Thursday, April 30, 2009
BGAs Ask: Will ROP Term Survive
Carriers are pulling return of premium (ROP) term products or raising rates significantly because of pressure on reserves and possibly because of an NAIC rule going into effect the end of this year.
So far, ING is canceling its basic ROP term option, Genworth is withdrawing its product and AIG’s American General is raising its rates by about 50 percent. Many expect more of the same in the coming months, with some making even more dire predictions.
BGAs Ask: Will ROP Term Survive
Source: Insurance News Net
So far, ING is canceling its basic ROP term option, Genworth is withdrawing its product and AIG’s American General is raising its rates by about 50 percent. Many expect more of the same in the coming months, with some making even more dire predictions.
BGAs Ask: Will ROP Term Survive
Source: Insurance News Net
Permalink posted by armandn @ 10:58 AM 
Variable Annuities' Warning List Grows
Writing about tax-deferred annuities creates tremendous possibilities for misunderstandings and misleading uses of the information. So let me start with a series of warnings. Much like the label on your prescription medicine, these warnings inform you that the product within is designed to be a benefit, but only if you take it as directed, and avoid using it under the wrong conditions.
Variable Annuities' Warning List Grows
Source: The Street
Variable Annuities' Warning List Grows
Source: The Street
Permalink posted by armandn @ 10:56 AM
Americans Feel They Can Never Retire
A majority of Americans are afraid they will never be able to retire, according to a new survey. The 401(k) Participant Attitudes, Behavior and Intentions study --released this past week by Barclays Global Investors-- reveals that 80% of 401(k) plan participants polled said they are worried they will never be able to retire. More than half (58%) said they now plan to work until they die, while the remainder of respondents said they are delaying their retirement indefinitely.
Americans Feel They Can Never Retire
Source: Insurance News Net
Americans Feel They Can Never Retire
Source: Insurance News Net
Permalink posted by armandn @ 8:47 AM
Using Twitter to Make Smarter Money Moves
In case you hadn't noticed, Twitter is everywhere these days. The social-networking phenomenon has attracted endless amounts of publicity, with celebrities ranging from Oprah to Ashton Kutcher now beaming out the ultra-short updates known as tweets.
But can Twitter help you invest? Increasingly, financial types from economists to actual traders are blasting out their thoughts on Twitter (always in 140 characters or less, of course). There are also free sites like StockTwits.com that compile Twitter postings on financial news, individual companies and broader market issues. Some of the updates are compelling -- but as with so many other forms of digital communication, there's a lot of dross out there, too.
So SmartMoney went in search of financial tweeters worth following. To narrow down our list, we talked to avid users of Twitter, scoured university economics departments to find out who's tweeting -- and of course, spent hours reading money-related tweets...
Smart Money: Using Twitter to Make Smarter Money Moves
But can Twitter help you invest? Increasingly, financial types from economists to actual traders are blasting out their thoughts on Twitter (always in 140 characters or less, of course). There are also free sites like StockTwits.com that compile Twitter postings on financial news, individual companies and broader market issues. Some of the updates are compelling -- but as with so many other forms of digital communication, there's a lot of dross out there, too.
So SmartMoney went in search of financial tweeters worth following. To narrow down our list, we talked to avid users of Twitter, scoured university economics departments to find out who's tweeting -- and of course, spent hours reading money-related tweets...
Smart Money: Using Twitter to Make Smarter Money Moves
Permalink posted by markw @ 7:46 AM
Senators Decry Flipping Of Life Insurance Policies
A full-page ad in the Chicago Tribune invited people age 50 to 85 to come hear football great Mike Ditka and learn "WHY WALL STREET WANTS TO BUY YOUR LIFE INSURANCE POLICY."
The ad shows how a murky and potentially risky market for life insurance has been pitched to vulnerable consumers, an Illinois regulator told a Senate panel yesterday.
Members of the Senate Special Committee on Aging yesterday expressed concern about dangers for senior citizens from what the hearing agenda described as "Betting on Death in the Life Settlement Market." Panel Chairman Herb Kohl (D-Wis.) said selling a life insurance policy to investors "can be fraught with possible hidden pitfalls..."
Washington Post: Senators Decry Flipping Of Life Insurance Policies
The ad shows how a murky and potentially risky market for life insurance has been pitched to vulnerable consumers, an Illinois regulator told a Senate panel yesterday.
Members of the Senate Special Committee on Aging yesterday expressed concern about dangers for senior citizens from what the hearing agenda described as "Betting on Death in the Life Settlement Market." Panel Chairman Herb Kohl (D-Wis.) said selling a life insurance policy to investors "can be fraught with possible hidden pitfalls..."
Washington Post: Senators Decry Flipping Of Life Insurance Policies
Permalink posted by markw @ 6:58 AM
Name Hurts Main Unit of A.I.G.
Less than two months after changing its name, the biggest and best-known unit of American International Group is preparing to change its name again, in the latest sign of damage to one of the world’s most famous brands...
...The renamed A.I.U. quickly began issuing new business cards to employees and printing promotional materials, particularly in Asia. But A.I.G. has now decided that the A.I.U. name does not represent enough of a change, and is in the final stages of choosing a new one, said Leslie J. Mouat, A.I.U.’s regional president for Southeast Asia...
NY Times: Name Hurts Main Unit of A.I.G.
...The renamed A.I.U. quickly began issuing new business cards to employees and printing promotional materials, particularly in Asia. But A.I.G. has now decided that the A.I.U. name does not represent enough of a change, and is in the final stages of choosing a new one, said Leslie J. Mouat, A.I.U.’s regional president for Southeast Asia...
NY Times: Name Hurts Main Unit of A.I.G.
Permalink posted by markw @ 6:57 AM
Darwinian Markets
My last column discussed specific actions our firm is taking as the economy and markets have become more challenging. Now it's clear that the economic situation is not the result of a single-point crisis that will quickly pass; my quick-response solutions won't suffice long term. Global economic woes will result in significant changes in the regulatory, financial and business landscapes of our industry.
So I started writing about the three steps firms must take to survive and thrive in the new landscape. While I was trying to write that column, though, I had a nagging feeling I was missing something. While reading and researching, I discovered something I must now confess: Most of the economics training I've used since graduate school is not valid—and wasn't in the first place. What's worse, I based my firm's integrated wealth management services, including investment management and financial planning, around ideas that were just plain wrong...
Financial Planning: Darwinian Markets
So I started writing about the three steps firms must take to survive and thrive in the new landscape. While I was trying to write that column, though, I had a nagging feeling I was missing something. While reading and researching, I discovered something I must now confess: Most of the economics training I've used since graduate school is not valid—and wasn't in the first place. What's worse, I based my firm's integrated wealth management services, including investment management and financial planning, around ideas that were just plain wrong...
Financial Planning: Darwinian Markets
Permalink posted by markw @ 6:54 AM
Notes from the 2009 FPA Retreat
Blogging from the Conference in Palm Springs, Calif.
For four days, 250 dedicated and passionate independent financial planners from across the globe are gathering in Palm Springs, Calif., for the 2009 FPA Retreat. Unlike other industry conferences, Retreat is known as the haven for energy, education and, of course, debate. It’s no surprise, then, that it is many advisors’ favorite conference. Some of the biggest names in the business are here discussing the most pressing issues that are shaping the financial advisory industry in this remarkable time. Here is a taste of what’s been happening here in Palm Springs...
Financial Planning: Notes from the 2009 FPA Retreat
For four days, 250 dedicated and passionate independent financial planners from across the globe are gathering in Palm Springs, Calif., for the 2009 FPA Retreat. Unlike other industry conferences, Retreat is known as the haven for energy, education and, of course, debate. It’s no surprise, then, that it is many advisors’ favorite conference. Some of the biggest names in the business are here discussing the most pressing issues that are shaping the financial advisory industry in this remarkable time. Here is a taste of what’s been happening here in Palm Springs...
Financial Planning: Notes from the 2009 FPA Retreat
Permalink posted by markw @ 6:53 AM
Advisers Ditch 'Buy and Hold' For New Tactics
Facing Angry Clients, Pros Turn to 'Alternative' Products; Risk of Missing a Turnaround
The broad decline across financial markets in the past year has persuaded a small but growing number of financial advisers to abandon the traditional buy-and-hold strategy -- which emphasizes long-term investing in a mix of assets -- for a new approach geared to sidestep future market plunges and ease volatility.
Jeff Seymour, an adviser based in Cary, N.C., used to counsel clients to buy a diverse menu of stocks, bonds and commodities, and hold on for the long run. But early last year, he says, he recognized that "the macro-economic climate has changed..."
WSJ: Advisers Ditch 'Buy and Hold' For New Tactics
The broad decline across financial markets in the past year has persuaded a small but growing number of financial advisers to abandon the traditional buy-and-hold strategy -- which emphasizes long-term investing in a mix of assets -- for a new approach geared to sidestep future market plunges and ease volatility.
Jeff Seymour, an adviser based in Cary, N.C., used to counsel clients to buy a diverse menu of stocks, bonds and commodities, and hold on for the long run. But early last year, he says, he recognized that "the macro-economic climate has changed..."
WSJ: Advisers Ditch 'Buy and Hold' For New Tactics
Permalink posted by markw @ 4:48 AM
Ken Lewis out as BofA chairman
Activist shareholders win major victory as bank names board member Walter Massey as new chairman; Lewis to remain as CEO.
Bank of America CEO Ken Lewis was stripped of his title as chairman following the company's annual shareholder meeting Wednesday... Bank of America shares have lost three quarters of their value since the Merrill Lynch deal was announced in September.
Bank of America chief executive officer Ken Lewis was ousted from his role as chairman of the bank after shareholders approved a proposal to require that the company have an independent chairman.
The bank announced Thursday that Lewis would remain president and CEO of the company. Long-time Bank of America director Dr. Walter E. Massey, a former president of Morehouse College, will replace Lewis as chairman...
CNN Money: Ken Lewis out as BofA chairman
Bank of America CEO Ken Lewis was stripped of his title as chairman following the company's annual shareholder meeting Wednesday... Bank of America shares have lost three quarters of their value since the Merrill Lynch deal was announced in September.
Bank of America chief executive officer Ken Lewis was ousted from his role as chairman of the bank after shareholders approved a proposal to require that the company have an independent chairman.
The bank announced Thursday that Lewis would remain president and CEO of the company. Long-time Bank of America director Dr. Walter E. Massey, a former president of Morehouse College, will replace Lewis as chairman...
CNN Money: Ken Lewis out as BofA chairman
Permalink posted by markw @ 4:43 AM
Variable annuity market needs help to grow, report says
Carriers should concentrate more on asset management as clients’ preferences shift
In order to keep the individual annuity market alive amid economic turmoil, insurance companies will need to readjust their product risk, distribution and cost structures for the product, according to a report from Conning Research & Consulting.
Although the 2001-2003 recession caused by the technology bust helped stir demand for annuity guarantees to protect clients’ principal, insurers are now paying the price. Carriers’ financial positions have been weakened and they face difficulty in paying for future growth, according to the research paper, “Rethinking Individual Annuities...”
Investment News: Variable annuity market needs help to grow, report says
In order to keep the individual annuity market alive amid economic turmoil, insurance companies will need to readjust their product risk, distribution and cost structures for the product, according to a report from Conning Research & Consulting.
Although the 2001-2003 recession caused by the technology bust helped stir demand for annuity guarantees to protect clients’ principal, insurers are now paying the price. Carriers’ financial positions have been weakened and they face difficulty in paying for future growth, according to the research paper, “Rethinking Individual Annuities...”
Investment News: Variable annuity market needs help to grow, report says
Permalink posted by markw @ 4:41 AM
Citigroup scrambles to raise capital
Citigroup has told US regulators it could fill the capital shortfall identified in the government’s “stress test” by selling large businesses, asking more investors to convert their preferred shares into common stock and reducing its balance sheet.
Executives are trying to persuade the government Citi does not need more capital beyond its recent plans to bolster its battered balance sheet and cut costs.
However, with days to go before the results of the tests are announced, Citi, which has been bailed out three times by the authorities, is looking for ways to avoid receiving more government help if the authorities insist on an increase in capital...
Financial Times: Citigroup scrambles to raise capital
Executives are trying to persuade the government Citi does not need more capital beyond its recent plans to bolster its battered balance sheet and cut costs.
However, with days to go before the results of the tests are announced, Citi, which has been bailed out three times by the authorities, is looking for ways to avoid receiving more government help if the authorities insist on an increase in capital...
Financial Times: Citigroup scrambles to raise capital
Permalink posted by markw @ 4:40 AM
Wednesday, April 29, 2009
Six banks "fail" stress test
At least six of the 19 largest U.S. banks require additional capital, according to preliminary results of government stress tests, people briefed on the matter said.
While some of the lenders may need extra cash injections from the government, most of the capital is likely to come from converting preferred shares to common equity, the people said. The Federal Reserve is now hearing appeals from banks, including Citigroup Inc. and Bank of America Corp., that regulators have determined need more of a cushion against losses, they added. ..
Bloomberg: Fed Is Said to Seek Capital for at Least Six Banks
While some of the lenders may need extra cash injections from the government, most of the capital is likely to come from converting preferred shares to common equity, the people said. The Federal Reserve is now hearing appeals from banks, including Citigroup Inc. and Bank of America Corp., that regulators have determined need more of a cushion against losses, they added. ..
Bloomberg: Fed Is Said to Seek Capital for at Least Six Banks
Permalink posted by markw @ 12:12 PM
Pick Your Poison: Inflation, Deflation, Stagflation
Analysts see possible scenarios for each of these to strike the U.S. economy. Stay alert and invest accordingly.
Will the real 'flation please stand up?
Experts are arguing about where the U.S. economy is heading as the global financial system tries to right itself. Is it on the path to inflation, deflation, or, worse, stagflation? Rising unemployment and excess production capacity are making it hard for the U.S. economy to climb out of recession. And that, in turn, is putting a strain on pricing power and wage growth—raising fears of deflation, which develops when a broad decline in prices amid falling demand feeds further price-cutting.
But what happens if the Federal Reserve's efforts to jump-start the economy take effect? Stimulus to the tune of $787 billion is supposed to rev up economic engines. Prices could climb too high as too much money chases after available goods and services—the classic formula for inflation...
Yahoo! Finance: Pick Your Poison: Inflation, Deflation, Stagflation
Will the real 'flation please stand up?
Experts are arguing about where the U.S. economy is heading as the global financial system tries to right itself. Is it on the path to inflation, deflation, or, worse, stagflation? Rising unemployment and excess production capacity are making it hard for the U.S. economy to climb out of recession. And that, in turn, is putting a strain on pricing power and wage growth—raising fears of deflation, which develops when a broad decline in prices amid falling demand feeds further price-cutting.
But what happens if the Federal Reserve's efforts to jump-start the economy take effect? Stimulus to the tune of $787 billion is supposed to rev up economic engines. Prices could climb too high as too much money chases after available goods and services—the classic formula for inflation...
Yahoo! Finance: Pick Your Poison: Inflation, Deflation, Stagflation
Permalink posted by markw @ 7:50 AM
Investors Find Morbid Niche In Surrendered Life Insurance
Lawmakers Review Practice of Betting on Policyholders' Deaths
While companies across the financial services industry were taking a beating last year, a firm in Waco, Tex., with a less than cheery way of making money was boosting its profit by 46 percent.
Its niche: helping investors place bets on when people will die.
The firm, Life Partners Holdings, helps investors buy life insurance policies from people who no longer want or can no longer afford the coverage. The investors pay the remaining premiums and collect the eventual death benefit -- the sooner the better from their standpoint. In a recent regulatory filing, Life Partners predicted even greater interest this year...
Washington Post: Investors Find Morbid Niche In Surrendered Life Insurance
While companies across the financial services industry were taking a beating last year, a firm in Waco, Tex., with a less than cheery way of making money was boosting its profit by 46 percent.
Its niche: helping investors place bets on when people will die.
The firm, Life Partners Holdings, helps investors buy life insurance policies from people who no longer want or can no longer afford the coverage. The investors pay the remaining premiums and collect the eventual death benefit -- the sooner the better from their standpoint. In a recent regulatory filing, Life Partners predicted even greater interest this year...
Washington Post: Investors Find Morbid Niche In Surrendered Life Insurance
Permalink posted by markw @ 5:15 AM
NY's Dinallo sees life insurance deals
U.S. life insurers, weakened by the global financial crisis, are in for mergers and regulators will not shy away from playing matchmaker to deal with weak companies, Eric Dinallo, New York's insurance superintendent, said on Tuesday.
Deals could happen in other insurance sectors as well, but life insurance is a focus for New York State's insurance department right now, Dinallo said at the Reuters Global Financial Regulation Summit in New York...
Reuters: NY's Dinallo sees life insurance deals
Deals could happen in other insurance sectors as well, but life insurance is a focus for New York State's insurance department right now, Dinallo said at the Reuters Global Financial Regulation Summit in New York...
Reuters: NY's Dinallo sees life insurance deals
Permalink posted by markw @ 5:10 AM
Rates on some term life insurance products soon to skyrocket
Americans are well aware that the struggling economy is affecting almost every aspect of their financial lives. From the stock market to home values to jobs -- all are caught up in the same global quagmire of uncertainty.
But one financial issue that has yet to add to the fray is the cost of term life insurance. While some consumers are attempting to pay less for term life insurance by shopping around or decreasing coverage levels, they have not yet faced a drastic uptick in the basic costs.
That may soon change...
WREX Rockford NBC: Rates on some term life insurance products soon to skyrocket
But one financial issue that has yet to add to the fray is the cost of term life insurance. While some consumers are attempting to pay less for term life insurance by shopping around or decreasing coverage levels, they have not yet faced a drastic uptick in the basic costs.
That may soon change...
WREX Rockford NBC: Rates on some term life insurance products soon to skyrocket
Permalink posted by markw @ 5:09 AM
At Finovate, a bad economy means good start-ups
At the FinovateStartup conference, one thing is clear: a lackluster economy can be the best time for financial start-ups to get new users.
Apps that help people track and manage funds outside of their bank or investment service's site are in high demand, and many of the services presenting at the conference are trying to get those financial companies on board.
Why? Because those companies are still the gate keepers of trust. People are more willing to hand over their account credentials and detailed personal information to larger institutions over some hot, new Silicon Valley start-up. That, and it's a whole lot easier to get in the door if you're built into a financial institution's tools. The hard part of course, is proving you have a system that really works...
CNet: At Finovate, a bad economy means good start-ups
Apps that help people track and manage funds outside of their bank or investment service's site are in high demand, and many of the services presenting at the conference are trying to get those financial companies on board.
Why? Because those companies are still the gate keepers of trust. People are more willing to hand over their account credentials and detailed personal information to larger institutions over some hot, new Silicon Valley start-up. That, and it's a whole lot easier to get in the door if you're built into a financial institution's tools. The hard part of course, is proving you have a system that really works...
CNet: At Finovate, a bad economy means good start-ups
Permalink posted by markw @ 4:53 AM
First U.S. Death From Swine Flu in Texas the CDC Confirms
A 23-Month-Old Child Is the First American to Die From Swine Flu, the CDC Reports
A 23-month-old child from Texas has become the first American to die from the swine flu outbreak, the Centers for Disease Control and Prevention in Atlanta confirmed today. The CDC released no other information about how -- or where -- the child may have contracted the disease. There are now 71 confirmed cases in the U.S., the CDC reports...
ABC: First U.S. Death From Swine Flu in Texas the CDC Confirms
A 23-month-old child from Texas has become the first American to die from the swine flu outbreak, the Centers for Disease Control and Prevention in Atlanta confirmed today. The CDC released no other information about how -- or where -- the child may have contracted the disease. There are now 71 confirmed cases in the U.S., the CDC reports...
ABC: First U.S. Death From Swine Flu in Texas the CDC Confirms
Permalink posted by markw @ 4:46 AM
Conning Research: Individual Annuity Insurers Face a Challenging Strategic Landscape
The economic turmoil of 2008 has changed the strategic landscape for individual annuity insurers. Some observers see in this new landscape the potential demise of the variable annuity. A broader view may be that in times of turmoil, those companies that understand and adapt their business model to a new strategic landscape will find themselves better positioned for success, according to a new study by Conning Research and Consulting...
..."After the recession of 2000-2002 the individual annuity market consolidated, globalized and created product guarantees to respond to high-net worth clients' heightened concerns over principal protection for high-growth variable annuity products," said Stephan Christiansen, director of research at Conning. "The resulting heightened risk profile left insurers vulnerable to the current severe market downturn. After capital raising activities in 2008 by many of these insurers, they must now plot a course forward and deal with the new realities of the market. We believe that capital strengthening will and must continue, but also that insurers will need to rethink their product risk, distribution, asset management functions, and cost structures in this new, and likely consolidating, environment..."
PR Newswire: Conning Research: Individual Annuity Insurers Face a Challenging Strategic Landscape
..."After the recession of 2000-2002 the individual annuity market consolidated, globalized and created product guarantees to respond to high-net worth clients' heightened concerns over principal protection for high-growth variable annuity products," said Stephan Christiansen, director of research at Conning. "The resulting heightened risk profile left insurers vulnerable to the current severe market downturn. After capital raising activities in 2008 by many of these insurers, they must now plot a course forward and deal with the new realities of the market. We believe that capital strengthening will and must continue, but also that insurers will need to rethink their product risk, distribution, asset management functions, and cost structures in this new, and likely consolidating, environment..."
PR Newswire: Conning Research: Individual Annuity Insurers Face a Challenging Strategic Landscape
Permalink posted by markw @ 4:43 AM
Variable Annuities' Warning List Grows
Writing about tax-deferred annuities creates tremendous possibilities for misunderstandings and misleading uses of the information. So let me start with a series of warnings. Much like the label on your prescription medicine, these warnings inform you that the product within is designed to be a benefit, but only if you take it as directed, and avoid using it under the wrong conditions...
Street: Variable Annuities' Warning List Grows
Street: Variable Annuities' Warning List Grows
Permalink posted by markw @ 4:37 AM
Tuesday, April 28, 2009
Report: AIG investigation focusing on 3 employees
Report: Investigation into AIG's financial products unit focusing on 3 employees
Federal investigators are focusing their attention on three employees at American International Group Inc.'s financial products unit amid a probe into derivatives contracts that nearly destroyed the insurance giant, according to a report in The Wall Street Journal...
...The investigation is focused on possible ways the three executives might have misled AIG's auditors and investors about the value of derivatives products AIG sold, according to the report citing anonymous sources...
AP: Report: AIG investigation focusing on 3 employees
Federal investigators are focusing their attention on three employees at American International Group Inc.'s financial products unit amid a probe into derivatives contracts that nearly destroyed the insurance giant, according to a report in The Wall Street Journal...
...The investigation is focused on possible ways the three executives might have misled AIG's auditors and investors about the value of derivatives products AIG sold, according to the report citing anonymous sources...
AP: Report: AIG investigation focusing on 3 employees
Permalink posted by markw @ 7:33 AM
Prosper CEO says P2P lending could reboot economy
In advance of the Finovate ("Financial Innovation") conference that kicks off on Tuesday in San Francisco, I talked with Chris Larsen about his peer-to-peer lending company, Prosper. The prospects for peer-to-peer lending dimmed last year when the Securities and Exchange Commission decided to regulate some of the P2P financial instruments as securities; this forced P2P lending companies to retrench as they'd previously been treated more like banks. Prosper itself shut down its lending platform six months ago.
However, California in particular is getting ahead of the game and has given Prosper the green light to start up again and to operate its latest service, a trading platform called Open Market that lets any financial institution securitize (package and re-sell) its portfolio of loans to individual P2P lenders...
CNet: Prosper CEO says P2P lending could reboot economy
However, California in particular is getting ahead of the game and has given Prosper the green light to start up again and to operate its latest service, a trading platform called Open Market that lets any financial institution securitize (package and re-sell) its portfolio of loans to individual P2P lenders...
CNet: Prosper CEO says P2P lending could reboot economy
Permalink posted by markw @ 7:18 AM
Ameriprise Financial Posts 1Q Results
Ameriprise Financial, Inc. has reported net income of $129 million for the first quarter ended March 31.
In a release on April 21, the company noted the results represent a 32 percent decline from net income of $191 million for the first quarter ended March 31, 2008.
Earnings per common share for the first quarter of 2009 were $0.58, compared to $0.82 for the first quarter of 2008. First quarter 2009 results reflect the significant decline in equity markets and the lower short-term interest rate environment. These two factors negatively impacted year-over-year results by approximately $0.62 per share.
The 40 percent year-over-year decline in the S&P 500 Index contributed to a 14 percent decline in net revenues to $1.7 billion in the first quarter of 2009, compared to $2.0 billion in the first quarter of 2008. Management and financial advice fees and distribution fees were impacted by lower equity markets and clients' increased preference for short-term and fixed income investment products...
Trading Markets: Ameriprise Financial Posts 1Q Results
In a release on April 21, the company noted the results represent a 32 percent decline from net income of $191 million for the first quarter ended March 31, 2008.
Earnings per common share for the first quarter of 2009 were $0.58, compared to $0.82 for the first quarter of 2008. First quarter 2009 results reflect the significant decline in equity markets and the lower short-term interest rate environment. These two factors negatively impacted year-over-year results by approximately $0.62 per share.
The 40 percent year-over-year decline in the S&P 500 Index contributed to a 14 percent decline in net revenues to $1.7 billion in the first quarter of 2009, compared to $2.0 billion in the first quarter of 2008. Management and financial advice fees and distribution fees were impacted by lower equity markets and clients' increased preference for short-term and fixed income investment products...
Trading Markets: Ameriprise Financial Posts 1Q Results
Permalink posted by markw @ 4:56 AM
Double Indemnity for Insurers: Pandemic Flu and Earthquake in Mexico
Double Indemnity is defined as an accidental death benefit that is equal to the face amount of a life insurance policy’s basic death benefit and is paid when the insured’s death is the result of an accident as defined in the policy.
With current news about the potential for pandemic flu and a 5.6 magnitude earthquake hitting southern Mexico, one could certainly be reminded of how uncorrelated events can sometimes happen at the same time. Now that stress-testing is being done for the banks, it is clear that the job of insurers is to make certain that they are prepared as best as possible for dual events that can cause financial stress...
Seeking Alpha: Double Indemnity for Insurers: Pandemic Flu and Earthquake in Mexico
With current news about the potential for pandemic flu and a 5.6 magnitude earthquake hitting southern Mexico, one could certainly be reminded of how uncorrelated events can sometimes happen at the same time. Now that stress-testing is being done for the banks, it is clear that the job of insurers is to make certain that they are prepared as best as possible for dual events that can cause financial stress...
Seeking Alpha: Double Indemnity for Insurers: Pandemic Flu and Earthquake in Mexico
Permalink posted by markw @ 4:45 AM
Fund Firms May Focus More On Independent Advisors
Established mutual fund companies will likely have to alter their sales practices as the growth of major brokerages slows and sales through registered investment advisors gain importance.
Reports of the death of the wirehouses have been greatly exaggerated, but their growth is nevertheless expected to slow in coming years, said Maurice Leger, senior vice president and director of research at Boston-based Financial Research Corp. Fewer platforms for mutual funds will be available amid more wirehouse mergers and acquisitions, such as the spinoff of the Smith Barney retail brokerage into a joint venture with Morgan Stanley.
The growth of the registered investment and independent advisor channels means that selling mutual funds will require new ways of thinking, Leger said...
Financial Advisor: Fund Firms May Focus More On Independent Advisors
Reports of the death of the wirehouses have been greatly exaggerated, but their growth is nevertheless expected to slow in coming years, said Maurice Leger, senior vice president and director of research at Boston-based Financial Research Corp. Fewer platforms for mutual funds will be available amid more wirehouse mergers and acquisitions, such as the spinoff of the Smith Barney retail brokerage into a joint venture with Morgan Stanley.
The growth of the registered investment and independent advisor channels means that selling mutual funds will require new ways of thinking, Leger said...
Financial Advisor: Fund Firms May Focus More On Independent Advisors
Permalink posted by markw @ 4:35 AM
Monday, April 27, 2009
Hartford Financial is Slip-Sliding Away
Judging by the spate of news reports flying around financial circles it appears that after almost 200 years of gliding down the highway of steady, solid success, Hartford Financial Services Group (Hartford) is about to slip slide away into history. And it my opinion, nothing short of an Allianz SE buyout can save it.
You may have read the latest. Bloomberg News reported Thursday (April 23) “Hartford Financial Services Group Inc. is seeking bids from rivals including Travelers Cos. for its flagship property insurance business, said people familiar with the matter, in a sign that damage from the financial crisis may lead to a wholesale breakup of the 200-year-old insurer.”
...Rather than make history, Hartford instead began the slide down the slippery slope to oblivion when — in a short-sighted quest for higher bonuses, sales and stock prices — company executives began to violate the very principles of risk recognition and management that had been fundamental to Hartford’s two-century run of success. In so doing, these execs pushed this venerable icon to the brink of self-destruction...
Bob Mac on Business: Hartford Financial is Slip-Sliding Away
You may have read the latest. Bloomberg News reported Thursday (April 23) “Hartford Financial Services Group Inc. is seeking bids from rivals including Travelers Cos. for its flagship property insurance business, said people familiar with the matter, in a sign that damage from the financial crisis may lead to a wholesale breakup of the 200-year-old insurer.”
...Rather than make history, Hartford instead began the slide down the slippery slope to oblivion when — in a short-sighted quest for higher bonuses, sales and stock prices — company executives began to violate the very principles of risk recognition and management that had been fundamental to Hartford’s two-century run of success. In so doing, these execs pushed this venerable icon to the brink of self-destruction...
Bob Mac on Business: Hartford Financial is Slip-Sliding Away
Permalink posted by markw @ 11:20 AM
Bob MacDonald Says Only Allianz SE Buyout Can Save The Hartford Financial
Bob MacDonald, former CEO of Allianz Life of North America and financial services contrarian, predicts that only a buyout by Allianz SE will save the Hartford Financial Services Group.
Bob MacDonald Says Only Allianz SE Buyout Can Save The Hartford Financial
Source: Insurance News Net
Bob MacDonald Says Only Allianz SE Buyout Can Save The Hartford Financial
Source: Insurance News Net
Permalink posted by armandn @ 10:04 AM
John Hancock Financial Network Launches New Multi-Media Sales and Marketing Website for Financial Representatives and Firm Management
John Hancock Financial Network (JHFN) is launching the Sales and Marketing Center, a website to help its national network of independent career firms and financial representatives increase their sales and grow their firms by sharing best practices. The comprehensive site offers firm- and representative-contributed concepts, turn-key programs and customizable marketing materials on many topics including prospecting, selling to existing clients, practice management techniques, branding resources to help with image building and recruiting and retention resources for local management teams.
John Hancock Financial Network Launches New Multi-Media Sales and Marketing Website for Financial Representatives and Firm Management
Source: PR Newswire
John Hancock Financial Network Launches New Multi-Media Sales and Marketing Website for Financial Representatives and Firm Management
Source: PR Newswire
Permalink posted by armandn @ 10:03 AM
Long Term Care Alerting Methods Revealed by Industry Leaders
Consumers and professionals with an interest in long term care insurance need no longer dig so hard for information. Now they can do as the pros do: have the information come to them, in bits and pieces as it develops. "We're happy to share our secrets," says Jonas Roeser, Senior Vice President of Marketing & Operations for LTC Financial Partners LLC (LTCFP), one of America's most experienced long term care insurance agencies.
Long Term Care Alerting Methods Revealed by Industry Leaders
Source: PR Newswire
Long Term Care Alerting Methods Revealed by Industry Leaders
Source: PR Newswire
Permalink posted by armandn @ 10:02 AM
Ace Could Bid for Hartford Group's Property Business
Ace Ltd. has emerged as a possible bidder to acquire the property and casualty business of The Hartford Financial Services Group Inc., a US-based diversified insurance and financial services giant, according to a report by Bloomberg.
Bloomberg reported that Allianz SE, Munich Re Group, MetLife Inc., and The Travelers Companies Inc. are also considered as a possible bidders for the insurance business. Citigroup, Inc. estimated that the business could worth around $4 billion to $8 billion. Hartford has retained Goldman Sachs to manage the sale process.
Ace Could Bid for Hartford Group's Property Business
Source: Royal Gazette
Bloomberg reported that Allianz SE, Munich Re Group, MetLife Inc., and The Travelers Companies Inc. are also considered as a possible bidders for the insurance business. Citigroup, Inc. estimated that the business could worth around $4 billion to $8 billion. Hartford has retained Goldman Sachs to manage the sale process.
Ace Could Bid for Hartford Group's Property Business
Source: Royal Gazette
Permalink posted by armandn @ 10:00 AM
Financial Uncertainty Triggers Desire for Fiscal Stability Among Gen Y Employees, Reveals MetLife Study
Generation Y employees may have been hardest hit by the daily financial pressures exerted by the economic downturn of recent months. More than half (53%) of Gen Y employees (ages 21-32) say they are now living paycheck to paycheck – up from 50% in 2007 – versus 44% of their older associates. And nearly three in four (73%) are very concerned about having enough money to make ends meet, compared to 56% of Generation X employees and 62% of Baby Boomers, according to MetLife’s 7th annual Employee Benefits Trends Study.
Financial Uncertainty Triggers Desire for Fiscal Stability Among Gen Y Employees, Reveals MetLife Study
Source: Earthtimes
Financial Uncertainty Triggers Desire for Fiscal Stability Among Gen Y Employees, Reveals MetLife Study
Source: Earthtimes
Permalink posted by armandn @ 9:58 AM
Has Globalization Made Us More Catastrophe-Prone?
As the world grapples with the worst economic downturn in decades and the possibility of a flu pandemic, a growing body of research suggests the complexity of the modern global economy may make us more vulnerable than ever to catastrophe.
The financial crisis began as turmoil in one small segment of the U.S. mortgage market. Within months it had morphed into a global meltdown affecting almost everyone on earth.
"The speed at which these events unfolded was unprecedented," said the World Economic Forum's 2009 report on global risk, "It has demonstrated just how tightly interconnected globalisation has made the world and its systems..."
I&T: Has Globalization Made Us More Catastrophe-Prone?
The financial crisis began as turmoil in one small segment of the U.S. mortgage market. Within months it had morphed into a global meltdown affecting almost everyone on earth.
"The speed at which these events unfolded was unprecedented," said the World Economic Forum's 2009 report on global risk, "It has demonstrated just how tightly interconnected globalisation has made the world and its systems..."
I&T: Has Globalization Made Us More Catastrophe-Prone?
Permalink posted by markw @ 9:55 AM
Busting Bank of America
A case study in how to spread systemic financial risk.
The cavalier use of brute government force has become routine, but the emerging story of how Hank Paulson and Ben Bernanke forced CEO Ken Lewis to blow up Bank of America is still shocking. It's a case study in the ways that panicky regulators have so often botched the bailout and made the financial crisis worse.
In the name of containing "systemic risk," our regulators spread it. In order to keep Mr. Lewis quiet, they all but ordered him to deceive his own shareholders. And in the name of restoring financial confidence, they have so mistreated Bank of America that bank executives everywhere have concluded that neither Treasury nor the Federal Reserve can be trusted...
WSJ: Busting Bank of America
The cavalier use of brute government force has become routine, but the emerging story of how Hank Paulson and Ben Bernanke forced CEO Ken Lewis to blow up Bank of America is still shocking. It's a case study in the ways that panicky regulators have so often botched the bailout and made the financial crisis worse.
In the name of containing "systemic risk," our regulators spread it. In order to keep Mr. Lewis quiet, they all but ordered him to deceive his own shareholders. And in the name of restoring financial confidence, they have so mistreated Bank of America that bank executives everywhere have concluded that neither Treasury nor the Federal Reserve can be trusted...
WSJ: Busting Bank of America
Permalink posted by markw @ 7:39 AM
A.M. Best Downgrades Ratings of ING's U.S. Life Insurance Entities; Revises Outlook to Negative
A.M. Best Co. has downgraded the financial strength rating (FSR) to A (Excellent) from A+ (Superior) and issuer credit ratings (ICR) to "a+" from "aa-" for the key life insurance entities of ING Groep N.V.'s (ING) ING Groep NV, U.S. operations, ING USA (Atlanta, GA). Concurrently, A.M. Best has downgraded the debt ratings to "a+" from "aa-" on the two funding agreement-backed securities programs sponsored by ING USA and the notes issued thereunder. The outlook for the group ratings has been revised to negative from stable...
MarketWatch: A.M. Best Downgrades Ratings of ING's U.S. Life Insurance Entities; Revises Outlook to Negative
MarketWatch: A.M. Best Downgrades Ratings of ING's U.S. Life Insurance Entities; Revises Outlook to Negative
Permalink posted by markw @ 5:46 AM
Buying an Annuity? Kick the Tires.
Immediate annuities promise that your money will be there when you need it. But many investors are questioning how good those guarantees really are.
The reality is that insurance companies offering annuities can, and have, failed. But policyholders can take comfort from a well-established, industry-financed safety net. Although investments aren't always covered in full, history suggests these annuities are about as safe an investment as you can get without the full backing of the U.S. government.
That said, there's no reason to court trouble. The current environment shows why -- even in good times -- investors should seek out the strongest companies in the marketplace...
WSJ: Buying an Annuity? Kick the Tires.
The reality is that insurance companies offering annuities can, and have, failed. But policyholders can take comfort from a well-established, industry-financed safety net. Although investments aren't always covered in full, history suggests these annuities are about as safe an investment as you can get without the full backing of the U.S. government.
That said, there's no reason to court trouble. The current environment shows why -- even in good times -- investors should seek out the strongest companies in the marketplace...
WSJ: Buying an Annuity? Kick the Tires.
Permalink posted by markw @ 5:30 AM
Advisers create exit plans for underwater VAs
But strategy to bail can backfire unless every detail is analyzed
The term "bailout" has taken on new meaning for financial advisers as they devise ways to free clients from underperforming variable annuities, but the path to freedom is paved with possible tax complications and worries about account churning.
Advisers cite a range of reasons behind exiting variable annuities. Signs that it is time to bail include a series of deep losses, the desire to take advantage of a large death benefit and the realization that a VA investment that made sense years ago may now be inappropriate for the client, advisers say...
Investment News: Advisers create exit plans for underwater VAs
The term "bailout" has taken on new meaning for financial advisers as they devise ways to free clients from underperforming variable annuities, but the path to freedom is paved with possible tax complications and worries about account churning.
Advisers cite a range of reasons behind exiting variable annuities. Signs that it is time to bail include a series of deep losses, the desire to take advantage of a large death benefit and the realization that a VA investment that made sense years ago may now be inappropriate for the client, advisers say...
Investment News: Advisers create exit plans for underwater VAs
Permalink posted by markw @ 5:28 AM
Aviva Boosts Capital With Hybrid Bonds, Reinsurance
Aviva Plc, the U.K.’s biggest insurer, increased its capital surplus 25 percent in the past three months, easing investor concerns about the company’s ability to withstand declines in its investments.
Excess reserves rose to 2.5 billion pounds ($3.64 billion) at March 31 as the company sold bonds that have characteristics of both debt and equity, and reinsured some U.K. life insurance policies, Chief Executive Officer Andrew Moss said today on a conference call with reporters. The surplus, measured by the insurance groups directive, was 2 billion pounds on Dec. 31...
Bloomberg: Aviva Boosts Capital With Hybrid Bonds, Reinsurance
Excess reserves rose to 2.5 billion pounds ($3.64 billion) at March 31 as the company sold bonds that have characteristics of both debt and equity, and reinsured some U.K. life insurance policies, Chief Executive Officer Andrew Moss said today on a conference call with reporters. The surplus, measured by the insurance groups directive, was 2 billion pounds on Dec. 31...
Bloomberg: Aviva Boosts Capital With Hybrid Bonds, Reinsurance
Permalink posted by markw @ 5:18 AM
Unclaimed Cash From Insurance Settlement
Thousands of military men and women could be owed money from a huge insurance settlement.
The North Carolina Department of Insurance says the improper life insurance sales practices targeted servicemen and women. Officials say anyone who bought a Horizon Life Insurance policy from 2000 to 2006 should go online to see if they are owed any money from a major settlement. Officials say more than 4,700 troops and 800 civilians could be affected.
Click here to see if you are owed money under the settlement...
WITN: Unclaimed Cash From Insurance Settlement
The North Carolina Department of Insurance says the improper life insurance sales practices targeted servicemen and women. Officials say anyone who bought a Horizon Life Insurance policy from 2000 to 2006 should go online to see if they are owed any money from a major settlement. Officials say more than 4,700 troops and 800 civilians could be affected.
Click here to see if you are owed money under the settlement...
WITN: Unclaimed Cash From Insurance Settlement
Permalink posted by markw @ 5:16 AM
As retired clients' assets dwindle, advisers work harder, earn less
As clients retire, change in pay model may be warranted
For advisers, there's a funny thing about retirement income planning: The better you are at it, the less you stand to make.
When it comes to such planning, almost all advisers who provide these services are charging clients asset-based fees once they stop working, which is of course quite different than working with clients when they're accumulating wealth...
Investment News: As retired clients' assets dwindle, advisers work harder, earn less
For advisers, there's a funny thing about retirement income planning: The better you are at it, the less you stand to make.
When it comes to such planning, almost all advisers who provide these services are charging clients asset-based fees once they stop working, which is of course quite different than working with clients when they're accumulating wealth...
Investment News: As retired clients' assets dwindle, advisers work harder, earn less
Permalink posted by markw @ 4:59 AM
Mega-firms eye selloffs to slim down
Banks, insurers shop key units to raise cash
Thousands of financial advisers and hundreds of billions of dollars in assets at a number of financial institutions could soon be on the move as distressed firms look to sell off major brokerage and money management operations.
In the wake of Citigroup Inc.'s decision to sell a majority stake in Smith Barney to Morgan Stanley in January and the move by Barclays PLC to offload its prized iShares unit this month, industry observers said that several other behemoth banks and insurers are now set to shed similar subsidiaries to raise fresh capital and shore up their balance sheets...
Investment News: Mega-firms eye selloffs to slim down
Thousands of financial advisers and hundreds of billions of dollars in assets at a number of financial institutions could soon be on the move as distressed firms look to sell off major brokerage and money management operations.
In the wake of Citigroup Inc.'s decision to sell a majority stake in Smith Barney to Morgan Stanley in January and the move by Barclays PLC to offload its prized iShares unit this month, industry observers said that several other behemoth banks and insurers are now set to shed similar subsidiaries to raise fresh capital and shore up their balance sheets...
Investment News: Mega-firms eye selloffs to slim down
Permalink posted by markw @ 4:49 AM
Key vote at BofA stirs up hostility
Angry shareholders want Lewis ousted this week, but the rules make it unlikely he will be removed.
...Bank of America chief executive Ken Lewis and his board of directors face significant opposition heading into Wednesday's shareholder meeting, but experts and activists say the bank officials have one major advantage: The rules of the game are in their favor.
Lewis and all his directors must stand for re-election at the meeting. But a big chunk of the votes will be cast by stockbrokers on behalf of their clients, and they typically back management. Also, companies have the right to adjourn their annual meetings so they can drum up more votes in their favor. And even if shareholders vote out a director, the board still has the final say on whether that director has to go.
“Across the country, the playing field is slanted against shareholders and in favor of incumbent management,” said Stephen Davis, senior fellow at Yale University's Millstein Center for Corporate Governance...
Charlotte Observer: Key vote at BofA stirs up hostility
...Bank of America chief executive Ken Lewis and his board of directors face significant opposition heading into Wednesday's shareholder meeting, but experts and activists say the bank officials have one major advantage: The rules of the game are in their favor.
Lewis and all his directors must stand for re-election at the meeting. But a big chunk of the votes will be cast by stockbrokers on behalf of their clients, and they typically back management. Also, companies have the right to adjourn their annual meetings so they can drum up more votes in their favor. And even if shareholders vote out a director, the board still has the final say on whether that director has to go.
“Across the country, the playing field is slanted against shareholders and in favor of incumbent management,” said Stephen Davis, senior fellow at Yale University's Millstein Center for Corporate Governance...
Charlotte Observer: Key vote at BofA stirs up hostility
Permalink posted by markw @ 4:47 AM
Advisers are harnessing Internet for social networking
They aim to attract clients, develop relationships with other professionals
A legion of intrepid financial advisers are twittering, linking in and in many other ways harnessing the power of the Internet to network socially in a bid to expand their practices.
They are making use of social-networking websites to attract clients, to develop relationships with accountants, attorneys and other advisers, and also to display their expertise.
For example, advisers' responses to questions that are posted on the LinkedIn site can be read by thousands of members who can in turn contact them for more information...
Investment News: Advisers are harnessing Internet for social networking
A legion of intrepid financial advisers are twittering, linking in and in many other ways harnessing the power of the Internet to network socially in a bid to expand their practices.
They are making use of social-networking websites to attract clients, to develop relationships with accountants, attorneys and other advisers, and also to display their expertise.
For example, advisers' responses to questions that are posted on the LinkedIn site can be read by thousands of members who can in turn contact them for more information...
Investment News: Advisers are harnessing Internet for social networking
Permalink posted by markw @ 4:39 AM
McWhinney faces challenge at Citigroup
Ex-Schwab exec looks to expand struggling bank's wealth management unit
Industry veteran Deborah McWhinney has been given the reins to lead Citigroup Inc.'s efforts to expand its wealth management service and premium personal banking services.
It is a formidable but not insurmountable challenge, industry observers say...
Investment News: McWhinney faces challenge at Citigroup
Industry veteran Deborah McWhinney has been given the reins to lead Citigroup Inc.'s efforts to expand its wealth management service and premium personal banking services.
It is a formidable but not insurmountable challenge, industry observers say...
Investment News: McWhinney faces challenge at Citigroup
Permalink posted by markw @ 4:38 AM
Aviva Worldwide Sales Up 5% To GBP10.313B, Outlook Cautious
Aviva said Monday that worldwide sales were up 5% to GBP10.313 billion.
Life and pensions sales was up 11% to GBP9.569 billion and group margin in line with full year 2008, it said.
Total bancassurance sales was up 15%, benefiting from diverse distribution, geography and currency movements, it said...
WSJ: Aviva Worldwide Sales Up 5% To GBP10.313B, Outlook Cautious
Life and pensions sales was up 11% to GBP9.569 billion and group margin in line with full year 2008, it said.
Total bancassurance sales was up 15%, benefiting from diverse distribution, geography and currency movements, it said...
WSJ: Aviva Worldwide Sales Up 5% To GBP10.313B, Outlook Cautious
Permalink posted by markw @ 4:35 AM
Sunday, April 26, 2009
Justices to Rule if U.S. Treasury Can Shield National Banks From New York Laws
Four years ago, Eliot Spitzer, then the New York attorney general, asked several national banks to explain why they were disproportionately charging blacks and Hispanics high interest rates.
Instead of an answer, he got a lawsuit. The banks, and the Treasury Department agency that regulates them, persuaded federal courts to bar the state attorney general from enforcing New York antidiscrimination laws.
On Tuesday, the U.S. Supreme Court will hear New York's appeal. If the state wins, it would mark a break with decades of precedent that mostly favors the powers of the federal government and open a new era for 50 state regulators to play a bigger role...
WSJ: Next Case: State vs. Federal Power
Instead of an answer, he got a lawsuit. The banks, and the Treasury Department agency that regulates them, persuaded federal courts to bar the state attorney general from enforcing New York antidiscrimination laws.
On Tuesday, the U.S. Supreme Court will hear New York's appeal. If the state wins, it would mark a break with decades of precedent that mostly favors the powers of the federal government and open a new era for 50 state regulators to play a bigger role...
WSJ: Next Case: State vs. Federal Power
Permalink posted by markw @ 7:01 PM
Friday, April 24, 2009
Regulators Fell One Bank, Spare a Rival
When federal regulators forced National City Corp. to sell itself in October, the head of another struggling bank right across the street watched from his office window as television crews swarmed.
"That could be us," Robert Goldberg, AmTrust Financial Corp.'s chief executive at the time, recalls worrying...
WSJ: Regulators Fell One Bank, Spare a Rival
"That could be us," Robert Goldberg, AmTrust Financial Corp.'s chief executive at the time, recalls worrying...
WSJ: Regulators Fell One Bank, Spare a Rival
Permalink posted by markw @ 7:37 PM
Standard & Poor's Releases Investment Tools for Advisers
Standard & Poor's Equity Research Services released MarketScope 3.0 (MSA), a platform that provides financial advisers with investment intelligence and tools about multiple asset classes.
The firm said the tool is in response to increasing numbers of advisers using a comprehensive wealth management approach to serve their clients' needs. Standard & Poor's said it will provide expanded coverage across the entire wealth management spectrum of products and asset classes including stocks, exchange-traded funds (ETFs), mutual funds, variable annuities, and fixed income, according to a news release.
In addition to expanded asset class coverage, MSA will provide interactive tools such as watchlists and hypothetical and model portfolios that enable advisers to stay connected to the market and their investments, the company said. MSA also includes analytical tools that allow for combined screening of quantitative and qualitative elements that are valuable for asset selection and diversified portfolio investing...
Standard & Poor's Releases Investment Tools for Advisers
The firm said the tool is in response to increasing numbers of advisers using a comprehensive wealth management approach to serve their clients' needs. Standard & Poor's said it will provide expanded coverage across the entire wealth management spectrum of products and asset classes including stocks, exchange-traded funds (ETFs), mutual funds, variable annuities, and fixed income, according to a news release.
In addition to expanded asset class coverage, MSA will provide interactive tools such as watchlists and hypothetical and model portfolios that enable advisers to stay connected to the market and their investments, the company said. MSA also includes analytical tools that allow for combined screening of quantitative and qualitative elements that are valuable for asset selection and diversified portfolio investing...
Standard & Poor's Releases Investment Tools for Advisers
Permalink posted by markw @ 12:50 PM
Taking the Anxiety Out of Life Insurance Planning
Michael Bonevento, a senior financial advisor at Ameriprise Financial Services, Inc.,warns that most Americans are vastly underinsured, which means if disaster strikes, their loved one would be left in financial disarray. He recently spoke with U.S. News about the benefits of taking an unemotional, mathematical approach to help avoid some of the paralysis people tend to feel when talking about life insurance.
Taking the Anxiety Out of Life Insurance Planning
Source: US News
Taking the Anxiety Out of Life Insurance Planning
Source: US News
Permalink posted by armandn @ 11:57 AM
A Golden Egg? Battered Retirement Investors Regaining Interest in Fixed Annuities, But They Aren't for Everyone
Fixed annuities fell out of fashion when the stock market was rising, but are getting a second look these days from investors whose retirement accounts were battered when stocks tumbled.
"This economy has caused people to fear outliving their money," said Carrie Coghill Kuntz, president of wealth management firm DB Root Co., Downtown. "An immediate annuity takes away that fear because the insurance company promises to pay until a person dies."
A Golden Egg? Battered Retirement Investors Regaining Interest in Fixed Annuities, But They Aren't for Everyone
Source: Insurance News Net
"This economy has caused people to fear outliving their money," said Carrie Coghill Kuntz, president of wealth management firm DB Root Co., Downtown. "An immediate annuity takes away that fear because the insurance company promises to pay until a person dies."
A Golden Egg? Battered Retirement Investors Regaining Interest in Fixed Annuities, But They Aren't for Everyone
Source: Insurance News Net
Permalink posted by armandn @ 11:55 AM
Americans Say They Don't Have a Voice Anymore, According to American Pulse
57.6% of Americans say they don't have a voice anymore and too much is being dictated out of Washington, according to the April American Pulse™ (N=4023). On the other hand, a quarter of participants (27.2%) say their voice is being heard, while 15.1% aren't sure. In a government with a Democratic stronghold, it's surprising that 42.8% of people who consider themselves of the Democratic Party don't think they are being heard on Capitol Hill. 74.5% of Republicans and 63.8% of Independents feel the same.
Americans Say They Don't Have a Voice Anymore, According to American Pulse
Source: MarketWire
Americans Say They Don't Have a Voice Anymore, According to American Pulse
Source: MarketWire
Permalink posted by armandn @ 11:49 AM
Fortune investigates: How Bernie did it
Madoff is behind bars and isn't talking. But a Fortune investigation uncovers secrets of his massive swindle.
The employees were transfixed. Standing on the mid-Manhattan trading floor of Bernard L. Madoff Investment Securities in late 2007, a half-dozen staffers stared up at the ceiling-mounted TV as CNBC aired a report on the mysterious Palm Beach death of a hedge fund manager who had been leading a double life. The police, it appeared, were even considering the possibility that he had been murdered. "Bernie," someone casually asked as Madoff happened to walk by, "have you heard of this guy?"
Madoff glanced at the screen, blanched, and exploded: "Why the f*** would I be interested in some s*** like that?" The employees recoiled. "I never saw him react like that before," says a Madoff trader who witnessed the outburst. "It obviously hit a nerve..."
CNN Money: Fortune investigates: How Bernie did it
The employees were transfixed. Standing on the mid-Manhattan trading floor of Bernard L. Madoff Investment Securities in late 2007, a half-dozen staffers stared up at the ceiling-mounted TV as CNBC aired a report on the mysterious Palm Beach death of a hedge fund manager who had been leading a double life. The police, it appeared, were even considering the possibility that he had been murdered. "Bernie," someone casually asked as Madoff happened to walk by, "have you heard of this guy?"
Madoff glanced at the screen, blanched, and exploded: "Why the f*** would I be interested in some s*** like that?" The employees recoiled. "I never saw him react like that before," says a Madoff trader who witnessed the outburst. "It obviously hit a nerve..."
CNN Money: Fortune investigates: How Bernie did it
Permalink posted by markw @ 5:39 AM
New Cobra law rattles insurance brokers
The new federal law that subsidizes Cobra payments for recently laid-off workers is causing turmoil for New York’s insurance brokers. The temporary subsidy for individuals means the federal government is paying 65% of Cobra’s health insurance premium for eligible individuals for up to nine months. But brokers are struggling with just what to tell their clients about how the new subsidy is being administered...
...“How are insurance carriers going to pay this? How does it affect companies? The brokerage community is asking if all this needs more clarity,” says Arthur DiMarco, a broker with Professional Group Plans in Cranford, N.J...
Crain's New York: New Cobra law rattles insurance brokers
...“How are insurance carriers going to pay this? How does it affect companies? The brokerage community is asking if all this needs more clarity,” says Arthur DiMarco, a broker with Professional Group Plans in Cranford, N.J...
Crain's New York: New Cobra law rattles insurance brokers
Permalink posted by markw @ 5:36 AM
J.D. Powers: Customer Retention Becomes Critical for P&C Carriers in Current Economy
A new survey by J.D. Powers and Associates shows that customer retention has become crucial for insurers in light of the current economy. The report finds that in the past 12 months, 30 percent of households with annual incomes below $50,000 shopped for a new insurance carrier and 45 percent of those customers eventually switched carriers. In contrast, only 26 percent of more affluent households (those with incomes of $100,000 or more) shopped for a new carrier, with only 31 percent of shoppers eventually switching.
"While 90 percent of customers overall stayed with their insurance carrier during the past 12 months, those households that are potentially more impacted by the recession present a real challenge for insurance carriers," says Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates. "Although several carriers in the industry—including Auto-Owners, GEICO, Liberty Mutual, Progressive and Travelers—have managed to grow their customer base in this challenging economic climate, their growth comes at the expense of other insurers in the mature U.S. personal auto insurance market..."
GlassBytes: J.D. Powers: Customer Retention Becomes Critical for P&C Carriers in Current Economy
"While 90 percent of customers overall stayed with their insurance carrier during the past 12 months, those households that are potentially more impacted by the recession present a real challenge for insurance carriers," says Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates. "Although several carriers in the industry—including Auto-Owners, GEICO, Liberty Mutual, Progressive and Travelers—have managed to grow their customer base in this challenging economic climate, their growth comes at the expense of other insurers in the mature U.S. personal auto insurance market..."
GlassBytes: J.D. Powers: Customer Retention Becomes Critical for P&C Carriers in Current Economy
Permalink posted by markw @ 5:31 AM
American Express Beats First-Quarter Profit Estimates
American Express Co., the biggest U.S. credit-card company by purchases, beat analysts’ profit estimates and said that it intends to repay the government’s rescue-fund investment. The bank rose in late New York trading.
Profit from continuing operations in the first quarter declined 58 percent to $443 million, or 32 cents a share, from $1 billion, or 89 cents, a year earlier as consumers defaulted on more loans, the New York-based company said today in a statement. Results beat the 13-cent average estimate of 20 analysts surveyed by Bloomberg...
Bloomberg: American Express Beats First-Quarter Profit Estimates
Profit from continuing operations in the first quarter declined 58 percent to $443 million, or 32 cents a share, from $1 billion, or 89 cents, a year earlier as consumers defaulted on more loans, the New York-based company said today in a statement. Results beat the 13-cent average estimate of 20 analysts surveyed by Bloomberg...
Bloomberg: American Express Beats First-Quarter Profit Estimates
Permalink posted by markw @ 5:20 AM
iPipeline Launches LifePipe with Link to iGO e-App
Leading Term Quote Engine Auto-Populates e-Application to Increase Agent Productivity
iPipeline ...today announced an upgrade to LifePipe™. LifePipe provides more than 850 distributors with access to iPipeline’s leading term quote engine as well as carrier rates, forms and underwriting guidelines. The upgrade, available April 27th, now allows an agent to launch into iGO e-App™, an intelligent fillable form, and auto-populate the form with quote information. Agents using iGO e-App increase productivity, accelerate the sales process and, as a result, report an average increase in sales of 25 percent.
“In 2008, agents used LifePipe over 12 million times to generate more than 162 million product quotes. The ability to compare quotes from multiple carriers on the results page and then click on the iGO e-App button to auto-populate forms with quote information is an enormous productivity enhancement,” said Tim Wallace, CEO, iPipeline...”
BusinessWire: iPipeline Launches LifePipe with Link to iGO e-App
iPipeline ...today announced an upgrade to LifePipe™. LifePipe provides more than 850 distributors with access to iPipeline’s leading term quote engine as well as carrier rates, forms and underwriting guidelines. The upgrade, available April 27th, now allows an agent to launch into iGO e-App™, an intelligent fillable form, and auto-populate the form with quote information. Agents using iGO e-App increase productivity, accelerate the sales process and, as a result, report an average increase in sales of 25 percent.
“In 2008, agents used LifePipe over 12 million times to generate more than 162 million product quotes. The ability to compare quotes from multiple carriers on the results page and then click on the iGO e-App button to auto-populate forms with quote information is an enormous productivity enhancement,” said Tim Wallace, CEO, iPipeline...”
BusinessWire: iPipeline Launches LifePipe with Link to iGO e-App
Permalink posted by markw @ 5:16 AM
Hartford Said to Seek Bids for Unit From Travelers
Hartford Financial Services Group Inc. is seeking bids from rivals including Travelers Cos. for its flagship property insurance business, said people familiar with the matter, in a sign that damage from the financial crisis may lead to a wholesale breakup of the 199-year-old insurer.
Hartford, pummeled by credit downgrades after losses in its life division, solicited offers for the profitable property and casualty unit in recent weeks, said the people, who declined to be identified because the talks are private. Travelers and Ace Ltd. may show interest, the people said, and Allianz SE already has a $2.5 billion stake in Hartford. Citigroup Inc. estimates the unit is worth $4 billion to $8 billion...
Bloomberg: Hartford Said to Seek Bids for Unit From Travelers
Hartford, pummeled by credit downgrades after losses in its life division, solicited offers for the profitable property and casualty unit in recent weeks, said the people, who declined to be identified because the talks are private. Travelers and Ace Ltd. may show interest, the people said, and Allianz SE already has a $2.5 billion stake in Hartford. Citigroup Inc. estimates the unit is worth $4 billion to $8 billion...
Bloomberg: Hartford Said to Seek Bids for Unit From Travelers
Permalink posted by markw @ 5:10 AM
In A League of Its Own: Variable Annuities Offer A Wealth of Benefits
As today's challenging economic environment continues to stir up Americans' retirement nest eggs, there's a greater demand for investment vehicles that provide an opportunity for stability and support long-term needs in retirement. While annuities have been around for decades, investors are increasingly looking to this tried and true investment option to convert their nest eggs into a reliable source of lifetime income...
The Hour: In A League of Its Own: Variable Annuities Offer A Wealth of Benefits
The Hour: In A League of Its Own: Variable Annuities Offer A Wealth of Benefits
Permalink posted by markw @ 4:40 AM
Hartford Seeks Bids for a Unit
Hartford Financial Services Group Inc. is shopping its profitable property/casualty business as it continues to wrestle with woes linked to its life-insurance operations...
WSJ: Hartford Seeks Bids for a Unit (Subscription required)
WSJ: Hartford Seeks Bids for a Unit (Subscription required)
Permalink posted by markw @ 4:38 AM
New Report: "Reinsurance Carriers in the US - Industry Market Research Report"
Industry Market Research Synopsis: This Industry Market Research report from IBISWorld provides a detailed analysis of the Reinsurance Carriers in the US industry, including key growth trends, statistics, forecasts, the competitive environment including market shares and the key issues facing the industry...
INN: New Report: "Reinsurance Carriers in the US - Industry Market Research Report"
INN: New Report: "Reinsurance Carriers in the US - Industry Market Research Report"
Permalink posted by markw @ 4:35 AM
Thursday, April 23, 2009
PhillyDeals: The strange portfolio of Acorn Capital
Acorn Capital Management L.L.C., the Kennett Square investment firm whose assets were frozen by the Securities and Exchange Commission on Tuesday, had a peculiar investment portfolio, according to its last quarterly SEC filing.
Acorn told the SEC it had invested $58 million in client funds in 82 stocks, from Abbott Labs to Zoll Medical. Not an unusual profile for a smallish firm.
Except that more than half the money was in a single stock - $31 million in Campbell Soup...
Philly: PhillyDeals: The strange portfolio of Acorn Capital
Acorn told the SEC it had invested $58 million in client funds in 82 stocks, from Abbott Labs to Zoll Medical. Not an unusual profile for a smallish firm.
Except that more than half the money was in a single stock - $31 million in Campbell Soup...
Philly: PhillyDeals: The strange portfolio of Acorn Capital
Permalink posted by markw @ 4:42 PM
TARP for U.S. Life Insurers Positive for Financial Strength
Fitch Ratings believes that the possible inclusion of life insurers in the U.S. Treasury Department's Troubled Asset Relief Program (TARP) could be a positive development for those eligible life insurers and therefore could temper future downgrades if more capital pressure develops than anticipated in current ratings. Fitch believes that government funding would provide a source of financial flexibility not currently available in the capital markets for life insurers.
TARP for U.S. Life Insurers Positive for Financial Strength
Source: Insurance News Net
TARP for U.S. Life Insurers Positive for Financial Strength
Source: Insurance News Net
Permalink posted by armandn @ 11:44 AM
Why You Need a Renewable Term Life Policy
It's an unavoidable fact of life: Life insurance premiums increase with age. And then there's the matter of your health. If you develop certain medical conditions, life insurance suddenly becomes prohibitively expensive, if you can get it at all.
For good reason, then, people seek insurance that can be renewed regardless of any changes in health. That's where a renewable term life insurance policy can be a lifesaver (for your survivors, at least).
Why You Need a Renewable Term Life Policy
Source: Yahoo! Finance
For good reason, then, people seek insurance that can be renewed regardless of any changes in health. That's where a renewable term life insurance policy can be a lifesaver (for your survivors, at least).
Why You Need a Renewable Term Life Policy
Source: Yahoo! Finance
Permalink posted by armandn @ 11:43 AM
What Happens When Life Insurance Companies Falter
Many insurers are feeling a financial squeeze, and you're worried that your life insurance policy or annuity isn't safe.
What should you do?
Let concern, not panic, be your guide, experts say... Anxious consumers have been peppering regulators and financial counselors with questions because they're worried by news of plunging insurance stocks and financial ratings and of rising investment losses...
...Seven life or health insurers became "impaired" last year — that is, they failed or weakened to the point that regulators stepped in, and a larger number is expected to do so this year...
Courant.com: What Happens When Life Insurance Companies Falter
What should you do?
Let concern, not panic, be your guide, experts say... Anxious consumers have been peppering regulators and financial counselors with questions because they're worried by news of plunging insurance stocks and financial ratings and of rising investment losses...
...Seven life or health insurers became "impaired" last year — that is, they failed or weakened to the point that regulators stepped in, and a larger number is expected to do so this year...
Courant.com: What Happens When Life Insurance Companies Falter
Permalink posted by markw @ 10:21 AM
Free Retirement Planning Software Now Online
ESPlannerBASIC, a free online version of a powerful financial-planning service, has just been developed. Now that the investment dust and damage of the past 18 months is settling, this is an excellent time to take an honest look at your financial future. ESPlannerBASIC is financial planning software that's worth your time and effort.
Even the free version of this tool is no lightweight. You will need to devote a good half an hour providing the information requested by the interactive tool. But it can be very helpful in telling you where you stand in ways that lots of other financial-planning tools do not. Developed by economist Laurence Kotlikoff at Boston University, ESPlannerBASIC is based on a philosophy of "consumer smoothing." It doesn't just tell you how much money you need for "retirement" (whatever that is, these days). It tells you how much you should spend and save every year, and shows you how lifestyle decisions will raise or lower your standard of living...
USN&WR: Free Retirement Planning Software Now Online
Even the free version of this tool is no lightweight. You will need to devote a good half an hour providing the information requested by the interactive tool. But it can be very helpful in telling you where you stand in ways that lots of other financial-planning tools do not. Developed by economist Laurence Kotlikoff at Boston University, ESPlannerBASIC is based on a philosophy of "consumer smoothing." It doesn't just tell you how much money you need for "retirement" (whatever that is, these days). It tells you how much you should spend and save every year, and shows you how lifestyle decisions will raise or lower your standard of living...
USN&WR: Free Retirement Planning Software Now Online
Permalink posted by markw @ 7:00 AM
Hartford Said to Seek Bids on Property Unit From Travelers, Ace
Hartford Financial Services Group Inc. is seeking bids from rivals including Travelers Cos. for its flagship property insurance business, said people familiar with the matter, in a sign that damage from the financial crisis may lead to a wholesale breakup of the 199-year-old insurer.
Hartford, pummeled by credit downgrades after losses in its life division, solicited offers for the profitable property and casualty unit in recent weeks, said the people, who declined to be identified because the talks are private. Travelers and Ace Ltd. may show interest, the people said, and Allianz SE already has a $2.5 billion stake in Hartford. Citigroup Inc. estimates the unit is worth $4 billion to $8 billion...
Bloomberg: Hartford Said to Seek Bids on Property Unit From Travelers, Ace
Hartford, pummeled by credit downgrades after losses in its life division, solicited offers for the profitable property and casualty unit in recent weeks, said the people, who declined to be identified because the talks are private. Travelers and Ace Ltd. may show interest, the people said, and Allianz SE already has a $2.5 billion stake in Hartford. Citigroup Inc. estimates the unit is worth $4 billion to $8 billion...
Bloomberg: Hartford Said to Seek Bids on Property Unit From Travelers, Ace
Permalink posted by markw @ 5:47 AM
Morgan Stanley Hires Investment Rep, Brokers
Morgan Stanley (MS) recently recruited Irl Solomon, an investment representative, from Credit Suisse Group (CS) and added financial advisers from UBS AG (UBS), Merrill Lynch Global Wealth Management, Wachovia Securities, and Wells Fargo & Co. (WFC).
Solomon, who had $2 million in trailing-12-month production, joined Morgan Stanley's private wealth management office in Miami. He reports to Jon Mallon, executive director and manager...
WSJ: Morgan Stanley Hires Investment Rep, Brokers (Subscription required)
Solomon, who had $2 million in trailing-12-month production, joined Morgan Stanley's private wealth management office in Miami. He reports to Jon Mallon, executive director and manager...
WSJ: Morgan Stanley Hires Investment Rep, Brokers (Subscription required)
Permalink posted by markw @ 4:48 AM
Morgan Stanley CFO says firm looking to buy high-end retail bank
Morgan Stanley Chief Financial Officer Colm Kelleher said Wednesday the investment bank is interested in acquiring a retail bank that caters to high-end customers.
He said the company, which converted to a commercial bank last fall amid the credit crisis, wants to complete a deal that would add to its wealth-management business...
MarketWatch: Morgan Stanley CFO says firm looking to buy high-end retail bank
He said the company, which converted to a commercial bank last fall amid the credit crisis, wants to complete a deal that would add to its wealth-management business...
MarketWatch: Morgan Stanley CFO says firm looking to buy high-end retail bank
Permalink posted by markw @ 4:48 AM
Former Schwab Exec To Run Citi's Wealth Management Business
Citigroup Inc. (C) took a step towards growing the wealth management business it keeps after the brokerage joint venture with Morgan Stanley (MS).
The bank tapped Deborah Doyle McWhinney, a former Charles Schwab Corp. (SCHW) executive, to run the network of about 600 brokers that work out of Citibank branches...
WSJ: Former Schwab Exec To Run Citi's Wealth Management Business (Subscription required)
The bank tapped Deborah Doyle McWhinney, a former Charles Schwab Corp. (SCHW) executive, to run the network of about 600 brokers that work out of Citibank branches...
WSJ: Former Schwab Exec To Run Citi's Wealth Management Business (Subscription required)
Permalink posted by markw @ 4:47 AM
Munis: Better Than Treasuries?
Tax-free bonds offer some nifty bargains.
There's a lot of fear at the moment that cities and states will default on their debts. The panic has left the municipal bond market in shambles. It's full of opportunities, too.
That's because, in some corners of the market, yields spreads have been turned on their heads. In a rare twist, some tax-free munis are offering the same or better yields as taxable Treasuries of the same maturity and, in some cases, with little or no greater risk.
If you're holding U.S. government bonds right now, you're painfully aware of the stingy yields. T-bills that mature in a year or less are paying 0.5% (annualized). The five- and 10-year Treasuries pay a mere 1.8% and 2.9%, respectively...
Forbes: Munis: Better Than Treasuries?
There's a lot of fear at the moment that cities and states will default on their debts. The panic has left the municipal bond market in shambles. It's full of opportunities, too.
That's because, in some corners of the market, yields spreads have been turned on their heads. In a rare twist, some tax-free munis are offering the same or better yields as taxable Treasuries of the same maturity and, in some cases, with little or no greater risk.
If you're holding U.S. government bonds right now, you're painfully aware of the stingy yields. T-bills that mature in a year or less are paying 0.5% (annualized). The five- and 10-year Treasuries pay a mere 1.8% and 2.9%, respectively...
Forbes: Munis: Better Than Treasuries?
Permalink posted by markw @ 4:45 AM
Financial Forecast: Structured Settlements
What creates the need for a Structured Settlement?
If you or a loved one has been in an accident resulting in a personal injury and you are in the process of negotiating a settlement, you are about to make decisions that could impact you financially for the rest of your life.
Depending on the extent of the injury, you're ability to earn income for you and your family may have been cut short or stopped depending on the severity of the injuries. The result will be that you will receive compensation. This could be a few thousand dollars to hundreds of thousands of dollars. The issue is what do you do with that money? The facts are that most people burn through that money in less than five years. Ninety percent lose the money...
KGMB 9 TV: Financial Forecast: Structured Settlements
If you or a loved one has been in an accident resulting in a personal injury and you are in the process of negotiating a settlement, you are about to make decisions that could impact you financially for the rest of your life.
Depending on the extent of the injury, you're ability to earn income for you and your family may have been cut short or stopped depending on the severity of the injuries. The result will be that you will receive compensation. This could be a few thousand dollars to hundreds of thousands of dollars. The issue is what do you do with that money? The facts are that most people burn through that money in less than five years. Ninety percent lose the money...
KGMB 9 TV: Financial Forecast: Structured Settlements
Permalink posted by markw @ 4:43 AM
Annuities with guarantees can be useful retirement products -- but heed the risks
...Some ...annuities guarantee a certain amount of income in retirement (GMIB), or withdrawal benefit (GMWB), or accumulation (GMAB). In developing these products, insurers and others have tried to show that these annuities, when used in combination with other investments, can help retirees deal with many of the risks faced in retirement, particularly market and longevity risk.
But, until recently, these products never took flight. Investors found them complicated, lacking transparency and laden with fees. In addition, experts often criticized insurers for mis-pricing the products, first making them too expensive and then too cheap.
But much has changed since October 2008. These days, the world is all about guarantees...
MarketWatch (Powell): Annuities with guarantees can be useful retirement products -- but heed the risks
But, until recently, these products never took flight. Investors found them complicated, lacking transparency and laden with fees. In addition, experts often criticized insurers for mis-pricing the products, first making them too expensive and then too cheap.
But much has changed since October 2008. These days, the world is all about guarantees...
MarketWatch (Powell): Annuities with guarantees can be useful retirement products -- but heed the risks
Permalink posted by markw @ 4:42 AM
Wednesday, April 22, 2009
Mutual's are in the best position in the life insurance space to survive the current downturn
Implications: First and foremost the mutuals do not have the market pressure of the publicly traded insurance carriers. Second the have, by and large, strong risk based capital (RBC) ratios. Finally with career or tied advisors they can weather the storm because the advisors will stay loyal.
Analysis: The rating agencies seem to be over reaching with their latest round of downgrades. Mutuals are traditionally more conservative in the deployment of their capital then their publicly traded counter parts.
The basic make up of mutuals is that they are in existence for the benefit of the policyholders first and foremost. They focus on the performance of the underlining products first and returns second. They have a tendency to hold excess risk based capital ratios than many...
GL Group: Mutual's are in the best position in the life insurance space to survive the current downturn
Analysis: The rating agencies seem to be over reaching with their latest round of downgrades. Mutuals are traditionally more conservative in the deployment of their capital then their publicly traded counter parts.
The basic make up of mutuals is that they are in existence for the benefit of the policyholders first and foremost. They focus on the performance of the underlining products first and returns second. They have a tendency to hold excess risk based capital ratios than many...
GL Group: Mutual's are in the best position in the life insurance space to survive the current downturn
Permalink posted by markw @ 10:14 AM
Sources: UBS To Lay Off US Brokers With Under $250,000 In Production
UBS AG (UBS) has begun to lay off some financial advisers in its U.S. wealth-management business with less than $250,000 in annual production, according to people familiar with the situation...
WSJ: Sources: UBS To Lay Off US Brokers With Under $250,000 In Production (Subscription required)
WSJ: Sources: UBS To Lay Off US Brokers With Under $250,000 In Production (Subscription required)
Permalink posted by markw @ 4:53 AM
Insureds Swap Life Insurance Policies, Hold Onto Annuities
Life insurance holders are opting to trade in their old policies for new, better designed or more conservative policies issued by companies in solid financial health these days. But they’re holding on to their variable annuity contracts, as buying new ones in the midst of a big equity market decline might result in a decline in principal. Plus issuers are raising fees and cutting back on benefits. Indeed, tax-free 1035 exchanges of life insurance policies are rising, while the pace of 1035 exchanges for variable annuities has slowed.
Data is hard to come by, but industry experts estimate that over 15 percent of all life insurance sales are due to exchanges, up from 12 percent ten years ago. The 1035 exchanges are particularly popular for universal life insurance with death benefit guarantees, says Howard Drescher, spokesperson for LIMRA. Meanwhile, 40 percent of variable annuity sales were triggered by 1035 exchanges in 2008, down from 50 percent in 2005, says Frank O’Connor, manager of Morningstar’s Variable Annuity Research and Data Service, in Chicago...
Registered Rep: Insureds Swap Life Insurance Policies, Hold Onto Annuities
Data is hard to come by, but industry experts estimate that over 15 percent of all life insurance sales are due to exchanges, up from 12 percent ten years ago. The 1035 exchanges are particularly popular for universal life insurance with death benefit guarantees, says Howard Drescher, spokesperson for LIMRA. Meanwhile, 40 percent of variable annuity sales were triggered by 1035 exchanges in 2008, down from 50 percent in 2005, says Frank O’Connor, manager of Morningstar’s Variable Annuity Research and Data Service, in Chicago...
Registered Rep: Insureds Swap Life Insurance Policies, Hold Onto Annuities
Permalink posted by markw @ 4:45 AM
SEC charges Acorn Capital, principal, in Ponzi scheme
The Securities and Exchange Commission said Monday it has charged Acorn Capital Management and its principal Donald Anthony Walker Young with misappropriating more than $23 million in client assets through a Ponzi scheme.
...The SEC alleges that through a commingled brokerage account, Young and Acorn misappropriated funds from investors buying limited partnership interests in Acorn II LP, which invested in publicly traded securities. Young used investor funds to pay other investors in the nature of a Ponzi scheme, and directly stole some of the money to buy a vacation home in Palm Beach, Fla., and pay personal expenses related to horse ownership and racing, construction, boats, limousines, chartered aircraft and other luxuries, the SEC said...
Philadelphia Business Journal: SEC charges Acorn Capital, principal, in Ponzi scheme
...The SEC alleges that through a commingled brokerage account, Young and Acorn misappropriated funds from investors buying limited partnership interests in Acorn II LP, which invested in publicly traded securities. Young used investor funds to pay other investors in the nature of a Ponzi scheme, and directly stole some of the money to buy a vacation home in Palm Beach, Fla., and pay personal expenses related to horse ownership and racing, construction, boats, limousines, chartered aircraft and other luxuries, the SEC said...
Philadelphia Business Journal: SEC charges Acorn Capital, principal, in Ponzi scheme
Permalink posted by markw @ 4:41 AM
Tuesday, April 21, 2009
Florida's property insurance: Give consumers real choices
With hurricane season approaching, Floridians face increasing risks from poor public policy that makes it difficult to protect their homes.
The state has watched Allstate, Nationwide, Prudential, USAA and State Farm leave in the face of excessive regulation. Underfunded, state-run Citizens Property Insurance Corporation has become the largest insurer in the state, with the highest risk exposure.
When a major storm hits, all insurance customers could face a significant state "hurricane tax."
Florida's property insurance market is broken. Citizens has become the insurer of first resort, chasing out private insurers and capital desperately needed to pay future hurricane claims. The Florida Hurricane Catastrophe Fund is facing a frightening shortfall...
Jacksonville.com: Property insurance: Give consumers real choices
The state has watched Allstate, Nationwide, Prudential, USAA and State Farm leave in the face of excessive regulation. Underfunded, state-run Citizens Property Insurance Corporation has become the largest insurer in the state, with the highest risk exposure.
When a major storm hits, all insurance customers could face a significant state "hurricane tax."
Florida's property insurance market is broken. Citizens has become the insurer of first resort, chasing out private insurers and capital desperately needed to pay future hurricane claims. The Florida Hurricane Catastrophe Fund is facing a frightening shortfall...
Jacksonville.com: Property insurance: Give consumers real choices
Permalink posted by markw @ 12:59 PM
Guardian Now Offers Affordable Will Preparation and Travel Service Features with Group Life & Disability
The Guardian Life Insurance Company of America (Guardian), one of the largest mutual life insurers and a leading provider of employee benefits for small and mid-sized companies, today announced new value-added features not often available to smaller companies to its group life and disability portfolio.
Guardian Now Offers Affordable Will Preparation and Travel Service Features with Group Life & Disability
Source: PR Newswire
Guardian Now Offers Affordable Will Preparation and Travel Service Features with Group Life & Disability
Source: PR Newswire
Permalink posted by armandn @ 7:23 AM
A.M. Best Removes From Under Review and Affirms Ratings of North Coast Life Insurance Company; Assigns Negative Outlook
The ratings of North Coast Life were placed under review with negative implications on November 21, 2008, following a significant decline in its total capital through third quarter 2008, due to investment related realized and unrealized losses. The impact on North Coast Life's already low capital base brought it close to a regulatory minimum for a key state of operation.
A.M. Best Removes From Under Review and Affirms Ratings of North Coast Life Insurance Company; Assigns Negative Outlook
Source: MarketWatch
A.M. Best Removes From Under Review and Affirms Ratings of North Coast Life Insurance Company; Assigns Negative Outlook
Source: MarketWatch
Permalink posted by armandn @ 6:58 AM
Columbus Life Insurance joins FHL Bank Cincinnati
The Federal Home Loan Bank of Cincinnati approved Columbus Life Insurance Co. as a new member.
The company is the 22nd insurance company to join the FHLBank, a congressionally chartered wholesale regional bank that provides financial services to member instutitions in Ohio, Kentucky and Tennessee.
Columbus Life Insurance joins FHLBank Cincinnati
Source: MSN
The company is the 22nd insurance company to join the FHLBank, a congressionally chartered wholesale regional bank that provides financial services to member instutitions in Ohio, Kentucky and Tennessee.
Columbus Life Insurance joins FHLBank Cincinnati
Source: MSN
Permalink posted by armandn @ 6:57 AM
Help Wanted: Advisors Under 50
Think financial jobs are scarce? Think again.
As wave after wave of layoffs hit the financial firms, there is one financial job that just can't attract enough applicants to fill the openings: financial adviser or broker. According to industry insiders and consultants, nobody wants to be a stockbroker these days. According to Cerulli Associates, nearly half of all financial advisers today are over 50 years old. And that aging talent pool isn't being replenished with young blood: Less than 5%, or just 15,000, of the 298,000 U.S. advisers are currently 30 years old or younger, according to Cerulli Associates.
"Long term, this will definitely kill us," says Fusion Advisor Network's Philip Palaveev of the dearth of young-blood flowing into the business. "When this wave of advisers over 50 years old tries to retire, how will we absorb the clients that they leave behind..."
Forbes: Help Wanted: Advisors Under 50
As wave after wave of layoffs hit the financial firms, there is one financial job that just can't attract enough applicants to fill the openings: financial adviser or broker. According to industry insiders and consultants, nobody wants to be a stockbroker these days. According to Cerulli Associates, nearly half of all financial advisers today are over 50 years old. And that aging talent pool isn't being replenished with young blood: Less than 5%, or just 15,000, of the 298,000 U.S. advisers are currently 30 years old or younger, according to Cerulli Associates.
"Long term, this will definitely kill us," says Fusion Advisor Network's Philip Palaveev of the dearth of young-blood flowing into the business. "When this wave of advisers over 50 years old tries to retire, how will we absorb the clients that they leave behind..."
Forbes: Help Wanted: Advisors Under 50
Permalink posted by markw @ 6:44 AM
Planning replaces fears of economy
Financial answers offered at The News-Press call-in
Southwest Florida residents are calmly reconsidering almost every aspect of their finances in today's challenging economy, judging from calls taken by financial planners Sunday at The News-Press.
About 200 people called in Sunday to ask questions of members of the Financial Planning Association of Southwest Florida.
The questions were all over the financial landscape - from stocks and investments, estate planning, trusts, insurance and real estate investments...
News-Press: Planning replaces fears of economy (View the Chat replay here)
Southwest Florida residents are calmly reconsidering almost every aspect of their finances in today's challenging economy, judging from calls taken by financial planners Sunday at The News-Press.
About 200 people called in Sunday to ask questions of members of the Financial Planning Association of Southwest Florida.
The questions were all over the financial landscape - from stocks and investments, estate planning, trusts, insurance and real estate investments...
News-Press: Planning replaces fears of economy (View the Chat replay here)
Permalink posted by markw @ 6:41 AM
Volume up, value down in insurance M&A worldwide
Such deals in the United States totaled $31.4B in 2008, down from $50.4B in 2007
Mergers and acquisitions in the U.S. insurance industry lost value last year, while non-U.S. transactions plummeted, according to data from Conning Research and Consulting.
Last year ended with more acquisitions for the overall industry around the world, totaling 766 transactions, compared with 750 transactions in 2007. However, deal values took a major slide, worth a total of just $55.5 billion, compared with $138 billion in 2007.
Stateside, the reported value of mergers and acquisitions in the insurance industry totaled $31.4 billion, down from $50.4 billion in 2007...
Investment News: Volume up, value down in insurance M&A worldwide
Mergers and acquisitions in the U.S. insurance industry lost value last year, while non-U.S. transactions plummeted, according to data from Conning Research and Consulting.
Last year ended with more acquisitions for the overall industry around the world, totaling 766 transactions, compared with 750 transactions in 2007. However, deal values took a major slide, worth a total of just $55.5 billion, compared with $138 billion in 2007.
Stateside, the reported value of mergers and acquisitions in the insurance industry totaled $31.4 billion, down from $50.4 billion in 2007...
Investment News: Volume up, value down in insurance M&A worldwide
Permalink posted by markw @ 6:39 AM
Irrevocable Life Insurance Trust: 5 Ways It Can Help With Your Estate Plan
Irrevocable life insurance trusts can be a very powerful estate planning tool if structured properly, and used in the right situation. Practicing attorney, John C. Martin, gives us 5 different ways a irrevocable life insurance trust can super charge an estate plan, in his article below from JD Supra.
What is an irrevocable life insurance trust (“ILIT”) and why would it be useful to me? This article explores the upsides and downsides of the “ILIT.” The author concludes that an ILIT is both a cost-effective and powerful tool for providing liquidity, paying estate tax, avoiding Generation Skipping Transfer Tax (GSTT), protecting beneficiaries from creditors, and for business owners, keeping a business in the family.
An ILIT is an irrevocable trust that holds life insurance. Its primary purpose is to keep life insurance proceeds out of the estate of the settlor. But it can also have a number of other purposes. Below are five reasons why one might consider an ILIT...
NUwire Investor: Irrevocable Life Insurance Trust: 5 Ways It Can Help With Your Estate Plan
What is an irrevocable life insurance trust (“ILIT”) and why would it be useful to me? This article explores the upsides and downsides of the “ILIT.” The author concludes that an ILIT is both a cost-effective and powerful tool for providing liquidity, paying estate tax, avoiding Generation Skipping Transfer Tax (GSTT), protecting beneficiaries from creditors, and for business owners, keeping a business in the family.
An ILIT is an irrevocable trust that holds life insurance. Its primary purpose is to keep life insurance proceeds out of the estate of the settlor. But it can also have a number of other purposes. Below are five reasons why one might consider an ILIT...
NUwire Investor: Irrevocable Life Insurance Trust: 5 Ways It Can Help With Your Estate Plan
Permalink posted by markw @ 5:04 AM
Settlement ends dispute over long-term care insurance
Two insurers and an insurance administrator have agreed to end litigation over the sale of long-term care insurance policies by entering into settlements valued at $15 million.
The settlements affect hundreds of Missourians who bought policies from American Heritage Life Insurance Co. and Wakely and Associates Inc. The policies were co-insured by Mutual of Omaha Insurance Co.
The three companies were sued in 2002 by Macon, Mo., residents Eric and Carol Chalgren, who alleged that the defendants, while setting initial premiums very low, failed to disclose that they planned to enact steep rate increases...
KC Star: Settlement ends dispute over long-term care insurance
The settlements affect hundreds of Missourians who bought policies from American Heritage Life Insurance Co. and Wakely and Associates Inc. The policies were co-insured by Mutual of Omaha Insurance Co.
The three companies were sued in 2002 by Macon, Mo., residents Eric and Carol Chalgren, who alleged that the defendants, while setting initial premiums very low, failed to disclose that they planned to enact steep rate increases...
KC Star: Settlement ends dispute over long-term care insurance
Permalink posted by markw @ 4:56 AM
Promising Year Ahead for Wealth Management, Thomson Reuters Says
"The finger's come off the panic button," says John Fennelly, global managing director of the wealth management markets division at Thomson Reuters, of the economic environment surrounding the wealth management business. "In September through January, everybody was extremely nervous; who knew what equilibrium would look like?"
We spoke with Fennelly this morning in his large, glass-enclosed office overlooking Times Square about the current state and future of his group a year into the merger between Thomson and Reuters.
"We're hanging in there," he says. "It's a different business environment than we had a year ago. There's been tremendous dislocation, a lot of brokers are changing firms, but we have not seen a huge degradation in users." He notes that wealth management hasn't experienced the meltdown that's occurred elsewhere in investment banking and that the merger has given the combined firm a bigger wealth management presence...
Wall Street Tech: Promising Year Ahead for Wealth Management, Thomson Reuters Says
We spoke with Fennelly this morning in his large, glass-enclosed office overlooking Times Square about the current state and future of his group a year into the merger between Thomson and Reuters.
"We're hanging in there," he says. "It's a different business environment than we had a year ago. There's been tremendous dislocation, a lot of brokers are changing firms, but we have not seen a huge degradation in users." He notes that wealth management hasn't experienced the meltdown that's occurred elsewhere in investment banking and that the merger has given the combined firm a bigger wealth management presence...
Wall Street Tech: Promising Year Ahead for Wealth Management, Thomson Reuters Says
Permalink posted by markw @ 4:48 AM
SEC Green-Lights Annuity Sales Proposals
The Securities and Exchange Commission has approved Financial Industry Regulatory Authority plans to allow firms to sell deferred variable annuities without getting a supervisor’s approval, provided the firm does not recommend the securities. FINRA added this change in response to complaints...
Compliance Reporter: SEC Green-Lights Annuity Sales Proposals (Subscription required)
Compliance Reporter: SEC Green-Lights Annuity Sales Proposals (Subscription required)
Permalink posted by markw @ 4:47 AM
Bank of America, Wells Fargo Decrease Their Political Donations
The nation’s biggest lenders and other financial institutions, including Bank of America Corp. and Wells Fargo & Co., reduced their political giving even as Congress began to consider how to re-regulate their industry.
Donations from the political action committees of 10 of 12 firms facing so-called stress tests by the government dropped to $231,750 in the first quarter of 2009, compared with $826,180 in the same period two years ago, Federal Election Commission records show. Just two companies increased their contributions.
The firms are among the 19 financial institutions -- all with more than $100 billion of assets -- that are being subjected to audits by federal regulators to determine their financial health. Data weren’t available for seven firms that either don’t have PACs or don’t have to file with the FEC until July...
Bloomberg: Bank of America, Wells Fargo Decrease Their Political Donations
Donations from the political action committees of 10 of 12 firms facing so-called stress tests by the government dropped to $231,750 in the first quarter of 2009, compared with $826,180 in the same period two years ago, Federal Election Commission records show. Just two companies increased their contributions.
The firms are among the 19 financial institutions -- all with more than $100 billion of assets -- that are being subjected to audits by federal regulators to determine their financial health. Data weren’t available for seven firms that either don’t have PACs or don’t have to file with the FEC until July...
Bloomberg: Bank of America, Wells Fargo Decrease Their Political Donations
Permalink posted by markw @ 4:46 AM
For BofA, a $4.2 Billion Profit Isn't a Fix
Lewis Warns Worst to Come on Credit; Stock Declines 24%
Bank of America Corp. posted a first-quarter profit of $4.2 billion that nevertheless cast fresh doubt on the health of U.S. banking industry due to the depth of problems in many of the company's core banking businesses.
"Make no doubt about it," said Kenneth Lewis, chairman and chief executive of the Charlotte, N.C., bank. "Credit is bad and will eventually get worse before it stabilizes and improves." In a sign of how the wave of shaky loans is expected to rise beyond current levels, Bank of America set aside $13.4 billion for future credit losses, up 57% from the fourth quarter...
WSJ: For BofA, a $4.2 Billion Profit Isn't a Fix (Subscription required)
Bank of America Corp. posted a first-quarter profit of $4.2 billion that nevertheless cast fresh doubt on the health of U.S. banking industry due to the depth of problems in many of the company's core banking businesses.
"Make no doubt about it," said Kenneth Lewis, chairman and chief executive of the Charlotte, N.C., bank. "Credit is bad and will eventually get worse before it stabilizes and improves." In a sign of how the wave of shaky loans is expected to rise beyond current levels, Bank of America set aside $13.4 billion for future credit losses, up 57% from the fourth quarter...
WSJ: For BofA, a $4.2 Billion Profit Isn't a Fix (Subscription required)
Permalink posted by markw @ 4:45 AM
Geithner Weighs Bank Repayments
Treasury Secretary Timothy Geithner indicated that the health of individual banks won't be the sole criterion for whether financial firms will be allowed to repay bailout funds, a position that might complicate their efforts to give back the cash.
In an interview, Mr. Geithner laid out some broad principles, including the need to consider the overall health of the financial system and the flow of credit in judging whether banks can repay their government investment. Among large banks, Goldman Sachs Group Inc. and J.P. Morgan Chase & Co. have both said they want to repay the government...
WSJ: Geithner Weighs Bank Repayments
In an interview, Mr. Geithner laid out some broad principles, including the need to consider the overall health of the financial system and the flow of credit in judging whether banks can repay their government investment. Among large banks, Goldman Sachs Group Inc. and J.P. Morgan Chase & Co. have both said they want to repay the government...
WSJ: Geithner Weighs Bank Repayments
Permalink posted by markw @ 4:44 AM
Monday, April 20, 2009
Phoenix Cos.' Try For Bailout Funds Hits Roadblock
The Phoenix Cos.' pursuit of federal bailout funds has hit a wall as the federal government seized the ailing bank that the Hartford life insurer planned to buy to qualify for the money.
The federal Office of Thrift Supervision (OTS) closed American Sterling Bank of Sugar Creek, Missouri on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
Phoenix Cos.' Try For Bailout Funds Hits Roadblock
Source: Hartford Courant
The federal Office of Thrift Supervision (OTS) closed American Sterling Bank of Sugar Creek, Missouri on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
Phoenix Cos.' Try For Bailout Funds Hits Roadblock
Source: Hartford Courant
Permalink posted by armandn @ 12:51 PM
Prudential Retirement Sweeps Top Honors for Retirement Plan Communications
Prudential Retirement was ranked first among its peers in offering plan participants, plan sponsors and financial consultant communications that best meet their needs.
Prudential Retirement led retirement plan participant providers in DALBAR's 11th Annual Trends and Best Practices in Investor Communications Report. DALBAR is the leading evaluator of financial and investor communications.
Prudential Retirement Sweeps Top Honors for Retirement Plan Communications
Source: MarketWatch
Prudential Retirement led retirement plan participant providers in DALBAR's 11th Annual Trends and Best Practices in Investor Communications Report. DALBAR is the leading evaluator of financial and investor communications.
Prudential Retirement Sweeps Top Honors for Retirement Plan Communications
Source: MarketWatch
Permalink posted by armandn @ 7:53 AM
Factor Inflation into Retirement Planning
A dollar today won’t be a dollar tomorrow, it may be more like 50 cents. “No retirement income planning strategy would be complete without considering inflation risk,” said Robert Fishbein, vice president and corporate counsel in Prudential Financial’s Tax Department. “Assuming an annual inflation rate of 3 percent, $25,000 of savings today will have to grow to more than $50,000 over the next 25 years to purchase the equivalent amount of goods. Of course, if inflation turns out to be higher than 3 percent, you’ll suffer a further reduction in real purchasing power.”
Factor Inflation into Retirement Planning
Source: Yahoo! Finance
Factor Inflation into Retirement Planning
Source: Yahoo! Finance
Permalink posted by armandn @ 5:55 AM
Getting Smart About Annuities
For years, many retirees were content to act as their own pension managers, a complex task that involves making a nest egg last a lifetime. Now, reeling from the stock-market meltdown, many are calling it quits -- and buying annuities to do the job for them.
Getting Smart About Annuities
Source: Wall Street Journal (subscription required)
Getting Smart About Annuities
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 5:54 AM
Prudential, Hartford, Other Life Insurers May Be Selling Away Their Future
...Guaranteed variable annuities are an easy sell to baby boomers looking for certainty in retirement, but they require insurance companies to juggle a series of put options and complex structured securities that revolve around stock prices and mortality. Much like the role subprime mortgages played in banking, these guarantees helped insurers boost sales and gain market share while times were good. But they also left life-insurance companies exposed when the music stopped.
For instance, insurers have been desperately trying to hedge away the risk they assumed on their customers’ behalf — and that worked fine so long as the market remained calm and hedging was cheap. But the cost of hedging rises exponentially with market volatility, crippling insurers’ ability to offload the risk...
BNet: Prudential, Hartford, Other Life Insurers May Be Selling Away Their Future
For instance, insurers have been desperately trying to hedge away the risk they assumed on their customers’ behalf — and that worked fine so long as the market remained calm and hedging was cheap. But the cost of hedging rises exponentially with market volatility, crippling insurers’ ability to offload the risk...
BNet: Prudential, Hartford, Other Life Insurers May Be Selling Away Their Future
Permalink posted by markw @ 4:38 AM
Is it time to shift out of defensive stocks?
... “There's a danger (with safe moves) from the standpoint that you could buy stocks that don't catch most of the rebound,” said David Goerz, chief investment officer of HighMark Capital Management in San Francisco. “If you don't consistently rebalance, you miss out on the recovery and you can actually end up well behind as we come out of this.”
In order to best position yourself to participate in a stock recovery, it's better to buy cyclical stocks like tech, manufacturing and other industries that rely on economic growth as the global recession moves closer to an end.
Barclays Wealth, the wealth management arm of British bank Barclays, recently began recommending that clients begin dialing up risk accordingly...
Observer: Is it time to shift out of defensive stocks?
In order to best position yourself to participate in a stock recovery, it's better to buy cyclical stocks like tech, manufacturing and other industries that rely on economic growth as the global recession moves closer to an end.
Barclays Wealth, the wealth management arm of British bank Barclays, recently began recommending that clients begin dialing up risk accordingly...
Observer: Is it time to shift out of defensive stocks?
Permalink posted by markw @ 4:37 AM
UBS to overhaul its retail business
500-plus advisers will be cut by year's end; branch consolidation plans in the works
As part of a massive overhaul of its U.S. wealth management business, UBS AG is set to shed up to 2,000 jobs, shrink its regional operations and consolidate a number of branches here over the next several months.
According to multiple sources, the Zurich, Switzerland-based banking company is set to unveil the restructuring of its U.S. wealth management unit to employees this week, following the announcement by group chief executive Oswald Grubel last Wednesday that UBS will cut nearly 8,700 jobs worldwide in light of a $1.8 billion loss the company is expected to post for the first quarter...
Investment News: UBS to overhaul its retail business
As part of a massive overhaul of its U.S. wealth management business, UBS AG is set to shed up to 2,000 jobs, shrink its regional operations and consolidate a number of branches here over the next several months.
According to multiple sources, the Zurich, Switzerland-based banking company is set to unveil the restructuring of its U.S. wealth management unit to employees this week, following the announcement by group chief executive Oswald Grubel last Wednesday that UBS will cut nearly 8,700 jobs worldwide in light of a $1.8 billion loss the company is expected to post for the first quarter...
Investment News: UBS to overhaul its retail business
Permalink posted by markw @ 4:35 AM
New Laws Mean Important Changes For Long-Term Care
The Deficit Reduction Act (DRA) of 2007 and the Pension Protection Act (PPA) of 2006 are important pieces of legislation for long-term care planning
While attempting to reduce the national deficit, the DRA also included some dramatic changes in Medicaid. Most significantly, it changed both the “look back” period from 32 months to 60 months for transferred assets, and the authority for all states to adopt “partnership long term care insurance plans...”
Complete Lawyer: New Laws Mean Important Changes For Long-Term Care
While attempting to reduce the national deficit, the DRA also included some dramatic changes in Medicaid. Most significantly, it changed both the “look back” period from 32 months to 60 months for transferred assets, and the authority for all states to adopt “partnership long term care insurance plans...”
Complete Lawyer: New Laws Mean Important Changes For Long-Term Care
Permalink posted by markw @ 4:33 AM
Life Insurance Companies and Bankrupt Shopping Center Developers: Chapter 2 Begins
...Many life insurance companies and pension funds have invested aggressively in shopping center mortgages for many decades. Some of these loans were, and are, self-amortizing over the term of the loan, but some have maturity dates of, say, ten years, leaving a substantial “balloon” amount still due. The expectation has been that the unpaid amount would be refinanced (“rolled over”) into a new loan at that time.
The plan works just fine when credit is loose. It doesn’t work so well when credit is tight.
That’s what befell General Growth Properties, which has just now filed in bankruptcy. We understand that GG’s problem was particularly acute because it had relied heavily on short-term financing, probably more so than most shopping center development companies, when it purchased the Rouse Company and, in so doing, large tracts of undeveloped land. GG found itself in a bind because short-term loans which it had historically rolled over without much problem became unavailable at all...
Jutia Group: Life Insurance Companies and Bankrupt Shopping Center Developers: Chapter 2 Begins
The plan works just fine when credit is loose. It doesn’t work so well when credit is tight.
That’s what befell General Growth Properties, which has just now filed in bankruptcy. We understand that GG’s problem was particularly acute because it had relied heavily on short-term financing, probably more so than most shopping center development companies, when it purchased the Rouse Company and, in so doing, large tracts of undeveloped land. GG found itself in a bind because short-term loans which it had historically rolled over without much problem became unavailable at all...
Jutia Group: Life Insurance Companies and Bankrupt Shopping Center Developers: Chapter 2 Begins
Permalink posted by markw @ 4:27 AM
Friday, April 17, 2009
Citi Global Wealth Suffers Exodus of Assets and Advisors
Citigroup’s global wealth management division suffered a $40 billion net outflow of client assets in the first quarter of 2009. The division also had a net loss of 2582 financial advisors over the past year.
The unit posted a 30% drop in total client assets to $894 billion in the quarter, compared to a year earlier. Its revenues declined 20% year-on-year to $2.6 billion...
Financial Planning: Citi Global Wealth Suffers Exodus of Assets and Advisors
The unit posted a 30% drop in total client assets to $894 billion in the quarter, compared to a year earlier. Its revenues declined 20% year-on-year to $2.6 billion...
Financial Planning: Citi Global Wealth Suffers Exodus of Assets and Advisors
Permalink posted by markw @ 12:09 PM
Nationwide Insurance sued over fixed-payment health policies
A national insurance company is being sued for millions of dollars for selling fixed-payment health plans that, according to plaintiffs, violated minimum standards in Washington and had not been authorized by the state.
In the case filed Wednesday against Nationwide Life Insurance Co. in U.S. District Court, John Gabriel and Lauren Gustafson-Omer, both of Seattle, and Ruth Bjorklund, of Bainbridge Island, asked that it be made a class action covering 465 others in the state who bought Nationwide health plans through employers between April 16, 2003, and Aug. 27, 2008...
...Eleanor Hamburger, a lawyer for the plaintiffs, said if class-action status is approved and the complaint is upheld, consumer protection violations alone could exceed $4.6 million - $10,000 per insured - and other damages could boost the total to more than $7 million...
Seattle Times: Nationwide Insurance sued over health policies
In the case filed Wednesday against Nationwide Life Insurance Co. in U.S. District Court, John Gabriel and Lauren Gustafson-Omer, both of Seattle, and Ruth Bjorklund, of Bainbridge Island, asked that it be made a class action covering 465 others in the state who bought Nationwide health plans through employers between April 16, 2003, and Aug. 27, 2008...
...Eleanor Hamburger, a lawyer for the plaintiffs, said if class-action status is approved and the complaint is upheld, consumer protection violations alone could exceed $4.6 million - $10,000 per insured - and other damages could boost the total to more than $7 million...
Seattle Times: Nationwide Insurance sued over health policies
Permalink posted by markw @ 8:42 AM
Term Life Premiums Change Direction Upward
The rigid credit market is hitting term insurance premiums, reversing a long downward trend in the cost of one of the most inexpensive forms of life insurance.
Rates on some policies have risen between 2% and 15% at insurance carriers such as Prudential Financial (PRU), Banner Life Insurance Co. in Rockville, Md., Genworth Financial Inc. (GNW) and ING Group (ING). Some companies are getting rid of or increasing prices on popular products that guarantee consumers a return of premium at the end of the policy's term...
WSJ: Term Life Premiums Change Direction Upward (subscription required)
Rates on some policies have risen between 2% and 15% at insurance carriers such as Prudential Financial (PRU), Banner Life Insurance Co. in Rockville, Md., Genworth Financial Inc. (GNW) and ING Group (ING). Some companies are getting rid of or increasing prices on popular products that guarantee consumers a return of premium at the end of the policy's term...
WSJ: Term Life Premiums Change Direction Upward (subscription required)
Permalink posted by markw @ 5:06 AM
AIG Sells Unit to Zurich, Biggest Deal Since Bailout
American International Group Inc. agreed to sell its U.S. auto insurance business to Zurich Financial Services AG for about $1.9 billion, the firm’s biggest divestiture since being rescued by the government.
The purchase price matches the tangible book value of the business, Zurich said in a statement today. Zurich becomes the third-largest auto insurer in the U.S., passing the Geico unit at Warren Buffett’s Berkshire Hathaway Inc., according to 2008 data from the National Association of Insurance Commissioners...
Bloomberg: AIG Sells Unit to Zurich, Biggest Deal Since Bailout
The purchase price matches the tangible book value of the business, Zurich said in a statement today. Zurich becomes the third-largest auto insurer in the U.S., passing the Geico unit at Warren Buffett’s Berkshire Hathaway Inc., according to 2008 data from the National Association of Insurance Commissioners...
Bloomberg: AIG Sells Unit to Zurich, Biggest Deal Since Bailout
Permalink posted by markw @ 5:05 AM
Prudential Combo Product Puts Bet on Target-Date Funds
Given strong demand for retirement products that offer downside protection and growth potential, target-date funds and annuities would seem a great match.
But many insurers remain leery of target-date funds, analysts said. They said Prudential Retirement is the first to offer a product that combines them with annuities.
Prudential Combo Product Puts Bet on Target-Date Funds
Source: Financial-Planning.com
But many insurers remain leery of target-date funds, analysts said. They said Prudential Retirement is the first to offer a product that combines them with annuities.
Prudential Combo Product Puts Bet on Target-Date Funds
Source: Financial-Planning.com
Permalink posted by armandn @ 4:59 AM
Fitch downgrades Lincoln senior debt two notches
Fitch Ratings downgraded its insurer financial strength rating on Lincoln National Life Insurance Co. to A+ (strong) from AA- (very strong) on Thursday, and lowered debt and default ratings of parent Lincoln National Corp.
The lower A+ rating reflects weaker statutory capital at Lincoln National Life after it contributed cash to help the parent company pay off $500 million in maturing debt, Fitch said...
Courant: Fitch downgrades Lincoln senior debt two notches
The lower A+ rating reflects weaker statutory capital at Lincoln National Life after it contributed cash to help the parent company pay off $500 million in maturing debt, Fitch said...
Courant: Fitch downgrades Lincoln senior debt two notches
Permalink posted by markw @ 4:58 AM
SEC Defends Authority to Treat Indexed Annuities as Securities
Responding to a lawsuit filed by annuities issuers and marketers, the U.S. Securities and Exchange Commission filed a legal brief saying its decision to regulate equity-indexed annuities as securities, not insurance products, is a reasonable interpretation of securities laws.
SEC Defends Authority to Treat Indexed Annuities as Securities
Source: Individual.com
SEC Defends Authority to Treat Indexed Annuities as Securities
Source: Individual.com
Permalink posted by armandn @ 4:56 AM
UBS To Cut Roughly 2,000 Jobs In US Wealth Mgmt
NEW YORK (Dow Jones)--UBS AG (UBS) plans to cut roughly 2,000 jobs in its U.S. wealth-management business, according to people familiar with the situation...
WSJ: UBS To Cut Roughly 2,000 Jobs In US Wealth Mgmt (subscription required)
WSJ: UBS To Cut Roughly 2,000 Jobs In US Wealth Mgmt (subscription required)
Permalink posted by markw @ 4:56 AM
"Better to forget AXA and try something else"
Dear Mr. Berko : Please tell me what you think about AXA's variable annuity. I may invest one-third of our assets, or $78,000, in this as a hedge against inflation, because I think we could experience hyperinflation in the coming 18 months. Our broker says AXA is the finest annuity I can own and the best hedge against inflation I can buy. However, I noticed that AXA stock collapsed from $40 to $7.50, and this makes me worry about the safety of the annuity. My broker told me that the reason AXA fell so much is that all financial stocks have done poorly this year. The broker insists AXA is as strong as a horse. Please give me your thoughts on AXA's variable annuity and its potential as a hedge against hyperinflation. If you don't like AXA for annuity inflation protection, what would you own?
Better to forget AXA and try something else
Better to forget AXA and try something else
Permalink posted by markw @ 4:49 AM
New York Life Responds to Surge in Annuity Sales in the Bank Channel with 100 New Hires
Additional Sales and Service Staff Meet Expanding Need for Quality Expertise in Retirement Planning
New York Life Insurance Company announced today that it has increased the number of sales and service staff in the bank channel. The number of internal sales specialists increased by 100%, regional wholesalers by 30%, retirement income specialists by 50%, and other service staff by 40%, for a total of more than 100 new hires.
"Sales of New York Life's fixed annuities in the bank channel have surged, up 130% and sales of income annuities almost doubled in 2008, fueling the need for growth in sales support. Now more than ever, consumers are conscious of the need for a safe place to grow their retirement income. Our sales growth is evidence of this flight to quality: bank clients recognize that fixed annuities from New York Life, a financially stable, triple-A rated company, offers that stability and growth potential they seek," said Andrew Reiss, vice president and national sales manager for New York Life's bank channel. "New York Life is committed to providing the highest quality products and service and by expanding our sales support team will best be able to meet the growing need in the bank channel for quality retirement planning expertise..."
MarketWatch: New York Life Responds to Surge in Annuity Sales in the Bank Channel with 100 New Hires
New York Life Insurance Company announced today that it has increased the number of sales and service staff in the bank channel. The number of internal sales specialists increased by 100%, regional wholesalers by 30%, retirement income specialists by 50%, and other service staff by 40%, for a total of more than 100 new hires.
"Sales of New York Life's fixed annuities in the bank channel have surged, up 130% and sales of income annuities almost doubled in 2008, fueling the need for growth in sales support. Now more than ever, consumers are conscious of the need for a safe place to grow their retirement income. Our sales growth is evidence of this flight to quality: bank clients recognize that fixed annuities from New York Life, a financially stable, triple-A rated company, offers that stability and growth potential they seek," said Andrew Reiss, vice president and national sales manager for New York Life's bank channel. "New York Life is committed to providing the highest quality products and service and by expanding our sales support team will best be able to meet the growing need in the bank channel for quality retirement planning expertise..."
MarketWatch: New York Life Responds to Surge in Annuity Sales in the Bank Channel with 100 New Hires
Permalink posted by markw @ 4:39 AM
Thursday, April 16, 2009
Americans Still Contributing to Retirement Plans
American workers still see the value in retirement savings plans—and most of them continue to contribute to them. That’s the good news from Transamerica’s Retirement Survey, released yesterday. The survey, which questioned 3,466 full- and part-time American workers, was the tenth version of the report.
Americans Still Contributing to Retirement Plans
Source: Financial-Planning.com
To Read the Full Transamerica Report, Click Here
Americans Still Contributing to Retirement Plans
Source: Financial-Planning.com
To Read the Full Transamerica Report, Click Here
Permalink posted by armandn @ 7:23 AM
Building Retirement in a Changing Economy: New Kit from Pacific Life Helps Insurance Professionals Rescue Their Client's Retirement Plans
More than $2 trillion of American’s retirement assets disappeared in just one year and who knows what’s going to happen next. In today’s changing economy, even the wealthiest Americans worry about running out of money in retirement and wonder how to keep dreams of retiring alive.
Building Retirement in a Changing Economy: New Kit from Pacific Life Helps Insurance Professionals Rescue Their Client's Retirement Plans
Source: Business Wire
Building Retirement in a Changing Economy: New Kit from Pacific Life Helps Insurance Professionals Rescue Their Client's Retirement Plans
Source: Business Wire
Permalink posted by armandn @ 7:22 AM
Federal Aid Seen as Life Insurers' 'Last Resort' by Analysts
Other life insurers would probably join MetLife in turning down federal bailout funds, and only the most stressed companies will take the money if it's offered, analysts are predicting.
Federal Aid Seen as Life Insurers' 'Last Resort' by Analysts
Source: Hartford Courant
Federal Aid Seen as Life Insurers' 'Last Resort' by Analysts
Source: Hartford Courant
Permalink posted by armandn @ 7:21 AM
Life Insurers Face ‘Unprecedented Stress,’ S&P Says
U.S. life insurers, a group led by MetLife Inc. and Prudential Financial Inc., face “unprecedented stress” on holdings in bonds and commercial mortgages in the next 18 months, Standard & Poor’s said.
“The U.S. is in the midst of perhaps its longest recession in a generation, and our economists believe it is just entering its most difficult phase,” the ratings firm said today in a statement...
MetLife, the biggest U.S. life insurer, has dropped 53 percent in the last 12 months of New York Stock Exchange composite trading, while No. 2 Prudential is down 64 percent over the same period. The 11-company S&P Supercomposite Life & Health Insurance Index has fallen 60 percent...
Bloomberg: Life Insurers Face ‘Unprecedented Stress,’ S&P Says
“The U.S. is in the midst of perhaps its longest recession in a generation, and our economists believe it is just entering its most difficult phase,” the ratings firm said today in a statement...
MetLife, the biggest U.S. life insurer, has dropped 53 percent in the last 12 months of New York Stock Exchange composite trading, while No. 2 Prudential is down 64 percent over the same period. The 11-company S&P Supercomposite Life & Health Insurance Index has fallen 60 percent...
Bloomberg: Life Insurers Face ‘Unprecedented Stress,’ S&P Says
Permalink posted by markw @ 5:41 AM
Moody's Cuts Ratings On Lincoln National, Warns Of More
Moody's Investors Service on Wednesday cut its ratings on Lincoln National Corp. (LNC) and warned of possible further downgrades if the insurer's earnings continue to decline on investment losses.
The rating agency noted that Lincoln National is heavily exposed to the stock markets, which have fallen sharply since last fall, with its large block of variable annuities...
WSJ: Moody's Cuts Ratings On Lincoln National, Warns Of More (Subscription required)
The rating agency noted that Lincoln National is heavily exposed to the stock markets, which have fallen sharply since last fall, with its large block of variable annuities...
WSJ: Moody's Cuts Ratings On Lincoln National, Warns Of More (Subscription required)
Permalink posted by markw @ 5:40 AM
Is It Safe? MetLife Escapes the Tumult
MetLife (MET), considered a federally chartered bank holding company, is undergoing the government's so-called stress test. But the largest U.S. life insurer said it won't be seeking funds from the Treasury Capital Purchase Program...
...MetLife's shares have fallen 24% this year, less than the 31% decline of the S&P 500's insurance-company index. Lincoln National has plummeted 50%, and Prudential has slipped only 16%.
Where does that leave MetLife?
Street: Is It Safe? MetLife Escapes the Tumult
...MetLife's shares have fallen 24% this year, less than the 31% decline of the S&P 500's insurance-company index. Lincoln National has plummeted 50%, and Prudential has slipped only 16%.
Where does that leave MetLife?
Street: Is It Safe? MetLife Escapes the Tumult
Permalink posted by markw @ 5:38 AM
UBS to Cut 7,500 More Jobs After Loss, Asset Outflows
UBS AG, Switzerland’s largest bank, plans to cut another 7,500 jobs, bringing total staff reductions to almost 20 percent of the workforce, amid mounting losses and customer defections.
UBS remains in a “precarious situation” after clients withdrew 23 billion Swiss francs ($20.1 billion) from the main wealth management unit and the bank posted a first-quarter net loss of almost 2 billion francs, Chairman Peter Kurer, who steps down today, told shareholders today in Zurich...
Bloomberg: UBS to Cut 7,500 More Jobs After Loss, Asset Outflows
UBS remains in a “precarious situation” after clients withdrew 23 billion Swiss francs ($20.1 billion) from the main wealth management unit and the bank posted a first-quarter net loss of almost 2 billion francs, Chairman Peter Kurer, who steps down today, told shareholders today in Zurich...
Bloomberg: UBS to Cut 7,500 More Jobs After Loss, Asset Outflows
Permalink posted by markw @ 5:36 AM
Run on Banks Persistent Risk Without LPB: Laurence Kotlikoff
The crisis persists. Our 17-month- old recession is deepening by the month. The unemployment rate rose to 8.5 percent in March, with 12.5 million Americans unemployed while millions more have stopped looking for work.
In the U.S., since peaking in 2007 stock indexes have dropped about 45 percent, the housing market has declined 30 percent and $11 trillion of household wealth has evaporated. Bank lending is down, and so are output and exports. Consumer confidence is at rock bottom, and saving is now chic...
...The potential for a national bank run is real. The Federal Deposit Insurance Corp. has $35 billion in reserves to cover some $4 trillion in potential liabilities. A massive run would require the Fed to print the difference. This would trigger hyperinflation and justify running to spend one’s money before prices rise.
The Federal Reserve has been printing money like crazy, adding more than $800 billion in the past year, doubling the monetary base. It’s printing another $1.2 trillion to buy long- term bonds. If banks start lending again, and the Fed doesn’t contract the monetary base quickly enough, our money supply will triple. If this doesn’t spell inflation, nothing does...
Bloomberg: Run on Banks Persistent Risk Without LPB: Laurence Kotlikoff
In the U.S., since peaking in 2007 stock indexes have dropped about 45 percent, the housing market has declined 30 percent and $11 trillion of household wealth has evaporated. Bank lending is down, and so are output and exports. Consumer confidence is at rock bottom, and saving is now chic...
...The potential for a national bank run is real. The Federal Deposit Insurance Corp. has $35 billion in reserves to cover some $4 trillion in potential liabilities. A massive run would require the Fed to print the difference. This would trigger hyperinflation and justify running to spend one’s money before prices rise.
The Federal Reserve has been printing money like crazy, adding more than $800 billion in the past year, doubling the monetary base. It’s printing another $1.2 trillion to buy long- term bonds. If banks start lending again, and the Fed doesn’t contract the monetary base quickly enough, our money supply will triple. If this doesn’t spell inflation, nothing does...
Bloomberg: Run on Banks Persistent Risk Without LPB: Laurence Kotlikoff
Permalink posted by markw @ 5:17 AM
Active or passive?
Open your mind to both investment approaches.
The mutual fund industry is inundated with misleading numbers. In particular, you've likely read an article or two that refers to some study that has shown how most actively managed funds have failed to beat their benchmarks over the long term. The inevitable conclusion would have been that everyone should buy low-fee, index-tracking exchange-traded funds (ETFs) because you're unlikely to pick a mutual fund that will give you a higher return...
Morningstar (CA): Active or passive?
The mutual fund industry is inundated with misleading numbers. In particular, you've likely read an article or two that refers to some study that has shown how most actively managed funds have failed to beat their benchmarks over the long term. The inevitable conclusion would have been that everyone should buy low-fee, index-tracking exchange-traded funds (ETFs) because you're unlikely to pick a mutual fund that will give you a higher return...
Morningstar (CA): Active or passive?
Permalink posted by markw @ 4:56 AM
U.S. Sales of Variable Annuities Decline in Fourth Quarter, 2008 on Stock Market Woes
Last year was dismal for the U.S. variable annuity industry. Fourth-quarter sales of these stock-market-linked, retirement-income products declined to $33.3 billion, a 30.3% decrease. Sales for the year declined 15.1% from year-end 2007 to $154.8 billion, according to NAVA and Morningstar Inc.
The Dow Jones Industrial Average in 2008 lost 33.8%, the third-worst performance in its history and the worst since suffering a drop of 52.7% in 1931 (BestWire, Jan. 5, 2009)...
TradingMarkets: U.S. Sales of Variable Annuities Decline in Fourth Quarter, 2008 on Stock Market Woes
The Dow Jones Industrial Average in 2008 lost 33.8%, the third-worst performance in its history and the worst since suffering a drop of 52.7% in 1931 (BestWire, Jan. 5, 2009)...
TradingMarkets: U.S. Sales of Variable Annuities Decline in Fourth Quarter, 2008 on Stock Market Woes
Permalink posted by markw @ 4:48 AM
MetLife Supports SEC Regulation Of Indexed Annuities
Insurer MetLife Inc. (MET), a major seller of annuities, and a group of state securities regulators have asked a court to uphold the U.S. Securities and Exchange Commission's rule treating equity indexed annuities as securities rather than insurance products...
WSJ: MetLife Supports SEC Regulation Of Indexed Annuities (Subscription required)
WSJ: MetLife Supports SEC Regulation Of Indexed Annuities (Subscription required)
Permalink posted by markw @ 4:47 AM
Ohio begins pilot program on annuity disclosure forms
Ohio's Department of Insurance is launching a voluntary pilot program aimed at creating an industry standard for annuity disclosure forms. The forms, which are also being tested in Iowa, are designed to be easily understood by consumers and could be adopted elsewhere...
SmartBrief: Ohio begins pilot program on annuity disclosure forms
SmartBrief: Ohio begins pilot program on annuity disclosure forms
Permalink posted by markw @ 4:45 AM
Wednesday, April 15, 2009
Worker Expectations for Retirement Continue to Fall, Many Anticipate Working Longer
The stock market isn’t the only thing hitting new lows: The retirement expectations of the vast majority of Americans set a record-low this year, with only 13 percent of American workers saying they are very confident of having enough money to live comfortably in retirement. According to the 19th Annual Retirement Confidence Survey (RCS) released today, retirement confidence among workers has tumbled by 50 percent in the last two years.
Worker Expectations for Retirement Continue to Fall, Many Anticipate Working Longer
Source: Business Wire
Worker Expectations for Retirement Continue to Fall, Many Anticipate Working Longer
Source: Business Wire
Permalink posted by armandn @ 11:44 AM
Lying about cancer for financial gain?
Knox County Sheriff's Department deputies have arrested an Oak Ridge woman who reportedly forged physicians' signatures on Family and Medical Leave Act documents to reap the benefits of a cancer insurance policy...
[She was] working as a registration coordinator at Parkwest Medical Center, reportedly falsified documents with Loyal American Life Insurance Co. (Great American Financial Resources), stating that she had ovarian cancer...
Oak Ridger: Lying about cancer for financial gain?
[She was] working as a registration coordinator at Parkwest Medical Center, reportedly falsified documents with Loyal American Life Insurance Co. (Great American Financial Resources), stating that she had ovarian cancer...
Oak Ridger: Lying about cancer for financial gain?
Permalink posted by markw @ 7:37 AM
Term Life Insurance Rates Increasing
AccuQuote, a leader in providing term life insurance quotes to people across the United States, maintains a database of well over a thousand life insurance products offered by over 125 life insurance companies and continuously monitors the rates of these carriers. Over the past few months, the company has seen a dramatic price increase among many of the most competitive carriers and expects to see this trend continue throughout 2009...
PRWeb: Term Life Insurance Rates Increasing
PRWeb: Term Life Insurance Rates Increasing
Permalink posted by markw @ 7:36 AM
Rethinking Your 401(k) Plan
The recession and market meltdown that has whacked all types of investments has added fuel to the debate about the need to fix the current 401(k) system. There are those calling for scrapping existing plans entirely and those who say the system is fine as is. Some experts think the answer lies in annuities...
SmartMoney: Rethinking Your 401(k) Plan
SmartMoney: Rethinking Your 401(k) Plan
Permalink posted by markw @ 7:34 AM
LTC/annuities: big sellers in a bad economy
Lots of clients are frozen mentally where long term care insurance is concerned. Like deer caught in headlights, they do not seem to want to complete or even talk about the financial moves they desperately need to make; they are scared or uncertain.
LTC, annuity and life insurance combination products, along with good old fashion needs-based selling, are the perfect tools to use to get these clients out of their headlight frozen positions.
Combination products have not been out very long in the grander scope of insurance products but they offer plenty of potential opportunity...
L&HIN: LTC/annuities: big sellers in a bad economy
LTC, annuity and life insurance combination products, along with good old fashion needs-based selling, are the perfect tools to use to get these clients out of their headlight frozen positions.
Combination products have not been out very long in the grander scope of insurance products but they offer plenty of potential opportunity...
L&HIN: LTC/annuities: big sellers in a bad economy
Permalink posted by markw @ 7:22 AM
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