Friday, May 28, 2010
Insurance: Comparing long-term care features in life policies
Question: I am a man in my mid-sixties. You recently have been discussing a life-insurance policy that has a long-term-care feature. My agent has given me two different proposals illustrating this type of policy. What is the difference and which is better? ...
Cincinnati: Insurance: Comparing long-term care features in life policies
Cincinnati: Insurance: Comparing long-term care features in life policies
Permalink posted by markw @ 5:07 AM 
Show Me the Money
Nielsen Financial uncovers what different kinds of wealthy clients typically buy and need.
All advisors want to work with wealthy clients, but targeting them is a challenge because every other advisor is pitching for the same business. Winners in this space go into a meeting with a high-net-worth prospect knowing roughly what kinds of services that prospect is likely to buy.
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To take some of the guesswork out of it, research firm Nielsen Financial analyzed the investment trends of the wealthy and found that rich people fall into different brackets based on their interests and geography. Nielsen tracks as many as 15 unique customer segments, but there are at least four that advisors should be aware of in prospecting and expanding their business relationship with clients. For example, if you have a client who fits a described demographic, but only has a fraction of his money in annuities that the average suggests, perhaps it's time to dig deeper into the client's needs...
Bank Investment Consultant: Show Me the Money
All advisors want to work with wealthy clients, but targeting them is a challenge because every other advisor is pitching for the same business. Winners in this space go into a meeting with a high-net-worth prospect knowing roughly what kinds of services that prospect is likely to buy.
Like what you see? Click here to sign up for our daily newsletter to get the latest on advisor market trends, investment management, retirement planning, practice management, technology, compliance and new product development.
To take some of the guesswork out of it, research firm Nielsen Financial analyzed the investment trends of the wealthy and found that rich people fall into different brackets based on their interests and geography. Nielsen tracks as many as 15 unique customer segments, but there are at least four that advisors should be aware of in prospecting and expanding their business relationship with clients. For example, if you have a client who fits a described demographic, but only has a fraction of his money in annuities that the average suggests, perhaps it's time to dig deeper into the client's needs...
Bank Investment Consultant: Show Me the Money
Permalink posted by markw @ 5:02 AM
A New Dynamic
Variable annuity sales fell in 2009 as incentives to stay put in existing contracts choked off exchange growth.
New variable annuity sales rose 2.6% in the fourth quarter of 2009, although they were down 3.8% from the previous fourth quarter. Year-over-year, new sales plummeted almost 19%, from $151.6 billion in 2008 to $123.1 billion in 2009. That's the lowest annual new sales figure since 2002, when sales reached $112.4 billion after bottoming out at just over $107 billion in 2001...
Financial Planning: A New Dynamic
New variable annuity sales rose 2.6% in the fourth quarter of 2009, although they were down 3.8% from the previous fourth quarter. Year-over-year, new sales plummeted almost 19%, from $151.6 billion in 2008 to $123.1 billion in 2009. That's the lowest annual new sales figure since 2002, when sales reached $112.4 billion after bottoming out at just over $107 billion in 2001...
Financial Planning: A New Dynamic
Permalink posted by markw @ 4:59 AM
Annuities After the Deluge
Insurers are simplifying variable annuities to reduce risk and cut costs, but most investors still want living benefits.
Annuities saw the best of times (for clients) and the worst of times (for insurers) when the safety features kicked in during 2008. Insurers convinced they sold their guarantees too cheaply have rushed to repair the damage.
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They are doing this in two ways. Some are stripping back the fancy features that proliferated in the past by offering simpler, cheaper products that carry less risk for insurers. Others continue to offer fancy bells and whistles, but at a slightly higher price...
Bank Investment Consultant: Annuities After the Deluge
Annuities saw the best of times (for clients) and the worst of times (for insurers) when the safety features kicked in during 2008. Insurers convinced they sold their guarantees too cheaply have rushed to repair the damage.
Like what you see? Click here to sign up for our daily newsletter to get the latest on advisor market trends, investment management, retirement planning, practice management, technology, compliance and new product development.
They are doing this in two ways. Some are stripping back the fancy features that proliferated in the past by offering simpler, cheaper products that carry less risk for insurers. Others continue to offer fancy bells and whistles, but at a slightly higher price...
Bank Investment Consultant: Annuities After the Deluge
Permalink posted by markw @ 4:45 AM
Thursday, May 27, 2010
Cash refund for life insurance
A new cash refund option will be made available through Symetra Life Insurance for its income annuity products, according to the insurer.
With the cash refund option, once the annuity owner dies, the beneficiary is able to get one lump sum that is equivalent to the unrecovered purchase payment, Symetra said. The annuity will be paid out no matter what the circumstance may be, ensuring a certain monetary amount...
US Insurance Online: Cash refund for life insurance
With the cash refund option, once the annuity owner dies, the beneficiary is able to get one lump sum that is equivalent to the unrecovered purchase payment, Symetra said. The annuity will be paid out no matter what the circumstance may be, ensuring a certain monetary amount...
US Insurance Online: Cash refund for life insurance
Permalink posted by markw @ 5:47 AM
Couple charged with life insurance fraud
A Florida couple have been charged with an insurance swindle involving the burial of a man they knew under a false name.
Laura Freed, 43, and Michael Petro, 40, were arrested Sunday, the Orlando Sentinel reported. They have been released on $125,000 bail.
Investigators say Freed and Petro took out an insurance policy on the life of Racko Petro in 1998. In 2005, Billy Urich, 59, was admitted to Heart of Florida Regional Medical Center as the 34-year-old Racko and died there of kidney failure...
UPI: Couple charged with life insurance fraud
Laura Freed, 43, and Michael Petro, 40, were arrested Sunday, the Orlando Sentinel reported. They have been released on $125,000 bail.
Investigators say Freed and Petro took out an insurance policy on the life of Racko Petro in 1998. In 2005, Billy Urich, 59, was admitted to Heart of Florida Regional Medical Center as the 34-year-old Racko and died there of kidney failure...
UPI: Couple charged with life insurance fraud
Permalink posted by markw @ 5:34 AM
Life insurance outlook once again stable
The insurance industry has moved its outlook from negative to stable, according to Moody's Industry Report.
As the economy begins to stabilize, so does the life insurance business, Moody's Investors Service said. Trends signaling the upswing of the market include higher stock prices, improved employment numbers, and more consumer spending. Life insurers are expected to soon see an improvement in net profits along with operating and investment incomes...
InsuranceCorner: Life insurance outlook once again stable
As the economy begins to stabilize, so does the life insurance business, Moody's Investors Service said. Trends signaling the upswing of the market include higher stock prices, improved employment numbers, and more consumer spending. Life insurers are expected to soon see an improvement in net profits along with operating and investment incomes...
InsuranceCorner: Life insurance outlook once again stable
Permalink posted by markw @ 5:32 AM
Fed Is Confident of AIG Payback, but Skeptics Remain
Federal overseers of American International Group Inc. and its chief executive sought to convince a skeptical congressional panel that the U.S. would recoup the record sum extended in the AIG bailout.
Federal Reserve officials said they are increasingly confident the government-controlled insurer will repay what it owes the central bank, but their Treasury Department counterparts appeared less certain...
WSJ: Fed Is Confident of AIG Payback, but Skeptics Remain
Federal Reserve officials said they are increasingly confident the government-controlled insurer will repay what it owes the central bank, but their Treasury Department counterparts appeared less certain...
WSJ: Fed Is Confident of AIG Payback, but Skeptics Remain
Permalink posted by markw @ 5:32 AM
Wednesday, May 26, 2010
Jackson National Life picks Cool Springs for new facility, 750 jobs
Middle Tennessee beats out more than 40 sites
A Michigan-based insurance company will open a new regional headquarters in Cool Springs and plans to create up to 750 jobs during the next three years.
Jackson National Life Insurance Company officials announced Tuesday that they have signed a long-term lease to occupy One Greenway Centre, a 150,000-square-foot office building near Nissan North American Headquarters in Franklin. The company plans to bring 400 people there by January and continue expanding its workforce through 2013...
Tennessean: Jackson National Life picks Cool Springs for new facility, 750 jobs
Related: Jackson National denies rumors of HQ move.
A Michigan-based insurance company will open a new regional headquarters in Cool Springs and plans to create up to 750 jobs during the next three years.
Jackson National Life Insurance Company officials announced Tuesday that they have signed a long-term lease to occupy One Greenway Centre, a 150,000-square-foot office building near Nissan North American Headquarters in Franklin. The company plans to bring 400 people there by January and continue expanding its workforce through 2013...
Tennessean: Jackson National Life picks Cool Springs for new facility, 750 jobs
Related: Jackson National denies rumors of HQ move.
Permalink posted by markw @ 5:16 AM
Canadian Banks Gain Record Edge Over Insurers as Markets Tumble
Investors in Canadian financial stocks are favoring banks over insurers more than at any other time in 22 years, rewarding lenders for avoiding the worst of the credit crisis and punishing insurers for their U.S. losses...
Business Week: Canadian Banks Gain Record Edge Over Insurers as Markets Tumble
Business Week: Canadian Banks Gain Record Edge Over Insurers as Markets Tumble
Permalink posted by markw @ 5:14 AM
Universal Life Sales Return to 2005 Levels, LIMRA Says
Sales of universal life insurance policies increased by 17% in the first quarter compared to a year earlier, returning universal life production to first quarter 2005 levels, according to insurance research firm LIMRA...
LifeSettlementsWire: Universal Life Sales Return to 2005 Levels, LIMRA Says
LifeSettlementsWire: Universal Life Sales Return to 2005 Levels, LIMRA Says
Permalink posted by markw @ 5:12 AM
Denver-area investment advisor Jackson gets 15 years for Ponzi scheme
Denver-area investment adviser Mark J. Jackson was sentenced today to 15 years in prison for running a $32 million Ponzi scheme.
Jackson, 55, earlier this year had pled guilty to a felony charge of racketeering in a scheme that swindled investors with promises of guaranteed returns on stock trading...
Denver Post: Denver-area investment advisor Jackson gets 15 years for Ponzi scheme
Jackson, 55, earlier this year had pled guilty to a felony charge of racketeering in a scheme that swindled investors with promises of guaranteed returns on stock trading...
Denver Post: Denver-area investment advisor Jackson gets 15 years for Ponzi scheme
Permalink posted by markw @ 4:41 AM
FINRA bars Georgia man for stealing from client’s variable annuity
A registered financial representative from Martinez, Ga., was barred by the Financial Industry Regulatory Authority (FINRA) after he improperly took money from a client’s variable annuity.
Alvin Charles Ramsey served as a registered representative for an elderly customer, who executed a power of attorney, giving Ramsey broad authority over his financial affairs, FINRA records show...
IFA Web News: FINRA bars Georgia man for stealing from client’s variable annuity
Alvin Charles Ramsey served as a registered representative for an elderly customer, who executed a power of attorney, giving Ramsey broad authority over his financial affairs, FINRA records show...
IFA Web News: FINRA bars Georgia man for stealing from client’s variable annuity
Permalink posted by markw @ 4:39 AM
State regulators scrutinize Annuity scams
The National Association of Insurance Commissioners (NAIC) held a public hearing last week on the emergence of Stranger Originated/Owned Annuities. The hearing, hosted by the NAIC Life Insurance and Annuities Committee, focused on the suspect practice of targeting seniors and terminally ill patients by inducing them to purchase an annuity largely for the benefit of investors or intermediaries.
Robert Mizzoni, an 83-year old from Cranston, Rhode Island, told regulators how he and his wife were victims of an annuities scam. Federal prosecutors are currently investigating a Rhode Island attorney who placed ads in church newspapers offering immediate cash to individuals with terminal illness. The attorney’s goal was to take advantage of the death benefit built into many variable annuities...
NorwalkPlus: State regulators scrutinize Annuity scams
Robert Mizzoni, an 83-year old from Cranston, Rhode Island, told regulators how he and his wife were victims of an annuities scam. Federal prosecutors are currently investigating a Rhode Island attorney who placed ads in church newspapers offering immediate cash to individuals with terminal illness. The attorney’s goal was to take advantage of the death benefit built into many variable annuities...
NorwalkPlus: State regulators scrutinize Annuity scams
Permalink posted by markw @ 4:36 AM
Tuesday, May 25, 2010
Jackson National denies rumors of HQ move from Lansing
Jackson National Life Insurance Co. said Monday it has no plans to move its headquarters out of Lansing.
Several published reports said the insurance giant, which has a tax-sharing agreement with the city of Lansing but headquarters at Interstate 96 and Okemos Road in Alaieidon Township, planned to announce today it is relocating to Franklin, Tenn., near Nashville...
Lansing State Journal: Jackson National denies rumors of HQ move from Lansing
Several published reports said the insurance giant, which has a tax-sharing agreement with the city of Lansing but headquarters at Interstate 96 and Okemos Road in Alaieidon Township, planned to announce today it is relocating to Franklin, Tenn., near Nashville...
Lansing State Journal: Jackson National denies rumors of HQ move from Lansing
Permalink posted by markw @ 5:03 AM
Annuity Outlook Positive Despite Decline in Sales
Despite a significant decline in sales in the past years, advisors and industry executives remain upbeat about annuities because the products are expected to protect principal and provide retirement income.
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According to a survey conducted in the first quarter by the Insured Retirement Institute released Monday the overall outlook for the annuity industry is positive. While some challenges remain, respondents indicated the growth industry’s opportunities are strong, with growth for variable annuities ranking 4.1 on a five-point scale, and fixed ranking 3.2 on the same scale...
Bank Investment Consultant: Annuity Outlook Positive Despite Decline in Sales
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According to a survey conducted in the first quarter by the Insured Retirement Institute released Monday the overall outlook for the annuity industry is positive. While some challenges remain, respondents indicated the growth industry’s opportunities are strong, with growth for variable annuities ranking 4.1 on a five-point scale, and fixed ranking 3.2 on the same scale...
Bank Investment Consultant: Annuity Outlook Positive Despite Decline in Sales
Permalink posted by markw @ 4:57 AM
Monday, May 24, 2010
Some Novel Ideas for Improving Retirement Income
Employees have increasingly been forced over the last few decades to take responsibility for ensuring they have enough savings to last through retirement. But many of them are making inadequate saving decisions and finding themselves facing financial difficulty in retirement.
As a result, the Department of Labor and the Department of the Treasury are reviewing retirement plan rules to determine if the retirement security of participants could be enhanced with arrangements aimed at providing a lifetime stream of income after retirement. Earlier this year, the agencies put out a request for comments on the topic from the retirement plan industry and the general public...
Yahoo! Finance: Some Novel Ideas for Improving Retirement Income
As a result, the Department of Labor and the Department of the Treasury are reviewing retirement plan rules to determine if the retirement security of participants could be enhanced with arrangements aimed at providing a lifetime stream of income after retirement. Earlier this year, the agencies put out a request for comments on the topic from the retirement plan industry and the general public...
Yahoo! Finance: Some Novel Ideas for Improving Retirement Income
Permalink posted by markw @ 1:38 PM
American Council of Life Insurers "Very Concerned" About Aspects Of Finance Legislation
In the post below, I wrote about the property-casualty industry being largely unaffected by two finance-reform bills in the House and Senate.
The American Council of Life Insurers, on the other hand, released this statement Friday from president Frank Keating:
"This is a long and complicated bill and its effects on the life insurance industry will not be clear until a final bill is adopted and the rulemaking process is complete...
Courant: American Council of Life Insurers "Very Concerned" About Aspects Of Finance Legislation
The American Council of Life Insurers, on the other hand, released this statement Friday from president Frank Keating:
"This is a long and complicated bill and its effects on the life insurance industry will not be clear until a final bill is adopted and the rulemaking process is complete...
Courant: American Council of Life Insurers "Very Concerned" About Aspects Of Finance Legislation
Permalink posted by markw @ 5:49 AM
From an IVA, New Blood for Insurers
Life insurers, advisors and consumers should embrace his immediate variable annuity (IVA) with a refund option and a death benefit, says Achaean Financial CEO Lorry Stensrud.
At a presentation a few years ago, Peng Chen, president of Ibbotson Associates, projected a slide that plotted the positions of several retirement income products on a risk/return diagram.
In the northwest corner of the chart, as lonely as Pluto on a black map of the solar system, stood the immediate variable annuity (IVA). All other factors held equal, the IVA's reward-to-risk ratio was highest. Yet no one ever buys it...
Retirement Income Journal: From an IVA, New Blood for Insurers
At a presentation a few years ago, Peng Chen, president of Ibbotson Associates, projected a slide that plotted the positions of several retirement income products on a risk/return diagram.
In the northwest corner of the chart, as lonely as Pluto on a black map of the solar system, stood the immediate variable annuity (IVA). All other factors held equal, the IVA's reward-to-risk ratio was highest. Yet no one ever buys it...
Retirement Income Journal: From an IVA, New Blood for Insurers
Permalink posted by markw @ 5:41 AM
Inflation's Toll on Annuity Payouts
The guaranteed payouts on immediate annuities offer insurance against the kinds of rocky times investors have been weathering of late. But retirees need to be sure the value of their investment doesn't get slowly whittled away by inflation...
WSJ: Inflation's Toll on Annuity Payouts
WSJ: Inflation's Toll on Annuity Payouts
Permalink posted by markw @ 5:29 AM
Thursday, May 20, 2010
Accused Vancouver serial killer took out life insurance on victim: lawyer
Accused serial killer Charles Kembo took out an $850,000 life insurance policy on his business partner just 10 weeks before he was murdered, B.C. Supreme Court heard Wednesday.
Crown counsel Hank Reiner told the Vancouver trial that Kembo forged Arden Samuel’s name on the lucrative policy — and declared that upon Samuel’s death the $850,000 policy payout should go directly to Kembo’s son Grant.
Kembo, he said, kept insurance inspectors from suspecting anything by listing Grant as Samuel’s “cousin” on the policy, which was signed, sealed and delivered without a personal visit to the insurance agency...
Montreal Gazette: Accused Vancouver serial killer took out life insurance on victim: lawyer
Crown counsel Hank Reiner told the Vancouver trial that Kembo forged Arden Samuel’s name on the lucrative policy — and declared that upon Samuel’s death the $850,000 policy payout should go directly to Kembo’s son Grant.
Kembo, he said, kept insurance inspectors from suspecting anything by listing Grant as Samuel’s “cousin” on the policy, which was signed, sealed and delivered without a personal visit to the insurance agency...
Montreal Gazette: Accused Vancouver serial killer took out life insurance on victim: lawyer
Permalink posted by markw @ 5:34 AM
Wednesday, May 19, 2010
Fixed Annuity Sales Drop 51.9% in Year, IRI/Morningstar/Beacon Report Shows
2010 data can’t match last year’s flight to safety, says Beacon chief in first-ever report
Fixed annuity sales plummeted 51.9% in the first quarter of 2010 compared to a year ago, the Insured Retirement Institute (IRI) said in its first-ever quarterly annuity sales report, released Tuesday, May 18, with data provided by Morningstar Inc. and Beacon Research.
The 51.9% decline in year-to-year quarterly sales of fixed annuities reflected an $18 billion drop from $34.8 billion in the first quarter of 2009. Fixed annuity sales for the first quarter were about $16.7 billion, down from $19.6 billion as of December 31, 2009, representing a 14.7% quarterly decline...
Investment Advisor: Fixed Annuity Sales Drop 51.9% in Year, IRI/Morningstar/Beacon Report Shows
Fixed annuity sales plummeted 51.9% in the first quarter of 2010 compared to a year ago, the Insured Retirement Institute (IRI) said in its first-ever quarterly annuity sales report, released Tuesday, May 18, with data provided by Morningstar Inc. and Beacon Research.
The 51.9% decline in year-to-year quarterly sales of fixed annuities reflected an $18 billion drop from $34.8 billion in the first quarter of 2009. Fixed annuity sales for the first quarter were about $16.7 billion, down from $19.6 billion as of December 31, 2009, representing a 14.7% quarterly decline...
Investment Advisor: Fixed Annuity Sales Drop 51.9% in Year, IRI/Morningstar/Beacon Report Shows
Permalink posted by markw @ 4:56 AM
Tri-City financial adviser under fire
A Tri-City financial adviser has been accused of violating the state's Securities Act by falsifying birth dates on annuity applications for elderly clients.
The state Department of Financial Institutions Securities Division has filed a statement of charges against Thomas Doncaster, claiming he violated the law and should have to pay a $65,000 fine plus investigation costs of more than $5,000...
News-Tribune: Tri-City financial adviser under fire
The state Department of Financial Institutions Securities Division has filed a statement of charges against Thomas Doncaster, claiming he violated the law and should have to pay a $65,000 fine plus investigation costs of more than $5,000...
News-Tribune: Tri-City financial adviser under fire
Permalink posted by markw @ 4:53 AM
Feds get an earful on 401(k) proposal
Vitriol over plan to let retirees buy annuities with savings
What happens when the government considers tinkering with retirement accounts and asks for citizen input?
It gets plenty.
Government officials began seeking comments in February on a proposal to add an annuity option to retirement plans. Such an option would potentially turn a portion of a retiree's savings over to an insurance company in exchange for a monthly check...
MSNBC: Feds get an earful on 401(k) proposal
What happens when the government considers tinkering with retirement accounts and asks for citizen input?
It gets plenty.
Government officials began seeking comments in February on a proposal to add an annuity option to retirement plans. Such an option would potentially turn a portion of a retiree's savings over to an insurance company in exchange for a monthly check...
MSNBC: Feds get an earful on 401(k) proposal
Permalink posted by markw @ 4:52 AM
Annuity Sales Show a Decline
Annuity sales in the first quarter declined 27% from the year-ago period, but sales of variable annuities rose modestly, a sign that investors appear to be stepping back into the market...
Sales of annuities in the first quarter were $47.4 billion, down from $50.9 billion in the fourth quarter; they were down 27% from $64.4 billion in the first quarter of 2009, the group said...
WSJ: Annuity Sales Show a Decline
Sales of annuities in the first quarter were $47.4 billion, down from $50.9 billion in the fourth quarter; they were down 27% from $64.4 billion in the first quarter of 2009, the group said...
WSJ: Annuity Sales Show a Decline
Permalink posted by markw @ 4:51 AM
Tuesday, May 18, 2010
Fraud Alert
Scam artists increasingly are targeting people trying to repair their nest eggs. Here's what to watch for.
Many investors in their 50s and 60s are desperate to bulk up their nest eggs. But they remain skittish about the stock market -- and are frustrated with low interest rates.
It's a combination that makes them especially susceptible to fraud. "Anybody who's even thinking about retiring is panicking because they're going to outlive their savings," says Joseph Borg, Alabama's top securities regulator. "Along comes a scam artist with a guaranteed, super-safe deal. It's a perfect storm..."
Yahoo! Finance: Fraud Alert
Many investors in their 50s and 60s are desperate to bulk up their nest eggs. But they remain skittish about the stock market -- and are frustrated with low interest rates.
It's a combination that makes them especially susceptible to fraud. "Anybody who's even thinking about retiring is panicking because they're going to outlive their savings," says Joseph Borg, Alabama's top securities regulator. "Along comes a scam artist with a guaranteed, super-safe deal. It's a perfect storm..."
Yahoo! Finance: Fraud Alert
Permalink posted by markw @ 7:27 AM
Lessons from Argentina on the Outcomes of a Possible Greek Default
In the world of sovereign debt settlements, things have come a long way since Peru settled its 1889 default in part by offering creditors two million tons of guano. While making a great fertilizer, investors were understandably a little disappointed with this outcome. Luckily, the era of debt-restructuring via barter is long past and in its wake settlement terms and processes have rapidly evolved. The largest sovereign default in history, Argentina's in January 2002, is very close to being settled just 8 years and 5 short months later. Looking at the recent history of sovereign defaults gives some clues as to the outcome of a possible Greek restructuring/default, were it to happen, but leaves many questions unanswered...
Northern Trust: Lessons from Argentina on the Outcomes of a Possible Greek Default
Northern Trust: Lessons from Argentina on the Outcomes of a Possible Greek Default
Permalink posted by markw @ 5:08 AM
AnnuitySpecs: Q1 Indexed Annuity Sales Off 4%
Sales of indexed annuities fell slightly in the first quarter from the total for the first quarter of 2009, an annuity tracking service says. Sales amounted to $6.8 billion in the first quarter, according to AnnuitySpecs.com, Des Moines, Iowa.
That figure is down 4% from $7.1 billion in the comparable period in 2009, the firm says. First-quarter sales were also 3% lower than in the fourth quarter of 2009...
NU: AnnuitySpecs: Q1 Indexed Annuity Sales Off 4%
That figure is down 4% from $7.1 billion in the comparable period in 2009, the firm says. First-quarter sales were also 3% lower than in the fourth quarter of 2009...
NU: AnnuitySpecs: Q1 Indexed Annuity Sales Off 4%
Permalink posted by markw @ 4:46 AM
Monday, May 17, 2010
Plenty of takeaways at Retirement Income Summit
When he was mayor of New York, Ed Koch often would ask constituents, “How am I doing?”
Taking a page from the mayor, I used the recent InvestmentNews Retirement Income Summit to ask attendees: “How are we doing?”
Having served as the editor of this publication for seven years, I have come to know that financial advisers aren't a shy bunch. So I directly asked what they had learned at the conference...
Investment News: Plenty of takeaways at Retirement Income Summit
Taking a page from the mayor, I used the recent InvestmentNews Retirement Income Summit to ask attendees: “How are we doing?”
Having served as the editor of this publication for seven years, I have come to know that financial advisers aren't a shy bunch. So I directly asked what they had learned at the conference...
Investment News: Plenty of takeaways at Retirement Income Summit
Permalink posted by markw @ 5:19 AM
Market wreckage may give insurers entree to 401(k)s
Roiled stock markets have prompted a renewed look at the effectiveness of 401(k) savings plans for retirees – and the lucrative business prospects they could present for financial services companies...
BizJournals: Market wreckage may give insurers entree to 401(k)s
BizJournals: Market wreckage may give insurers entree to 401(k)s
Permalink posted by markw @ 4:57 AM
Friday, May 14, 2010
S&P warns on commercial real estate: Principal Financial, Pacific LifeCorp Downgraded
Standard & Poor's downgraded three insurance companies, including Principal Financial (PFG), citing expected losses on commercial mortgages and commercial mortgage-backed securities, or CMBS.
Thursday's downgrades come after an industry-wide review led the rating agency to focus on "several U.S. life companies with significant exposure to commercial mortgages and CMBS relative to total invested assets or potential losses relative to capital under stress scenarios."
Also getting downgraded Thursday were mutual insurers NLV, which is part of National Life Insurance, and Pacific LifeCorp, which runs Pacific Mutual and Pacific Life. They and Principal are now rated triple-B, the second-lowest investment grade rating...
Fortune: S&P warns on commercial real estate: Principal Financial, Pacific LifeCorp Downgraded
Thursday's downgrades come after an industry-wide review led the rating agency to focus on "several U.S. life companies with significant exposure to commercial mortgages and CMBS relative to total invested assets or potential losses relative to capital under stress scenarios."
Also getting downgraded Thursday were mutual insurers NLV, which is part of National Life Insurance, and Pacific LifeCorp, which runs Pacific Mutual and Pacific Life. They and Principal are now rated triple-B, the second-lowest investment grade rating...
Fortune: S&P warns on commercial real estate: Principal Financial, Pacific LifeCorp Downgraded
Permalink posted by markw @ 5:39 AM
Teacher postcard mystery is solved
The mystery took more than a month to solve. Somebody sent retired schoolteacher Louise Michael of Hurst a yellow postcard warning that her retirement savings are "at significant risk unless you ask soon to prevent it."
The postcard looked official...
Star-Telegram: Teacher postcard mystery is solved
The postcard looked official...
Star-Telegram: Teacher postcard mystery is solved
Permalink posted by markw @ 4:56 AM
Few Seniors Get Retirement Income Guarantees
Most retirees don’t have a reliable source of income in retirement other than Social Security. Less than a quarter (24 percent) of men and 18 percent of women received any type of regular pension or annuity income in 2008, according to a new Employee Benefit Research Institute analysis of Census Bureau data...
USN&WR: Few Seniors Get Retirement Income Guarantees
USN&WR: Few Seniors Get Retirement Income Guarantees
Permalink posted by markw @ 4:39 AM
Annuity insurers must move past variable product benefits
So busy were individual annuity insurers at raising capital and increasing premium that they may need to take a new look at the products they are offering.
Stephan Christiansen, director of research at Conning Research and Consulting, said in a statement that insurers must move beyond variable annuities...
IFA Web News: Annuity insurers must move past variable product benefits
Stephan Christiansen, director of research at Conning Research and Consulting, said in a statement that insurers must move beyond variable annuities...
IFA Web News: Annuity insurers must move past variable product benefits
Permalink posted by markw @ 4:38 AM
Thursday, May 13, 2010
Sovereign ratings on UK, US, Japan under fire from credit investors
After Greece, Portugal and Spain suffered rating downgrades in April due to escalating fiscal problems, investors ask if the same standards are being applied to advanced economies.
While there is a broad agreement among investors that credit rating agencies were justified in downgrading peripheral European sovereigns last month, investors are questioning why advanced economies such as the UK, the US and Japan – which face mounting fiscal problems of their own – have managed to retain their triple-A ratings...
Risk: Sovereign ratings on UK, US, Japan under fire from credit investors
While there is a broad agreement among investors that credit rating agencies were justified in downgrading peripheral European sovereigns last month, investors are questioning why advanced economies such as the UK, the US and Japan – which face mounting fiscal problems of their own – have managed to retain their triple-A ratings...
Risk: Sovereign ratings on UK, US, Japan under fire from credit investors
Permalink posted by markw @ 6:47 AM
Treasury 30-Year Yields Reach One-Week High Before Bond Auction
Treasury 30-year yields were near the highest in more than a week as European plans to stem the region’s debt crisis and today’s $16 billion auction of U.S. bonds eroded demand for the safest securities...
BusinessWeek: Treasury 30-Year Yields Reach One-Week High Before Bond Auction
BusinessWeek: Treasury 30-Year Yields Reach One-Week High Before Bond Auction
Permalink posted by markw @ 5:56 AM
AIG Stands by Its Banker — Goldman Sachs
Goldman Sachs still has a friend in AIG.
Despite its widely publicized legal troubles, Goldman’s status as one of AIG’s favorite bankers is safe, for now.
Just listen to AIG chairman Harvey Golub at the insurer’s annual shareholder meeting...
WSJ: AIG Stands by Its Banker — Goldman Sachs
Despite its widely publicized legal troubles, Goldman’s status as one of AIG’s favorite bankers is safe, for now.
Just listen to AIG chairman Harvey Golub at the insurer’s annual shareholder meeting...
WSJ: AIG Stands by Its Banker — Goldman Sachs
Permalink posted by markw @ 5:55 AM
Allianz Life annuities add to strong quarter
The Twin Cities insurer expects to expand.
Allianz Life Insurance Co. of North America reported Wednesday that it earned a first-quarter operating profit of $110 million, which it attributed to strong operations, a growing asset base and stable capital markets...
Star-Tribune: Allianz Life annuities add to strong quarter
Allianz Life Insurance Co. of North America reported Wednesday that it earned a first-quarter operating profit of $110 million, which it attributed to strong operations, a growing asset base and stable capital markets...
Star-Tribune: Allianz Life annuities add to strong quarter
Permalink posted by markw @ 4:50 AM
Wednesday, May 12, 2010
Thomson Reuters Unveils Advisor Tool for Proposals
‘PropGen’ software is meant to create quick, multi-layered proposals
Thomson Reuters has released a new proposal generator for financial advisors called PropGen. The software is meant to help advisors create business pitches for prospective and existing clients in a few minutes.
One of the advantages of PropGen, Thomson Reuters said at a roundtable discussion on Thursday, April 29, is its ability to link up with the company’s wealth of financial data and weave it quickly into a proposal, while integrating with the Thomson ONE Wealth Management system...
Investment Advisor: Thomson Reuters Unveils Advisor Tool for Proposals
Thomson Reuters has released a new proposal generator for financial advisors called PropGen. The software is meant to help advisors create business pitches for prospective and existing clients in a few minutes.
One of the advantages of PropGen, Thomson Reuters said at a roundtable discussion on Thursday, April 29, is its ability to link up with the company’s wealth of financial data and weave it quickly into a proposal, while integrating with the Thomson ONE Wealth Management system...
Investment Advisor: Thomson Reuters Unveils Advisor Tool for Proposals
Permalink posted by markw @ 4:53 AM
Sales decline, but year's start pleases Aviva
Aviva PLC said Tuesday that new sales dropped in the first three months of 2010, dragged down by a pullback in North American annuity sales.
The London insurance and financial services company showed sales growth in Europe and the United Kingdom over the previous year, but sales in the United States were down 44 percent in the quarter compared with last year. This is "because of the specific actions we took last year to moderate the pace of our annuity sales and focus on capital efficiency," the company said...
Des Moines Register: Sales decline, but year's start pleases Aviva
The London insurance and financial services company showed sales growth in Europe and the United Kingdom over the previous year, but sales in the United States were down 44 percent in the quarter compared with last year. This is "because of the specific actions we took last year to moderate the pace of our annuity sales and focus on capital efficiency," the company said...
Des Moines Register: Sales decline, but year's start pleases Aviva
Permalink posted by markw @ 4:50 AM
Conseco Changes Name to CNO Financial
Carmel-based Conseco Inc. announced Tuesday that its name has changed to CNO Financial Group Inc.
The company, which offers life insurance, annuity and health insurance products through subsidiaries, said the name change reflects its varying businesses...
IndyChannel:
The company, which offers life insurance, annuity and health insurance products through subsidiaries, said the name change reflects its varying businesses...
IndyChannel:
Permalink posted by markw @ 4:49 AM
Your retirement savings may be next
Could the Democrats in Congress actually be considering confiscating all 401(k), SEP and IRA accounts in exchange for offering Americans a "guaranteed annuity"?
The subject almost seems too far out there to even write about. While it is something that I had heard rumors of, I just couldn't believe this type of proposal would ever be considered in America. Let alone become part of an active public policy debate.
But when the Wall Street Journal writes on the subject, and the House Republicans on the committee that oversees our nation's pension system send a letter expressing concern to both Treasury Secretary Timothy Geithner and Labor Secretary Hilda Solis expressing concern, and then issue a press release on it, it is time to get concerned...
Review-Messenger: Your retirement savings may be next
The subject almost seems too far out there to even write about. While it is something that I had heard rumors of, I just couldn't believe this type of proposal would ever be considered in America. Let alone become part of an active public policy debate.
But when the Wall Street Journal writes on the subject, and the House Republicans on the committee that oversees our nation's pension system send a letter expressing concern to both Treasury Secretary Timothy Geithner and Labor Secretary Hilda Solis expressing concern, and then issue a press release on it, it is time to get concerned...
Review-Messenger: Your retirement savings may be next
Permalink posted by markw @ 4:48 AM
House Republicans to Obama Administration: Keep Bureaucrats’ Hands off Americans’ 401(k)s
House Republican Leader John Boehner (R-OH) and members of the House GOP Savings Solutions Group sent a letter to Labor Secretary Hilda Solis and Treasury Secretary Timothy Geithner warning the Obama Administration that the government should keep its hands off of the retirement savings of Americans, and should reject proposals that would dismantle or nationalize the private 401(k) system in favor of a government-run retirement security regime. Several Administration officials, including the Vice President, have voiced support for efforts to create so-called “Guaranteed Retirement Accounts” or impose new government mandates which would undermine 401(k) retirement savings plans and jeopardize employers’ willingness to continue offering them to their workers...
RepublicanLeader: House Republicans to Obama Administration: Keep Bureaucrats’ Hands off Americans’ 401(k)s
RepublicanLeader: House Republicans to Obama Administration: Keep Bureaucrats’ Hands off Americans’ 401(k)s
Permalink posted by markw @ 4:44 AM
Life insurers facing annuity squeeze
Premiums on the decline; days of double-digit growth long gone
A period of fierce competition to build annuity premiums awaits life insurers as they contend with industry consolidation and the difficulties of standing out from rivals.
Premium growth for individual annuities has been on the decline for years. That's not likely to change anytime soon. The popularity of 1035 exchanges — tax-free transfers of one annuity into another — has been decreasing dramatically. In fact, Conning Research and Consulting estimates that the average annual annuity premium growth rate between 2007 to 2011 will come in at 2.3%. That's a considerable drop from the double-digit growth rates insurers saw during the late '90s...
Investment News: Life insurers facing annuity squeeze
A period of fierce competition to build annuity premiums awaits life insurers as they contend with industry consolidation and the difficulties of standing out from rivals.
Premium growth for individual annuities has been on the decline for years. That's not likely to change anytime soon. The popularity of 1035 exchanges — tax-free transfers of one annuity into another — has been decreasing dramatically. In fact, Conning Research and Consulting estimates that the average annual annuity premium growth rate between 2007 to 2011 will come in at 2.3%. That's a considerable drop from the double-digit growth rates insurers saw during the late '90s...
Investment News: Life insurers facing annuity squeeze
Permalink posted by markw @ 4:43 AM
Are Immediate Fixed Annuities A Good Idea? Sure, If You Have $100,000 To Spare
More women are buying immediate fixed annuities. Should I follow their lead?
The impetus for this column, which I began last January when I was making my New Year's resolutions, was to clean up my finances and start saving more for retirement.
Since then, I have tripled the amount of money in my savings account, quit lending money to my siblings, and upped my contributions to my 401(k)...
Forbes: Are Immediate Fixed Annuities A Good Idea? Sure, If You Have $100,000 To Spare
The impetus for this column, which I began last January when I was making my New Year's resolutions, was to clean up my finances and start saving more for retirement.
Since then, I have tripled the amount of money in my savings account, quit lending money to my siblings, and upped my contributions to my 401(k)...
Forbes: Are Immediate Fixed Annuities A Good Idea? Sure, If You Have $100,000 To Spare
Permalink posted by markw @ 4:38 AM
Tuesday, May 11, 2010
When an Accountant Needs Financial Planning
What happens when you’re a 65-year-old accountant and you’ve just been laid off by your employer of 20 years?
That’s what happened to a Seattle-area accountant recently, according to a moving story published over the weekend by the Seattle Times.
The accountant, identified as M. Sloan, has been searching fruitlessly for a new job since she was laid off last September by the manufacturing company where she worked. “There is nothing out there right now for a 65-year-old accountant,” she told the writer, Michelle Archer...
WebCPA: When an Accountant Needs Financial Planning
That’s what happened to a Seattle-area accountant recently, according to a moving story published over the weekend by the Seattle Times.
The accountant, identified as M. Sloan, has been searching fruitlessly for a new job since she was laid off last September by the manufacturing company where she worked. “There is nothing out there right now for a 65-year-old accountant,” she told the writer, Michelle Archer...
WebCPA: When an Accountant Needs Financial Planning
Permalink posted by markw @ 6:25 AM
Harkin, Other Dems Back Indexed Annuity Amendment, And Other S. 3217 News
Sen. Thomas Harkin has offered an amendment to S. 3217, the Restoring Financial Stability Act bill, that would give states and territories explicit authority to regulate indexed annuities.
The amendment, S.A. 3920, would define indexed annuities as insurance products and nullify Rule 151A, an effort by the U.S. Securities and Exchange Commission to classify indexed annuities as securities and put regulation of the products in the hands of securities regulators...
NU: Harkin, Other Dems Back Indexed Annuity Amendment, And Other S. 3217 News
The amendment, S.A. 3920, would define indexed annuities as insurance products and nullify Rule 151A, an effort by the U.S. Securities and Exchange Commission to classify indexed annuities as securities and put regulation of the products in the hands of securities regulators...
NU: Harkin, Other Dems Back Indexed Annuity Amendment, And Other S. 3217 News
Permalink posted by markw @ 4:47 AM
Monday, May 10, 2010
Insurance firm booted from Ga.
California-based insurer, Trans World Assurance, agreed Wednesday to surrender its certificate of authority in Georgia in a consent order signed by Insurance Commissioner John W. Oxendine.
The order brings to an end the company's battle against a 2008 order fining the company $214,000 and requiring it to cease its operations in Georgia. At the time, the company was also ordered to refund monies collected from active duty members of the United States Armed Forces related to products it sold in Georgia, beginning in September 2007...
INN: Insurance firm booted from Ga.
The order brings to an end the company's battle against a 2008 order fining the company $214,000 and requiring it to cease its operations in Georgia. At the time, the company was also ordered to refund monies collected from active duty members of the United States Armed Forces related to products it sold in Georgia, beginning in September 2007...
INN: Insurance firm booted from Ga.
Permalink posted by markw @ 5:43 AM
The Hartford Marks Its 200th Anniversary
The year 1860 marked an end to a recession caused by a credit collapse after banks loaned too much for the westward expansion of railroads during the nation's gold rush.
It was also the 50th anniversary year of the Hartford Fire Insurance Company, which had just finished a wildly successful decade. Income from premiums more than doubled in the 1850s compared with the previous 10 years. The company was stronger than its competitors and well-positioned for growth...
Courant: The Hartford Marks Its 200th Anniversary
It was also the 50th anniversary year of the Hartford Fire Insurance Company, which had just finished a wildly successful decade. Income from premiums more than doubled in the 1850s compared with the previous 10 years. The company was stronger than its competitors and well-positioned for growth...
Courant: The Hartford Marks Its 200th Anniversary
Permalink posted by markw @ 5:38 AM
Does a single-premium life insurance policy make sense as an investment?
Question: I am a 74-year-old married woman, thinking about taking out a single-premium $100,000 universal life insurance policy. My husband and I do not need this money to supplement our income, but CDs are paying such low interest rates. Do you have any advice about this idea?
BND: Does a single-premium life insurance policy make sense as an investment?
BND: Does a single-premium life insurance policy make sense as an investment?
Permalink posted by markw @ 5:34 AM
Bull Market Signaled by Oil Producers Valued at 19 Times Income
Investors in oil shares are more bullish on the U.S. economy than any time in the last eight years, convinced the biggest decline in equities since the bull market began will prove a buying opportunity.
The 39 energy producers and equipment makers in the Standard & Poor's 500 Index have traded at an average 19.1 times earnings in 2010, compared with 17.8 for the index. The last times they had higher valuations in 1994, 1999 and 2002, the benchmark gauge for U.S. stocks surged an average of 22 percent in the next year, according to data compiled by Bloomberg...
SFgate: Bull Market Signaled by Oil Producers Valued at 19 Times Income
The 39 energy producers and equipment makers in the Standard & Poor's 500 Index have traded at an average 19.1 times earnings in 2010, compared with 17.8 for the index. The last times they had higher valuations in 1994, 1999 and 2002, the benchmark gauge for U.S. stocks surged an average of 22 percent in the next year, according to data compiled by Bloomberg...
SFgate: Bull Market Signaled by Oil Producers Valued at 19 Times Income
Permalink posted by markw @ 4:53 AM
Are the Feds trying to nationalize your retirement savings?
For some time, there have been rumblings that the federal government might try to solve its budgetary problems by nationalizing (i.e., stealing) the money that millions of Americans have set aside for retirement in 401(k) plans and the like. One way they might do this is to confiscate the cash on hand in exchange for a promise to make future payments in the form of an "annuity." An involuntary annuity, in that scenario.
I haven't taken this speculation too seriously, mostly because the core of the Democratic Party consists of lawyers, and a lawyer's most precious possession is his 401(k) account. One of those who have taken the threat more seriously is Congresswoman Michele Bachmann, who co-authored a letter warning the Obama administration against any attempt to confiscate Americans' retirement savings...
Power Line Blog: Are the Feds trying to nationalize your retirement savings?
I haven't taken this speculation too seriously, mostly because the core of the Democratic Party consists of lawyers, and a lawyer's most precious possession is his 401(k) account. One of those who have taken the threat more seriously is Congresswoman Michele Bachmann, who co-authored a letter warning the Obama administration against any attempt to confiscate Americans' retirement savings...
Power Line Blog: Are the Feds trying to nationalize your retirement savings?
Permalink posted by markw @ 4:47 AM
Big insurers launching fee-based annuities
Sensing demand, they ready products that are lower-cost, simpler
In an attempt to appeal to dually registered advisers, major life insurers are launching fee-based annuities.
Allianz Life Insurance Company of North America said May 1 that it had filed a registration statement with the Securities and Exchange Commission for a fee-based variable annuity. Allianz also is considering the introduction of a similar product next year for registered investment advisers. The product would involve having a custodian hold the annuity...
Investment News: Big insurers launching fee-based annuities
In an attempt to appeal to dually registered advisers, major life insurers are launching fee-based annuities.
Allianz Life Insurance Company of North America said May 1 that it had filed a registration statement with the Securities and Exchange Commission for a fee-based variable annuity. Allianz also is considering the introduction of a similar product next year for registered investment advisers. The product would involve having a custodian hold the annuity...
Investment News: Big insurers launching fee-based annuities
Permalink posted by markw @ 4:47 AM
Thursday, May 06, 2010
Social networking brings risk management concerns
The rapid growth of social media sites will bring new risks and challenges for risk managers, according to a recent survey by the Chubb Group of Insurance Cos.
The survey found that only 51 percent of respondents always use their real name on social networking sites.
According to Kenneth Goldstein, worldwide media liability manager at Chubb, "Twitter, Facebook and Foursquare have created new social media risks and an environment where many people don't know who they are talking to online..."
Producer's Web: Social networking brings risk management concerns
The survey found that only 51 percent of respondents always use their real name on social networking sites.
According to Kenneth Goldstein, worldwide media liability manager at Chubb, "Twitter, Facebook and Foursquare have created new social media risks and an environment where many people don't know who they are talking to online..."
Producer's Web: Social networking brings risk management concerns
Permalink posted by markw @ 5:50 AM
Zurich Profit Climbs 76% on Life-Insurance Sales
Zurich Financial Services AG, Switzerland’s largest insurer, said first-quarter profit increased 76 percent after it sold more life products.
Net income rose to $935 million from a restated $532 million a year earlier, the Zurich-based insurer said today in an e-mailed statement. That beat the $887 million average estimate of nine analysts surveyed by Bloomberg...
BusinessWeek: Zurich Profit Climbs 76% on Life-Insurance Sales
Net income rose to $935 million from a restated $532 million a year earlier, the Zurich-based insurer said today in an e-mailed statement. That beat the $887 million average estimate of nine analysts surveyed by Bloomberg...
BusinessWeek: Zurich Profit Climbs 76% on Life-Insurance Sales
Permalink posted by markw @ 5:49 AM
Texas regulators close life-settlement company
State regulators on Wednesday shut down Retirement Value, a New Braunfels life-settlement company accused of engaging in fraud in the resale of life insurance policies.
The Texas State Securities Board's enforcement division obtained a court order freezing Retirement Value's bank accounts and appointing a receiver to oversee the company...
Chron: Texas regulators close life-settlement company
The Texas State Securities Board's enforcement division obtained a court order freezing Retirement Value's bank accounts and appointing a receiver to oversee the company...
Chron: Texas regulators close life-settlement company
Permalink posted by markw @ 4:50 AM
Wednesday, May 05, 2010
Insurance: Safe Bets, Better Bets
If you’re looking to tighten your belt, you may be eying your various insurance policies and wondering if you’re just throwing money down the drain. The answer is: You might be! There’s insurance you may have too much of, and insurance you don’t have enough of. Here’s how to sort it out...
The Takeaway: Insurance: Safe Bets, Better Bets
The Takeaway: Insurance: Safe Bets, Better Bets
Permalink posted by markw @ 5:04 AM
Bad Annuity Sales Still An Issue for SEC
The Securities and Exchange Commision says it’s still running into unsuitable sales of retirement products and variable annuities to senior citizens.
Carlo di Florio, director of the commission’s Office of Compliance, Inspections and Examinations, blames the problem in part on companies that sell annuities but lack proper tools to determine whether a certain product is appropriate for a specific customer...
WSJ: Bad Annuity Sales Still An Issue for SEC
Carlo di Florio, director of the commission’s Office of Compliance, Inspections and Examinations, blames the problem in part on companies that sell annuities but lack proper tools to determine whether a certain product is appropriate for a specific customer...
WSJ: Bad Annuity Sales Still An Issue for SEC
Permalink posted by markw @ 4:45 AM
Alternatives to annuities? Plenty, say advisers
Laddered bonds, dividend-paying stocks and others can provide cash to retirees
Erin Botsford has not always been a fan of annuities.
In fact, the president of The Botsford Group — and self-professed “former anti-annuity girl” — had little interest in the insurance products until she encountered a wholesaler selling the first variable annuity with a living benefit. That was in 1999 — at the height of dot-com frenzy. “It felt like the markets were getting heated up and frothy, so I proposed the annuity to clients,” she recalled...
Investment News:
Erin Botsford has not always been a fan of annuities.
In fact, the president of The Botsford Group — and self-professed “former anti-annuity girl” — had little interest in the insurance products until she encountered a wholesaler selling the first variable annuity with a living benefit. That was in 1999 — at the height of dot-com frenzy. “It felt like the markets were getting heated up and frothy, so I proposed the annuity to clients,” she recalled...
Investment News:
Permalink posted by markw @ 4:44 AM
Tuesday, May 04, 2010
Bank Annuity Sales Edge Higher
Expert doubts annuity sales to be stellar in 2010 with unemployment to remain high.
Overall sales of annuities though bank holding companies were up slightly at $2.62 billion in 2009, according to the latest Michael White-American Bankers Insurance Association Bank Annuity Fee Income Report. The results, however, were skewed somewhat by BHC-in-name-only Morgan Stanley.
Thanks to its acquisition of Smith Barney from Citigroup in 2008, the former investment bank inherited a sizable annuity business and ranked third in terms of sales, at $253 million. Without Morgan Stanley's contribution, BHCs would have sold $2.37 billion, a 9.2% drop on 2008's sales. The results were released late last month...
INN: Bank Annuity Sales Edge Higher
Overall sales of annuities though bank holding companies were up slightly at $2.62 billion in 2009, according to the latest Michael White-American Bankers Insurance Association Bank Annuity Fee Income Report. The results, however, were skewed somewhat by BHC-in-name-only Morgan Stanley.
Thanks to its acquisition of Smith Barney from Citigroup in 2008, the former investment bank inherited a sizable annuity business and ranked third in terms of sales, at $253 million. Without Morgan Stanley's contribution, BHCs would have sold $2.37 billion, a 9.2% drop on 2008's sales. The results were released late last month...
INN: Bank Annuity Sales Edge Higher
Permalink posted by markw @ 4:46 AM
Insurers cuffed by new annuity suitability rules
A welter of new annuity requirements are roiling insurers, who must now deal with the added burden of making sure annuities are suitable for customers.
The National Association of Insurance Commissioners in March adopted amendments to the annuity suitability model making carriers responsible for ensuring that all annuity transactions are appropriate for customers. The new rules also require insurers to establish a system to supervise recommendations made by sellers of annuities, and to make sure suitability standards are consistent with those of the Financial Industry Regulatory Authority Inc., when feasible.
Many representatives and agents say the new rules add to the already complex layers of review required by Finra...
Investment News: Insurers cuffed by new annuity suitability rules
The National Association of Insurance Commissioners in March adopted amendments to the annuity suitability model making carriers responsible for ensuring that all annuity transactions are appropriate for customers. The new rules also require insurers to establish a system to supervise recommendations made by sellers of annuities, and to make sure suitability standards are consistent with those of the Financial Industry Regulatory Authority Inc., when feasible.
Many representatives and agents say the new rules add to the already complex layers of review required by Finra...
Investment News: Insurers cuffed by new annuity suitability rules
Permalink posted by markw @ 4:37 AM
Monday, May 03, 2010
New crop of VAs add tax, commodity, LTC features
Insurer prospectuses for this year cover 140 product changes
Like September for Detroit, May is the month when variable annuity insurers reveal their new offerings. And this year, as updated prospectuses filed with the SEC reveal, the new features designed to lure investors to the products involve tax savings, commodities and long-term care...
Investment News: New crop of VAs add tax, commodity, LTC features
Like September for Detroit, May is the month when variable annuity insurers reveal their new offerings. And this year, as updated prospectuses filed with the SEC reveal, the new features designed to lure investors to the products involve tax savings, commodities and long-term care...
Investment News: New crop of VAs add tax, commodity, LTC features
Permalink posted by markw @ 4:57 AM
Beware: Ohio bars this life insurance
People generally buy life insurance so their spouses or children can be taken care of when they die.
But unscrupulous insurance agents are trying to persuade consumers to buy policies that will put money in their pockets now and benefit investors they don't know when they die.
It's a scam, says the Ohio Department of Insurance, which is warning people against Stranger Originated Life Insurance. Agents target older consumers, many of whom have no idea the practice is illegal in Ohio...
Dispatch: Beware: Ohio bars this life insurance
But unscrupulous insurance agents are trying to persuade consumers to buy policies that will put money in their pockets now and benefit investors they don't know when they die.
It's a scam, says the Ohio Department of Insurance, which is warning people against Stranger Originated Life Insurance. Agents target older consumers, many of whom have no idea the practice is illegal in Ohio...
Dispatch: Beware: Ohio bars this life insurance
Permalink posted by markw @ 4:56 AM
For trade groups, lobbying pays
SIFMA's chief made $2M in 2008; adviser groups paid their CEOs far less
For careerists in financial-trade-group management, heading a lobbying organization backed by huge corporate interests appears to be a more lucrative route to success than serving and educating financial advisers.
According to a review of tax filings for 2008, leaders of groups with major lobbying efforts — the Securities Industry and Financial Markets Association, the American Bankers Association and the Financial Services Roundtable, for example — earned more money than those whose groups whose mission was to promote the interests of working professionals...
Investment News: For trade groups, lobbying pays
For careerists in financial-trade-group management, heading a lobbying organization backed by huge corporate interests appears to be a more lucrative route to success than serving and educating financial advisers.
According to a review of tax filings for 2008, leaders of groups with major lobbying efforts — the Securities Industry and Financial Markets Association, the American Bankers Association and the Financial Services Roundtable, for example — earned more money than those whose groups whose mission was to promote the interests of working professionals...
Investment News: For trade groups, lobbying pays
Permalink posted by markw @ 4:54 AM
Financial planning critical for special-needs children
As you drive around Charlotte, you may see the billboards that tell us "Every 20 minutes a child is diagnosed with Autism." Most of us have heard more and more about autism over the years. The reason for that is that in the 1970s only 1 in 2,000 people were diagnosed with autism, and now, according to the Center for Disease Control, it is 1 in 110 - a twentyfold increase.
What you may not know is the impact autism, and other special needs, have on the family, especially their financial outlook...
Charlotte Observer: Financial planning critical for special-needs children
What you may not know is the impact autism, and other special needs, have on the family, especially their financial outlook...
Charlotte Observer: Financial planning critical for special-needs children
Permalink posted by markw @ 4:53 AM
Lawsuit settled in case of $5.5B Deutsche team's exit
A lawsuit filed by Deutsche Bank Alex. Brown against a team of top-producing brokers who left the firm for Barclays Wealth Management has been settled.
Deutsche sued the brokers — Scott Zelnick, Padraig McBrien and Heidi Guldbrandsen — after they left the firm last month to join Barclays. The team reportedly produced revenue of $15 million on a $5.5 billion asset base...
Investment News: Lawsuit settled in case of $5.5B Deutsche team's exit
Deutsche sued the brokers — Scott Zelnick, Padraig McBrien and Heidi Guldbrandsen — after they left the firm last month to join Barclays. The team reportedly produced revenue of $15 million on a $5.5 billion asset base...
Investment News: Lawsuit settled in case of $5.5B Deutsche team's exit
Permalink posted by markw @ 4:48 AM
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