Friday, April 30, 2010
Getting Insurance Sales Right
Life insurance is starting to see some success in banks, but it remains a difficult sale compared with conventional investment products for bank reps, primarily because it takes longer to wrap up and involves probing into people's health issues. But the effort may be worthwhile for programs that want to expand their product mix and increase revenue. "Life insurance is the final frontier for bank investment programs," says Bruce Stava, who runs a successful life insurance sales program at First Bank, based in Creve Coeur, Mo. "It's an untapped opportunity, but most bank programs haven't figured out how to get enough out of it."
Some banks have cracked the code, though. Here are six bank-based life insurance programs ranked highest by Kehrer-LIMRA, based on the amount of insurance revenue generated per bank customer household...
BIC: Getting Insurance Sales Right
Some banks have cracked the code, though. Here are six bank-based life insurance programs ranked highest by Kehrer-LIMRA, based on the amount of insurance revenue generated per bank customer household...
BIC: Getting Insurance Sales Right
Permalink posted by markw @ 5:07 AM 
Wash. man found guilty of child’s murder for life insurance claim
A Washington state jury found a 40-year old man guilty of second-degree murder in the drowning death of his step-daughter in what prosecutors said was an effort to collect a $200,00 life policy taken out three months earlier...
IFA Web News: Wash. man found guilty of child’s murder for life insurance claim
IFA Web News: Wash. man found guilty of child’s murder for life insurance claim
Permalink posted by markw @ 5:06 AM
MetLife Swings to $835 Million Profit on Investments
MetLife Inc., the biggest U.S. life insurer, swung to a profit in the first quarter as investments improved. The company gained in extended trading in New York.
Net income was $835 million, or 97 cents a share, compared with a loss of $544 million, or 71 cents, in the year-earlier period, New York-based MetLife said in a statement. Excluding some investment results, profit was $1.01 a share, beating the 98-cent average estimate of 17 analysts surveyed by Bloomberg...
BizWeek: MetLife Swings to $835 Million Profit on Investments
Net income was $835 million, or 97 cents a share, compared with a loss of $544 million, or 71 cents, in the year-earlier period, New York-based MetLife said in a statement. Excluding some investment results, profit was $1.01 a share, beating the 98-cent average estimate of 17 analysts surveyed by Bloomberg...
BizWeek: MetLife Swings to $835 Million Profit on Investments
Permalink posted by markw @ 5:05 AM
Platform Payoff
Licensed retail bankers can boost your brokerage programs' profitability.
Sun National Bank's first effort to sell insurance and investments through its platform banker staff was a humbling experience. Four years ago, the Vineland, N.J., bank decided to put a licensed banker in each of its 62 branches. In hindsight, managers should have considered whether it had 62 bankers who actually fit the mold, says Edward Malandro, Sun National's executive vice president of consumer banking.
Bankers traditionally have a customer service rather than a sales mind-set, and that was the case with many of those Sun National trained and licensed. "We forced people into this role," says Malandro. "We paid all the expenses, but we weren't seeing any sales..."
BIC: Platform Payoff
Sun National Bank's first effort to sell insurance and investments through its platform banker staff was a humbling experience. Four years ago, the Vineland, N.J., bank decided to put a licensed banker in each of its 62 branches. In hindsight, managers should have considered whether it had 62 bankers who actually fit the mold, says Edward Malandro, Sun National's executive vice president of consumer banking.
Bankers traditionally have a customer service rather than a sales mind-set, and that was the case with many of those Sun National trained and licensed. "We forced people into this role," says Malandro. "We paid all the expenses, but we weren't seeing any sales..."
BIC: Platform Payoff
Permalink posted by markw @ 5:04 AM
Inappropriate Annuity Sales Still An Issue-Finra CEO
The Financial Industry Regulatory Authority, or Finra, remains concerned about the inappropriate sale of annuities to seniors, and its examinations of firms continue to raise red flags on the issue, Richard Ketchum, chairman and chief executive of the securities industry's voluntary regulatory organization, said Thursday.
In addition, Ketchum said that while it's not completely clear yet how the debate on financial reform will shake out, it does seem clear that there will be a focus on a common standard for broker-dealers and investment advisers. He also said more change is on the way for Finra's examination/enforcement program...
NASDAQ: Inappropriate Annuity Sales Still An Issue-Finra CEO
In addition, Ketchum said that while it's not completely clear yet how the debate on financial reform will shake out, it does seem clear that there will be a focus on a common standard for broker-dealers and investment advisers. He also said more change is on the way for Finra's examination/enforcement program...
NASDAQ: Inappropriate Annuity Sales Still An Issue-Finra CEO
Permalink posted by markw @ 5:03 AM
NAIFA Opposes Stranger-Originated Annuities
The National Association of Insurance and Financial Advisors adopted a policy opposing stranger-originated annuity transactions.
This relatively new type of annuity transaction involves guaranteed death benefit riders. These sales are demonstrating some of the same characteristics as stranger-originated life insurance, said NAIFA President Thomas D. Curry in a statement yesterday...
LifeSettlementsReport: NAIFA Opposes Stranger-Originated Annuities
This relatively new type of annuity transaction involves guaranteed death benefit riders. These sales are demonstrating some of the same characteristics as stranger-originated life insurance, said NAIFA President Thomas D. Curry in a statement yesterday...
LifeSettlementsReport: NAIFA Opposes Stranger-Originated Annuities
Permalink posted by markw @ 5:02 AM
Thursday, April 29, 2010
At what point can a 401(k) painlessly go Roth?
Q Would it be wise to convert a 401(k) plan from a former employer to a Roth IRA? I'm 66, working and have an old 401(k) plan worth $214,000...
Chicago Tribune: At what point can a 401(k) painlessly go Roth?
Chicago Tribune: At what point can a 401(k) painlessly go Roth?
Permalink posted by markw @ 4:38 AM
Wednesday, April 28, 2010
Protect assets from the next Bernie Madoff
Determining whom to trust with your money isn't as easy as it once was. As Bernie Madoff proved, some of the most successful crooks have the right diplomas on the wall, the right credentials and plenty of references. If heeded, these tips can help you protect yourself and your assets from fraudulent financial advisers...
Bankrate: Protect assets from the next Bernie Madoff
Bankrate: Protect assets from the next Bernie Madoff
Permalink posted by markw @ 4:37 AM
Neb. investment advisor admits role in $8 million Ponzi scheme
An Omaha, Neb., investment advisor could spend up to 20 years in federal prison and face a $1 million fine after pleading guilty to securities fraud.
Bryan S. Behrens, 47, who is scheduled to be sentenced July 16, was accused of bilking nearly 25 investors out of more than $8 million in Ponzi-like scheme, according to the Omaha World-Herald...
IFA Web News: Neb. investment advisor admits role in $8 million Ponzi scheme
Bryan S. Behrens, 47, who is scheduled to be sentenced July 16, was accused of bilking nearly 25 investors out of more than $8 million in Ponzi-like scheme, according to the Omaha World-Herald...
IFA Web News: Neb. investment advisor admits role in $8 million Ponzi scheme
Permalink posted by markw @ 4:36 AM
Tuesday, April 27, 2010
Capital Analysts Hires Former FPA President
Jim Barnash to develop branches, advisors; firm recruits large wealth manager, too
A past president of the Financial Planning Association (FPA), is joining Cincinnati-based Capital Analysts. Jim Barnash, president of the FPA from 2001 to 2006, will be Capital Analyst’s assistant vice president for branch office development, responsible for adding wealth management affiliates to the independent broker/dealer-registered investment advisor (B/D-RIA), as well as supporting the firm’s affiliated advisors in growing their practices.
Matt Lynch, President and CEO of Capital Analysts, said in the firm’s April 26 announcement, that: “We are pleased to have an individual of Jim’s prominence join us,” adding, "He recognizes the changes going on in the independent broker-dealer/RIA space..."
Investment Advisor: Capital Analysts Hires Former FPA President
A past president of the Financial Planning Association (FPA), is joining Cincinnati-based Capital Analysts. Jim Barnash, president of the FPA from 2001 to 2006, will be Capital Analyst’s assistant vice president for branch office development, responsible for adding wealth management affiliates to the independent broker/dealer-registered investment advisor (B/D-RIA), as well as supporting the firm’s affiliated advisors in growing their practices.
Matt Lynch, President and CEO of Capital Analysts, said in the firm’s April 26 announcement, that: “We are pleased to have an individual of Jim’s prominence join us,” adding, "He recognizes the changes going on in the independent broker-dealer/RIA space..."
Investment Advisor: Capital Analysts Hires Former FPA President
Permalink posted by markw @ 11:51 AM
Financial Planning Coalition Reports Success and a Champion in the Senate
Despite lack of fiduciary standard in Dodd bill, group will continue to battle
“People on the Hill know what financial planning is now,” says Tom Potts, president of the Financial Planning Association (FPA), and while it may “take a while” to get everything that financial planners want in Washington, “we’re laying the foundation for the future.” Potts was speaking in San Antonio on April 23, during the annual FPA retreat, where he and the leaders of the other organizations in the Coalition for Financial Planning presented a status report to attendees on the Coalition’s efforts in Washington.
One of those groups is the Certified Financial Planner Board of Standards, whose board's immediate past director, Marilyn Capelli Dimitroff, said during the session that “all of our organizations are so committed to establishing financial planning as a profession” to the point that “we’ve drafted a Financial Planners Act of 2010.” While admitting that “our chances are slim” of getting the Coalition’s needs met this time, referring specifically to the current text of Senator Chris Dodd’s financial services reform bill, she stressed that “Herb Kohl is our champion,” referring to the Democratic senator from Wisconsin...
Investment Advisor:
“People on the Hill know what financial planning is now,” says Tom Potts, president of the Financial Planning Association (FPA), and while it may “take a while” to get everything that financial planners want in Washington, “we’re laying the foundation for the future.” Potts was speaking in San Antonio on April 23, during the annual FPA retreat, where he and the leaders of the other organizations in the Coalition for Financial Planning presented a status report to attendees on the Coalition’s efforts in Washington.
One of those groups is the Certified Financial Planner Board of Standards, whose board's immediate past director, Marilyn Capelli Dimitroff, said during the session that “all of our organizations are so committed to establishing financial planning as a profession” to the point that “we’ve drafted a Financial Planners Act of 2010.” While admitting that “our chances are slim” of getting the Coalition’s needs met this time, referring specifically to the current text of Senator Chris Dodd’s financial services reform bill, she stressed that “Herb Kohl is our champion,” referring to the Democratic senator from Wisconsin...
Investment Advisor:
Permalink posted by markw @ 7:59 AM
Retirement: Hedging your bets with a deferred variable annuity
Deferred variable annuities are a cross between mutual funds and insurance. They let you invest in mutual fund-like accounts that can grow over time, and they offer a guaranteed minimum, in case the investments lose money.
James Rogers, a financial planner in Exton, Pa., long avoided recommending deferred annuities, mainly because distributions are taxed at ordinary income-tax rates rather than lower capital-gains rates reserved for most other investments. But Rogers took a second look when insurers started offering generous guarantees. "I found they really had some appeal to clients who have lived through two serious bear markets in the past 10 years and have seen significant volatility in their portfolios," Rogers says...
Examiner: Retirement: Hedging your bets with a deferred variable annuity
James Rogers, a financial planner in Exton, Pa., long avoided recommending deferred annuities, mainly because distributions are taxed at ordinary income-tax rates rather than lower capital-gains rates reserved for most other investments. But Rogers took a second look when insurers started offering generous guarantees. "I found they really had some appeal to clients who have lived through two serious bear markets in the past 10 years and have seen significant volatility in their portfolios," Rogers says...
Examiner: Retirement: Hedging your bets with a deferred variable annuity
Permalink posted by markw @ 4:54 AM
Schwab Reopens Door To Alternatives
Schwab Advisor Services is once again accepting custody of new alternative investments such as shares in hedge funds and private equity.
The company had stopped accepting custody of such investments last year amid liability and regulatory concerns raised by the Madoff scandal and other events. It told advisors of the decision to change course this week...
FA Mag: Schwab Reopens Door To Alternatives
The company had stopped accepting custody of such investments last year amid liability and regulatory concerns raised by the Madoff scandal and other events. It told advisors of the decision to change course this week...
FA Mag: Schwab Reopens Door To Alternatives
Permalink posted by markw @ 4:37 AM
Monday, April 26, 2010
Affluent Buying More LTC Insurance
The affluent are buying more long-term care insurance, but it's not for themselves. It's for their parents... These clients see the costs of their parents' care as a risk to either the estate they want to inherit or to their own assets.
"In many situations, they know they'll be stuck with this as their problem," says Norm Mindel, a Chicago-based financial advisor. "If the kids are well off, they know they're on the hook for taking care of Mom and Dad."
The issue isn't a new one, but Mindel says attitudes have shifted since the recent financial crisis, with people more receptive to long-term policies as opposed to simply putting money aside or other options. Before the recession, some advisers recommended skipping the coverage if someone had at least $2 million in assets. Now, many recommend the insurance because of shrinking assets and soaring health care costs...
FA Mag: Affluent Buying More LTC Insurance
"In many situations, they know they'll be stuck with this as their problem," says Norm Mindel, a Chicago-based financial advisor. "If the kids are well off, they know they're on the hook for taking care of Mom and Dad."
The issue isn't a new one, but Mindel says attitudes have shifted since the recent financial crisis, with people more receptive to long-term policies as opposed to simply putting money aside or other options. Before the recession, some advisers recommended skipping the coverage if someone had at least $2 million in assets. Now, many recommend the insurance because of shrinking assets and soaring health care costs...
FA Mag: Affluent Buying More LTC Insurance
Permalink posted by markw @ 5:19 AM
Affluent Buying More LTC Insurance
The affluent are buying more long-term care insurance, but it's not for themselves. It's for their parents... These clients see the costs of their parents' care as a risk to either the estate they want to inherit or to their own assets.
"In many situations, they know they'll be stuck with this as their problem," says Norm Mindel, a Chicago-based financial advisor. "If the kids are well off, they know they're on the hook for taking care of Mom and Dad."
The issue isn't a new one, but Mindel says attitudes have shifted since the recent financial crisis, with people more receptive to long-term policies as opposed to simply putting money aside or other options. Before the recession, some advisers recommended skipping the coverage if someone had at least $2 million in assets. Now, many recommend the insurance because of shrinking assets and soaring health care costs...
FA Mag: Affluent Buying More LTC Insurance
"In many situations, they know they'll be stuck with this as their problem," says Norm Mindel, a Chicago-based financial advisor. "If the kids are well off, they know they're on the hook for taking care of Mom and Dad."
The issue isn't a new one, but Mindel says attitudes have shifted since the recent financial crisis, with people more receptive to long-term policies as opposed to simply putting money aside or other options. Before the recession, some advisers recommended skipping the coverage if someone had at least $2 million in assets. Now, many recommend the insurance because of shrinking assets and soaring health care costs...
FA Mag: Affluent Buying More LTC Insurance
Permalink posted by markw @ 5:19 AM
Life insurance sales boom in first quarter
Risk-averse clients are flocking to products' returns, tax advantages, say broker-dealer execs
Shaken by the recession and concerned about risk, brokerage firm clients are buying life insurance... First-quarter sales of life insurance policies at major independent broker-dealers were up by at least a third, compared with a year earlier, executives say.
“Clients are more in a risk-management mode, so advisers who may have not been using life insurance as part of their practice, except in a reactionary way, are now more proactive because of the guarantees in the contract,” said James Swink, a vice president at Raymond James Financial Inc., who manages the firm's life insurance marketing and sales...
Investment News:
Shaken by the recession and concerned about risk, brokerage firm clients are buying life insurance... First-quarter sales of life insurance policies at major independent broker-dealers were up by at least a third, compared with a year earlier, executives say.
“Clients are more in a risk-management mode, so advisers who may have not been using life insurance as part of their practice, except in a reactionary way, are now more proactive because of the guarantees in the contract,” said James Swink, a vice president at Raymond James Financial Inc., who manages the firm's life insurance marketing and sales...
Investment News:
Permalink posted by markw @ 4:55 AM
What Not to Say to a Big Insurance Company During a Policy Dispute
Disgruntled Client in Hot Water for website Dedicated to Insurance Company's Products
Anthony Digati wasn't just another disgruntled client of the New York Life Insurance Company. He was a former agent and manager at the firm who had become ensnared in a $49,500 policy dispute.
What will become of the industry when Americans are trading in their policies?
Like many customers of large insurance companies, Mr. Digati, 52, of Chino, Calif., felt he was being cheated and treated unfairly.
The company disagreed.
Rather than walk away, Digati decided to take the dispute to another level. He created a website dedicated to New York Life's products and hired an email spam service...
ABC: What Not to Say to a Big Insurance Company During a Policy Dispute
Anthony Digati wasn't just another disgruntled client of the New York Life Insurance Company. He was a former agent and manager at the firm who had become ensnared in a $49,500 policy dispute.
What will become of the industry when Americans are trading in their policies?
Like many customers of large insurance companies, Mr. Digati, 52, of Chino, Calif., felt he was being cheated and treated unfairly.
The company disagreed.
Rather than walk away, Digati decided to take the dispute to another level. He created a website dedicated to New York Life's products and hired an email spam service...
ABC: What Not to Say to a Big Insurance Company During a Policy Dispute
Permalink posted by markw @ 4:51 AM
Change Can Be Costly
Dean Soto of Buena Park, Calif., was working in the aerospace field as an IT security specialist when his wife became pregnant with their second child and decided to stop working. The family experienced a significant loss of income. Mr. Soto, 29, decided to look for a better-paying job.
"At first I thought I could get another job in my field," he says. "But after interviewing, it was clear that there wasn't enough market demand, and my skill set was too specialized to justify the salary that I was seeking."...
WSJ: Change Can Be Costly
"At first I thought I could get another job in my field," he says. "But after interviewing, it was clear that there wasn't enough market demand, and my skill set was too specialized to justify the salary that I was seeking."...
WSJ: Change Can Be Costly
Permalink posted by markw @ 4:50 AM
Retirement Risk for Women: Oversold Immediate Annuities
Selling immediate fixed annuities to women retirees these days is about as hard as leading bears to honey. The combined impact of the market crash of ‘08 and the growing drumbeat of longevity risk warnings has given women a heightened awareness (if not low-grade fear) of outliving their money in retirement. That’s a golden opportunity for insurers who are quick to point out they have the perfect product to allay those concerns: a fixed immediate annuity that will make lifetime payouts. The concept is indeed sound, but the timing presents a retirement risk for women. Buying an immediate annuity right now and locking in a payout tied to today’s record-low interest rates isn’t exactly smart. But that hasn’t slowed down the insurers...
BNet: Retirement Risk for Women: Oversold Immediate Annuities
BNet: Retirement Risk for Women: Oversold Immediate Annuities
Permalink posted by markw @ 4:44 AM
Roth conversions: Beware the hype
Since the ban on converting to a Roth IRA by folks making more than $100,000 was lifted this year, the buzz surrounding conversions has been deafening.
Everywhere you turn, some adviser or investment firm is blaring the benefits of switching to a Roth: Tax-free withdrawals! Tax-free returns! A tax-free legacy for heirs! But before you hop on the bandwagon, keep the following in mind...
CNN: Roth conversions: Beware the hype
Everywhere you turn, some adviser or investment firm is blaring the benefits of switching to a Roth: Tax-free withdrawals! Tax-free returns! A tax-free legacy for heirs! But before you hop on the bandwagon, keep the following in mind...
CNN: Roth conversions: Beware the hype
Permalink posted by markw @ 4:44 AM
Friday, April 23, 2010
Time to Replace the 4% Rule
Retirement-Savings Withdrawal Strategy Is Flawed, but Replacement Is Complex
How much -- when the time comes -- should you withdraw from your accounts earmarked for retirement? Answer that question correctly and you get to enjoy the retirement of your dreams. Answer it incorrectly and you either outlive your assets or you leave more money to your heirs than planned.
Conventional wisdom suggests that you withdraw on average 4% adjusted for inflation. Now comes a paper co-authored by William Sharpe, the winner of the 1990 Nobel Prize in Economics, challenging the conventional wisdom.
"It is time to replace the 4% rule with approaches better grounded in fundamental economic analysis," wrote Sharpe in his paper "The 4% Rule -- At What Price?" (That paper appeared in The Journal of Investment Management in 2009, but resurfaced last week in the financial-adviser community and is sparking debate anew.)...
Yahoo! Finance: Time to Replace the 4% Rule
How much -- when the time comes -- should you withdraw from your accounts earmarked for retirement? Answer that question correctly and you get to enjoy the retirement of your dreams. Answer it incorrectly and you either outlive your assets or you leave more money to your heirs than planned.
Conventional wisdom suggests that you withdraw on average 4% adjusted for inflation. Now comes a paper co-authored by William Sharpe, the winner of the 1990 Nobel Prize in Economics, challenging the conventional wisdom.
"It is time to replace the 4% rule with approaches better grounded in fundamental economic analysis," wrote Sharpe in his paper "The 4% Rule -- At What Price?" (That paper appeared in The Journal of Investment Management in 2009, but resurfaced last week in the financial-adviser community and is sparking debate anew.)...
Yahoo! Finance: Time to Replace the 4% Rule
Permalink posted by markw @ 6:44 AM
Ex-Lion, money manager stole $3M from Detroit, Pontiac pensions, U.S. says
The U.S. Securities and Exchange Commission brought civil fraud charges today against a private equity firm, an investment advisor and his friend, accusing them of stealing more than $3 million from public pension plans in Detroit and Pontiac.
The lawsuit, filed in U.S. District Court in Detroit, names Roy Dixon Jr. and Onyx Capital Advisers, who were the subjects of Free Press reports last year that raised questions about whether they misrepresented a principal in the firm, among other things. The third defendant is Michael A. Farr, a former Detroit Lions receiver and the son of former Lion and metro Detroit auto dealer Mel Farr...
Free Press: Ex-Lion, money manager stole $3M from Detroit, Pontiac pensions, U.S. says
The lawsuit, filed in U.S. District Court in Detroit, names Roy Dixon Jr. and Onyx Capital Advisers, who were the subjects of Free Press reports last year that raised questions about whether they misrepresented a principal in the firm, among other things. The third defendant is Michael A. Farr, a former Detroit Lions receiver and the son of former Lion and metro Detroit auto dealer Mel Farr...
Free Press: Ex-Lion, money manager stole $3M from Detroit, Pontiac pensions, U.S. says
Permalink posted by markw @ 6:20 AM
Financial Planning For Older Relatives Starts With Communication
Perhaps you have noticed an older relative is slowing down. Maybe a serious illness is making financial management tough for a loved one. Now might be the time to step in and see what can be done to keep your family member’s financial picture under control.
Here are some starting steps...
WMUR: Financial Planning For Older Relatives Starts With Communication
Here are some starting steps...
WMUR: Financial Planning For Older Relatives Starts With Communication
Permalink posted by markw @ 6:07 AM
AIG chairman's Amarillo message 'positive'
Evelyn Kern, an AIG spokeswoman, said Ben- mosche wouldn't be available for comment because his visit to Amarillo was to be brief as he addressed employees here.
In October, the city commission approved $1.25 million in incentives for AIG subsidiaries Western National Life and Variable Annuity Life Insurance Co. in a move to add 125 employees...
Amarillo: AIG chairman's Amarillo message 'positive'
In October, the city commission approved $1.25 million in incentives for AIG subsidiaries Western National Life and Variable Annuity Life Insurance Co. in a move to add 125 employees...
Amarillo: AIG chairman's Amarillo message 'positive'
Permalink posted by markw @ 4:42 AM
The Power of the Purse: Annuity Sales to Women Rise
Women are living longer and after the financial crisis there is increased concern about not having enough money to last throughout their lifetimes.
As a result, more women are buying income annuities to ensure they have sufficient retirement income.
New York Life Insurance Co. sold 64% of its $1.9 billion in fixed immediate annuity sales last year to women...
Financial Planning: The Power of the Purse: Annuity Sales to Women Rise
As a result, more women are buying income annuities to ensure they have sufficient retirement income.
New York Life Insurance Co. sold 64% of its $1.9 billion in fixed immediate annuity sales last year to women...
Financial Planning: The Power of the Purse: Annuity Sales to Women Rise
Permalink posted by markw @ 4:38 AM
Thursday, April 22, 2010
Munich Re Launches New Life Insurance Underwriting Manual
Munich Re, a life reinsurance company in North America, has launched a new life insurance underwriting manual ‘EDGE’. The company is expected to roll out two versions of EDGE, one for the US and one for Canada.
According to Munich Re, EDGE is a web-based life insurance underwriting manual that was developed by a team of physicians, underwriters, analysts and biometric research experts. It features ten calculators, some of which are like liver function test (LFT) calculator which incorporates applicant’s body mass index (BMI). Each calculator was developed based on the company’s research...
IBR: Munich Re Launches New Life Insurance Underwriting Manual
According to Munich Re, EDGE is a web-based life insurance underwriting manual that was developed by a team of physicians, underwriters, analysts and biometric research experts. It features ten calculators, some of which are like liver function test (LFT) calculator which incorporates applicant’s body mass index (BMI). Each calculator was developed based on the company’s research...
IBR: Munich Re Launches New Life Insurance Underwriting Manual
Permalink posted by markw @ 6:48 AM
Insurance You Want to Collect
You should buy an annuity--preferably 27 years before you're going to need it.
Most insurance protects you against something bad--a fire or a car accident, for example. But the biggest uninsured risk that most people face is that something quite good will happen: You live a long life. Annuities protect against that outcome. They promise regular payments as long as you (and your spouse) live, so that you won't outlast your retirement savings. If things were accurately named, annuities would be called life insurance (and today's life insurance would be called death insurance)...
Forbes: Insurance You Want to Collect
Most insurance protects you against something bad--a fire or a car accident, for example. But the biggest uninsured risk that most people face is that something quite good will happen: You live a long life. Annuities protect against that outcome. They promise regular payments as long as you (and your spouse) live, so that you won't outlast your retirement savings. If things were accurately named, annuities would be called life insurance (and today's life insurance would be called death insurance)...
Forbes: Insurance You Want to Collect
Permalink posted by markw @ 4:47 AM
Senior scams -- Bill on annuities is blocked again
In a state with a large population of senior citizens, the scam takes place over and over.
An elderly person has worked a lifetime to build up a nest egg and ensure a comfortable retirement. But with old age comes loneliness and, perhaps because the mind is not quite as sharp as it once was, increased vulnerability.
It's an invitation for unscrupulous insurance agents, who hold friendly gatherings, offer free meals and then dish up some fast talk about hard-to-understand annuities — even though most of those annuities won't mature for 15 to 20 years and threaten huge penalties for getting your money back...
Tallahassee: Senior scams -- Bill on annuities is blocked again
An elderly person has worked a lifetime to build up a nest egg and ensure a comfortable retirement. But with old age comes loneliness and, perhaps because the mind is not quite as sharp as it once was, increased vulnerability.
It's an invitation for unscrupulous insurance agents, who hold friendly gatherings, offer free meals and then dish up some fast talk about hard-to-understand annuities — even though most of those annuities won't mature for 15 to 20 years and threaten huge penalties for getting your money back...
Tallahassee: Senior scams -- Bill on annuities is blocked again
Permalink posted by markw @ 4:26 AM
Tuesday, April 20, 2010
Top 10 long-term care insurance sellers, rookies for 2009 named
An insurance agent in California who sold the most long-term care insurance last year was among 500 agents recognized in the Eighth Long-Term Care Sales Achievement Awards.
David Jeffrey of San Francisco, Calif. sold the most long-term care insurance last year, according to the American Association for Long-Term Care Insurance, which recognizes producers based on sales made during 2009.?The annual award recognizes the nation’s top 500 insurance professionals across a range of categories, including placed premium, placed lives, multi-life sales and combo long-term care insurance products...
IFA Web News: Top 10 long-term care insurance sellers, rookies for 2009 named
David Jeffrey of San Francisco, Calif. sold the most long-term care insurance last year, according to the American Association for Long-Term Care Insurance, which recognizes producers based on sales made during 2009.?The annual award recognizes the nation’s top 500 insurance professionals across a range of categories, including placed premium, placed lives, multi-life sales and combo long-term care insurance products...
IFA Web News: Top 10 long-term care insurance sellers, rookies for 2009 named
Permalink posted by markw @ 6:57 AM
New study reveals health, life insurers’ $1.8 billion stake in fast food
A new study says health and life insurance companies have a stake of more than $1.8 billion in the fast food business, which raises a question: Are they fit to be in charge of the health care system?
Harvard Medical School researchers don’t think so. In a study published today, they assert that the health insurance industry’s desire to make money conflicts with its responsibility to protect and promote public health...
Northwestern: New study reveals health, life insurers’ $1.8 billion stake in fast food
Harvard Medical School researchers don’t think so. In a study published today, they assert that the health insurance industry’s desire to make money conflicts with its responsibility to protect and promote public health...
Northwestern: New study reveals health, life insurers’ $1.8 billion stake in fast food
Permalink posted by markw @ 5:08 AM
Meet NFL's big daddy
When I first meet with the man everyone in NFL circles knows as "Big Daddy", he's seated in the back corner of Bull & Bear, a swanky midtown Manhattan hotel lounge lush with silver haired finance types and cougars dressed to the nines. In preparing for the NFL Draft, I'd been told by countless players get to know the guy that protects them .
Sprawled across a leather couch, the 6'5, 340-pound presence waves me over as he finishes what appears to be a casual conversation on his Blackberry... Richard "Big Daddy" Salgado carries an old school Vito Corleone aura everywhere he goes. An imposing figure, the man who once protected Neil O'Donnell's blind side at Maryland isn't exactly a warm and cuddly teddy bear. But in his industry, he can't be. He's a realist because it's his livelihood.
And yet, he's not a bodyguard. He's not a security guy.
Nope, he's an insurance agent...
Fox News: Meet NFL's big daddy
Sprawled across a leather couch, the 6'5, 340-pound presence waves me over as he finishes what appears to be a casual conversation on his Blackberry... Richard "Big Daddy" Salgado carries an old school Vito Corleone aura everywhere he goes. An imposing figure, the man who once protected Neil O'Donnell's blind side at Maryland isn't exactly a warm and cuddly teddy bear. But in his industry, he can't be. He's a realist because it's his livelihood.
And yet, he's not a bodyguard. He's not a security guy.
Nope, he's an insurance agent...
Fox News: Meet NFL's big daddy
Permalink posted by markw @ 5:03 AM
Top 403(b) Questions Answered
The 403(b) plan has been around for a long time, but compared to the 401(k) plan - its more famous cousin - the 403(b) plan gets little attention. While not nearly as popular, the 403(b) plan is a valuable tool for eligible investors. A quick question and answer session can you get the most out of your 403(b) plan...
SFGate: Top 403(b) Questions Answered
SFGate: Top 403(b) Questions Answered
Permalink posted by markw @ 5:01 AM
Editorial: Florida lawmakers deserve opportunity to vote on Safeguard Our Seniors bill
A bill designed to protect Florida seniors from unscrupulous annuities brokers is being held hostage by a committee chairman in the state House.
Rep. Pat Patterson, R-DeLand, chairman of the House Insurance, Business and Financial Affairs Policy Committee, has refused to allow the committee to consider the Safeguard Our Seniors legislation (House Bill 825) proposed by Alex Sink, the state’s chief financial officer.
It’s the third year in a row Patterson, an insurance agent, has shackled Sink’s proposal...
TC Palm: Editorial: Florida lawmakers deserve opportunity to vote on Safeguard Our Seniors bill
Rep. Pat Patterson, R-DeLand, chairman of the House Insurance, Business and Financial Affairs Policy Committee, has refused to allow the committee to consider the Safeguard Our Seniors legislation (House Bill 825) proposed by Alex Sink, the state’s chief financial officer.
It’s the third year in a row Patterson, an insurance agent, has shackled Sink’s proposal...
TC Palm: Editorial: Florida lawmakers deserve opportunity to vote on Safeguard Our Seniors bill
Permalink posted by markw @ 4:58 AM
When should clients use immediate annuities in retirement?
Let's take a look at a simple example and see under what circumstances an immediate annuity might be appealing.
Assume we have a married couple, age 65, with $1,000,000 of retirement assets. If they buy a joint and survivor annuity today, the estimated payment would be about $62,600 per year for as long as they live (this quote was obtained from one of the highest-rated, direct annuity issuers in the industry)...
Investment News: When should clients use immediate annuities in retirement?
Assume we have a married couple, age 65, with $1,000,000 of retirement assets. If they buy a joint and survivor annuity today, the estimated payment would be about $62,600 per year for as long as they live (this quote was obtained from one of the highest-rated, direct annuity issuers in the industry)...
Investment News: When should clients use immediate annuities in retirement?
Permalink posted by markw @ 4:57 AM
Monday, April 19, 2010
Advisers once again open doors to interns
In an early sign that the worst days of the recession are behind them, advisory firms once again are hiring summer interns, with the hope of grooming young prospects into full-time professionals.
“There was a falloff last year, but this year, we're placing kids like crazy,” said Deena Katz, associate professor in the Division of Personal Financial Planning at Texas Tech University and chairman of wealth management firm Evensky & Katz...
Investment News: Advisers once again open doors to interns
“There was a falloff last year, but this year, we're placing kids like crazy,” said Deena Katz, associate professor in the Division of Personal Financial Planning at Texas Tech University and chairman of wealth management firm Evensky & Katz...
Investment News: Advisers once again open doors to interns
Permalink posted by markw @ 5:19 AM
Tools to safeguard your retirement income
The need for lifetime income is huge and growing as life expectancies continue to increase and traditional sources of guaranteed income disappear. For a couple of 65-year-olds, there's a 25 percent chance that one spouse will live until 97, yet fewer people are retiring with pensions and Social Security covers only a small portion of most people's expenses. Many retirees who had planned to fill the income gap with their savings are wondering where to turn after suffering through two severe market downturns in a decade. An annuity may be the answer, but not all annuities are alike, and some may not be appropriate for you...
WaPo: Tools to safeguard your retirement income
WaPo: Tools to safeguard your retirement income
Permalink posted by markw @ 4:56 AM
GLBT couples spell out legal protections
Wherever he goes, Kelly Stern carries at least two very important documents.
They give him legal authority to make medical decisions for his life partner.
Together nearly eight years, Stern and his boyfriend realized they needed the paperwork in 2006 when Stern's boyfriend was hospitalized with an infection.
When Stern made it to the hospital, "nobody [could] tell me what's going on because I'm not family..."
Times-Dispatch: GLBT couples spell out legal protections
They give him legal authority to make medical decisions for his life partner.
Together nearly eight years, Stern and his boyfriend realized they needed the paperwork in 2006 when Stern's boyfriend was hospitalized with an infection.
When Stern made it to the hospital, "nobody [could] tell me what's going on because I'm not family..."
Times-Dispatch: GLBT couples spell out legal protections
Permalink posted by markw @ 4:51 AM
Key Data Missing from your 401(k) Statement
No strangers to taking their lumps, 401(k) investors are now worrying about the real value of their lump sums.
It’s beginning to dawn on 401(k) participants, especially the Baby Boomers nearing retirement, that they haven’t a clue how much sustainable monthly income their 401(k) lump sum can generate. In a recent ING survey, 84 percent of 401(k) participants said they want their employers to include a line-item on their 401(k) statements that would show how much monthly income they could expect in retirement based on their current lump sum 401(k) balance. This is indeed the key data point missing from every 401(k), and it’s an omission no one can afford. If you don’t have a clear idea of how much you can afford to pull out of your 401(k) lump sum without running it dry too fast, how do you know if you can even afford to retire in the first place? ...
BNet: Key Data Missing from your 401(k) Statement
It’s beginning to dawn on 401(k) participants, especially the Baby Boomers nearing retirement, that they haven’t a clue how much sustainable monthly income their 401(k) lump sum can generate. In a recent ING survey, 84 percent of 401(k) participants said they want their employers to include a line-item on their 401(k) statements that would show how much monthly income they could expect in retirement based on their current lump sum 401(k) balance. This is indeed the key data point missing from every 401(k), and it’s an omission no one can afford. If you don’t have a clear idea of how much you can afford to pull out of your 401(k) lump sum without running it dry too fast, how do you know if you can even afford to retire in the first place? ...
BNet: Key Data Missing from your 401(k) Statement
Permalink posted by markw @ 4:38 AM
Friday, April 16, 2010
The Top 5 Unexpected Costs of Retirement
Make space in your portfolio for these added risks.
Some people see retirement as a chance to sit back and relax, while others take advantage of their newfound time by traveling the globe. Either way you spin it, retirement costs money -- and some of your bills will be unexpected.
Here, investing and money management experts look at the top five expenses that aren't always factored into a retirement budget or investment plan. The good news? Almost all are related to a positive trend: people are living longer, healthier lives...
Yahoo! Finance: The Top 5 Unexpected Costs of Retirement
Some people see retirement as a chance to sit back and relax, while others take advantage of their newfound time by traveling the globe. Either way you spin it, retirement costs money -- and some of your bills will be unexpected.
Here, investing and money management experts look at the top five expenses that aren't always factored into a retirement budget or investment plan. The good news? Almost all are related to a positive trend: people are living longer, healthier lives...
Yahoo! Finance: The Top 5 Unexpected Costs of Retirement
Permalink posted by markw @ 5:44 AM
O.C. investment advisor accused of fraud
The Securities and Exchange Commission said Thursday that it has temporarily halted the operations of an Orange County investment advisor it has accused of running a fraudulent investment scheme... The temporary restraining order, issued April 7 by a federal judge in Los Angeles, freezes the assets of Richard H. Nickles of Dana Point and his three Santa Ana companies: Innovative Advisory Services Inc., Innovative Advisory Services and Island Trader.
The SEC has accused Nickles, 53, of raising about $3 million through newspaper ads for investments that purportedly were guaranteed by the U.S. government or insured. He did not invest the money as promised, the complaint said...
LA Times: O.C. investment advisor accused of fraud
The SEC has accused Nickles, 53, of raising about $3 million through newspaper ads for investments that purportedly were guaranteed by the U.S. government or insured. He did not invest the money as promised, the complaint said...
LA Times: O.C. investment advisor accused of fraud
Permalink posted by markw @ 4:49 AM
Pershing Adds Assessment Tool for RIAs
Web-based business evaluator is called Healthcheck
Pershing Advisor Solutions announced Monday, April 12, that it has added a Web tool for its RIA customers called Healthcheck, which provides an assessment of the operating health of those RIAs’ businesses.
Pershing said that Healthcheck, developed with Australian practice management group Business Health, was created to maximize growth and profitability for RIAs. Healthcheck is a self-assessment questionnaire comprising more than 100 questions that generates an evaluation of the health of an RIA practice across more than 30 critical functions...
Investment Advisor: Pershing Adds Assessment Tool for RIAs
Pershing Advisor Solutions announced Monday, April 12, that it has added a Web tool for its RIA customers called Healthcheck, which provides an assessment of the operating health of those RIAs’ businesses.
Pershing said that Healthcheck, developed with Australian practice management group Business Health, was created to maximize growth and profitability for RIAs. Healthcheck is a self-assessment questionnaire comprising more than 100 questions that generates an evaluation of the health of an RIA practice across more than 30 critical functions...
Investment Advisor: Pershing Adds Assessment Tool for RIAs
Permalink posted by markw @ 4:41 AM
Thursday, April 15, 2010
New York Life's Strong Earnings
New York Life Insurance Co. posted operating earnings of $1.22 billion for 2009, aided by higher sales of insurance policies and products and a large stream of premium and fee income from existing customers.
The $1.22 billion operating profit, after paying dividends and taxes, is shy of the record $1.28 billion earnings New York Life Insurance posted in 2008. The largest mutual life insurer in terms of revenue also ended 2009 with surplus capital totaling an all-time high of $15 billion. Investments, totaling $286.7 billion, managed by the triple-A rated insurer rose due to a rebound in the equity and debt markets, in addition to new funds raised...
WSJ: New York Life's Strong Earnings
The $1.22 billion operating profit, after paying dividends and taxes, is shy of the record $1.28 billion earnings New York Life Insurance posted in 2008. The largest mutual life insurer in terms of revenue also ended 2009 with surplus capital totaling an all-time high of $15 billion. Investments, totaling $286.7 billion, managed by the triple-A rated insurer rose due to a rebound in the equity and debt markets, in addition to new funds raised...
WSJ: New York Life's Strong Earnings
Permalink posted by markw @ 5:24 AM
Annuity Issuers Slowly Enter The Digital Age
Recent innovations in the online account opening process and document delivery mark a positive step forward for the annuity industry.
It is no secret that annuity issuers have trailed the rest of the financial services industry in terms of online account opening and management functionalities. The inefficient nature of the annuity account opening process is legendary, as is the lack of online transactional capabilities. Login security has also been a longstanding shortcoming that we've touched on in earlier articles.
Over the last two months, several firms have rolled out promising advancements that may signal a change in how the annuity industry values online capabilities. The two most important innovations come from AXA Equitable and ING. Both aim to cut costs while improving the user experience...
Retirement Income Journal: Annuity Issuers Slowly Enter The Digital Age
It is no secret that annuity issuers have trailed the rest of the financial services industry in terms of online account opening and management functionalities. The inefficient nature of the annuity account opening process is legendary, as is the lack of online transactional capabilities. Login security has also been a longstanding shortcoming that we've touched on in earlier articles.
Over the last two months, several firms have rolled out promising advancements that may signal a change in how the annuity industry values online capabilities. The two most important innovations come from AXA Equitable and ING. Both aim to cut costs while improving the user experience...
Retirement Income Journal: Annuity Issuers Slowly Enter The Digital Age
Permalink posted by markw @ 4:53 AM
The Complexities of the 401k Annuity
When it comes to investing in an annuity, 401k investors are starting to prefer this option. However, this type of investment carries with it some complexities that you need to be aware of. Here are a few things to consider about the complexity of a 401k annuity...
FavStocks: The Complexities of the 401k Annuity
FavStocks: The Complexities of the 401k Annuity
Permalink posted by markw @ 4:39 AM
Wednesday, April 14, 2010
Where Auto Insurance Is Most Expensive
Louisiana has the highest average auto insurance rates in the United States, while Maine has the lowest, according to new data from Insure.com that ranks the states according to their average insurance rates (see the full ranking below).
The data, which Insure.com released Monday, comes from a study Quadrant Information Services performed for Insure.com to find the most and least expensive vehicle to insure nationwide...
Yahoo! Finance: Where Auto Insurance Is Most Expensive
The data, which Insure.com released Monday, comes from a study Quadrant Information Services performed for Insure.com to find the most and least expensive vehicle to insure nationwide...
Yahoo! Finance: Where Auto Insurance Is Most Expensive
Permalink posted by markw @ 5:28 AM
Insurance commissioner moves against life-settlement firm
Texas Insurance Commissioner Mike Geeslin has taken action to stop a New Braunfels man and his investment business from engaging in alleged fraudulent conduct related to sales of life insurance settlement contracts.
Late last week, the commissioner issued a cease-and-desist order against Richard Gray and his business Retirement Value, accusing Gray of a range of insurance law violations for his role in selling investments in contracts that are paid off when a person with life insurance dies. Investors were promised returns of up to 16.5 percent...
Statesman: Insurance commissioner moves against life-settlement firm
Late last week, the commissioner issued a cease-and-desist order against Richard Gray and his business Retirement Value, accusing Gray of a range of insurance law violations for his role in selling investments in contracts that are paid off when a person with life insurance dies. Investors were promised returns of up to 16.5 percent...
Statesman: Insurance commissioner moves against life-settlement firm
Permalink posted by markw @ 5:06 AM
More Life Insurance Was Sought on Woman
An Indianapolis entrepreneur who is trying to collect on a $15 million life-insurance policy for an elderly woman who drowned in her bathtub also sought to buy other big policies on the woman's life, according to court documents filed late Monday by a unit of American International Group Inc.
JB Carlson, 36 years old, never took out the other policies, but AIG's American General unit maintains in its filing they are additional evidence of alleged "illegal wagering" under Indiana law on the life of an unrelated person...
WSJ: More Life Insurance Was Sought on Woman
JB Carlson, 36 years old, never took out the other policies, but AIG's American General unit maintains in its filing they are additional evidence of alleged "illegal wagering" under Indiana law on the life of an unrelated person...
WSJ: More Life Insurance Was Sought on Woman
Permalink posted by markw @ 4:59 AM
Thursday, April 08, 2010
Financial Planning for the Rest of Us
April is financial literacy month. So I was happy to read in an email that TD Ameritrade is doing its part and offering free educational webcasts. But rather than teach something useful like how to save for retirement, the bank is focusing its series on sophisticated — read risky — trading strategies. Haven’t we all learned by now that day-trading should be left to the pros and the rest of us should focus on more basic financial planning...
BNet: Financial Planning for the Rest of Us
BNet: Financial Planning for the Rest of Us
Permalink posted by markw @ 7:28 AM
Electrician mowed down and killed wife in 4x4 after secretly taking out £250,000 life insurance
A cheating husband killed his wife 'in cold blood' after secretly taking out a £250,000 insurance policy on her life... Christopher Daffin, 43, ran down his wife Colette as she walked to work in the early morning... He claimed he killed her in the heat of the moment, but Daffin is beginning a 25-year jail sentence for her murder.
Christopher Daffin forged his 43-year-old wife's signature on a £250,000 life insurance policy a year before her death... The electrician, who had been spotted 'lurking' in bushes nearby wearing dark clothing and sunglasses, had tried to make the tragedy look like a hit and run accident.
Minutes after the killing on July 8, he feigned surprise when one of his wife's colleagues rang to say she had not arrived at work at 6am...
London Daily Mail: Electrician mowed down and killed wife in 4x4 after secretly taking out £250,000 life insurance
Christopher Daffin forged his 43-year-old wife's signature on a £250,000 life insurance policy a year before her death... The electrician, who had been spotted 'lurking' in bushes nearby wearing dark clothing and sunglasses, had tried to make the tragedy look like a hit and run accident.
Minutes after the killing on July 8, he feigned surprise when one of his wife's colleagues rang to say she had not arrived at work at 6am...
London Daily Mail: Electrician mowed down and killed wife in 4x4 after secretly taking out £250,000 life insurance
Permalink posted by markw @ 5:55 AM
Momentum Builds for Annuities in 401(k) Plans
The Obama administration recently came out in favor of annuities, but so far, only a handful of large employers offer this option.
More retirement think tanks are getting on board with the idea of including annuities in 401(k) plans, but so far, only a handful of large employers have this as an option.
“They are complicated,” explains Alicia Munnell, director of the Center for Retirement Research at Boston College. “And [if] you hand over a bunch of your hard-earned cash and go out on the street and get hit by a bus, it’s gone.”
Furthermore, investors are afraid an insurance carrier could go out of business, and plan sponsors don’t like the administrative headache of switching annuity investments when workers change jobs, added Robyn Credico, a consultant with Towers Watson...
INN: Momentum Builds for Annuities in 401(k) Plans
More retirement think tanks are getting on board with the idea of including annuities in 401(k) plans, but so far, only a handful of large employers have this as an option.
“They are complicated,” explains Alicia Munnell, director of the Center for Retirement Research at Boston College. “And [if] you hand over a bunch of your hard-earned cash and go out on the street and get hit by a bus, it’s gone.”
Furthermore, investors are afraid an insurance carrier could go out of business, and plan sponsors don’t like the administrative headache of switching annuity investments when workers change jobs, added Robyn Credico, a consultant with Towers Watson...
INN: Momentum Builds for Annuities in 401(k) Plans
Permalink posted by markw @ 4:51 AM
Rep. Wasserman Schultz Insists Health Care Law Doesn't Require Individuals to Buy Insurance
Rep. Debbie Wasserman Schultz (D.-Fla.) is insisting that the new health care law she voted for last month does not mandate that individuals buy health insurance, despite language in the law that plainly says otherwise...
CNS: Rep. Wasserman Schultz Insists Health Care Law Doesn't Require Individuals to Buy Insurance
CNS: Rep. Wasserman Schultz Insists Health Care Law Doesn't Require Individuals to Buy Insurance
Permalink posted by markw @ 4:38 AM
Wednesday, April 07, 2010
U.S. Insurer Relief Totals $7 Billion on Home-Loan Investments
U.S. insurers got about $7 billion of capital relief last year from regulators on investments in residential mortgage-backed securities, said Therese Vaughan, who heads the industry’s association of state watchdogs.
“The RMBS project made sense,” Vaughan, chief executive officer of the National Association of Insurance Commissioners, said yesterday in an interview in New York. The reduced capital requirements were partly the result of the NAIC’s new method of forecasting losses on the securities, Vaughan said...
Business Week: U.S. Insurer Relief Totals $7 Billion on Home-Loan Investments
“The RMBS project made sense,” Vaughan, chief executive officer of the National Association of Insurance Commissioners, said yesterday in an interview in New York. The reduced capital requirements were partly the result of the NAIC’s new method of forecasting losses on the securities, Vaughan said...
Business Week: U.S. Insurer Relief Totals $7 Billion on Home-Loan Investments
Permalink posted by markw @ 8:28 AM
Boynton Beach couple sue former Boca Raton insurance mogul Barry Kaye over $500,000
Impressed by Barry Kaye's famed oratory skills at one of his once-ubiquitous free seminars on how to die rich, David and Aileen Epstein handed the longtime Boca Raton insurance mogul the keys to their financial planning.
Before the part-time Boynton Beach couple had straightened out the mess Kaye and his son, Howard, had made of their hoped-for legacy, they had lost more than $500,000, according to a lawsuit filed in Palm Beach County Circuit Court.
In addition to recovering their lost money, they may seek punitive damages against the once high-flying father-and-son life insurance dynamos for fraud, according to the suit...
Palm Beach Post: Boynton Beach couple sue former Boca Raton insurance mogul Barry Kaye over $500,000
Before the part-time Boynton Beach couple had straightened out the mess Kaye and his son, Howard, had made of their hoped-for legacy, they had lost more than $500,000, according to a lawsuit filed in Palm Beach County Circuit Court.
In addition to recovering their lost money, they may seek punitive damages against the once high-flying father-and-son life insurance dynamos for fraud, according to the suit...
Palm Beach Post: Boynton Beach couple sue former Boca Raton insurance mogul Barry Kaye over $500,000
Permalink posted by markw @ 8:26 AM
Long-term-care policies: Pouring money down a hole?
The saddest lesson of recent years for the American middle class is that those who "do the right thing" are first in line to get hammered.
You devote a lifetime to a single employer, only to get laid off with a cheese-paring severance package. You finance your own retirement by religiously funding your 401(k), and Wall Street lays an egg on your head.
Here's a lesson baby boomers are just beginning to learn: You pay for long-term-care insurance for years, even decades, and then your insurance company changes the rules...
LA Times: Long-term-care policies: Pouring money down a hole?
You devote a lifetime to a single employer, only to get laid off with a cheese-paring severance package. You finance your own retirement by religiously funding your 401(k), and Wall Street lays an egg on your head.
Here's a lesson baby boomers are just beginning to learn: You pay for long-term-care insurance for years, even decades, and then your insurance company changes the rules...
LA Times: Long-term-care policies: Pouring money down a hole?
Permalink posted by markw @ 8:26 AM
Switzerland Threatens Tax Cheats Using ‘Wrappers’
Swiss regulators are probing whether investors are buying life insurance to hide undeclared assets from tax authorities as the dispute over banking secrecy widens.
“We are checking selectively if there is a need for regulator action on the risk management of insurers and banks,” said Alain Bichsel, a spokesman for the Swiss Financial Market Supervisory Authority, known as Finma, in Bern. “We are warning of the risk of cross-border business..."
Business Week: Switzerland Threatens Tax Cheats Using ‘Wrappers’
“We are checking selectively if there is a need for regulator action on the risk management of insurers and banks,” said Alain Bichsel, a spokesman for the Swiss Financial Market Supervisory Authority, known as Finma, in Bern. “We are warning of the risk of cross-border business..."
Business Week: Switzerland Threatens Tax Cheats Using ‘Wrappers’
Permalink posted by markw @ 8:17 AM
Tuesday, April 06, 2010
Minnesotan is a pioneer in online number-crunching
Karl Ebert has been creating and sharing calculators since the early days of Internet.
Karl Ebert can credit the Roth IRA for his success. It was 1998, and Ebert thought he might convert some money from a traditional IRA to a Roth.
But he couldn't find a calculator to show him if it made financial sense.
So the computer science minor with an MBA in finance built one.
"It worked great. And my goal was to market it and sell it," he said. "Having no contacts and no means of actually marketing that one little calculator, I quickly realized it was something to put on my website that was pretty cool..."
LA Times: Minnesotan is a pioneer in online number-crunching
Karl Ebert can credit the Roth IRA for his success. It was 1998, and Ebert thought he might convert some money from a traditional IRA to a Roth.
But he couldn't find a calculator to show him if it made financial sense.
So the computer science minor with an MBA in finance built one.
"It worked great. And my goal was to market it and sell it," he said. "Having no contacts and no means of actually marketing that one little calculator, I quickly realized it was something to put on my website that was pretty cool..."
LA Times: Minnesotan is a pioneer in online number-crunching
Permalink posted by markw @ 5:44 AM
Honolulu Investment Adviser Sentenced to Five Years for Fraud
A Honolulu investment adviser who admitted to bilking his clients out of more than $3 million was sentenced Monday to nearly five years in prison.
According to the U.S. Attorney's office, Albert Perkins ran a financial counseling business.
He advised his clients to purchase a certificate of deposit that yielded 18 to 20 percent a year...
KHON: Honolulu Investment Adviser Sentenced to Five Years for Fraud
According to the U.S. Attorney's office, Albert Perkins ran a financial counseling business.
He advised his clients to purchase a certificate of deposit that yielded 18 to 20 percent a year...
KHON: Honolulu Investment Adviser Sentenced to Five Years for Fraud
Permalink posted by markw @ 5:43 AM
Monday, April 05, 2010
Palm Beach investment advisor accused in $25M Ponzi scam
Donald Anthony Young, an investment advisor who headed Acorn Capital Management, was charged with running a $25 million Ponzi scheme, prosecutors said... Young, 38, of Palm Beach, was indicted Thursday on one count of mail fraud and one of money laundering, U.S. Attorney Michael Levy in Philadelphia said in a statement.
``Ponzi schemes are usually a vehicle for an unscrupulous person to live high off of someone else's wealth,'' Levy said. ``This defendant helped himself to others' fortunes, living a life of luxury, with little or no regard for the damage to our financial markets.''
Young operated an investment advisory business in Kennett Square, Penn., under names including Acorn Capital Management II LP and Acorn Management LLC, according to the statement...
Miami Herald: Palm Beach investment advisor accused in $25M Ponzi scam
``Ponzi schemes are usually a vehicle for an unscrupulous person to live high off of someone else's wealth,'' Levy said. ``This defendant helped himself to others' fortunes, living a life of luxury, with little or no regard for the damage to our financial markets.''
Young operated an investment advisory business in Kennett Square, Penn., under names including Acorn Capital Management II LP and Acorn Management LLC, according to the statement...
Miami Herald: Palm Beach investment advisor accused in $25M Ponzi scam
Permalink posted by markw @ 4:56 AM
Rock by Night, Life Insurance by Day
Gene Simmons of the Band Kiss Is Fronting a New Venture for Wealthy Audiences; 'Life Equity Strategy,' Cleveland?
Gene Simmons... joined a group of financial-sector executives to launch Cool Springs Life Equity Strategy... You might buy car insurance from a gecko or a cave man, but would you consider buying life insurance from a blood-spitting hellion in leather pants?
Gene Simmons, the 60-year-old co-founder of the rock band Kiss, hopes so. If you are wealthy enough, that is.
Mr. Simmons's new group, Cool Springs Life Equity Strategy, was launched last month to tap into a lucrative demographic: entertainers, sports stars and other people with a net worth of $20 million or more who need a life-insurance policy of $10 million or greater. The firm's founders, who include David R. Carpenter, formerly of insurance powerhouse Transamerica, believe there is big opportunity to sell jumbo insurance policies to rich people...
WSJ: Rock by Night, Life Insurance by Day
Gene Simmons... joined a group of financial-sector executives to launch Cool Springs Life Equity Strategy... You might buy car insurance from a gecko or a cave man, but would you consider buying life insurance from a blood-spitting hellion in leather pants?
Gene Simmons, the 60-year-old co-founder of the rock band Kiss, hopes so. If you are wealthy enough, that is.
Mr. Simmons's new group, Cool Springs Life Equity Strategy, was launched last month to tap into a lucrative demographic: entertainers, sports stars and other people with a net worth of $20 million or more who need a life-insurance policy of $10 million or greater. The firm's founders, who include David R. Carpenter, formerly of insurance powerhouse Transamerica, believe there is big opportunity to sell jumbo insurance policies to rich people...
WSJ: Rock by Night, Life Insurance by Day
Permalink posted by markw @ 4:54 AM
Insurers to be responsible for fixed-annuity suitability
State regulators' new rules take burden off broker-dealers
Fixed-annuity sales are about to receive a new layer of supervision from state regulators.
Late last month, the National Association of Insurance Commissioners — whose members are the elected or appointed state officials who regulate insurance companies and agents — adopted new amendments to its suitability regulations calling for carrier review of all fixed-annuity transactions...
Investment News: Insurers to be responsible for fixed-annuity suitability
Fixed-annuity sales are about to receive a new layer of supervision from state regulators.
Late last month, the National Association of Insurance Commissioners — whose members are the elected or appointed state officials who regulate insurance companies and agents — adopted new amendments to its suitability regulations calling for carrier review of all fixed-annuity transactions...
Investment News: Insurers to be responsible for fixed-annuity suitability
Permalink posted by markw @ 4:42 AM
Advisers turning to study groups for support
More than ever, they want advice on hiring, firing and other practice-management issues
When Christopher Cordaro recently grew concerned that he might not have enough errors-and-omissions insurance, the first place he turned for advice was his study group, the Blind Squirrels.
“I sent around an e-mail to the group and immediately got six responses,” said Mr. Cordaro, a partner at RegentAtlantic Capital LLC, which manages $1.8 billion. “We had more coverage [a $10 million policy] than most of the other folks did, so we used that as a good benchmark...”
Investment News: Advisers turning to study groups for support
When Christopher Cordaro recently grew concerned that he might not have enough errors-and-omissions insurance, the first place he turned for advice was his study group, the Blind Squirrels.
“I sent around an e-mail to the group and immediately got six responses,” said Mr. Cordaro, a partner at RegentAtlantic Capital LLC, which manages $1.8 billion. “We had more coverage [a $10 million policy] than most of the other folks did, so we used that as a good benchmark...”
Investment News: Advisers turning to study groups for support
Permalink posted by markw @ 4:32 AM
Thursday, April 01, 2010
Ohio General Assembly Raises Annuity Guaranty Coverage To $250,000
An amendment to Ohio's insurance law by the Ohio General Assembly raised the Ohio Life and Health Insurance Guaranty Association's coverage protection for annuities to $250,000 from $100,000.
Ohio Department of Insurance Director Mary Jo Hudson said March 24 that an amendment to the state's insurance law by the Ohio General Assembly raised the Ohio Life and Health Insurance Guaranty Association's coverage protection for annuities to $250,000 from $100,000...
INN: Ohio General Assembly Raises Annuity Guaranty Coverage To $250,000
Ohio Department of Insurance Director Mary Jo Hudson said March 24 that an amendment to the state's insurance law by the Ohio General Assembly raised the Ohio Life and Health Insurance Guaranty Association's coverage protection for annuities to $250,000 from $100,000...
INN: Ohio General Assembly Raises Annuity Guaranty Coverage To $250,000
Permalink posted by markw @ 4:48 AM
Battle words uttered ahead of NAIC hearing on stranger-owned annuities
A new battleground between insurance and regulators will be formally drawn May 20 in Washington, D.C., when the National Association of Insurance Commissioners (NAIC) holds a public hearing to explore the growing practice of stranger owned/originated annuities.
Based on the comments of the head of the committee looking into these transactions, there’s no doubt where the NAIC falls on the issue. “I envision hearing from the victims, the consumers who may have been duped, quite frankly,” Thomas R. Sullivan, Connecticut insurance commissioner and head of the NAIC’s Life Insurance and Annuities Committee, which will play host to the hearing...
IFA Web News: Battle words uttered ahead of NAIC hearing on stranger-owned annuities
Based on the comments of the head of the committee looking into these transactions, there’s no doubt where the NAIC falls on the issue. “I envision hearing from the victims, the consumers who may have been duped, quite frankly,” Thomas R. Sullivan, Connecticut insurance commissioner and head of the NAIC’s Life Insurance and Annuities Committee, which will play host to the hearing...
IFA Web News: Battle words uttered ahead of NAIC hearing on stranger-owned annuities
Permalink posted by markw @ 4:45 AM
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