annuity Association, better known as TIAA-CREF, is the largest annuity company to receive TheStreet.com Ratings' top ranking of A-plus. It lost $3.3 billion in 2008 but held $17.8 billion in capital at year-end...
Street: The 20 Strongest Annuity Insurers
Permalink posted by markw @ 4:38 AM
AIG bonus protections were added to Stimulus Bill by Sen. Christopher Dodd
Senate Banking Committee Chairman Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group bonus recipients so the government could recoup some or all of the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.
While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. The provision, now called “the Dodd Amendment” by the Obama Administration provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” -- which exempts the very AIG bonuses Dodd and others are now seeking to tax...
FoxBusiness: Amid AIG Furor, Dodd Tries to Undo Bonus Protections in the 'Dodd Amendment' Rules
While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. The provision, now called “the Dodd Amendment” by the Obama Administration provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” -- which exempts the very AIG bonuses Dodd and others are now seeking to tax...
FoxBusiness: Amid AIG Furor, Dodd Tries to Undo Bonus Protections in the 'Dodd Amendment' Rules
Permalink posted by markw @ 4:33 AM
Tuesday, March 17, 2009
AIG Debacle Sparks Fresh Look at Insurance Regulation
The implosion of insurance giant American International Group, Inc. — and the political firestorm over the government’s effort to prop up the company — may put a spotlight on long-debated efforts to overhaul regulation of the insurance industry.
As it stands now, insurance companies are primarily regulated at the state level. But with many insurance providers expanding their operations and developing increasingly complex financial products, lawmakers are considering whether to make regulatory changes...
CQ Politics: AIG Debacle Sparks Fresh Look at Insurance Regulation
As it stands now, insurance companies are primarily regulated at the state level. But with many insurance providers expanding their operations and developing increasingly complex financial products, lawmakers are considering whether to make regulatory changes...
CQ Politics: AIG Debacle Sparks Fresh Look at Insurance Regulation
Permalink posted by markw @ 2:09 PM
John Hancock #1 in Long-Term Care Insurance Industry Sales in 2008
John Hancock Life Insurance Company led the industry in long-term care (LTC) insurance sales in 2008, according to recent industry year-end surveys of LTC insurers.* In total, John Hancock earned $177.8 million in new premium across all of its LTC insurance businesses, giving the company 23.2 percent of LTC insurance market share. This marks John Hancock's second year in a row as the overall leader in LTC insurance sales.
Last year, John Hancock's individual LTC insurance sales exceeded $120 million, despite an overall down market. Individual market sales were driven by the mid-year introduction of Custom Care II Enhanced, featuring such product innovations as a CPI-based inflation option, caregiver support services, and consumer protection provisions including the industry's first provision for the independent third-party review of claims. Sales of the simplified Leading Edge product also drove momentum as did a strong demand for its popular multi-life programs, Sponsored Group and Corporate Solutions...
PR Newswire: John Hancock #1 in Long-Term Care Insurance Industry Sales in 2008
Last year, John Hancock's individual LTC insurance sales exceeded $120 million, despite an overall down market. Individual market sales were driven by the mid-year introduction of Custom Care II Enhanced, featuring such product innovations as a CPI-based inflation option, caregiver support services, and consumer protection provisions including the industry's first provision for the independent third-party review of claims. Sales of the simplified Leading Edge product also drove momentum as did a strong demand for its popular multi-life programs, Sponsored Group and Corporate Solutions...
PR Newswire: John Hancock #1 in Long-Term Care Insurance Industry Sales in 2008
Permalink posted by markw @ 2:08 PM
Lincoln National's Further Cost-Cutting Could Include More Job Cuts
Lincoln National Corp. said it's considering further job eliminations as it moves to reduce costs, which, when added to earlier moves, are expected to save it about $250 million by the end of this year...
Lincoln initiated a company-wide restructuring effort at the end of last year, which at the time was expected to save it about $150 million by the end of 2009, it said in a statement. The additional actions should increase savings to about $250 million, pretax, it said.
In January, Lincoln said it would eliminate about 540 jobs, or about 5% of its work force. Later, it said would cut its quarterly common stock dividend from 21 cents to a penny a share, saying the move, combined with a prior reduction, would save $400 million...
TradingMarkets: Lincoln National's Further Cost-Cutting Could Include More Job Cuts
Lincoln initiated a company-wide restructuring effort at the end of last year, which at the time was expected to save it about $150 million by the end of 2009, it said in a statement. The additional actions should increase savings to about $250 million, pretax, it said.
In January, Lincoln said it would eliminate about 540 jobs, or about 5% of its work force. Later, it said would cut its quarterly common stock dividend from 21 cents to a penny a share, saying the move, combined with a prior reduction, would save $400 million...
TradingMarkets: Lincoln National's Further Cost-Cutting Could Include More Job Cuts
Permalink posted by markw @ 2:06 PM
IRS: Madoff's victims can deduct losses in '08
IRS grants break on investment and 'phantom' income, but carry-back varies
Investors who fell prey to Bernard Madoff's multibillion dollar Ponzi scheme will be able to recover at least some of their life savings after the IRS said Tuesday it would allow those swindled in the scam to use a theft loss deduction on their 2008 tax return.
Victims can deduct the money they invested, plus any "phantom" earnings Madoff reported to them, the IRS said. If that deduction exceeds their 2008 income, taxpayers may be able to carry-back those losses for three or five years depending on their status...
MarketWatch: Madoff's victims can deduct losses in '08
Investors who fell prey to Bernard Madoff's multibillion dollar Ponzi scheme will be able to recover at least some of their life savings after the IRS said Tuesday it would allow those swindled in the scam to use a theft loss deduction on their 2008 tax return.
Victims can deduct the money they invested, plus any "phantom" earnings Madoff reported to them, the IRS said. If that deduction exceeds their 2008 income, taxpayers may be able to carry-back those losses for three or five years depending on their status...
MarketWatch: Madoff's victims can deduct losses in '08
Permalink posted by markw @ 2:05 PM
Cuomo: 73 AIG Employees Received Bonuses of $1 Million or More
New York Attorney General Andrew Cuomo is launching an investigation into the bailed-out company following revelations that it distributed $165 million in executive bonuses.
New York Attorney General Andrew Cuomo says 73 employees at American International Group received bonuses of $1 million or more, with one receiving more than $6 million.
Cuomo is launching an investigation into the bailed-out company following revelations that it distributed $165 million in executive bonuses. Cuomo reported his latest findings in a letter Tuesday to Rep. Barney Frank, D-Mass., chairman of the House financial services committee.
"Already my office has determined that some of these bonuses were staggering in size," Cuomo wrote.
Fox: Cuomo: 73 AIG Employees Received Bonuses of $1 Million or More
New York Attorney General Andrew Cuomo says 73 employees at American International Group received bonuses of $1 million or more, with one receiving more than $6 million.
Cuomo is launching an investigation into the bailed-out company following revelations that it distributed $165 million in executive bonuses. Cuomo reported his latest findings in a letter Tuesday to Rep. Barney Frank, D-Mass., chairman of the House financial services committee.
"Already my office has determined that some of these bonuses were staggering in size," Cuomo wrote.
Fox: Cuomo: 73 AIG Employees Received Bonuses of $1 Million or More
Permalink posted by markw @ 1:59 PM
Seven costly mistakes workers make when they leave a job
There's many a slip twixt cup and lip. Most people, conventional wisdom might suggest, would roll their entire 401(k) over to an IRA after they leave their employer. But according to data released last week, many workers only roll a portion of their retirement funds into an IRA.
According to the Employee Benefit Research Institute, those with $50,000 or more in their 401(k) roll over on average 72.4% of their balance after leaving their employer while those with $1,000 to $2,499 in their 401(k) plan roll over on average just 19.5%...
Yahoo! Finance: Seven costly mistakes workers make when they leave a job
According to the Employee Benefit Research Institute, those with $50,000 or more in their 401(k) roll over on average 72.4% of their balance after leaving their employer while those with $1,000 to $2,499 in their 401(k) plan roll over on average just 19.5%...
Yahoo! Finance: Seven costly mistakes workers make when they leave a job
Permalink posted by markw @ 7:17 AM
Mandated, universal fiduciary standard must be adopted for financial advisers
Americans have a right to know who can be trusted for competent and ethical financial advice. Now is the time for a universal fiduciary standard for all financial advice providers...
Cleveland.com: Mandated, universal fiduciary standard must be adopted for financial advisers
Cleveland.com: Mandated, universal fiduciary standard must be adopted for financial advisers
Permalink posted by markw @ 6:48 AM
Life Insurers Lost $32 Billion in Capital in 2008
U.S. life insurers, a group led by MetLife Inc. and Prudential Financial Inc., reported a $32 billion decline in statutory capital in 2008 as investments fell, Moody’s Investors Service said.
Capital and surplus declined 13 percent to $208.6 billion from $240.6 billion, Scott Robinson, a vice president at Moody’s, said in a research note today. Most carriers face “quite limited” options for replacing capital, and some may stop selling certain types of policies to conserve funds, Robinson said, without identifying the firms...
Bloomberg: Life Insurers Lost $32 Billion in Capital in 2008
Capital and surplus declined 13 percent to $208.6 billion from $240.6 billion, Scott Robinson, a vice president at Moody’s, said in a research note today. Most carriers face “quite limited” options for replacing capital, and some may stop selling certain types of policies to conserve funds, Robinson said, without identifying the firms...
Bloomberg: Life Insurers Lost $32 Billion in Capital in 2008
Permalink posted by markw @ 5:33 AM
Worry Grows Over Some Insurers As Ratings Slip
More Companies Weakened By Bad Investment Choices; Shenandoah Sales Moratorium
While consumers have been fretting about the safety of their policies at large, publicly traded insurers, some smaller, less-watched companies have been running into trouble too.
Insurers of all sizes are being slammed by investment losses. Some also are being dragged down by higher-than-expected claims in areas like long-term-care insurance. Regulators have taken over companies with policies owned by more than half a million people in more than 30 states, including life insurance and annuities. At one insurer, a receiver has imposed a moratorium on policyholders taking cash out of their policies or turning them in for cash.
Shenandoah Life Insurance Co., a small insurer based in Roanoke, Va., recently fell below state requirements for capital and cash reserves because of its investments in mortgage-backed securities, which were hammered in the housing meltdown...
WSJ: Worry Grows Over Insurers As Ratings Slip
While consumers have been fretting about the safety of their policies at large, publicly traded insurers, some smaller, less-watched companies have been running into trouble too.
Insurers of all sizes are being slammed by investment losses. Some also are being dragged down by higher-than-expected claims in areas like long-term-care insurance. Regulators have taken over companies with policies owned by more than half a million people in more than 30 states, including life insurance and annuities. At one insurer, a receiver has imposed a moratorium on policyholders taking cash out of their policies or turning them in for cash.
Shenandoah Life Insurance Co., a small insurer based in Roanoke, Va., recently fell below state requirements for capital and cash reserves because of its investments in mortgage-backed securities, which were hammered in the housing meltdown...
WSJ: Worry Grows Over Insurers As Ratings Slip
Permalink posted by markw @ 4:44 AM
Card Check Compromise?
Outside the Beltway, it seems as if Washington's sole focus is the economy: bailouts, bonuses and stimulus. But an equally contentious issue stalks the halls of Capitol Hill these days.
It's the Employee Free Choice Act (EFCA), introduced in Congress last week by Sen. Tom Harkin, D-Iowa, and Rep. George Miller, D-Calif., the latest chapter in the unending battle between American business and labor...
Forbes: Card Check Compromise? (via Twitter EFCA).
It's the Employee Free Choice Act (EFCA), introduced in Congress last week by Sen. Tom Harkin, D-Iowa, and Rep. George Miller, D-Calif., the latest chapter in the unending battle between American business and labor...
Forbes: Card Check Compromise? (via Twitter EFCA).
Permalink posted by markw @ 4:42 AM
Monday, March 16, 2009
SunGard launches ASP version of Charlotte trust accounting system
Offers portfolio management, securities processing, performance reporting and regulatory compliance for trust and wealth management organizations
SunGard has launched application service provider version of its Charlotte trust accounting system for portfolio management, securities processing, performance reporting and regulatory compliance that helps trust and wealth management organizations to attract, service and grow client relationships...
CBR: SunGard launches ASP version of Charlotte trust accounting system
SunGard has launched application service provider version of its Charlotte trust accounting system for portfolio management, securities processing, performance reporting and regulatory compliance that helps trust and wealth management organizations to attract, service and grow client relationships...
CBR: SunGard launches ASP version of Charlotte trust accounting system
Permalink posted by markw @ 1:50 PM
The Hartford Faces Nationwide Class Action In Accident Settlement Case
A lawsuit against The Hartford accusing it of fraudulently keeping millions in settlement money that should have gone to accident victims will proceed as a nationwide class action under a ruling this week by a federal judge in Bridgeport.
The 2005 case was filed on behalf of three people in Ohio, Pennsylvania and Oklahoma who had been injured in motor vehicle accidents by people insured by companies that are part of The Hartford Financial Services Group.
The suit involves "structured settlements," which resolve personal injury and workers' compensation claims and often use annuities to provide the payments. The Hartford allegedly gave people written statements of the cost or value of their settlement or annuity without indicating the company would take at least 15 percent of the amount for various fees, taxes, and profit.
The Hartford figured it could benefit by having its Hartford Life division provide the annuities for such settlements. The company started a program in 1997 using selected brokers to ensure the annuities for settlements that would be procured from Hartford Life instead of competitors, the suit says...
Courant: The Hartford Faces Nationwide Class Action In Accident Settlement Case
The 2005 case was filed on behalf of three people in Ohio, Pennsylvania and Oklahoma who had been injured in motor vehicle accidents by people insured by companies that are part of The Hartford Financial Services Group.
The suit involves "structured settlements," which resolve personal injury and workers' compensation claims and often use annuities to provide the payments. The Hartford allegedly gave people written statements of the cost or value of their settlement or annuity without indicating the company would take at least 15 percent of the amount for various fees, taxes, and profit.
The Hartford figured it could benefit by having its Hartford Life division provide the annuities for such settlements. The company started a program in 1997 using selected brokers to ensure the annuities for settlements that would be procured from Hartford Life instead of competitors, the suit says...
Courant: The Hartford Faces Nationwide Class Action In Accident Settlement Case
Permalink posted by markw @ 5:50 AM
B-Ds likely to give boot to more carriers
Poor ratings, financials prompt broker-dealers to re-evaluate insurers
Observers predict that major broker-dealers will continue to boot insurance companies from their product platforms this year.
Recently, LPL Financial of Boston notified its financial advisers that Genworth Financial Inc. of Richmond, Va., and The Phoenix Cos. Inc. of Hartford, Conn., are on the broker-dealer's "unapproved" list of providers, following a series of ratings downgrades and dismal financial results for the carriers...
Investment News: B-Ds likely to give boot to more carriers
Observers predict that major broker-dealers will continue to boot insurance companies from their product platforms this year.
Recently, LPL Financial of Boston notified its financial advisers that Genworth Financial Inc. of Richmond, Va., and The Phoenix Cos. Inc. of Hartford, Conn., are on the broker-dealer's "unapproved" list of providers, following a series of ratings downgrades and dismal financial results for the carriers...
Investment News: B-Ds likely to give boot to more carriers
Permalink posted by markw @ 5:24 AM
Web Winners: Financial planning
Who knows if a little more planning might have seen more of us through these hard times with less painful financial losses? To the extent it isn't too late to learn financial planning, here goes.
Learn financial planning. This site, designed to address financial illiteracy, starts out explaining itself with a quote from Ayn Rand, that says, in part: "It's the hardest thing in the world - to do what we want. And it takes the greatest kind of courage." It's a bootstrap sort of approach, with a "Financial Planning 101" minicourse, and some basic instructions on making and saving money...
Philly.com: Web Winners: Financial planning
Learn financial planning. This site, designed to address financial illiteracy, starts out explaining itself with a quote from Ayn Rand, that says, in part: "It's the hardest thing in the world - to do what we want. And it takes the greatest kind of courage." It's a bootstrap sort of approach, with a "Financial Planning 101" minicourse, and some basic instructions on making and saving money...
Philly.com: Web Winners: Financial planning
Permalink posted by markw @ 5:20 AM
Report: UBS slashing 5,000 management jobs
Switzerland's biggest bank UBS plans to cut up to 5,000 senior and management jobs in the next few weeks, Swiss weekly SonntagsZeitung said on Sunday.
It said up to 2,500 management positions could go in UBS's dominant and profitable wealth management division, which accounts for 50,000 of the bank's total 77,000 staff...
Reuters: Report: UBS slashing 5,000 management jobs
It said up to 2,500 management positions could go in UBS's dominant and profitable wealth management division, which accounts for 50,000 of the bank's total 77,000 staff...
Reuters: Report: UBS slashing 5,000 management jobs
Permalink posted by markw @ 5:19 AM
"Obama Administration Must Stop Bonuses to AIG Ponzi Schemers"
It's time for some righteous populist anger from the Obama administration--not just in words, but in deeds--to stop the looting of the Federal Treasury by Wall Street executives using taxpayer money to pay bonuses to the very people who manipulated markets and were instrumental in bringing the international financial system crashing down on the heads of hundreds of millions of people in America and around the world...
HuffPo (Miles Mogulescu): "Obama Administration Must Stop Bonuses to AIG Ponzi Schemers"
HuffPo (Miles Mogulescu): "Obama Administration Must Stop Bonuses to AIG Ponzi Schemers"
Permalink posted by markw @ 4:58 AM
Friday, March 13, 2009
How much money would taking Jim Cramer’s advice have cost you?
By now I am sure you have seen Jon Stewart eviscerate Jim Cramer on last night’s Daily Show. If not, all 23 excruciating minutes are available at thedailyshow.com. In one of the highlights (lowlights) Stewart shows clips of Cramer in 2006 explaining how he would manipulate the price of Apple stock by “fomenting.” Fomenting, according to Cramer, is when a trader puts out false information or rumors about a company in order to change its price one way or another. If you have a “short position” on a stock, you will make money if the price goes down. Thus you would want to foment bad news (in the clip Cramer says he would tell people that there were problems with the upcoming iPhone)...
Econ4U: How much money would taking Jim Cramer’s advice have cost you?
Econ4U: How much money would taking Jim Cramer’s advice have cost you?
Permalink posted by markw @ 11:47 AM
AIG's Claims Over Life Insurer Fragility Irk Sector
AIG's recent claims that its collapse could threaten not just banking counterparties but also decimate the broader U.S. life insurance industry are alarming but also largely unproven.
The contention was made in a presentation to U.S. regulators in late February on the eve of the third iteration of the U.S. government's rescue of American International Group Inc -- the globe insurer whose collapse has cost taxpayers up to $180 billion.
AIG's Claims Over Life Insurer Fragility Irk Sector
Source: Reuters
The contention was made in a presentation to U.S. regulators in late February on the eve of the third iteration of the U.S. government's rescue of American International Group Inc -- the globe insurer whose collapse has cost taxpayers up to $180 billion.
AIG's Claims Over Life Insurer Fragility Irk Sector
Source: Reuters
Permalink posted by armandn @ 6:00 AM
Boomer Generation Dissimilar When Planning for LTCi
While baby boomers are considered a generation in themselves, an emerging strategy in marketing to this generation involves the recognition of its two markets: the leading-edge market (born between 1946 and 1955), and the trailing-edge market (born between 1956 and 1964). For example, both the current and prior first ladies are considered part of the boomer demographic. Laura Bush, born in 1946, is part of the leading-edge market and Michelle Obama, born in 1964, is part of the trailing-edge market. While they are considered part of the same generation, it is important to recognize that they grew up in very different times, with very different expectations.
Boomer Generation Dissimilar When Planning for LTCi
Source: Producers Web
Boomer Generation Dissimilar When Planning for LTCi
Source: Producers Web
Permalink posted by armandn @ 6:00 AM
Hartford Life Executive Brian Murphy: Investment 'Attitudes Need to Change'
Brian Murphy is executive vice president of Hartford Life's Individual Markets Group and chairman of its subsidiary, Woodbury Financial Services, part of The Hartford Financial Services Group. He is also a board member and past chairman of the Financial Services Institute, an industry group. Murphy has been outspoken in commenting on the investment advisory industry, whose clients have watched their nest eggs shrink as the Dow has lost roughly half its value over the past 17 months.
Hartford Life Executive Brian Murphy: Investment 'Attitudes Need to Change'
Source: Hartford Courant
Hartford Life Executive Brian Murphy: Investment 'Attitudes Need to Change'
Source: Hartford Courant
Permalink posted by armandn @ 5:59 AM
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