Monday, August 31, 2009
Swiss "Black" Accounts – A Trillion Dollar Problem
The case against UBS is over. The Justice Department appears to have won this one. A total of 4,450 out of a total of 52,000 names will be divulged to either DOJ or IRS. Based on what has been presented it would appear that the other 48,000 names that were not disclosed either had the money sent back to a bank in the States (equivalent of full disclosure) or they had hired a lawyer and confessed their sins to the IRS...
Zero Hedge: Swiss "Black" Accounts – A Trillion Dollar Problem
Zero Hedge: Swiss "Black" Accounts – A Trillion Dollar Problem
Permalink posted by markw @ 11:39 AM 
Conseco To Consolidate Insurance Subsidiaries
Conseco has announced a plan to consolidate three insurance companies within its Conseco Insurance Group segment. By Nathan Conz More from this author August 31, 2009
In an effort to build capital, Carmel, Ind.-based Conseco has announced that it plans to merge Conseco Insurance Company and Conseco Health Insurance Company into Washington National Insurance Company (WNIC), according to a press release. All three companies involved in the deal, which is subject to regulatory approval, are Conseco subsidiaries...
Conseco expects to complete the merger in the fourth quarter of 2009...
I&T: Conseco To Consolidate Insurance Subsidiaries
In an effort to build capital, Carmel, Ind.-based Conseco has announced that it plans to merge Conseco Insurance Company and Conseco Health Insurance Company into Washington National Insurance Company (WNIC), according to a press release. All three companies involved in the deal, which is subject to regulatory approval, are Conseco subsidiaries...
Conseco expects to complete the merger in the fourth quarter of 2009...
I&T: Conseco To Consolidate Insurance Subsidiaries
Permalink posted by markw @ 11:37 AM
Leading insurance grievance: delays in claims handling
What are the biggest beefs against insurance companies, and which types of coverage cause consumers the most grief?
The National Association of Insurance Commissioners, which collects data from state regulators, said the leading complaint as of Aug. 24 was delays in claims handling, accounting for 18.7 percent of grievances, followed by claims denials, which represented 18.2 percent of complaints.
Policyholders complained most often about their accident and health coverage, accounting for 37.5 percent of complaints, followed by auto coverage, at 35 percent, and homeowners, at 12.5 percent...
Chicago Tribune: Leading insurance grievance: delays in claims handling
The National Association of Insurance Commissioners, which collects data from state regulators, said the leading complaint as of Aug. 24 was delays in claims handling, accounting for 18.7 percent of grievances, followed by claims denials, which represented 18.2 percent of complaints.
Policyholders complained most often about their accident and health coverage, accounting for 37.5 percent of complaints, followed by auto coverage, at 35 percent, and homeowners, at 12.5 percent...
Chicago Tribune: Leading insurance grievance: delays in claims handling
Permalink posted by markw @ 11:37 AM
Time to get tough with AIG
It’s time for someone in the Obama administration to read the riot act to Robert Benmosche, American International Group’s new $7 million chief executive... Since getting the job, Benmosche has spent more time at his lavish Croatian villa on the Adriatic coast than at the troubled insurer’s corporate offices in New York.
And in the short term, Benmosche’s vacation strategy appears to be paying dividends... This week, AIG’s shares surged 44 percent, to nearly $50, after Benmosche said that he intended to move slower than his predecessor in selling off AIG’s still viable divisions... Maybe Benmosche should consider relocating AIG’s headquarters to Dubrovnik...
Reuters: Time to get tough with AIG
And in the short term, Benmosche’s vacation strategy appears to be paying dividends... This week, AIG’s shares surged 44 percent, to nearly $50, after Benmosche said that he intended to move slower than his predecessor in selling off AIG’s still viable divisions... Maybe Benmosche should consider relocating AIG’s headquarters to Dubrovnik...
Reuters: Time to get tough with AIG
Permalink posted by markw @ 6:25 AM
Missouri sues Central United Life
Missouri insurance regulators have sued an Arkansas-based life insurance company to stop it from illegally changing the terms of its cancer insurance policies...
The state Department of Insurance says Central United Life Insurance Co. is trying to avoid paying thousands of dollars due to each of its Missouri policyholders who get treatment for cancer...
BizJournals: Missouri sues Central United Life
The state Department of Insurance says Central United Life Insurance Co. is trying to avoid paying thousands of dollars due to each of its Missouri policyholders who get treatment for cancer...
BizJournals: Missouri sues Central United Life
Permalink posted by markw @ 6:23 AM
Chosen: 2009 Broker/Dealers of the Year
These are interesting times. If you think you have it tough as an independent advisor, imagine for a moment that you are running an independent broker/dealer. Sure, the wirehouse boogeyman is off in the corner whimpering, and some fairly high-profile B/D networks are having their own problems holding on to reps who are fed up with uncertainty and looking to hang their shingles in a more secure location. But you’re also suffering from a steep decline in revenue prompted by the steep decline in the markets in 2008. Moreover, if you’ve heeded the siren call of fees over the past few years, you’re fee-based revenue is also down. Combine that with the double specter of having a fiduciary standard replace your suitability standard and an Obama Administration that has questioned the independent contractor status by which the independent B/D world survives, and you’re cooking up a distatesful stew...
Investment Advisor: Chosen: 2009 Broker/Dealers of the Year
Investment Advisor: Chosen: 2009 Broker/Dealers of the Year
Permalink posted by markw @ 6:22 AM
Regulators Shutter Three U.S. Banks, Bringing 2009 Toll to 84
Regulators closed banks in California, Maryland and Minnesota yesterday, pushing U.S. bank failures to 84 this year amid continuing fallout from the worst economic crisis since the Great Depression.
The Federal Deposit Insurance Corp. was named receiver for Affinity Bank of Ventura, California, Bradford Bank of Baltimore and Mainstreet Bank of Forest Lake, Minnesota, after yesterday’s closings, the FDIC said. Assets of $1.9 billion and deposits of $1.7 billion from the three banks were turned over to new lenders at a total cost of about $446 million to the FDIC’s deposit insurance fund, according to agency statements...
Bloomberg: Regulators Shutter Three U.S. Banks, Bringing 2009 Toll to 84
The Federal Deposit Insurance Corp. was named receiver for Affinity Bank of Ventura, California, Bradford Bank of Baltimore and Mainstreet Bank of Forest Lake, Minnesota, after yesterday’s closings, the FDIC said. Assets of $1.9 billion and deposits of $1.7 billion from the three banks were turned over to new lenders at a total cost of about $446 million to the FDIC’s deposit insurance fund, according to agency statements...
Bloomberg: Regulators Shutter Three U.S. Banks, Bringing 2009 Toll to 84
Permalink posted by markw @ 5:40 AM
Meltdown 101: Why banks' struggles have worsened
Meltdown 101: As economy shows signs of life, why do banks' struggles continue to worsen?
Despite signs of an improving economy, the nation's banks are still struggling -- in fact, the pace of bank failures has accelerated.
What would it take to turn the banking sector around? And what can people do to protect their savings in the meantime? ...
Yahoo! Finance: Meltdown 101: Why banks' struggles have worsened
Despite signs of an improving economy, the nation's banks are still struggling -- in fact, the pace of bank failures has accelerated.
What would it take to turn the banking sector around? And what can people do to protect their savings in the meantime? ...
Yahoo! Finance: Meltdown 101: Why banks' struggles have worsened
Permalink posted by markw @ 5:38 AM
Commercial Real Estate Lurks as Next Potential Mortgage Crisis
Federal Reserve and Treasury officials are scrambling to prevent the commercial-real-estate sector from delivering a roundhouse punch to the U.S. economy just as it struggles to get up off the mat.
Their efforts could be undermined by a surge in foreclosures of commercial property carrying mortgages that were packaged and sold by Wall Street as bonds. Similar mortgage-backed securities created out of home loans played a big role in undoing that sector and triggering the global economic recession. Now the $700 billion of commercial-mortgage-backed securities outstanding are being tested for the first time by a massive downturn, and the outcome so far hasn't been pretty...
WSJ: Commercial Real Estate Lurks as Next Potential Mortgage Crisis
Their efforts could be undermined by a surge in foreclosures of commercial property carrying mortgages that were packaged and sold by Wall Street as bonds. Similar mortgage-backed securities created out of home loans played a big role in undoing that sector and triggering the global economic recession. Now the $700 billion of commercial-mortgage-backed securities outstanding are being tested for the first time by a massive downturn, and the outcome so far hasn't been pretty...
WSJ: Commercial Real Estate Lurks as Next Potential Mortgage Crisis
Permalink posted by markw @ 5:38 AM
401k Annuity A Happy Medium between 401ks and Annuities
A 401k annuity combines the perks of both a 401k and an annuity into one solid investment. A 401k annuity allows employees to invest part of their regular 401k payments into an annuity, guaranteeing them a post-retirement income by making manageable contributions to the 401k annuity plan.
Some people would benefit more than others from a 401k annuity plan, according to the InsuranceAgents.com article, “Planning For Retirement With A 401k Annuity...”
888-PressRelease: 401k Annuity A Happy Medium between 401ks and Annuities
Some people would benefit more than others from a 401k annuity plan, according to the InsuranceAgents.com article, “Planning For Retirement With A 401k Annuity...”
888-PressRelease: 401k Annuity A Happy Medium between 401ks and Annuities
Permalink posted by markw @ 5:30 AM
No financial plan? 10 tips for hiring a financial planner
With a still shaky economy many consumers may be wondering what to do with the money they have how to make the most of what they’re bringing in... Despite the turbulent times, AngiesList.com, found in a recent poll of its members that 1 in 5 do not have a financial plan in place...
If you're one of those without a plan, you may consider a pro to help build a solid financial future.
“Many people have a misconception that financial planning is only for the wealthy,” said Angie Hicks, founder of Angie’s List...
ABC15: No financial plan? 10 tips for hiring a financial planner
If you're one of those without a plan, you may consider a pro to help build a solid financial future.
“Many people have a misconception that financial planning is only for the wealthy,” said Angie Hicks, founder of Angie’s List...
ABC15: No financial plan? 10 tips for hiring a financial planner
Permalink posted by markw @ 5:21 AM
Fitch affirms Primerica IFS at 'A+'
Fitch Ratings has affirmed the Insurer Financial Strength (IFS)
rating of Primerica Life Insurance Company (Primerica Life) at 'A+'. The Rating
Outlook is Evolving...
Primerica Life's rating is linked to the ratings of Citigroup in accordance
with Fitch's group rating methodology. However, the Evolving Outlook associated
with Primerica Life's IFS rating reflects Fitch's view that the company is no
longer core to the operations of Citigroup Inc. (C.N), and its rating could be
raised or lowered in the event of divestiture...
Reuters: Fitch affirms Primerica IFS at 'A+'
rating of Primerica Life Insurance Company (Primerica Life) at 'A+'. The Rating
Outlook is Evolving...
Primerica Life's rating is linked to the ratings of Citigroup in accordance
with Fitch's group rating methodology. However, the Evolving Outlook associated
with Primerica Life's IFS rating reflects Fitch's view that the company is no
longer core to the operations of Citigroup Inc. (C.N), and its rating could be
raised or lowered in the event of divestiture...
Reuters: Fitch affirms Primerica IFS at 'A+'
Permalink posted by markw @ 5:16 AM
Relationship Rehab, Washington-Style
WHEN IS A FINANCIAL ADVISOR NOT REALLY A FINANCIAL ADVISOR?
That's not a trick question. Harold Evensky, a Florida-based investment advisor, points to "feel good" ads run by one brokerage house in recent years showing a broker at the graduation of a client's daughter. "That suggests that the broker is always on your side, doing whatever it takes," Evensky says. "In fact, they are legally permitted to put their own interests first, and the obligation is on you to look out for your own interests..."
Barrons: Relationship Rehab, Washington-Style (Subscription required)
That's not a trick question. Harold Evensky, a Florida-based investment advisor, points to "feel good" ads run by one brokerage house in recent years showing a broker at the graduation of a client's daughter. "That suggests that the broker is always on your side, doing whatever it takes," Evensky says. "In fact, they are legally permitted to put their own interests first, and the obligation is on you to look out for your own interests..."
Barrons: Relationship Rehab, Washington-Style (Subscription required)
Permalink posted by markw @ 4:51 AM
Life insurance decisions hang over those close to retirement
After the real estate collapse and the stock market crash, the finances of pre-retirees have become far more challenging... And that's before you have to deal with life insurance...
If you have a term policy that is about to expire, do you renew and watch your premiums soar? Or drop it and leave your family in a bind if you die young?
If you own permanent, or cash-value, life insurance, you may be tempted to take out money to compensate for a smaller pension or a tighter budget. Or you might cash it in...
Chicago Tribune: Life insurance decisions hang over those close to retirement
If you have a term policy that is about to expire, do you renew and watch your premiums soar? Or drop it and leave your family in a bind if you die young?
If you own permanent, or cash-value, life insurance, you may be tempted to take out money to compensate for a smaller pension or a tighter budget. Or you might cash it in...
Chicago Tribune: Life insurance decisions hang over those close to retirement
Permalink posted by markw @ 4:44 AM
U.S. Housing Market Stabilises, But Don't Expect an Rip-Rooaring Rebound
Almost four months ago, I made one of the most dramatic shifts in my investment outlook ever. After warning — in advance — that we would experience a devastating housing and mortgage market crash … and after repeatedly refuting all the early — and wrong — bottom callers during the four-year collapse, I wrote the following in my Money and Markets column four months ago:
“It’s time to signal another important shift in my thoughts on the housing market. Namely, that the nexus of the real estate downturn is shifting and that the residential market is poised to stabilize in the coming quarters...”
Market Oracle: U.S. Housing Market Stabilises, But Don't Expect an Rip-Rooaring Rebound
“It’s time to signal another important shift in my thoughts on the housing market. Namely, that the nexus of the real estate downturn is shifting and that the residential market is poised to stabilize in the coming quarters...”
Market Oracle: U.S. Housing Market Stabilises, But Don't Expect an Rip-Rooaring Rebound
Permalink posted by markw @ 4:41 AM
Friday, August 28, 2009
Auto insurance fraud cases increasing in California
Financial desperation may be driving more Californians to ditch their cars or set them on fire to get an insurance payout, according to the California Department of Insurance... [there were] 300 more suspected fraud cases involving arson and theft in 2008 than in 2007.
Experts say those crimes typically increase during economic downturns... David Simon, a San Bernardino County, Calif., deputy district attorney with the organized auto insurance fraud unit, said he has also noticed an increase in "give-ups," where a person ditches a vehicle or sets it on fire to get out of car payments and get a check from an insurance company...
Scripps: Auto insurance fraud cases increasing in California
Experts say those crimes typically increase during economic downturns... David Simon, a San Bernardino County, Calif., deputy district attorney with the organized auto insurance fraud unit, said he has also noticed an increase in "give-ups," where a person ditches a vehicle or sets it on fire to get out of car payments and get a check from an insurance company...
Scripps: Auto insurance fraud cases increasing in California
Permalink posted by markw @ 10:27 AM
As Budget Deficit Grows, So Do Doubts on Dollar
The U.S. economy may be showing signs of recovering from the financial crisis, but the jury is still out on the future of the U.S. dollar.
While many analysts expect the dollar to strengthen in coming months as the crisis fades and the U.S. economy turns toward growth, a growing chorus of investors is expressing concern about the longer-term outlook for the greenback... In a new twist to an old refrain among economists, who have long worried about the effects of growing U.S. debt, they say that the huge liabilities the U.S. is taking on to dig its way out of crisis could ultimately undermine faith in the dollar...
Yahoo! Finance: As Budget Deficit Grows, So Do Doubts on Dollar
While many analysts expect the dollar to strengthen in coming months as the crisis fades and the U.S. economy turns toward growth, a growing chorus of investors is expressing concern about the longer-term outlook for the greenback... In a new twist to an old refrain among economists, who have long worried about the effects of growing U.S. debt, they say that the huge liabilities the U.S. is taking on to dig its way out of crisis could ultimately undermine faith in the dollar...
Yahoo! Finance: As Budget Deficit Grows, So Do Doubts on Dollar
Permalink posted by markw @ 10:22 AM
The Ongoing Chinese Annexation Of The US Consumer
Recent conversations over the symbiotic relationship between China and the US all end up focusing on three key concepts:
1. The lopsided trade balance (China exporting and the US importing)
2. China's willingness to continue investing in US assets even with a declining dollar, a debt load which will likely one day result in a payment moratorium (the banana republic syndrome) and collapsing economic drivers
3. Who can inflate yet another fiat bubble faster (opinions are split here, although China is conclusively in the lead for the time being) and deflate respective massive debt burdens
There is much more, but ultimately these three are what it all boils down to...
Zero Hedge: The Ongoing Chinese Annexation Of The US Consumer
1. The lopsided trade balance (China exporting and the US importing)
2. China's willingness to continue investing in US assets even with a declining dollar, a debt load which will likely one day result in a payment moratorium (the banana republic syndrome) and collapsing economic drivers
3. Who can inflate yet another fiat bubble faster (opinions are split here, although China is conclusively in the lead for the time being) and deflate respective massive debt burdens
There is much more, but ultimately these three are what it all boils down to...
Zero Hedge: The Ongoing Chinese Annexation Of The US Consumer
Permalink posted by markw @ 10:21 AM
Now We Are 6: Prudential's HD7 is Now HD6
Prudential Annuities, a unit of Prudential Financial, Inc. has reduced the annual “roll-up” of the guaranteed income base (Protected Withdrawal Value) of its Highest Daily Lifetime Plus variable annuity from seven percent to six percent.
Now We Are 6: Prudential's HD7 is Now HD6
Source: Retirement Income Journal
Now We Are 6: Prudential's HD7 is Now HD6
Source: Retirement Income Journal
Permalink posted by armandn @ 9:56 AM
In 2010 IRS Could Cut 401(k) Contributions Limit to $16,000
Low inflation has made food and gas more affordable during the recession, but there's a downside: Social Security beneficiaries probably won't get a raise next year, and the IRS may reduce the amount workers can contribute to their 401(k) plans.
In 2010 IRS Could Cut 401(k) Contributions Limit to $16,000
Source: USA Today
In 2010 IRS Could Cut 401(k) Contributions Limit to $16,000
Source: USA Today
Permalink posted by armandn @ 9:50 AM
Northwestern Mutual Asks: When Was the Last Time You Thought About Your Life Insurance?
Although life insurance is most often purchased to provide a death benefit, many consumers don't realize that the cash value of a permanent life insurance policy grows tax-deferred over time and is guaranteed to increase in value each year, never going down.
Northwestern Mutual Asks: When Was the Last Time You Thought About Your Life Insurance?
Source: PR Newswire
Northwestern Mutual Asks: When Was the Last Time You Thought About Your Life Insurance?
Source: PR Newswire
Permalink posted by armandn @ 9:45 AM
Japan Still Mired In Severe Deflation
Japan just can't shake deflation. Consumer prices fell a record 2.2% in July. Even if you strip out food & energy prices, which ran up last year, Japanese prices still fell 0.9%.
It increasingly appears the country is fighting a losing battle here...
BI: Japan Still Mired In Severe Deflation
It increasingly appears the country is fighting a losing battle here...
BI: Japan Still Mired In Severe Deflation
Permalink posted by markw @ 5:13 AM
Google could be adding mortgage info soon
Could Google be adding mortgage information to its real-estate search pages?
Add Google Mortgage to the list of potential services that might soon appear on Google's Web site.
The New York Times noticed a lawsuit pending between LendingTree, an online mortgage quote service, and a company called Mortech, which helps LendingTree run its site. The connection to Google is that apparently, Mortech is gearing up to sell that technology to Google, which LendingTree thinks is a breach of the deal between Mortech and LendingTree...
CNet: Google could be adding mortgage info soon
Add Google Mortgage to the list of potential services that might soon appear on Google's Web site.
The New York Times noticed a lawsuit pending between LendingTree, an online mortgage quote service, and a company called Mortech, which helps LendingTree run its site. The connection to Google is that apparently, Mortech is gearing up to sell that technology to Google, which LendingTree thinks is a breach of the deal between Mortech and LendingTree...
CNet: Google could be adding mortgage info soon
Permalink posted by markw @ 5:09 AM
Banks on Sick List Top 400
Industry's Health Slides as Bad Loans Pile Up; Deposit-Insurance Fund Shrinks
The banking industry continues to deteriorate, with federal regulators adding 111 lenders to their list of endangered banks in the latest quarter, even as the economy shows signs of stabilizing... Data released Thursday painted a gloomy picture of the state of banking.
The government fund that protects consumer deposits fell to its lowest level since 1993. The continuing woes, which come despite trillions of dollars in government rescue financing and a rebounding stock market, raised questions about how quickly the economy can revive...
WSJ: Banks on Sick List Top 400 (Subscription required)
The banking industry continues to deteriorate, with federal regulators adding 111 lenders to their list of endangered banks in the latest quarter, even as the economy shows signs of stabilizing... Data released Thursday painted a gloomy picture of the state of banking.
The government fund that protects consumer deposits fell to its lowest level since 1993. The continuing woes, which come despite trillions of dollars in government rescue financing and a rebounding stock market, raised questions about how quickly the economy can revive...
WSJ: Banks on Sick List Top 400 (Subscription required)
Permalink posted by markw @ 5:08 AM
Benmosche in No Hurry to Sell Off AIG's Assets
As shares of American International Group Inc. continued to ascend Thursday, newly minted Chief Executive Robert Benmosche said he is taking a far more patient approach than his predecessor toward selling assets to repay the government.
He is willing to wait as long as three years, he said, to offer stakes in two multibillion-dollar foreign units that the insurer had been racing to spin off.
"It's not a question of if, but when," Mr. Benmosche said in an interview with The Wall Street Journal at his home here...
WSJ: Benmosche in No Hurry to Sell Off AIG's Assets (Subscription required)
He is willing to wait as long as three years, he said, to offer stakes in two multibillion-dollar foreign units that the insurer had been racing to spin off.
"It's not a question of if, but when," Mr. Benmosche said in an interview with The Wall Street Journal at his home here...
WSJ: Benmosche in No Hurry to Sell Off AIG's Assets (Subscription required)
Permalink posted by markw @ 5:06 AM
Charles Schwab Outlines Fundamentals for Investment Advisor Independence
A persistent undercurrent of uncertainty at the full-service wirehouse brokerage firms has been a game-changer for many financial advisors this year, prompting record moves to the independent registered investment advisor (RIA) channel. To help these advisors successfully transition to independence, Charles Schwab today announced its latest whitepaper, A Case for Starting or Joining a Registered Investment Advisory (RIA) Firm.
The shift in momentum is palpable: as of June 30, 2009, 74 advisor teams transitioned to independence this year with Charles Schwab as their custodian, up 54 percent from the 48 teams who made the change in the first six months of 2008...
Trading Markets: Charles Schwab Outlines Fundamentals for Investment Advisor Independence
The shift in momentum is palpable: as of June 30, 2009, 74 advisor teams transitioned to independence this year with Charles Schwab as their custodian, up 54 percent from the 48 teams who made the change in the first six months of 2008...
Trading Markets: Charles Schwab Outlines Fundamentals for Investment Advisor Independence
Permalink posted by markw @ 4:58 AM
Racketeering 101: Bailed Out Banks Threaten Systemic Collapse If Fed Discloses Information
And so the guns come out blazing. The Clearing House Association, another name for all the banks that were bailed out over the past year with the generous contributions from all of you, dear taxpayers, are now threatening with another instance of complete systemic collapse if Bloomberg's lawsuit is allowed to proceed unchallenged, let alone if any of the "Audit The Fed" measures are actually implemented.
As a reminder, The Clearing House Association consists of ABN Amro, Bank Of America, The Bank Of New York, Deutsche Bank, HSBC, JP Morgan Chase, US Bank and Wells Fargo.
In a declaration filed in the Bloomberg Case (08-CV-9595, Southern District of New York), the banks demonstrate no shame in attempting to perpetuate the status quo with regard to the Federal Reserve and demand that the wool over the eyes of the general population remain firmly planted in perpetuity...
Zero Hedge: Racketeering 101: Bailed Out Banks Threaten Systemic Collapse If Fed Discloses Information
As a reminder, The Clearing House Association consists of ABN Amro, Bank Of America, The Bank Of New York, Deutsche Bank, HSBC, JP Morgan Chase, US Bank and Wells Fargo.
In a declaration filed in the Bloomberg Case (08-CV-9595, Southern District of New York), the banks demonstrate no shame in attempting to perpetuate the status quo with regard to the Federal Reserve and demand that the wool over the eyes of the general population remain firmly planted in perpetuity...
Zero Hedge: Racketeering 101: Bailed Out Banks Threaten Systemic Collapse If Fed Discloses Information
Permalink posted by markw @ 4:49 AM
Labor leader says 'card check' will wait until after healthcare
A top labor official said Monday that President Obama and White House Chief of Staff Rahm Emanuel have indicated that they will not bring up "card check" legislation until after healthcare reform is done in Congress.
AFL-CIO Secretary-Treasurer Richard Trumka, the expected incoming president of the influential union, pledged during a web chat on the liberal blog firedoglake that organized labor would work to pass healthcare reform in order to move onto one of its top priorities, the Employee Free Choice Act (EFCA)...
Hill: Labor leader says 'card check' will wait until after healthcare
AFL-CIO Secretary-Treasurer Richard Trumka, the expected incoming president of the influential union, pledged during a web chat on the liberal blog firedoglake that organized labor would work to pass healthcare reform in order to move onto one of its top priorities, the Employee Free Choice Act (EFCA)...
Hill: Labor leader says 'card check' will wait until after healthcare
Permalink posted by markw @ 4:37 AM
GAO Addresses Retirement Issues
U.S. workers face a number of risks in both accumulating and preserving pension benefits, the Government Accountability Office says in a new report... The agency notes alternative retirement plan designs, such as those used in several European nations, may help cut those risks. But they also present trade-offs and costs for workers and employers...
Important disadvantages may arise with mandating coverage and contributions, guaranteeing investment returns and annuitizing benefits, the report said...
Nat'l Underwriter: GAO Addresses Retirement Issues
Important disadvantages may arise with mandating coverage and contributions, guaranteeing investment returns and annuitizing benefits, the report said...
Nat'l Underwriter: GAO Addresses Retirement Issues
Permalink posted by markw @ 4:36 AM
Fixed Annuity Sales at Banks Drop $1.2 B
Bank sales of fixed annuities reached $8.7 billion in the second quarter, according to Beacon Research in Chicago, a drop in sales from $10.9 billion in the first quarter...
The decline in sales would have been even more severe if the spread between corporate bonds and Treasuries had not been so wide, which hurt CD sales... Fixed annuity rates, which are based on corporate bonds, have been higher than CD rates, which are based on Treasuries, since November last year. At that time, five-year fixed annuities were returning 5.04% compared to 4.48% for five-year CDs...
On Wall Street: Fixed Annuity Sales at Banks Drop $1.2 B
The decline in sales would have been even more severe if the spread between corporate bonds and Treasuries had not been so wide, which hurt CD sales... Fixed annuity rates, which are based on corporate bonds, have been higher than CD rates, which are based on Treasuries, since November last year. At that time, five-year fixed annuities were returning 5.04% compared to 4.48% for five-year CDs...
On Wall Street: Fixed Annuity Sales at Banks Drop $1.2 B
Permalink posted by markw @ 4:34 AM
Thursday, August 27, 2009
Treasuries Little Changed Before Report That May Say GDP Shrank
Treasuries were little changed, with 10-year yields holding near the lowest level in six weeks, before a government report that economists said will show the U.S. economy shrank faster than previously estimated.
Government debt headed for a second monthly gain as banks bought bonds with deposits from people who are saving more because of the recession...
Bloomberg: Treasuries Little Changed Before Report That May Say GDP Shrank
Government debt headed for a second monthly gain as banks bought bonds with deposits from people who are saving more because of the recession...
Bloomberg: Treasuries Little Changed Before Report That May Say GDP Shrank
Permalink posted by markw @ 5:27 AM
Going Long in Life Insurance
HEADING INTO SECOND-QUARTER 2009 earnings season, we were very constructive on the life-insurance sector.
Low expectations combined with solid improvement in equity and credit markets proved to be a winning combination for solid upside performance across the group. While third-quarter 2009 macros [macroeconomic issues] continue to demonstrate a continuation of the positive trends in macro conditions, we think the group has largely built in considerable improvement into current valuations...
Barron's: Going Long in Life Insurance (Subscription required)
Low expectations combined with solid improvement in equity and credit markets proved to be a winning combination for solid upside performance across the group. While third-quarter 2009 macros [macroeconomic issues] continue to demonstrate a continuation of the positive trends in macro conditions, we think the group has largely built in considerable improvement into current valuations...
Barron's: Going Long in Life Insurance (Subscription required)
Permalink posted by markw @ 5:26 AM
MassMutual Stripped of AAA Grade at S&P on Fund Units
Massachusetts Mutual Life Insurance Co., the 158-year-old policyholder-owned carrier, was stripped of its AAA rating by Standard & Poor’s on the drop in the value of asset management units.
The credit and financial-strength ratings were cut to AA+ “because of its lower quality of capital and reduced financial flexibility,” the ratings firm said today in a statement on the Springfield, Massachusetts-based insurer.
MassMutual, which lost $1.1 billion last year amid investment declines, slips one credit grade below rivals New York Life Insurance Co. and TIAA-CREF at S&P. Customer returns tumbled at the MassMutual’s OppenheimerFunds Inc. money- management unit as bond funds lost an average of 29 percent in 2008, prompting investor defections...
Bloomberg: MassMutual Stripped of AAA Grade at S&P on Fund Units (Update3)
The credit and financial-strength ratings were cut to AA+ “because of its lower quality of capital and reduced financial flexibility,” the ratings firm said today in a statement on the Springfield, Massachusetts-based insurer.
MassMutual, which lost $1.1 billion last year amid investment declines, slips one credit grade below rivals New York Life Insurance Co. and TIAA-CREF at S&P. Customer returns tumbled at the MassMutual’s OppenheimerFunds Inc. money- management unit as bond funds lost an average of 29 percent in 2008, prompting investor defections...
Bloomberg: MassMutual Stripped of AAA Grade at S&P on Fund Units (Update3)
Permalink posted by markw @ 5:24 AM
The ‘Facebook-ing’ of Retirement Income
Should you be concerned about where you rank in search engine results? Yes, says David Macchia.
Facebook, the hugely popular social networking site, recently enabled its millions of users to enjoy a more personalized Web experience by allowing them to register “vanity URLs”—user-defined web addresses that lead directly to their Facebook pages. At exactly 12:01 AM on Saturday, June 13, Facebook flipped the switch... The popularity of Facebook's move was astounding. Within three minutes, 200,000 users had registered personal URLs. Within 24 hours, 5.75 million people had claimed their preferred web addresses...
RIJ: The ‘Facebook-ing’ of Retirement Income
Facebook, the hugely popular social networking site, recently enabled its millions of users to enjoy a more personalized Web experience by allowing them to register “vanity URLs”—user-defined web addresses that lead directly to their Facebook pages. At exactly 12:01 AM on Saturday, June 13, Facebook flipped the switch... The popularity of Facebook's move was astounding. Within three minutes, 200,000 users had registered personal URLs. Within 24 hours, 5.75 million people had claimed their preferred web addresses...
RIJ: The ‘Facebook-ing’ of Retirement Income
Permalink posted by markw @ 4:48 AM
How Good Is This Ad? You Decide.
This ad drew a wide range of responses. Many reviewers said it “spoke to them.” Some said it left them cold.How Good Is This Ad? You Decide.
And the winners are. . . MassMutual, Fidelity Investments, and Lincoln Financial Group.
Earlier this year, Phoenix Marketing International, a Rhinebeck, NY research firm, asked investors to review 27 print and TV ads and grade them from one to seven on each of 25 attributes, such as persuasiveness, creativity, and ability to spark action...
RIJ: How Good Is This Ad? You Decide.
Permalink posted by markw @ 4:47 AM
Coming Soon: The Alt-A Mortgage Reset Bomb
As housing-market observers fight about whether we've hit the bottom or are just seeing the "mother of all head fakes," it's worth remembering that we're approaching the second wave of mortgage resets.
What's a "mortgage reset"?
It's when the homeowner who bought a house with a low "teaser rate" and planned to refinance as soon as the house price went up suddenly gets a new payment that is far higher (not always, but usually). Often, homeowners can't afford these resets.
The first wave of resets, as you're recall, was subprime. As this chart from Whitney Tilson shows, that's basically done with... So subprime is pretty much done. But Alt-A is actually a much larger category of mortgages. And the big Alt-A reset boom is just around the corner...
BI: Coming Soon: The Alt-A Mortgage Reset Bomb
What's a "mortgage reset"? It's when the homeowner who bought a house with a low "teaser rate" and planned to refinance as soon as the house price went up suddenly gets a new payment that is far higher (not always, but usually). Often, homeowners can't afford these resets.
The first wave of resets, as you're recall, was subprime. As this chart from Whitney Tilson shows, that's basically done with... So subprime is pretty much done. But Alt-A is actually a much larger category of mortgages. And the big Alt-A reset boom is just around the corner...
BI: Coming Soon: The Alt-A Mortgage Reset Bomb
Permalink posted by markw @ 4:41 AM
Florida law firm files FINRA claim against Ameriprise
A Florida law firm has filed an arbitration claim against Ameriprise Financial Inc., alleging stockbroker misconduct and negligence... [the firm] filed the claim with the Financial Industry Regulatory Authority, or FINRA. The firm claims that an Ameriprise advisor, Deborah Amilowski, did not properly advise a 77-year-old investor about the risks associated with products that were unsuitable for a person of his age. According to the firm, Amilowski recommended a RiverSource variable annuity as an initial investment to the investor, who was ineligible for a guaranteed death benefit...
BizJournals: Florida law firm files FINRA claim against Ameriprise
BizJournals: Florida law firm files FINRA claim against Ameriprise
Permalink posted by markw @ 4:39 AM
Bank Rep Productivity Rises
Bank-based advisor productivity turned upward in June to $15,484 in average monthly production, beating May's figures by 3%, according to the Bank Insurance and Securities Association's Monthly Productivity Benchmarks report.
In what has been a spotty year, while June is an improvement over May, it falls short of April's $16,268 high and is dwarfed by 1998's $22,795, the inception year of the Kehrer-AXA Distributors Monthly Bank Investment Services Monitor, upon which BISA's data is based... Platform rep production increased 9% over the same period, rising to $819 in average monthly production... Fixed annuity sales, the banks' savior during the downturn, are starting to wane...
BIC: Bank Rep Productivity Rises
In what has been a spotty year, while June is an improvement over May, it falls short of April's $16,268 high and is dwarfed by 1998's $22,795, the inception year of the Kehrer-AXA Distributors Monthly Bank Investment Services Monitor, upon which BISA's data is based... Platform rep production increased 9% over the same period, rising to $819 in average monthly production... Fixed annuity sales, the banks' savior during the downturn, are starting to wane...
BIC: Bank Rep Productivity Rises
Permalink posted by markw @ 4:36 AM
How To Beat Insurers At The Annuity Game
Many variable annuity skeptics are taking a second look at these complex insurance-investment hybrids that hold your money in a mutual fund look-alike, have a life insurance death benefit and offer income-for-life guarantees. The income guarantee is appealing to people whose retirement accounts have been reduced by the stock market and whose net worth has been reduced by the real estate collapse.
Annuity marketers are tapping into this trend with television ads hinting at a worry-free retirement solution: Give us your $100,000 and we'll give you $5,000 a year for as long as you live...
Forbes: How To Beat Insurers At The Annuity Game
Annuity marketers are tapping into this trend with television ads hinting at a worry-free retirement solution: Give us your $100,000 and we'll give you $5,000 a year for as long as you live...
Forbes: How To Beat Insurers At The Annuity Game
Permalink posted by markw @ 4:35 AM
Wednesday, August 26, 2009
Bernanke's Low-Rate Fed Future is Secure
It's remarkable, really. The Federal Reserve is holding short-term interest rates at the lowest levels in history—just zero to 0.25%. Critics argue these ultralow rates will trigger a dollar crisis or fuel a new round of foolish lending and financial speculation that will end once again in tears. Yet the engineer of these low rates, Fed Chairman Ben Bernanke, has managed to retain the confidence of the financial markets and fellow monetary policymakers. And on Aug. 25, President Barack Obama said he will nominate Bernanke for another four-year term as chairman, which would keep him at the helm until January 2014.
Bernanke's Low-Rate Fed Future is Secure
Source: Business Week
Bernanke's Low-Rate Fed Future is Secure
Source: Business Week
Permalink posted by armandn @ 10:50 AM
MetLife Introduces Adviser Solutions
MetLife's Broker-Dealer Group has introduced MetLife Fund Management Services, an investment advisory solution targeted at emerging investors.
"Our goal is to offer an investment advisory solution geared to emerging investors seeking comprehensive investment advice and service from a financial professional," said Rebecca Kovatch, vice president of MetLife's Broker-Dealer Group. "We're providing our registered investment advisors with a solution that allows them to continue a dialogue with clients while increasing efficiencies within their own practices."
MetLife Introduces Adviser Solutions
Source: Financial-Planning.com
"Our goal is to offer an investment advisory solution geared to emerging investors seeking comprehensive investment advice and service from a financial professional," said Rebecca Kovatch, vice president of MetLife's Broker-Dealer Group. "We're providing our registered investment advisors with a solution that allows them to continue a dialogue with clients while increasing efficiencies within their own practices."
MetLife Introduces Adviser Solutions
Source: Financial-Planning.com
Permalink posted by armandn @ 10:46 AM
The Future of Lead Generation: Only the Smart Survive
When I think of the quintessential annuity lead, the first thing that comes to mind is the Social Security mailer. "Tear off the reply card and drop it in the mailbox because you may being paying too much in taxes on your SSI... and by the way, I'll give you something free (complimentary)." If you send this mailer to 100 people, three to four people may respond asking for more information. Of those four, you may have two that could actually benefit from an annuity, and one that likes you enough to give you some of his retirement savings three months later.
The Future of Lead Generation: Only the Smart Survive
Source: Producers Web
The Future of Lead Generation: Only the Smart Survive
Source: Producers Web
Permalink posted by armandn @ 10:43 AM
Digg's Dialogg with Timothy Geithner
The question period has ended and The Wall Street Journal Deputy Managing Editor Alan Murray posed your questions to U.S. Secretary of the Treasury Timothy Geithner for our next installment of Digg Dialogg. Watch the full interview...
Digg: Dialogg with Timothy Geithner
Digg: Dialogg with Timothy GeithnerPermalink posted by markw @ 5:05 AM
SCC sets October hearing on Shenandoah Life Insurance
Virginia regulators plan to hold a hearing in October on the proposed sale of Shenandoah Life Insurance’s group insurance business to Assurant, Inc... The Virginia State Corporation Commission placed the struggling Roanoke insurer in receivership in February.
According to the SCC’s scheduling order, Assurant and affiliate Union Security Insurance Company would acquire Shenandoah’s group life, accidental death and dismemberment, dental, short-term and long-term disability, and vision insurance lines...
WSLS: SCC sets October hearing on Shenandoah Life Insurance
According to the SCC’s scheduling order, Assurant and affiliate Union Security Insurance Company would acquire Shenandoah’s group life, accidental death and dismemberment, dental, short-term and long-term disability, and vision insurance lines...
WSLS: SCC sets October hearing on Shenandoah Life Insurance
Permalink posted by markw @ 5:04 AM
Sean Egan Takes On The SEC's Rating Cronyism
...Sean Egan has had enough of this consistent cronyism between rating agencies and the entire financial system, and has demanded accountability from the SEC for not just on basis of the ratings, but the motivations behind them... Zero Hedge stands firmly behind a process whereby remuneration incentives to artificially inflate ratings are properly disclosed, especially when the opportunity cost of doing so is another systemic collapse, such as the one we almost experienced with the Reserve Fund's failure.
Furthermore, now that the rating agencies are being invoked again to plaster AAA ratings on the trillions of loans that will soon make up the newly created, taxpayer subsidized securitization conduits such as TALF and PPIP, this is recipe for another disaster, and this time of even bigger proportions...
Zero Hedge: Sean Egan Takes On The SEC's Rating Cronyism
Furthermore, now that the rating agencies are being invoked again to plaster AAA ratings on the trillions of loans that will soon make up the newly created, taxpayer subsidized securitization conduits such as TALF and PPIP, this is recipe for another disaster, and this time of even bigger proportions...
Zero Hedge: Sean Egan Takes On The SEC's Rating Cronyism
Permalink posted by markw @ 5:01 AM
Individual and variable annuity sales tumbled in 2Q, LIMRA reports
Fixed sales as a whole, however, increased 11% from same period last year
Total individual-annuity sales tumbled during the second quarter as carriers’ new business slowed and fixed-annuity interest rates fell, although sales for all fixed annuities fared better, according to data from LIMRA... Individual-annuity sales in the second quarter fell to $60.5 billion, down 11% from the same time last year, according to data from the Windsor, Conn.-based LIMRA International Inc.
Variable annuity sales also took a dive, falling $31.9 billion at the end of the second quarter, a 24% drop compared with the second quarter of 2008...
Investment News: Individual and variable annuity sales tumbled in 2Q, LIMRA reports
Total individual-annuity sales tumbled during the second quarter as carriers’ new business slowed and fixed-annuity interest rates fell, although sales for all fixed annuities fared better, according to data from LIMRA... Individual-annuity sales in the second quarter fell to $60.5 billion, down 11% from the same time last year, according to data from the Windsor, Conn.-based LIMRA International Inc.
Variable annuity sales also took a dive, falling $31.9 billion at the end of the second quarter, a 24% drop compared with the second quarter of 2008...
Investment News: Individual and variable annuity sales tumbled in 2Q, LIMRA reports
Permalink posted by markw @ 4:50 AM
Variable Annuity Assets Advance Most in 17 Years
Assets in U.S. variable annuities rose the most in 17 years in the second quarter as stock markets surged and savers invested more than in the prior three months.
Total assets were $1.19 trillion as of June 30, compared with $1.07 trillion on March 31, the Insured Retirement Institute said today in an e-mailed statement. The gain helped life insurers including No. 1 MetLife Inc. and No. 2 Prudential Financial Inc., which added to reserves last year when markets declined.
Funds backing variable annuities are often concentrated in equities, and the 15 percent increase in the Standard & Poor’s 500 Index in the second quarter boosted account values. Industry sales in the April to June period were $31.8 billion, up 4.3 percent from the $30.4 billion recorded in the first three months of the year, IRI said...
Bloomberg: Variable Annuity Assets Advance Most in 17 Years
Total assets were $1.19 trillion as of June 30, compared with $1.07 trillion on March 31, the Insured Retirement Institute said today in an e-mailed statement. The gain helped life insurers including No. 1 MetLife Inc. and No. 2 Prudential Financial Inc., which added to reserves last year when markets declined.
Funds backing variable annuities are often concentrated in equities, and the 15 percent increase in the Standard & Poor’s 500 Index in the second quarter boosted account values. Industry sales in the April to June period were $31.8 billion, up 4.3 percent from the $30.4 billion recorded in the first three months of the year, IRI said...
Bloomberg: Variable Annuity Assets Advance Most in 17 Years
Permalink posted by markw @ 4:34 AM
Green Sharts On The NYSE!
That's a clever little search in which I asked for the highest-volume stocks with prices over ten cents (to exclude the little penny pumper stocks on the OTC market.)Well gee, let's add this up!
That would be about 2.126 billion shares in total for these four stocks, two of which (Fannie and Freddie) are so far underwater in their equity value (to the government no less!) that there is no chance they're worth anything, yet they remain listed, and the other two are zombie banks with Citibank existing only because of $300 billion in asset guarantees by The Fed and Treasury (which, incidentally, is under investigation, and that assumes that the $300 billion is all there is. There is persistent chatter that the real amount of "back door support" that Citibank has is closer to a cool trillion dollars, although I've never been able to get anyone to speak on the record in that regard...)
Denninger: Green Sharts On The NYSE!
Permalink posted by markw @ 4:32 AM
Case-Shiller Flashing The "Ultimate False Bottom" In Housing
Following yesterday's news that the Case-Shiller Index showed the second-straight month of home price gains in June, analyst Mark Hanson, of Mark Hanson Mortgage Advisors is out calling the numbers the "ultimate false bottom..."
Business Insider: Case-Shiller Flashing The "Ultimate False Bottom" In Housing
Business Insider: Case-Shiller Flashing The "Ultimate False Bottom" In Housing
Permalink posted by markw @ 3:57 AM
Monthly CMBS Delinquency Report and Commentary (August 2009)
In July 2009, the delinquent unpaid balance for CMBS decreased for the first time since August 2008 after 10 straight monthly increases, down to only $25.68 billion from $28.65 billion a month prior. Delinquency in June 2009 had increased by a substantial $9.87 billion from May, up to a trailing 12-month high of $28.65 billion. The decline through July, however, came after nearly $4.8 billion of GGP sponsored loans were returned to current payment status following a 30-day delinquent status in June...
Realpoint Research: Monthly CMBS Delinquency Report and Commentary (August 2009) (PDF)
Realpoint Research: Monthly CMBS Delinquency Report and Commentary (August 2009) (PDF)
Permalink posted by markw @ 3:54 AM
Real Homes of Genius: Today we Salute you Temecula and Culver City.
...There might be a bottom in the bottom of the housing market...
San Bernardino and Riverside Counties are both seeing prices going back nearly a decade. In these areas, you might find some solid bargains. But look at the other counties. People are using the massive drop and correction at the lower rung to justify stagnant or slightly declining prices in more prime locations. And it is clear why we are seeing what we are seeing...
DHB: Real Homes of Genius: Today we Salute you Temecula and Culver City.
San Bernardino and Riverside Counties are both seeing prices going back nearly a decade. In these areas, you might find some solid bargains. But look at the other counties. People are using the massive drop and correction at the lower rung to justify stagnant or slightly declining prices in more prime locations. And it is clear why we are seeing what we are seeing...
DHB: Real Homes of Genius: Today we Salute you Temecula and Culver City.
Permalink posted by markw @ 3:45 AM
Tuesday, August 25, 2009
Court Orders Fed to Disclose Emergency Bank Loans
The Federal Reserve must for the first time identify the companies in its emergency lending programs after losing a Freedom of Information Act lawsuit...
The Fed has refused to name the financial firms it lent to or disclose the amounts or the assets put up as collateral under 11 programs, most put in place during the deepest financial crisis since the Great Depression, saying that doing so might set off a run by depositors and unsettle shareholders. Bloomberg LP, the New York-based company majority-owned by Mayor Michael Bloomberg, sued on Nov. 7 on behalf of its Bloomberg News unit...
Bloomberg: Court Orders Fed to Disclose Emergency Bank Loans
The Fed has refused to name the financial firms it lent to or disclose the amounts or the assets put up as collateral under 11 programs, most put in place during the deepest financial crisis since the Great Depression, saying that doing so might set off a run by depositors and unsettle shareholders. Bloomberg LP, the New York-based company majority-owned by Mayor Michael Bloomberg, sued on Nov. 7 on behalf of its Bloomberg News unit...
Bloomberg: Court Orders Fed to Disclose Emergency Bank Loans
Permalink posted by markw @ 12:25 PM
Obama Raises ‘10 Deficit Outlook 19% to $1.5 Trillion
U.S. unemployment will surge to 10 percent this year and the budget deficit will be $1.5 trillion next year, both higher than previous Obama administration forecasts because of a recession that was deeper and longer than expected, White House budget chief Peter Orszag said.
The Office of Management and Budget forecasts a weaker economic recovery than it saw in May, as the gross domestic product shrinks 2.8 percent this year before expanding 2 percent next year, according to the administration’s mid-year economic review issued today. The Congressional Budget Office, in a separate assessment, forecast the economy will grow 2.8 percent next year. Both see the GDP expanding 3.8 percent in 2011...
Bloomberg: Obama Raises ‘10 Deficit Outlook 19% to $1.5 Trillion
The Office of Management and Budget forecasts a weaker economic recovery than it saw in May, as the gross domestic product shrinks 2.8 percent this year before expanding 2 percent next year, according to the administration’s mid-year economic review issued today. The Congressional Budget Office, in a separate assessment, forecast the economy will grow 2.8 percent next year. Both see the GDP expanding 3.8 percent in 2011...
Bloomberg: Obama Raises ‘10 Deficit Outlook 19% to $1.5 Trillion
Permalink posted by markw @ 12:24 PM
Estate Planners Await "Big Bang" in 2010 from Tax and Retirement Law Changes
People who are nearing or planning for retirement will be hearing from their advisors this fall about changes in federal law that could have a huge impact on their financial plans.
From Roth IRA conversions to the estate tax, there is a lot on the horizon to consider for individuals who want to have enough money for retirement, ensure the continuation of a family business, or leave an inheritance to a charity or their heirs.
Estate Planners Await "Big Bang" in 2010 from Tax and Retirement Law Changes
Source: PR Newswire
From Roth IRA conversions to the estate tax, there is a lot on the horizon to consider for individuals who want to have enough money for retirement, ensure the continuation of a family business, or leave an inheritance to a charity or their heirs.
Estate Planners Await "Big Bang" in 2010 from Tax and Retirement Law Changes
Source: PR Newswire
Permalink posted by armandn @ 11:39 AM
Transamerica's Principum II Variable Annuity Continues to Gain Market Share
Transamerica Life Insurance Company (Transamerica) is attracting new clients and gaining market share in the variable annuity market, thanks in part to its Principium II variable annuity. Available for more than a year – since August 18, 2008 – Principium II is a lower-cost variable annuity with ETF-based subaccounts. The product is easy to explain and offers optional benefits similar to those available with rest of Transamerica’s variable annuity suite.
Transamerica's Principum II Variable Annuity Continues to Gain Market Share
Source: Business Wire
Transamerica's Principum II Variable Annuity Continues to Gain Market Share
Source: Business Wire
Permalink posted by armandn @ 11:36 AM
John Hancock Announces Launch of the John Hancock Technical Opportunities Fund
John Hancock Funds has responded to one of the most common questions asked by mutual fund investors during last year's meltdown in the financial markets with the launch of the John Hancock Technical Opportunities Fund (JTCAX). The Technical Opportunities Fund incorporates an unconstrained, bottom-up technical approach that employs rigorous stock selection methods, but provides the fund's sub-adviser with the flexibility to invest up to 100 percent of fund assets in cash. It is intended as a specialty strategy for asset allocation in retail portfolios, given its potential diversification benefits.
John Hancock Announces Launch of the John Hancock Technical Opportunities Fund
Source: Yahoo! Finance
John Hancock Announces Launch of the John Hancock Technical Opportunities Fund
Source: Yahoo! Finance
Permalink posted by armandn @ 11:31 AM
Volcker: Money funds weaken financial system
Money-market mutual funds undermine the strength of the U.S. financial system and should be regulated more like banks, Bloomberg reported former Federal Reserve Chairman Paul Volcker as saying in an interview.
"Banks remain the functioning heart of the financial system, and they are protected and regulated," Volcker, an economic adviser to the Obama administration, told the news agency...
Yahoo! Finance: Volcker: Money funds weaken financial system
"Banks remain the functioning heart of the financial system, and they are protected and regulated," Volcker, an economic adviser to the Obama administration, told the news agency...
Yahoo! Finance: Volcker: Money funds weaken financial system
Permalink posted by markw @ 5:10 AM
Ameriprise Website Riddled With Security Vulnerabilities For At Least Five Months
Since March of this year, security expert Russ McRee of HolisticInfoSec.org has sent 6 messages to Ameriprise Financial warning them of easily exploitable security holes on their website. They ignored every request, while at the same time reassuring customers that "No one without the proper web browser configuration can view or modify information contained on our systems..."
Consumerist: Ameriprise Website Riddled With Security Vulnerabilities For At Least Five Months
Consumerist: Ameriprise Website Riddled With Security Vulnerabilities For At Least Five Months
Permalink posted by markw @ 5:09 AM
MetLife Broker-Dealer Group’s ‘Fund Management Services’ Bolsters Advisors’ Delivery of Investment Advice to Emerging Investors
The MetLife Broker-Dealer Group announced today that it is introducing to all its retail Registered Investment Advisers (MetLife Securities, New England Securities, Tower Square Securities and Walnut Street Securities) a competitive investment advisory solution for emerging investors known as MetLife Fund Management Services...
BusinessWire: MetLife Broker-Dealer Group’s ‘Fund Management Services’ Bolsters Advisors’ Delivery of Investment Advice to Emerging Investors
BusinessWire: MetLife Broker-Dealer Group’s ‘Fund Management Services’ Bolsters Advisors’ Delivery of Investment Advice to Emerging Investors
Permalink posted by markw @ 5:04 AM
Variable Annuity Sales Fall 24% as AIG, Hartford Scale Back
Variable annuity sales in the U.S. fell for a fifth straight quarter as insurers, weakened by the stock market slump last year, scaled back offerings of the equity-linked retirement products.
Sales slipped 24 percent to $31.9 billion in the three months ended June 30 from $42.2 billion in the year-earlier period, trade group LIMRA International said in a statement. Bailed-out companies ING Groep NV, American International Group Inc. and Hartford Financial Services Group Inc. posted declines of more than 50 percent. MetLife Inc. sales rose 27 percent to $4.5 billion, and the firm earned the top spot in the rankings...
Bloomberg: Variable Annuity Sales Fall 24% as AIG, Hartford Scale Back
Sales slipped 24 percent to $31.9 billion in the three months ended June 30 from $42.2 billion in the year-earlier period, trade group LIMRA International said in a statement. Bailed-out companies ING Groep NV, American International Group Inc. and Hartford Financial Services Group Inc. posted declines of more than 50 percent. MetLife Inc. sales rose 27 percent to $4.5 billion, and the firm earned the top spot in the rankings...
Bloomberg: Variable Annuity Sales Fall 24% as AIG, Hartford Scale Back
Permalink posted by markw @ 4:37 AM
Florida CFO Alex Sink urges felony charges for insurance annuity scams
Purchased carefully, annuities can provide retirees with a stream of income.
But when sold to the wrong customers, annuities can be nothing more than a scam, Florida Chief Financial Officer Alex Sink said Monday. Unscrupulous agents who peddle them for personal gain should face felony charges, she said.
"We are going to take action to stop scamming against seniors," Sink said. "We are going to make sure the Legislature does what is right..."
Tampa Bay: Florida CFO Alex Sink urges felony charges for insurance annuity scams
But when sold to the wrong customers, annuities can be nothing more than a scam, Florida Chief Financial Officer Alex Sink said Monday. Unscrupulous agents who peddle them for personal gain should face felony charges, she said.
"We are going to take action to stop scamming against seniors," Sink said. "We are going to make sure the Legislature does what is right..."
Tampa Bay: Florida CFO Alex Sink urges felony charges for insurance annuity scams
Permalink posted by markw @ 4:34 AM
How do indexed annuities compare with indexed certificates of deposit?
Banks are marketing a new type product, the indexed certificate of deposit, and this is making insurance professionals wonder how their own indexed product, the fixed indexed annuity, stacks up.
Indexed CDs link their potential credited interest to the performance of an external market index such as the S&P 500. (This distinguishes them from traditional CDs, which provide a guaranteed stated interest rate each year.)
The value proposition is, indexed CDs offer the potential to exceed traditional fixed interest rates without exposing principal to market risk. In addition, if the market index does not create any interest credits, the indexed CD guarantees that depositors will get their money back as long as they hold the CD to the end of the selected term...
Indexed CDs link their potential credited interest to the performance of an external market index such as the S&P 500. (This distinguishes them from traditional CDs, which provide a guaranteed stated interest rate each year.)
The value proposition is, indexed CDs offer the potential to exceed traditional fixed interest rates without exposing principal to market risk. In addition, if the market index does not create any interest credits, the indexed CD guarantees that depositors will get their money back as long as they hold the CD to the end of the selected term...
National Underwriter (L&H News): How do indexed annuities compare with indexed certificates of deposit?
Permalink posted by markw @ 4:32 AM
The Rich Get Richer: Why Bank Failures Are Good for Financial Stocks
Guaranty Bank of Austin failed Friday, the 81st bank to fail this year. Many more are expected: Noted bank analyst Meredith Whitney predicts over 300 banks will fail while Dick Bove of Rochdale Securities estimates 150 to 200 failures.
Meanwhile, the financial sector continues its torrid rally off the March lows. The seeming contraction - more bank failures and more financial stock gains - actually makes perfect sense when viewed through the prism of the government's response to the crisis of 2008-early 2009...
Yahoo! Finance: The Rich Get Richer: Why Bank Failures Are Good for Financial Stocks
Meanwhile, the financial sector continues its torrid rally off the March lows. The seeming contraction - more bank failures and more financial stock gains - actually makes perfect sense when viewed through the prism of the government's response to the crisis of 2008-early 2009...
Yahoo! Finance: The Rich Get Richer: Why Bank Failures Are Good for Financial Stocks
Permalink posted by markw @ 4:31 AM
Advisers at peace with NAIC proposal for more annuity rules
Although members of the insurance industry and some broker-dealer executives are butting heads with state regulators on tougher annuity regulation, financial advisers cheered the proposed use of Finra-esque suitability layers for all annuity sales.
“Registered reps are already so regulated, and we're so used to it,” said Ron Palastro, an adviser at R.S. Palastro Financial Planning Services Inc. in Brooklyn, N.Y. “Insurance guys need to be brought up to a higher level of responsibility, and suitability doesn't seem that out of line...”
Investment News: Advisers at peace with NAIC proposal for more annuity rules
“Registered reps are already so regulated, and we're so used to it,” said Ron Palastro, an adviser at R.S. Palastro Financial Planning Services Inc. in Brooklyn, N.Y. “Insurance guys need to be brought up to a higher level of responsibility, and suitability doesn't seem that out of line...”
Investment News: Advisers at peace with NAIC proposal for more annuity rules
Permalink posted by markw @ 4:30 AM
Finra sticks to its guns in flap about oversight of B-Ds dishing advice
Finra isn't backing down from its position that it has jurisdiction over broker-dealers' financial planning activities.
Following a letter sent to the Securities and Exchange Commission last week by the Financial Planning Association, The Financial Industry Regulatory Authority Inc. executive vice president Tom Selman insisted that the self-regulatory organization acted entirely within its power Aug. 6 when it fined Ameritas Investment Corp., a dually registered broker-dealer and investment adviser, and one of its former registered representatives, for advertising and sales violations involving misleading financial plans.
“Ameritas is a case in which clearly, Finra has jurisdiction be-cause Ameritas is a broker-dealer, [the rep] was acting as a broker-dealer, she was selling securities products, and they were all doing this through the broker-dealer business,” he said. “The jurisdiction of Finra is clear...”
Investment News: Finra sticks to its guns in flap about oversight of B-Ds dishing advice
Following a letter sent to the Securities and Exchange Commission last week by the Financial Planning Association, The Financial Industry Regulatory Authority Inc. executive vice president Tom Selman insisted that the self-regulatory organization acted entirely within its power Aug. 6 when it fined Ameritas Investment Corp., a dually registered broker-dealer and investment adviser, and one of its former registered representatives, for advertising and sales violations involving misleading financial plans.
“Ameritas is a case in which clearly, Finra has jurisdiction be-cause Ameritas is a broker-dealer, [the rep] was acting as a broker-dealer, she was selling securities products, and they were all doing this through the broker-dealer business,” he said. “The jurisdiction of Finra is clear...”
Investment News: Finra sticks to its guns in flap about oversight of B-Ds dishing advice
Permalink posted by markw @ 4:29 AM
Prudential Updates "Highest Daily" Annuity Option Benefits
Prudential Annuities, the domestic annuity business of Prudential Financial, Inc., today adjusted its popular annuity optional benefits, which allow investors to ‘lock in’ the highest daily value of their annuity contract, for income purposes, each day the market is open.
Prudential Updates "Highest Daily" Annuity Option Benefits
Source: Business Wire
Prudential Updates "Highest Daily" Annuity Option Benefits
Source: Business Wire
Permalink posted by armandn @ 12:27 AM
Monday, August 24, 2009
Analyst Bove sees 150-200 more U.S. bank failures
A prominent banking analyst said on Sunday that 150 to 200 more U.S. banks will fail in the current banking crisis, and the industry's payments to keep the Federal Deposit Insurance Corp afloat could eat up 25 percent of pretax income in 2010.
Richard Bove of Rochdale Securities said this will likely force the FDIC, which insures deposits, to turn increasingly to non-U.S. banks and private equity funds to shore up the banking system...
Reuters: Analyst Bove sees 150-200 more U.S. bank failures
Richard Bove of Rochdale Securities said this will likely force the FDIC, which insures deposits, to turn increasingly to non-U.S. banks and private equity funds to shore up the banking system...
Reuters: Analyst Bove sees 150-200 more U.S. bank failures
Permalink posted by markw @ 1:45 PM
Prudential Annuities Launches Consumer-Focused Website
Investors seeking to learn more about guaranteeing their retirement income now have a new online resource that helps demystify today’s generation of variable annuities and for-fee optional living benefits, Prudential Annuities announced today.
Prudential Annuities Launches Consumer-Focused Website
Source: Business Wire
Prudential Annuities Launches Consumer-Focused Website
Source: Business Wire
Permalink posted by armandn @ 10:33 AM
Increasingly, Seniors Realizing Nest Egg in Life Insurance Policies
Seniors battered by the tough economy are selling their life insurance policies to replenish their retirement nest eggs.
Unlike younger investors, older adults may not have the time to wait for the market to recover all of their losses, so they're turning to this previously overlooked asset to see whether they should sell it and use the money to pay medical bills or other expenses.
Increasingly, Seniors Realizing Nest Egg in Life Insurance Policies
Source: Dallas News
Unlike younger investors, older adults may not have the time to wait for the market to recover all of their losses, so they're turning to this previously overlooked asset to see whether they should sell it and use the money to pay medical bills or other expenses.
Increasingly, Seniors Realizing Nest Egg in Life Insurance Policies
Source: Dallas News
Permalink posted by armandn @ 10:32 AM
Millions Face Shrinking Social Security Payments
Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise. The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years. That hasn't happened since automatic increases were adopted in 1975.
Millions Face Shrinking Social Security Payments
Source: USA Today
Millions Face Shrinking Social Security Payments
Source: USA Today
Permalink posted by armandn @ 10:31 AM
Security Mutual Life Insurance Company of New York Releases New Retirement Plan Guide for Qualified Plan Advisors
Security Mutual Life, through its subsidiary, Security Administrators, Inc., announces a new retirement plan guide devoted to fully insured plans and cash balance plans.
Fully insured plans or cash balance plans, when used in combination with 401(k) plans, can provide many business owners and self-employed professionals with much greater retirement accumulations than can stand-alone 401(k) plans. A properly designed fully insured or cash balance plan may also permit the advantage of tax-free survivor benefits to the participants' surviving spouse or other heirs.
Security Mutual Life Insurance Company of New York Releases New Retirement Plan Guide for Qualified Plan Advisors
Source: PR Newswire
Fully insured plans or cash balance plans, when used in combination with 401(k) plans, can provide many business owners and self-employed professionals with much greater retirement accumulations than can stand-alone 401(k) plans. A properly designed fully insured or cash balance plan may also permit the advantage of tax-free survivor benefits to the participants' surviving spouse or other heirs.
Security Mutual Life Insurance Company of New York Releases New Retirement Plan Guide for Qualified Plan Advisors
Source: PR Newswire
Permalink posted by armandn @ 10:29 AM
Colonial Bank Failure Highlights the Problem
The bankruptcy of Colonial Bank (CNB) was the largest bank-bankruptcy in the U.S. since several large, U.S. financial institutions collapsed last year – with the most recent being Washington Mutual, last fall. However, there is one huge difference between the mega-bankruptcies of last year and the collapse of Colonial Bank a week ago.
During the large bank-failures of 2008, the acquiring institutions wrote-down the “assets” on the books of these banks by an average of 18% - according to a Bloomberg article. However, when BB&T Corp purchased Colonial, it immediately wrote-down Colonial's assets by 37%, double the amount of discounting done last year.
What has changed between now and then? The legitimizing of fraudulent accounting, when the supposed “watch-dog” of U.S. accounting, the Financial Accountability Standards Board brought in new “mark-to-fantasy” accounting rules in the U.S. this spring ( see “FASB strong-armed into mark-to-fantasy accounting”)...
Seeking Alpha: Colonial Bank Failure Highlights the Problem
During the large bank-failures of 2008, the acquiring institutions wrote-down the “assets” on the books of these banks by an average of 18% - according to a Bloomberg article. However, when BB&T Corp purchased Colonial, it immediately wrote-down Colonial's assets by 37%, double the amount of discounting done last year.
What has changed between now and then? The legitimizing of fraudulent accounting, when the supposed “watch-dog” of U.S. accounting, the Financial Accountability Standards Board brought in new “mark-to-fantasy” accounting rules in the U.S. this spring ( see “FASB strong-armed into mark-to-fantasy accounting”)...
Seeking Alpha: Colonial Bank Failure Highlights the Problem
Permalink posted by markw @ 8:44 AM
Annie Leibovitz, photographer of stars, faces ruin
...behind a facade of unlimited financial means, Leibovitz was spending her way into nightmare.
In what now appears as a disastrous decision to raise funds, Leibovitz took a 24-million-dollar loan from Art Capital Group (ACG) -- in effect a high-end pawn broker -- in December 2008 using her own photographs as collateral.
That debt is due September 8 and if she can't pay up, she could lose her life's work...
Breitbart: Annie Leibovitz, photographer of stars, faces ruin
In what now appears as a disastrous decision to raise funds, Leibovitz took a 24-million-dollar loan from Art Capital Group (ACG) -- in effect a high-end pawn broker -- in December 2008 using her own photographs as collateral.
That debt is due September 8 and if she can't pay up, she could lose her life's work...
Breitbart: Annie Leibovitz, photographer of stars, faces ruin
Permalink posted by markw @ 5:59 AM
Mutual or publicly owned: Which is the best insurance company for you?
Are you better off buying life insurance from a "mutual" insurance company or a publicly owned one? ...Mutual insurance companies are owned by policyholders. Publicly owned insurance companies are owned by stockholders.
Stock-owned insurance companies showed higher growth rates and better earnings than mutuals at the turn of the decade, according to an August report by Moody's Investors Services.
However, mutual insurance companies experienced less severe credit downgrades than stock-owned companies during the latest recession. Mutuals, the report says, are better capitalized, have a less risky business focus and are not as subject to the investor panics created by newspaper headlines...
Palm Beach Daily News: Mutual or publicly owned: Which is the best insurance company for you?
Stock-owned insurance companies showed higher growth rates and better earnings than mutuals at the turn of the decade, according to an August report by Moody's Investors Services.
However, mutual insurance companies experienced less severe credit downgrades than stock-owned companies during the latest recession. Mutuals, the report says, are better capitalized, have a less risky business focus and are not as subject to the investor panics created by newspaper headlines...
Palm Beach Daily News: Mutual or publicly owned: Which is the best insurance company for you?
Permalink posted by markw @ 5:55 AM
Offshore banking on endangered list
Advisers who set up clients accounts will likely be on IRS' radar
Legitimate offshore banking by wealthy Americans may be the next casualty of the UBS AG tax evasion case... Having money in an offshore account is perfectly legal as long as it is reported to the Internal Revenue Service and taxes are paid, and many high-net-worth U.S. citizens have offshore accounts to protect their assets from creditors...
Investment News: Offshore banking on endangered list
Legitimate offshore banking by wealthy Americans may be the next casualty of the UBS AG tax evasion case... Having money in an offshore account is perfectly legal as long as it is reported to the Internal Revenue Service and taxes are paid, and many high-net-worth U.S. citizens have offshore accounts to protect their assets from creditors...
Investment News: Offshore banking on endangered list
Permalink posted by markw @ 5:36 AM
Prepare Yourself for the Inflation Invasion
The Treasury Department, responding to growing demand from China and other investors, will boost the sale of inflation protected bonds, i.e., TIPS. Chinese officials had indicated they want inflation-protected securities, especially as the U.S. economy starts to recover.
TIPS value fell after the announcement. The spread between TIPS and comparable Treasury Notes ended at around 1.93%, signaling that investors expect annualized inflation of 1.93% over the next decade. However, this is still below both the average 2.8% of the past 10 years, and the 2.1% at the end of last year....
Seeking Alpha: Prepare Yourself for the Inflation Invasion
TIPS value fell after the announcement. The spread between TIPS and comparable Treasury Notes ended at around 1.93%, signaling that investors expect annualized inflation of 1.93% over the next decade. However, this is still below both the average 2.8% of the past 10 years, and the 2.1% at the end of last year....
Seeking Alpha: Prepare Yourself for the Inflation Invasion
Permalink posted by markw @ 5:31 AM
State regulators weigh cracking down on insurers
All Louise Mankiewicz wanted was a guaranteed death benefit... Her husband, Leonard, had retired and taken his full pension without the surviving spouse option. So they wanted to ensure she would have protected income and benefits, as “a buffer for me if anything happened, since his pension would stop.”
That’s what she kept telling the insurance agent from Prudential Financial 20 years ago, when he first sold her what turned out to be a $100,000 variable life insurance policy.
She said the same thing to her grandson’s girlfriend at MetLife in 2000, when she and a partner sold her a replacement rollover policy, for $165 a month. And both times, the agents assured her she would have a protected benefit. “They made it seem like nothing was different,” she said. “You’re just going to be paying MetLife instead of Prudential...”
Buffalo News: State regulators weigh cracking down on insurers
That’s what she kept telling the insurance agent from Prudential Financial 20 years ago, when he first sold her what turned out to be a $100,000 variable life insurance policy.
She said the same thing to her grandson’s girlfriend at MetLife in 2000, when she and a partner sold her a replacement rollover policy, for $165 a month. And both times, the agents assured her she would have a protected benefit. “They made it seem like nothing was different,” she said. “You’re just going to be paying MetLife instead of Prudential...”
Buffalo News: State regulators weigh cracking down on insurers
Permalink posted by markw @ 5:30 AM
United States: Securitization Of Life Insurance Settlements
Life insurance settlements ("LIS") constitute a potentially attractive candidate asset class for the issuance of rated securitized paper. The most recent longevity and demographic statistical information suggest that there will be a significant increase in supply of assets over the next 20 years. In 2007, there was approximately $9.2 trillion of life insurance in force in the United States. Of that amount, $416 billion in life insurance is owned by individuals over the age of 65. Only a small fraction of that amount, $15 billion in face amount, was sold or traded in 2007 in the secondary market. The number of 65 year olds is projected to increase dramatically over the next two decades from 37 million individuals to 72 million by 2030. Based on this increase in the number of persons eligible for life settlement transactions and assuming the same percentage of seniors with life insurance, by 2030 there will be roughly $800 billion in life insurance owned by seniors 65 years of age or older with $161 billion eligible for life settlements...
Mondaq: United States: Securitization Of Life Insurance Settlements
Mondaq: United States: Securitization Of Life Insurance Settlements
Permalink posted by markw @ 5:28 AM
Is Goldman's Selective Trading Disclosure A Legal Way For Preferred Clients To Front Run The Market?
Zero Hedge has long been discussing the impact of selective informational disclosure, be it in the context of trading or research asymmetries, which promote a two-tiered market, where privileged accounts of major broker dealers receive "tips" ahead of "everyone else." The quid's pro quo is that these "privileged" few end up executing the bulk of their trades with the broker-dealer, thus ramping up riskless agency revenues. In essence the clients' capital risk is mitigated, while the return to the "perpetrator" is augmented by collecting a disproportionate share of the bid/offer spread in the given security. Whether this tiering mechanism occurs via Flash orders, SLP provisioning, actionable IOIs, advance selective notice of a large flow order, a phone call, a limited Bloomberg blast, or an Instant Message, the ethics of the practice are undoubtedly shady...
ZeroHedge: Is Goldman's Selective Trading Disclosure A Legal Way For Preferred Clients To Front Run The Market?
ZeroHedge: Is Goldman's Selective Trading Disclosure A Legal Way For Preferred Clients To Front Run The Market?
Permalink posted by markw @ 4:47 AM
CSC Opens Business-to-Business Social Networking Community to Life Insurance and Annuity Clients
WikonnecT Grows to 8,000 Users from Nearly 700 Insurance Companies Interacting Across More Than 100 Communities
PRNewsWire: CSC Opens B2B Social Networking Site to Life & Annuity Clients
CSC (NYSE: CSC) today announced it is broadening participation in WikonnecT, a business-to-business social networking site using the latest Web 2.0 technology, to include its life insurance and annuity clients...
...WikonnecT runs on a Sun Microsystems infrastructure and includes blogs, polls and a feature to keep clients informed on new software products and developments. Users can rate and provide feedback on CSC solutions, prioritize improvements and interact directly with CSC developers to reduce the cycle time for enhancements or responses to requests. WikonnecT is also designed to assist insurance carriers seeking peer-to-peer advice on how to best implement and support their CSC systems, and it can serve as a source of information for carriers undergoing a request-for-proposal process.
PRNewsWire: CSC Opens B2B Social Networking Site to Life & Annuity Clients
Permalink posted by markw @ 4:44 AM
Friday, August 21, 2009
F.D.I.C. Seeks to Attract More Buyers of Banks
Faced with a growing wave of bank failures, the Federal Deposit Insurance Corporation is taking extraordinary steps to attract buyers for troubled institutions to keep the fund that makes depositors whole from being drained.
Federal regulators are planning next week to make it easier for private equity firms to buy insolvent lenders, according to people briefed on the situation, a move that would reduce the number of failed banks that the fund would have to support...
NYT: F.D.I.C. Seeks to Attract More Buyers of Banks
Federal regulators are planning next week to make it easier for private equity firms to buy insolvent lenders, according to people briefed on the situation, a move that would reduce the number of failed banks that the fund would have to support...
NYT: F.D.I.C. Seeks to Attract More Buyers of Banks
Permalink posted by markw @ 10:26 AM
Hartford funds face up to market challenges
Insurance giant puts muscle behind bond funds, 401(k) retirement plans - The mutual-fund arm of Hartford Financial Services Group was a quick success, garnering assets at a record pace... But like most asset managers, Hartford Mutual Funds' fortunes took a tumble when the market crashed last year.
The firm, which has seen annual net inflows into its mutual-funds each year since its launch in 1995, suffered outflows in the fourth quarter of last year and this year's first quarter. Assets under management fell to the low-$30 billion range from about $50 billion...
MarketWatch: Hartford funds face up to market challenges
The firm, which has seen annual net inflows into its mutual-funds each year since its launch in 1995, suffered outflows in the fourth quarter of last year and this year's first quarter. Assets under management fell to the low-$30 billion range from about $50 billion...
MarketWatch: Hartford funds face up to market challenges
Permalink posted by markw @ 10:16 AM
Rise of the Super-Rich Hits a Sobering Wall
John McAfee is auctioning off this property in New Mexico to pay bills. His worth has fallen to about $4 million from a peak of about $100 million.The rich have been getting richer for so long that the trend has come to seem almost permanent.
They began to pull away from everyone else in the 1970s. By 2006, income was more concentrated at the top than it had been since the late 1920s. The recent news about resurgent Wall Street pay has seemed to suggest that not even the Great Recession could reverse the rise in income inequality.
But economists say — and data is beginning to show — that a significant change may in fact be under way. The rich, as a group, are no longer getting richer. Over the last two years, they have become poorer...
NYT: Rise of the Super-Rich Hits a Sobering Wall
Permalink posted by markw @ 10:02 AM
Stiglitz Sees Risk to Dollar, Need for Reserve System
The dollar’s role as a good store of value is “questionable” and the currency has a high degree of risk, said Nobel Prize-winning economist Joseph Stiglitz.
“There is a need for a global reserve system,” Stiglitz, a Columbia University economics professor, said at a conference in Bangkok today. Support from countries like China should ensure orderly discussions on a new reserve system, he added...
Bloomberg: Stiglitz Sees Risk to Dollar, Need for Reserve System
“There is a need for a global reserve system,” Stiglitz, a Columbia University economics professor, said at a conference in Bangkok today. Support from countries like China should ensure orderly discussions on a new reserve system, he added...
Bloomberg: Stiglitz Sees Risk to Dollar, Need for Reserve System
Permalink posted by markw @ 7:45 AM
What rebound? Foreclosures rise as jobs and income drop
Delinquency and foreclosure rates for U.S. mortgages continued to rise in the second quarter, with loans to the most qualified borrowers going bust at an unnerving clip, especially in hard-hit states such as Florida and California.
The numbers reported Thursday by the Mortgage Bankers Association show clearly that rising job losses are worsening the nation's housing troubles and threaten the Obama administration's efforts to keep owners from losing their homes...
McClatchy: What rebound? Foreclosures rise as jobs and income drop
The numbers reported Thursday by the Mortgage Bankers Association show clearly that rising job losses are worsening the nation's housing troubles and threaten the Obama administration's efforts to keep owners from losing their homes...
McClatchy: What rebound? Foreclosures rise as jobs and income drop
Permalink posted by markw @ 7:43 AM
China reduces holdings in US debt
China reduced its holdings of US government debt by the largest margin in nearly nine years in June, according to data from the US Treasury.
China holds more US government debt than any other country and cut its holdings of US securities by more that 3% in June, said the BBC's Chris Hogg.
Japan and the UK - second and third largest holders of US debt - increased their holdings over the same period...
BBC: China reduces holdings in US debt
China holds more US government debt than any other country and cut its holdings of US securities by more that 3% in June, said the BBC's Chris Hogg.
Japan and the UK - second and third largest holders of US debt - increased their holdings over the same period...
BBC: China reduces holdings in US debt
Permalink posted by markw @ 7:42 AM
Fortin named American General CEO
American International Group Inc. has restructured oversight of its life insurance and retirement services units and appointed a new chief executive officer for its Houston-based life insurance operations.
Mary Jane Fortin has been named president and CEO of American General Life Cos., succeeding Matthew Winter, who was in the post for the past three years. Winter was recently named AIG vice chairman of administration...
BizJournals: Fortin named American General CEO
Mary Jane Fortin has been named president and CEO of American General Life Cos., succeeding Matthew Winter, who was in the post for the past three years. Winter was recently named AIG vice chairman of administration...
BizJournals: Fortin named American General CEO
Permalink posted by markw @ 5:43 AM
AIG names head of domestic life and retirement
American International Group Inc. said Thursday it named Jay Wintrob to the newly created position of president and CEO of domestic life and retirement services.
Wintrob had served as president and CEO of AIG ( AIG - news - people ) Retirement Services since 2001. Wintrob, 52, joined AIG in 1999 when SunAmerica was acquired by the New York-based insurer...
Forbes: AIG names head of domestic life and retirement
Wintrob had served as president and CEO of AIG ( AIG - news - people ) Retirement Services since 2001. Wintrob, 52, joined AIG in 1999 when SunAmerica was acquired by the New York-based insurer...
Forbes: AIG names head of domestic life and retirement
Permalink posted by markw @ 5:34 AM
Finra defends its authority over B-D's dispensing financial advice
The Financial Industry Regulatory Authority Inc. isn't backing down from its position that it has authority over broker-dealers' financial planning activities.
Finra executive vice president Tom Selman maintained today it was entirely within Finra's authority to take action against Ameritas Investment Corp., a dually registered broker-dealer and investment adviser based in Lincoln, Neb., and one of its registered representatives, for advertising and sales violations involving misleading financial plans...
Investment News: Finra defends its authority over B-D's dispensing financial advice
Finra executive vice president Tom Selman maintained today it was entirely within Finra's authority to take action against Ameritas Investment Corp., a dually registered broker-dealer and investment adviser based in Lincoln, Neb., and one of its registered representatives, for advertising and sales violations involving misleading financial plans...
Investment News: Finra defends its authority over B-D's dispensing financial advice
Permalink posted by markw @ 4:50 AM
Annuity sales fall 7%
Sales of variable annuities fell by 7 per cent in the second quarter, according to research from WatsonWyatt.
However, second quarter sales matched those achieved in the final quarter of 2008, Watson Wyatt said... "There were a number of developments during the period including re-pricing exercises and product redesigns to allow for the increased costs of guarantees as well as the withdrawal of one of the leading product providers, the Hartford..."
FT Adviser: Annuity sales fall 7%
However, second quarter sales matched those achieved in the final quarter of 2008, Watson Wyatt said... "There were a number of developments during the period including re-pricing exercises and product redesigns to allow for the increased costs of guarantees as well as the withdrawal of one of the leading product providers, the Hartford..."
FT Adviser: Annuity sales fall 7%
Permalink posted by markw @ 4:45 AM
The Latest on Stock-Like Returns Without Risk
...Equity-linked certificates of deposit have been around for a while, created by Chase Manhattan Bank two decades ago. Like equity-indexed annuities they promise returns linked to the stock market without the risk of loss. The CDs are not actually invested in stocks. Instead, the issuing bank promises the investor a return that is tied to the stock market in some way. If the stock market tanks, you still are guaranteed the return of your original investment. Some even guarantee a minimum rate of return. If stocks do well, you receive a return that could exceed the interest rates earned on traditional CDs...
KCI Investing: The Latest on Stock-Like Returns Without Risk
KCI Investing: The Latest on Stock-Like Returns Without Risk
Permalink posted by markw @ 4:44 AM
Allianz Life introduces variable annuity product
Allianz Life Insurance Company of North America has rolled out a pair of new living benefit riders for its top-selling variable annuity, Allianz Vision.
The deferred variable annuity and its optional riders provide retirement income for life while offering the potential to increase income in varying market conditions through annual payment increases, a unique feature offered only by Allianz Life, which is based in Golden Valley.
One of the riders is Income Protector, which offers a lifetime income benefit to help consumers build a protected source of income with a guaranteed growth rate and annual payment increases based on positive contract value performance.
The other is Investment Protector, which offers an accumulation benefit that protects assets and locks in 95 percent annual gains, and incorporates a life-cycle investment strategy...
Finance and Commerce: Allianz Life introduces variable annuity product
The deferred variable annuity and its optional riders provide retirement income for life while offering the potential to increase income in varying market conditions through annual payment increases, a unique feature offered only by Allianz Life, which is based in Golden Valley.
One of the riders is Income Protector, which offers a lifetime income benefit to help consumers build a protected source of income with a guaranteed growth rate and annual payment increases based on positive contract value performance.
The other is Investment Protector, which offers an accumulation benefit that protects assets and locks in 95 percent annual gains, and incorporates a life-cycle investment strategy...
Finance and Commerce: Allianz Life introduces variable annuity product
Permalink posted by markw @ 4:43 AM
Thursday, August 20, 2009
Insurers’ Biggest Writedowns May Be Yet to Come: Jonathan Weil
How many legs would a calf have if we called its tail a leg?
Four, of course. Calling a tail a leg wouldn’t make it a leg, as Abraham Lincoln famously said.
Nor does calling an expense an asset make it an asset. This brings us to the odd accounting rules for the insurance industry, including Lincoln National Corp., which uses Honest Abe as its corporate mascot.
Look at the asset side of Lincoln National’s balance sheet, and you’ll see a $10.5 billion item called “deferred acquisition costs,” without which the company’s shareholder equity of $9.1 billion would disappear. The figure also is larger than the company’s stock-market value, now at $7 billion...
Bloomberg: Insurers’ Biggest Writedowns May Be Yet to Come: Jonathan Weil
Four, of course. Calling a tail a leg wouldn’t make it a leg, as Abraham Lincoln famously said.
Nor does calling an expense an asset make it an asset. This brings us to the odd accounting rules for the insurance industry, including Lincoln National Corp., which uses Honest Abe as its corporate mascot.
Look at the asset side of Lincoln National’s balance sheet, and you’ll see a $10.5 billion item called “deferred acquisition costs,” without which the company’s shareholder equity of $9.1 billion would disappear. The figure also is larger than the company’s stock-market value, now at $7 billion...
Bloomberg: Insurers’ Biggest Writedowns May Be Yet to Come: Jonathan Weil
Permalink posted by markw @ 1:16 PM
Will Boomers Pony Up for These Riders?
By attaching long-term care insurance (LTCI) riders to deferred annuities, insurers could solve three chronic conditions: the high cost of stand-alone LTCI products, the high surrender rate of deferred annuity contracts, and Baby Boomers' fear of potentially monumental nursing home expenses.
Will Boomers Pony Up for These Riders?
Source: Retirement Income Journal
Will Boomers Pony Up for These Riders?
Source: Retirement Income Journal
Permalink posted by armandn @ 11:13 AM
New Philanthropy Survey Shows Americans Over Age 50 Most Likely to Volunteer Time and Money
The Hartford Financial Services Group, Inc., in commemoration of the 25th anniversary of its industry-leading AARP(R)-branded auto and home insurance program, today announced the results of a new volunteerism and charitable gift survey among the 50+ population. The new research reveals key insights into the leading causes supported by consumers and how support may vary by age and AARP membership.
New Philanthropy Survey Shows Americans Over Age 50 Most Likely to Volunteer Time and Money
Source: Yahoo! Finance
New Philanthropy Survey Shows Americans Over Age 50 Most Likely to Volunteer Time and Money
Source: Yahoo! Finance
Permalink posted by armandn @ 11:11 AM
Conseco Faces Proposed Class-Action Suit by Shareholders
Conseco Inc. is facing a proposed class-action lawsuit by shareholders alleging the U.S. long-term care and health insurer violated federal securities laws.
Conseco Faces Proposed Class-Action Suit by Shareholders
Source: Trading Markets
Conseco Faces Proposed Class-Action Suit by Shareholders
Source: Trading Markets
Permalink posted by armandn @ 11:10 AM
SPIA On Steroids (Part 1)
On June 8, 2009, Rep. Earl Pomeroy (D-ND) along with Rep. Virginia Brown-Waite (R- FL) introduced H.R. 2748, The Retirement Security Needs Lifetime Pay Act of 2009. This bill is a new version of a previous bill called the Secure Annuity Income for Life Act (SAIL) introduced in 2005. The new bill proposes to exclude a portion of such lifetime annuity payments from current income tax. The Security Needs Lifetime Pay Act of 2009 contains significant changes to the income tax code and allows for substantial benefits in a lifetime based SPIA.
SPIA On Steroids (Part 1)
Source: Producers Web
SPIA On Steroids (Part 1)
Source: Producers Web
Permalink posted by armandn @ 11:09 AM
Fitch Details Reviews of U.S., European Bank CRE Exposure
Given the degree of deterioration and the substantial exposure of many U.S. and European banking and thrift institutions to Commercial Real Estate, Fitch Ratings has recently launched an information survey aimed at obtaining more granular data on the CRE portfolios of the institutions it rates.
US: While CRE loans, excluding the more problematic construction and development portfolios, represent more than 125% of total equity for the 20 largest US banks rated by Fitch, the risk is even higher for banks with less than $20 billion in assets, as average CRE exposure represents more than 200% of total equity for these institutions...
Seeking Alpha: Fitch Details Reviews of U.S., European Bank CRE Exposure
US: While CRE loans, excluding the more problematic construction and development portfolios, represent more than 125% of total equity for the 20 largest US banks rated by Fitch, the risk is even higher for banks with less than $20 billion in assets, as average CRE exposure represents more than 200% of total equity for these institutions...
Seeking Alpha: Fitch Details Reviews of U.S., European Bank CRE Exposure
Permalink posted by markw @ 4:48 AM
Rising markets revive life insurers' balance sheets, book values
But analysts say the carriers aren't out of the woods yet - A lift in the corporate-bond and equity markets helped buoy life insurers' balance sheets and book values during the second quarter, but analysts warn against expecting a return to pre-crisis risk-based-capital levels and ratings anytime soon...
Investment News: Rising markets revive life insurers' balance sheets, book values
Investment News: Rising markets revive life insurers' balance sheets, book values
Permalink posted by markw @ 4:47 AM
Obama To Reduce Budget Deficit By $262 On "Fewer" Than Expected Bank Failures
Archive this one for the funny pages. It has been leaked by administration officials (and sponged up by Bloomberg), that on August 25, when the CBO releases its updated budget estimate, the 2009 deficit is expected to decline from $1.825 trillion to $1.58 trillion. And, get this, one of the reasons for the reduction is the FDIC spending $78 billion less, presumably due to "fewer bank failures than the administration anticipated." Pardon us, but last time we checked, not only did the FDIC have no cash left in the FDIC, and was effectively in a debtor position vis-a-vis the administration, but of the top 4 banks pending for blow up, Colonial was under (granted with some arbitrarily optimistic loss expectations), Guaranty was about to be hawked over to a few siesta loving left midfielders, and Corus was about to... well, we are not quite sure what the hell Corus is doing these days...
Zero Hedge: Obama To Reduce Budget Deficit By $262 On "Fewer" Than Expected Bank Failures
Zero Hedge: Obama To Reduce Budget Deficit By $262 On "Fewer" Than Expected Bank Failures
Permalink posted by markw @ 4:43 AM
Artist's Impression Of A Goldman Sachs Bonus Securitization Offering
Zero Hedge: Artist's Impression Of A Goldman Sachs Bonus Securitization Offering
Permalink posted by markw @ 4:38 AM
Hyperinflation Won’t Be Like Germany’s
I thought I’d overdosed on the inflation vs. deflation debate, but that was before I started reading Adam Fergusson’s When Money Dies: The Nightmare of the Weimar Collapse. Fascinating stuff. Anyone who thinks it couldn’t happen here is right in one respect: It won’t take ten years to play out in the U.S., as it did in Germany. Far from it. My guess is that our own hyperinflation nightmare – and we will have one once deflation has had its way with all who borrowed more than they could pay back -- will be over within ten days of the initial panic. Then it will be back to deflation for another 20-30 years...
Goldseek: Hyperinflation Won’t Be Like Germany’s
Goldseek: Hyperinflation Won’t Be Like Germany’s
Permalink posted by markw @ 4:35 AM
Use An Annuity To Make Your Own Pension
You gotta love Moshe Milevsky...
The author of "Are You a Stock or a Bond?" and York University professor knows what those saving and investing for retirement need and want. They need "personal pensions" or what others often refer to as annuities...
Fox News: Use An Annuity To Make Your Own Pension
The author of "Are You a Stock or a Bond?" and York University professor knows what those saving and investing for retirement need and want. They need "personal pensions" or what others often refer to as annuities...
Fox News: Use An Annuity To Make Your Own Pension
Permalink posted by markw @ 4:33 AM
Hancock Adds Fixed Annuity
John Hancock Financial has launched the JH Signature modified guaranteed fixed annuity... Customers can choose a 3-year, 5-year, 7-year or 10-year guarantee period along with a matching withdrawal charge schedule, according to Hancock, Boston, a unit of Manulife Financial Corp., Toronto.
The minimum premium is $25,000. Customers who can invest $50,000 will get a higher rate, and those who invest $100,000 will get the highest rate, Hancock says...
L&H Insurance News: Hancock Adds Fixed Annuity
The minimum premium is $25,000. Customers who can invest $50,000 will get a higher rate, and those who invest $100,000 will get the highest rate, Hancock says...
L&H Insurance News: Hancock Adds Fixed Annuity
Permalink posted by markw @ 4:32 AM
Wednesday, August 19, 2009
Top 10 Financial Services Online Advertisers by Image-Based Impressions - July 2009
MarketingCharts: Top 10 Financial Services Online Advertisers by Image-Based Impressions - July 2009Permalink posted by markw @ 12:07 PM
Investment Options Only One Part of VUL Insurance Mix
While investor confidence levels have continued to make small gains in recent months, market volatility remains a fresh memory in most consumers’ minds. A new guide from Pacific Life details how life insurance producers can help their clients enter or reenter the equities market more confidently using a balance of services, features, and investment options available through variable universal life (VUL) insurance.
Investment Options Only One Part of VUL Insurance Mix
Source: Business Wire
Investment Options Only One Part of VUL Insurance Mix
Source: Business Wire
Permalink posted by armandn @ 11:58 AM
Retirement: Goal-Based Investing Gains Traction
As defined benefit plans fade into history, more American workers are confronting the fact that they will need to be much more active in deciding how to marshal their retirement savings than their parents had to be. But how best to line up what you have now with what you'll need later?
Retirement: Goal-Based Investing Gains Traction
Source: Business Week
Retirement: Goal-Based Investing Gains Traction
Source: Business Week
Permalink posted by armandn @ 11:54 AM
FPA to FINRA: Mind Your Own Business
The Financial Planning Association, a group representing investment advisors, has urged the SEC to stop FINRA from infringing on its regulatory territory.
In a letter sent yesterday to SEC chairman Mary Schapiro, Richard Salmen, the president of the FPA, expressed his concerns that FINRA was attempting to increase its regulatory scope. Under the Investment Advisers Act of 1940, the SEC has the authority to regulate investment advisors who oversee client assets of $25 million or more.
FPA to FINRA: Mind Your Own Business
Source: Financial-Planning
In a letter sent yesterday to SEC chairman Mary Schapiro, Richard Salmen, the president of the FPA, expressed his concerns that FINRA was attempting to increase its regulatory scope. Under the Investment Advisers Act of 1940, the SEC has the authority to regulate investment advisors who oversee client assets of $25 million or more.
FPA to FINRA: Mind Your Own Business
Source: Financial-Planning
Permalink posted by armandn @ 11:27 AM
Analysis: Property-casualty insurers to see rates or combined ratios rise
Property-casualty insurers, faced with a limited reserve cushion, will likely need to choose between raising rates or allowing their combined ratios rise, according to an analysis...
IFA Web News: Analysis: Property-casualty insurers to see rates or combined ratios rise
IFA Web News: Analysis: Property-casualty insurers to see rates or combined ratios rise
Permalink posted by markw @ 10:08 AM
Scholes, Merton Says Banks Should Value Assets Better
Myron Scholes and Robert Merton shared the 1997 Nobel price for economics, and they are now united in calling for banks to give more accurate valuations on their illiquid assets.
Financial institutions should use mark-to-market accounting or list the hard-to-value securities on public exchanges whenever possible, Scholes said in a Bloomberg Radio interview yesterday...
Bloomberg: Scholes, Merton Says Banks Should Value Assets Better
Financial institutions should use mark-to-market accounting or list the hard-to-value securities on public exchanges whenever possible, Scholes said in a Bloomberg Radio interview yesterday...
Bloomberg: Scholes, Merton Says Banks Should Value Assets Better
Permalink posted by markw @ 6:41 AM
Lincoln National selling asset management unit
Lincoln National is selling Delaware Management Holdings Inc. to the Sydney-based financial firm in a deal that is expected to close at the end of the year... Delaware Management had more than $125 billion in assets under management at the end of June. Once the deal is closed, Macquarie's combined operations will manage more than $300 billion in assets, Macquarie said in a statement...
AP: Lincoln National selling asset management unit
AP: Lincoln National selling asset management unit
Permalink posted by markw @ 6:35 AM
What's causing the slow motion commercial real estate crash?
As the economy tries to rebound from its horrific slump, commercial real estate has remained a potential source of trouble. Both Federal Reserve Chairman Ben Bernanke and Treasury Secretary Tim Geithner have highlighted the uncertainty that exists in the sector, which could lead to loan losses hitting an already-fragile banking system. Of particular concern are regional banks, whose portfolios tend to be more heavily concentrated in commercial assets. This became particularly evident after Colonial Bank, an Alabama-based lender with significant exposure to construction and commercial loans, became the largest bank failure of the year...
DailyFinance: What's causing the slow motion commercial real estate crash?
DailyFinance: What's causing the slow motion commercial real estate crash?
Permalink posted by markw @ 6:30 AM
July Housing Starts, Producer Prices Down
Producer prices -- the price of products before they reach store shelves -- was down a whopping 6.8 percent over the past year, which is worrisome. It marked the biggest decrease in more than 60 years of record-keeping.
PPI is the best indication of future Consumer Price Index, or the best measure of inflation, meaning rising prices. The CPI released last week hinted at least disinflation and possibly deflation, which is one of the worst things that can happen to an economy -- its sustained contraction, when prices and wages fall hand-in-hand, as happened in the Great Depression...
WaPo: July Housing Starts, Producer Prices Down
PPI is the best indication of future Consumer Price Index, or the best measure of inflation, meaning rising prices. The CPI released last week hinted at least disinflation and possibly deflation, which is one of the worst things that can happen to an economy -- its sustained contraction, when prices and wages fall hand-in-hand, as happened in the Great Depression...
WaPo: July Housing Starts, Producer Prices Down
Permalink posted by markw @ 5:36 AM
Phoenix unveils two-in-one life insurance policy
A new life insurance product from The Phoenix Cos. Inc. covers two lives under one policy, providing a death benefit for a spouse or business partner... The Hartford, Conn.-based insurer today released the first first-to-die universal-life insurance policy, providing joint coverage and a payment on the death of one insured person.
With the release of the Phoenix Joint Advantage Universal Life policy, the insurer targets couples who need cash upon the first death or for small-business partners who need the money to cover each other’s interest...
Investment News: Phoenix unveils two-in-one life insurance policy
With the release of the Phoenix Joint Advantage Universal Life policy, the insurer targets couples who need cash upon the first death or for small-business partners who need the money to cover each other’s interest...
Investment News: Phoenix unveils two-in-one life insurance policy
Permalink posted by markw @ 5:34 AM
Your $3 Trillion Credit Card Application Has Been Approved
Zero Hedge: Your $3 Trillion Credit Card Application Has Been ApprovedPermalink posted by markw @ 5:04 AM
Report Reveals Who Needs Long-Term Care Insurance
A report from the Family Caregiver Alliance reveals the need for long-term care in the United States. A second report from the American Association for Long-Term Care Insurance notes that some 8.25 millions have purchased long-term care insurance to help pay for care. The average age of purchasers is 57.
According to the Family Caregiver Alliance data, an estimated 10 million Americans needed long-term care in 2000...
eMaxHealth: Report Reveals Who Needs Long-Term Care Insurance
According to the Family Caregiver Alliance data, an estimated 10 million Americans needed long-term care in 2000...
eMaxHealth: Report Reveals Who Needs Long-Term Care Insurance
Permalink posted by markw @ 4:58 AM
Financial services associations opened wallets to influence financial reforms in second quarter
SIFMA alone spent $1.25M April through June on a variety of issues: Groups representing financial advisers and all facets of the financial services industry spent big bucks lobbying Congress during the second quarter, according to recent filings with the House of Representatives' Office of the Clerk.
The Securities Industry and Financial Markets Association, for example, spent $1.25 million during April through June to lobby Congress on the Obama administration's stimulus bill, bankruptcy reform and other issues, according to a recent disclosure report...
Investment News: Financial services associations opened wallets to influence financial reforms in second quarter
The Securities Industry and Financial Markets Association, for example, spent $1.25 million during April through June to lobby Congress on the Obama administration's stimulus bill, bankruptcy reform and other issues, according to a recent disclosure report...
Investment News: Financial services associations opened wallets to influence financial reforms in second quarter
Permalink posted by markw @ 4:46 AM
New Product Pays Guaranteed Income On Managed Accounts
Do you have clients who want guaranteed income, but are reluctant to sign onto an annuity that pledges underlying assets to an insurance company? New hybrid products, known as “Stand Alone Living Benefits (SALBs)” combine an annuity with a managed investment portfolio. So a guaranteed lifetime withdrawal benefit may be extended to a fee-based advisors’ managed exchange traded funds and mutual fund portfolios.
“Fee-based advisors are warming up rapidly (to SALBs),” says Eric Henderson, national sales manager with Nationwide Financial, Columbus, Ohio. Phoenix Companies, Nationwide Financial, Allstate Life Insurance Co. and Genworth Financial, are among those insurers offering SALBs. Another six firms have similar products in registration, according to a report by Strategic Insight, a New York-based research firm...
Registered Rep: New Product Pays Guaranteed Income On Managed Accounts
“Fee-based advisors are warming up rapidly (to SALBs),” says Eric Henderson, national sales manager with Nationwide Financial, Columbus, Ohio. Phoenix Companies, Nationwide Financial, Allstate Life Insurance Co. and Genworth Financial, are among those insurers offering SALBs. Another six firms have similar products in registration, according to a report by Strategic Insight, a New York-based research firm...
Registered Rep: New Product Pays Guaranteed Income On Managed Accounts
Permalink posted by markw @ 3:54 AM
Tuesday, August 18, 2009
John Hancock Expands Fixed Annuity Portfolio With New JH Signature Product
John Hancock Financial's Fixed Products Group today announced the launch of its latest fixed annuity product: JH Signature.
JH Signature is a modified guaranteed annuity, which is designed to provide a transparent combination of 'rate for term' choices, competitive guaranteed interest rates, and support services to help manage challenging eldercare situations.
John Hancock Expands Fixed Annuity Portfolio With New JH Signature Product
Source: Earth Times
JH Signature is a modified guaranteed annuity, which is designed to provide a transparent combination of 'rate for term' choices, competitive guaranteed interest rates, and support services to help manage challenging eldercare situations.
John Hancock Expands Fixed Annuity Portfolio With New JH Signature Product
Source: Earth Times
Permalink posted by armandn @ 12:01 PM
Phoenix Launches First Standalone Dual Coverage Universal Life Policy That Pays Benefits on the First Death
The Phoenix Companies, Inc. today introduced Phoenix Joint Advantage Universal Life (UL), a first-to-die universal life insurance product for two lives that features flexible premiums and cash accumulation, giving customers vital insurance protection and the opportunity to grow their cash values.
Phoenix Launches First Standalone Dual Coverage Universal Life Policy That Pays Benefits on the First Death
Source: Business Wire
Phoenix Launches First Standalone Dual Coverage Universal Life Policy That Pays Benefits on the First Death
Source: Business Wire
Permalink posted by armandn @ 11:59 AM
The Value of Living Benefits To Consumers - And To You
Most people appreciate the benefits life insurance death proceeds provide — ranging from providing for loved ones to funding the purchase of a business at the owner’s death. But, in these historic times, are you emphasizing the various benefits cash value life insurance can offer during their lifetime?
The Value of Living Benefits To Consumers - And To You
Source: Life Insurance Selling
The Value of Living Benefits To Consumers - And To You
Source: Life Insurance Selling
Permalink posted by armandn @ 11:58 AM
MassMutual's Second Quarter '09 Retirement Data Shows Renewed Participant Confidence in Equity Investments
MassMutual's Retirement Services Division has just released data indicating that participants in retirement plans administered by MassMutual appear to be gaining confidence in the stock market.
MassMutual's Second Quarter '09 Retirement Data Shows Renewed Participant Confidence in Equity Investments
Source: PR Newswire
MassMutual's Second Quarter '09 Retirement Data Shows Renewed Participant Confidence in Equity Investments
Source: PR Newswire
Permalink posted by armandn @ 11:56 AM
The FDIC Is Broke - Now What?
* With the most recent bank failures, the FDIC is out of funds.
* The FDIC is levying a one-time fee on member banks to cover the shortfall, but it will not be enough and it punishes the prudent.
* The FDIC has been suspiciously slow at shutting down banks that have admittedly already failed.
* Banks have been allowed to overestimate the actual worth of their assets using "mark-to-fantasy" accounting.
* Hundreds of banks are likely already mortally wounded and set to fail.
* The FDIC means well, but creates a moral hazard the effects of which now haunt us...
Martenson: The FDIC Is Broke - Now What?
* The FDIC is levying a one-time fee on member banks to cover the shortfall, but it will not be enough and it punishes the prudent.
* The FDIC has been suspiciously slow at shutting down banks that have admittedly already failed.
* Banks have been allowed to overestimate the actual worth of their assets using "mark-to-fantasy" accounting.
* Hundreds of banks are likely already mortally wounded and set to fail.
* The FDIC means well, but creates a moral hazard the effects of which now haunt us...
Martenson: The FDIC Is Broke - Now What?
Permalink posted by markw @ 9:35 AM
Good News... Housing Starts Down
Initial construction of U.S. homes edged lower in July following a surge in the previous month, according to government figures released Tuesday. The report had some modest indications of stabilization. "A mixed bag this time around," said Mike Larson, real estate and interest rate analyst at Weiss Research, in a research note.
Housing starts fell to a seasonally adjusted annual rate of 581,000, down 1% from a revised 587,000 in June, the Commerce Department said. Economists were expecting housing starts to increase to an annual rate of 599,000 units, according to a consensus estimate gathered by Briefing.com...
EconomPic: Good News... Housing Starts Down
Permalink posted by markw @ 9:32 AM
UBS tax deal may pave way for bank's recovery
Details of a landmark settlement of the U.S. tax case against Swiss bank UBS are expected this week, which should help the bank restore its image and open the way for the Swiss state to sell its UBS stake...
Reuters: UBS tax deal may pave way for bank's recovery
Reuters: UBS tax deal may pave way for bank's recovery
Permalink posted by markw @ 5:11 AM
The Three Kinds Of Economic Recovery
Loosely, there are three kinds of economic recovery
* V-shaped
* Gradual
* Double-dip
Sudeep Reddy at the WSJ describes an example of each flavor in detail here. Here are the key points, including charts from the WSJ...
BusinessInsider: The Three Kinds Of Economic Recovery
* V-shaped
* Gradual
* Double-dip
Sudeep Reddy at the WSJ describes an example of each flavor in detail here. Here are the key points, including charts from the WSJ...
BusinessInsider: The Three Kinds Of Economic Recovery
Permalink posted by markw @ 5:08 AM
Allianz Life Launches New Variable Annuity Riders
On the heels of last week’s announcement of strong earnings and reaffirmed ratings, Allianz Life Insurance Company of North America (Allianz Life) today introduced new living benefit riders that were pulled from its top-selling variable annuity on March 31st. The company discussed these products and other bold moves it is taking to ensure success in the difficult economy...
...According to Hewitt Associates, the average 401k lost nearly 30% in 2008. In addition, the U.S. Census Bureau shows that the population is both aging and living longer. This shift in demographics is resulting in a greater need for products with guarantees and lifetime income...
BusinessWire: Allianz Life Launches New Variable Annuity Riders
...According to Hewitt Associates, the average 401k lost nearly 30% in 2008. In addition, the U.S. Census Bureau shows that the population is both aging and living longer. This shift in demographics is resulting in a greater need for products with guarantees and lifetime income...
BusinessWire: Allianz Life Launches New Variable Annuity Riders
Permalink posted by markw @ 5:07 AM
The Lehman Bankruptcy Fee Awards: And the Winner Is...
Lehman Brothers Holdings’s September collapse accelerated a financial crisis that depleted the wealth of millions of Americans. But it has been a boon for lawyers and bankers working on the firm’s historic bankruptcy.
Late Thursday, a judge issued the written order approving more than $96 million in fees for Wall Street law firms and restructuring shops working on the case. The actual fees awarded amount to more than $86 million, as 10% is subject to a “holdback” for later disbursement by the bankruptcy court...
WSJ: The Lehman Bankruptcy Fee Awards: And the Winner Is...
Late Thursday, a judge issued the written order approving more than $96 million in fees for Wall Street law firms and restructuring shops working on the case. The actual fees awarded amount to more than $86 million, as 10% is subject to a “holdback” for later disbursement by the bankruptcy court...
WSJ: The Lehman Bankruptcy Fee Awards: And the Winner Is...
Permalink posted by markw @ 4:58 AM
July Capital One Charge-Offs And Delinquencies Worse Across The Board
Capital One just released its charge off data: the improvement that some had seen in the June data has promptly been erased and metrics are trending negative again. The net annualized charge-off rate increased to 9.83% in July from 9/73% in June. The 30 days + delinquency rate also went up to 4.83% from 4.77%. However, the worst deterioration was in Auto Finance Metrics, the annualized charge off rate increasing by over a third percent to 4.26% from 3.89%, and the 30 Days + delinquency rate moved north of 9 to 9.22% from 8.89%.
The middle peak of the W in charge off-data seems to have been reached...
Zero Hedge: July Capital One Charge-Offs And Delinquencies Worse Across The Board
The middle peak of the W in charge off-data seems to have been reached...
Zero Hedge: July Capital One Charge-Offs And Delinquencies Worse Across The Board
Permalink posted by markw @ 4:54 AM
Mint.com starts keeping an eye on your budget
Mint.com... pulls transaction information from your various financial accounts and presents the data in a beautiful, easily digestible format. CEO Aaron Patzer boasts that 50 percent of Mint's users have used the service to stick to a budget for the first time in their lives. Hoping to raise that number even more, its latest update, available now, focuses on making it easier for users to control their spending with advanced budgeting tools...CNet: Mint.com starts keeping an eye on your budget
Permalink posted by markw @ 4:50 AM
Insurer Adds Funeral Tool
United Home Life Insurance Company will be offering agents use of the Dignity Planning system.
United Home, Indianapolis, is getting the system from the Dignity Memorial network, a unit of Service Corp. International, Houston, that represents funeral, cemetery and cremation services...
L&HIN: Insurer Adds Funeral Tool
United Home, Indianapolis, is getting the system from the Dignity Memorial network, a unit of Service Corp. International, Houston, that represents funeral, cemetery and cremation services...
L&HIN: Insurer Adds Funeral Tool
Permalink posted by markw @ 4:35 AM
Warming Atlantic Delivers Three Tropical Cyclones, First Hurricane of the Season
Three tropical cyclones are currently active in the Atlantic ocean, reflecting conditions increasingly favorable to developing storms according to an Risk Management Solutions (RMS; Newark, Calif.) press release. Tropical Storm Bill, currently east of the Lesser Antilles, has become the first hurricane of the season, according to the NOAA...
I&T: Warming Atlantic Delivers Three Tropical Cyclones, First Hurricane of the Season
I&T: Warming Atlantic Delivers Three Tropical Cyclones, First Hurricane of the Season
Permalink posted by markw @ 4:32 AM
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