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]
Fueled by a recent shot in the arm from private equity firm Carlyle, MAI adds a $490 million Atlanta RIA as it keeps building out its national footprint.
“Todd Burkhalter organized what is likely the largest Ponzi scheme in Georgia history,” said one FBI official.
With experience from Goldman Sachs and TD Ameritrade, the RIA's newest SVP hire adds to a recent wave of executive departures from hybrid Osaic.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
