Results for "insurance"

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Universal life insurance lawsuits underscore product risk

September 19, 2018

Lawsuits filed against insurers in recent years for their practices around universal life insurance policies highlight the risks these products can pose for unwary financial advisers and clients. Transamerica Life Insurance Co., AXA Equitable...

Western & Southern buys Gerber Life Insurance in $1.55 billion deal

September 18, 2018

Western & Southern Financial Group has bought Gerber Life Insurance Co., a subsidiary of Nestlé, in a deal valued at $1.55 billion. Gerber Life, a direct-to-consumer life insurer, has $52 billion of life insurance in force and covers 3.6 million...

Fixed annuities are on a tear

September 14, 2018

Fixed annuities have been on a tear this year, with sales seeing double-digit growth across several product categories amid rising interest rates and easing regulatory pressure. Overall sales of individual fixed annuities were $33.7 billion...

States try to beat back rate increases on long-term-care policies

September 13, 2018

States have taken steps to limit the drastic rate increases plaguing the long-term-care insurance market, leading some experts to suggest that these insurance policies are worth a second look for financial advisers and consumers. More than three...

Life insurance is not for saving

September 11, 2018

Stop buying life insurance as a savings strategy. Stop buying it as a tax-deferral vehicle for retirement savings. Stop spending thousands of dollars a month on life insurance premiums, at least until you read the rest of this column. Life insurance...

Merrill Lynch takes two avenues with annuity commissions

September 10, 2018

When Merrill Lynch recently decided to reverse its ban on commissions in individual retirement accounts, it did so for all products with one exception: annuities. The policy effectively creates a dual approach for Merrill's 17,000-plus advisers...

Finra fines Securities America $175,000 for failure to supervise variable annuity sales

September 7, 2018

The Financial Industry Regulatory Authority Inc. fined Securities America $175,000 for failing to properly oversee the sale of a certain type of short-term variable annuity product. According to Finra, Securities America brokers violated or...

Ohio National, a big variable annuity provider, exits the annuity business

September 7, 2018

Ohio National Financial Services Inc., among the top 20 sellers of variable annuities, is quitting the annuity business and is simultaneously laying off 300 employees, signaling the challenges of the variable annuity market in recent years....

Legislation affecting advisers may fall victim to tight Capitol Hill calendar

September 6, 2018

Legislation that would reform how advisers are regulated, increase contribution limits for health savings accounts and strengthen retirement security could fall victim to a tight congressional calendar or partisan divisions this fall. In late...

DOL fiduciary rule caused $14 billion in stock losses for investment firms: report

September 5, 2018

The Department of Labor's fiduciary rule led to "tremendous" losses for brokerage and other investment firms, causing billions of dollars to be shed from their market valuations as investors feared the rule would hurt profitability, according...

Ken Fisher, famous annuity hater, invested in annuity companies

August 31, 2018

Ken Fisher, founder and executive chairman of Fisher Investments, has been an ardent critic of annuities for years. In fact, Mr. Fisher's vitriol toward annuities is probably one of his most identifiable characteristics in the public sphere....

New group aims to improve negative view of annuities

August 23, 2018

A new group is trying to reframe how advisers, their clients and the broader public view annuity products. Two dozen insurance companies and mutual fund firms coalesced to form The Alliance for Lifetime Income, seeking to bolster an industry...

Finra arbitrators order Pennsylvania brokerage to pay client $1 million in damages

August 23, 2018

Financial Industry Regulatory Authority Inc. arbitrators ordered Pennsylvania-based Trustmont Financial Group Inc. to pay a client more than $1 million in damages. James E. Grimes accused Trustmont, headquartered in Greensburg, Penn., of breaching...

Brokers, advisers and insurance agents implicated in alleged $100 million investment fraud

August 23, 2018

Dozens of financial intermediaries — including stockbrokers, financial advisers, financial planners and insurance agents — are being sued for an alleged investment fraud that attorneys claim cost more than 1,000 investors, many of whom were...

Why your 50-year-old clients may need you the most

August 22, 2018

Clients who are 10 to 15 years away from retirement need you. They're likely getting more concerned about market volatility and its impact on their savings, but at the same time they're more aware than ever that they need their nest egg to grow...

As DOL fiduciary rule dies, variable annuities come alive — sales up for first time since 2014

August 21, 2018

The death of the Department of Labor fiduciary rule is breathing new life into the variable annuity business. Following 17 consecutive quarters of sales declines, dating back to 2014, there was some good news for insurers in the second quarter...

Allianz Life joins Envestnet digital annuities marketplace

August 13, 2018

Allianz Life Insurance Co. of North America is the second insurance carrier to join the Envestnet Insurance Exchange. Allianz Life announced Monday that it will make its entire portfolio of annuities, including advisory- and commission-based...

Genworth raises long-term-care insurance costs an average 58%

August 9, 2018

Genworth Financial Inc. received approval from state regulators this year to raise costs an average 58% on some long-term-care insurance policies, affecting tens of millions of dollars' worth of annual insurance premiums the company receives...

Get Ready to Guide Clients Through Income Distribution

August 1, 2018

Every day, thousands of baby boomers are cleaning out their desks and heading into retirement. As a result, demand for income-distribution specialists who can help them plan for this new chapter in life is expected to climb for many years. If...

Finra whacks Advisor Group, NPH with $2.7 million in fines over variable annuity sales

July 25, 2018

The Financial Industry Regulatory Authority Inc. has censured four broker-dealers of Advisor Group and four National Planning B-Ds for poor supervision of variable annuity exchanges, fining them a total of almost $2.7 million. The individual...

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