Genworth Financial says it will "separate and isolate" its long-term-care insurance business to narrow its focus. The company also is halting sales of traditional life insurance and fixed annuities. Bloomberg (2/4), The Wall Street Journal (tiered subscription model) (2/4)
InsuranceNewsNet magazine recently polled its readers and found a strong correlation between career success and NAIFA membership. … These results confirm several previous studies that have shown NAIFA members tend to earn more than their non-member colleagues," writes NAIFA CEO Kevin Mayeux. Read more at the Advisor Today Blog.
Financial planner Carolyn McClanahan demonstrates the financial impact of smoking and being overweight using a simple chart she put together. "[F]inancial planners can do a better job of getting clients to live a healthy lifestyle than doctors can," says the former doctor. The Wall Street Journal (tiered subscription model) (2/3)
Advisory firms' security practices are being scrutinized by regulators, in part because the SEC says nearly 75% of advisers have been targeted by such criminals. CNBC (2/3)
Financial professionals may need to step in and help clients reaching 70 because US tax rules force them to make what could be difficult decisions soon. The IRS' required minimum distribution for qualified retirement accounts takes effect at 70½, and penalties for failing to comply are significant. Financial Advisor online…
Sales of whole life insurance rose in 2014, while sales results for universal life were less uniform, Eastbridge Consulting Group says. New products could have been responsible for both types of insurance representing a higher-than-usual percentage of voluntary sales, Eastbridge notes. Carriers said they expect interest-rate uncertainty to prompt more…
The second phase of the Actuarial Guideline 49 from the National Association of Insurance Commissioners will go into effect in March. The upcoming phase will address standards regarding policy-loan illustrations for indexed universal life insurance products. Experts say the guidelines reinforce why advisers should avoid depending completely on illustrations when…
"When I came into the business 35 years ago, my manager insisted that I join NALU (National Association of Life Underwriters, now NAIFA) and contribute to LUPAC (Life Underwriters Political Action Committee, now IFAPAC)," writes John C. Johns, LUTCF, 2015-16 national chair of the NAIFA Committee on Political Action. "For…
The key to standing out in crowded field is building a great reputation via trust. Mike Patton advises doing "whatever you can to develop a good reputation. This can only be accomplished by doing what is best for the client, at all times." ThinkAdvisor (2/2)
Millennials loom large as important clients of the future. Some millennial advisers have formed practices to seek more clients in this group. Matt Cosgriff discusses his experiences in setting up a new service to attract such clients. Nerd's Eye View blog (2/2)
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