Flexible premium deferred annuities are among the new options for covering the costs of long-term care proposed by the Long-Term Care Think Tank to the Society of Actuaries. The option, called a family long-term-care account, would pay a monthly benefit if any member of the family requires long-term care. InsuranceNewsNet…
The Labor Department will start releasing guidance to help financial professionals comply with its fiduciary rule on a "rolling basis" this fall, said Timothy Hauser, chief operating officer of the department's Employee Benefits Security Administration. He said broker-dealers would be wise to submit questions to the department now. ThinkAdvisor (9/16)
Advisers have no reason to be reluctant to work with clients because they fear class-action lawsuits against them under the Labor Department's fiduciary rule, said Timothy Hauser, the department's deputy assistant secretary. The threshold to file a lawsuit is pretty high, he said, requiring plaintiffs to "show systemic violations." InvestmentNews…
The owners of family businesses have a limited amount of time to take advantage of the tax breaks provided by the discounts allowed for grantor retained annuity trusts, write Robert Bloink and William Byrnes. Proposed Treasury Department rules restricting the use of this discount are expected to take effect around…
The two major-party presidential candidates have totally different plans for estate and other taxes, and lawyer Martin Shenkman says advisers and their clients therefore should review portfolios before the election. Portfolios can benefit from incorporating life insurance under either outcome, he says. LifeHealthPro (9/14)
Universal life insurance is a good product for millennials to consider because it offers flexibility, it is relatively inexpensive at their age, and they can work payments into a budget, writes David Wilken of Voya Financial. In addition, such policies' built-up cash value has favorable tax treatment, Wilken writes. WealthManagement.com…
Advisors should explain to clients that zero risk is nonexistent in investment, writes Carl Richards, director of investor education at the BAM Alliance. "No matter the choice, people are just trading off one risk for a different risk," Richards writes. InvestmentNews (9/9)
Few investors expect the Federal Reserve to change interest rates at a meeting next week, after hearing the views of four Fed governors. Lael Brainard, the last to speak publicly ahead of the meeting, triggered a rally on Wall Street when she indicated she was leaning against a rate hike….
The Financial Industry Regulatory Authority is embracing the concept of "culture of compliance" in its regulatory responses. Former FINRA CEO Richard Ketchum defined culture as "explicit and implicit norms, practices, and expected behaviors that influence how firm executives, supervisors and employees make and implement decisions in the course of conducting…
Brokers face a huge demographic change for life insurance as baby boomers age and millennials increasingly become potential customers. This shift presents challenges for brokers but also opportunity for those who adapt, embrace technology and offer a wider variety of products, says Michael Barry of the Insurance Information Institute. BenefitsPro.com…
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