The Financial Services Institute, the trade group of independent broker-dealers, is launching a national health insurance program to help independent financial advisers obtain ACA-compliant major medical health insurance at a reduced cost.
The plans will be open to member firms, their registered representatives, licensed staff and their families.
“Previously, advisors’ options for obtaining health insurance were limited to purchasing plans directly from insurance carriers, or via the online marketplaces established by the Affordable Care Act,” FSI said in a release. “Both options come with high premiums, deductibles and out of pocket maximums, and financial advisors typically do not qualify for subsidies for ACA plans due to their income levels.”
FSI said the plans could save members up to 50% over open-market rates.
Plans are offered at three deductible levels: $2,500, $5,000 and $10,000; those deductibles are also the respective plans’ out-of-pocket maximums.
Two of the plans can be used with health savings accounts, and premiums are typically tax-deductible.
[More: FSI advocacy priorities for 2021]
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
