Industry Updates
Important news and updates from insurance carriers, financial institutions, and solution providers for brokerage professionals and agencies.
Please send announcements, press releases, or noteworthy developments to Jordan Foster for review and consideration.
Archives: 2023 | 2022 | 2021
SEPTEMBER 2023
Mixed expectations for impending DOL fiduciary rule
The Department of Labor stayed silent Wednesday on a new fiduciary rule rewrite it promised to unveil by the end of August. Now termed “Conflict of Interest in Investment Advice,” the much-delayed rule proposal remained docked in the “Proposed Rule Stage.” Anticipation remains sky high for financial professionals, not all of whom are opposed to tighter regulations.
12 Fast Facts About Annuity Issuers’ Graders
Ateam at the Society of Actuaries has come out with a critical new tool for annuity professionals: a guide to the insurance rating process. Your clients are looking at annuities because they’re hungry for retirement income guarantees. But, as all annuity issuers state near any mention of guarantees, the guarantees depend on the strength of the issuer.
Finseca Applauds FSP, Life Happens, and NAIFA’s Intent to Merge
“On behalf of our Board of Directors, team, and the membership at Finseca, I want to offer our sincerest congratulations to FSP, Life Happens, and NAIFA on this exciting news,” said MARC CADIN, CEO OF FINSECA. “We continue to see – and feel – the impact a stronger, more unified voice can have on our work with policymakers and the consumers we serve. It’s exciting to see the reunification efforts extend beyond the work that we’re doing, and I encourage the members of all organizations to vote for this merger. Finseca was created to advance the cause of delivering financial security for all and reunifying the profession will help us achieve that goal more quickly. This mission is more important than ever.”
New Study Shows Interest in Life Insurance at All-Time High in 2023
While two-thirds of Americans report their lives have largely returned to normal following the COVID-19 pandemic, the 2023 Insurance Barometer Study shows a record-high proportion of consumers (39%) who say they intend to purchase life insurance coverage within the next year. The intent to buy is even higher among Gen Z adults (44%) and millennials (50%).
NASAA launches program letting advisors maintain licenses longer while out of industry
Advisors used to be able to retain their qualifications from passing broker and investment advisor exams for only two years if they left the financial industry. But under new rules promulgated by Finra and state securities regulators last year, that grace period has been pushed out to five years.
AUGUST 2023
A Counterintuitive Annuity Strategy That Can Reduce Risk
According to a 2021 LIMRA study on structured annuities, almost half of all structured annuity sales utilized a strategy term of five or six years. The other half was broken down between one- and two-year indexed terms. So why are so many advisors choosing to make their clients wait five or six years before interest gets credited to the policy? It’s my opinion that the majority of advisors choose a strategy with the primary objective of avoiding a negative return. Maximizing growth is a secondary goal once the desired level of protection is chosen.
New Gallagher Study Reveals Business Owners are Looking for Tailored, Increased Insurance Protection
Gallagher, a global insurance brokerage, risk management and consulting services company, commissioned a survey of 1,000 U.S. business owners aimed to glean insights on their mindset around risk mitigation. Despite the majority (97%) of business owners having business-related insurance policies, an overwhelming 83% expressed worries about specific events or losses that have the potential to affect their business, and another 83% are either actively looking or very likely to seek additional insurance policies to provide greater protection.
Finseca: Three Tools for Americans Who are Lacking Confidence in Their Ability to Retire
A recent survey by the Employee Benefit Research Institute (EBRI), found that nearly 4 in 10 Americans fear retirement could be forever out of reach. Unfortunately, that number is up nearly 10 percent from just a year ago. At Finseca our mission is right there in our name, Financial Security for All. It’s never too late to take control of your future to ensure long-term financial security.
More Than a Third of Americans Say Uncertainty About Their Finances Keeps Them Up at Night at Least Monthly
Americans feel significantly more confident in areas of their lives outside of their finances and more than a third (36%) say financial uncertainty keeps them up at night at least monthly. These are the latest findings from Northwestern Mutual’s 2023 Planning & Progress Study.
Just 10% plan to wait until age 70 to claim Social Security, survey finds. Why experts say it’s often best to delay
Research suggests it’s best to hold off on claiming Social Security retirement benefits until age 70, if possible, to get the biggest monthly payments available to you. However, just 10% of nonretired Americans plan to wait until that age to start their monthly benefit checks, a new survey from asset management company Schroders finds. That includes 17% of respondents ages.
Why sandwich-generation stresses are weighing on retirement plans
Advisor urges peers to educate themselves on elder care to help Gen Xers navigate tricky retirement landscape.
Unclaimed Life Insurance Property: Promises to Keep
Keeping the promise. It’s a euphemism often used to describe the payment of a life insurance claim. Because, at the heart of the matter, it’s the most important thing that life insurers do. Case in point, U.S. life insurers paid a record $100 billion to life insurance beneficiaries in 2021.
7 Annuity Exclusion Ratio Basics to Know
One way for a financial advisor to get attention is to find a compliance-compatible way to post a guide to annuity exclusion ratio basics. The annuity exclusion ratio is an Internal Revenue Code provision that can reduce the federal income taxes on the cash coming out of a client’s annuity sharply.
You May Be Surprised By How Long $750,000 Lasts You in Retirement
If you retire with $750,000 in your portfolio, how long will it last? This is one of the most important questions in retirement and the answer is, it depends. It depends on a wide range of individual factors, from where you live and how much you spend to how you invest. No one can give a general answer to this question, but we can give you a few ways to think about the issue as you plan your own retirement.
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