Nearly one in five (18%) respondents said they will include financial planning in their resolutions for next year, with millennials once again leading the way at 27 percent. Fewer Americans are troubled about financial issues like stagnant wages (23%) and job security (18%) than they were in 2017 (30% and 26%, respectively).
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Republicans released a revised end-of-year tax package this week that includes tax relief for victims of recent natural disasters, delays or repeals several Obamacare-related taxes, and jettisons the extensions of many expired breaks that had been included in an earlier bill.
The stock market is up and down and most analysts expect the Federal Reserve to raise short-term rates during its meeting this month and continue to raise rates in 2019. The wild swings of the economy are likely to continue, necessitating a cautious investing approach.
High-net-worth investors have slowed their investments into stocks, bonds and mutual funds and instead are exploring opportunities in private equity, real estate and hedge funds, according to a new investor survey. Investors affirmed their continued interest in nontraditional investments.
A majority of workers are stressed over their finances, costing companies approximately $2,000 per employee. Most respondents admitted to worrying about personal finances while at work, with one-third doing so more than once. Three in five respondents think getting financial advice at work would reduce their stress.
Sixty-nine percent of Millennial business owners work with an insurance agent, followed by Boomers at 66 percent and Gen X at 59 percent. The most common reason for working with an insurance agent among all generations is the trust that business owners place on the guidance and expertise from an agent.
A National Association of Insurance Commissioners’ working group is satisfying neither side with an annuity sales model law that is out for public comment. The draft avoids many of the controversial issues the working group debated over the past year.
Forty-four percent of financial advisors say their confidence level in the economy is about the same as it was this time last year. Thirty-eight percent are less confident, while 18 percent are more confident. The results come via a new survey by ALPS Advisors.
Last year’s tax reform effort dramatically changed many of the traditional tax deductions and strategies. Advisors need to know these changes in order to best plan for their client’s financial well being. Here are a few tips for this tax season.
Since December 2015, the FOMC has raised short-term interest rates, then near zero, eight times, with another increase indicated for December. Stocks’ big decline last week makes this harder.
Up to 14 states are ramping up efforts to put agents under a fiduciary duty. New York is furthest along with a best interest rule, which faces an industry lawsuit that could be decided early in 2019. Otherwise, the NY rule is slated to take effect in August 2019.
AM Best cited increased profitability, improved regulatory and tax environments and a strengthening U.S. economy in adjusting its 2019 life insurance/annuities outlook from negative to stable. Also, an overall reduced balance sheet risk due to a proactive approach taken by companies in recent years is seen as a positive trend.
Sheriff’s deputies have obtained an arrest warrant for a fourth suspect wanted in connection with an alleged murder-for-hire plot that left Austin jeweler Ted Shaughnessy dead in his home in southwest Travis County in March. Police say the suspects, which include family members, sought life insurance proceeds.
Overall national health spending grew at a rate of 3.9 percent in 2017, almost 1 percentage point slower than growth in 2016, according to a study conducted by the Office of the Actuary at the Centers for Medicare & Medicaid Services
A government report says the nation’s health care tab hit $3.5 trillion last year, or $10,739 per person. But behind those staggering figures is some fairly good news: The rate of growth slowed for the second year in a row, according to economic experts at the federal Health and Human Services department.
Tuesday’s stock market sell-off worried investors, who are also concerned about the so-called “yield curve.” But other indicators point to a cooling economy that should remain solid for a few years to come, says Brad McMillan of Commonwealth Financial Network.
Does the Fed have “an absolute duty” to push the unemployment rate as low as it can go until we see real evidence of inflationary pressures? This columnist thinks so. Just five years ago, the median estimate at the Fed was 5.4 percent. Now it’s much lower.
Sixty-five percent of institutional investors predict that the decade-long US bull market will end in the next 12 months, bringing to a close the historic bull market that brought record-high stock prices and record-low volatility. But even as they anticipate more turbulent times, six in ten investors say they feel prepared to handle the risks.
LIMRA and Wink were both correct with last week’s “universal life is up” and “universal life is down” reports, respectively. The key is how the data is viewed. Overall, new premium rose quarter-over-quarter from 2017.
The Trump administration wants to see the nation’s health-care system move away from government mandates and toward a more free-market direction. A report outlines some recommendations, including expanding availability of health savings accounts (HSAs).
Stocks tanked on Tuesday as the goodwill generated by a truce between the U.S. and China over trade evaporated over confusion about what the two sides actually had agreed upon. The market gained on Monday after the Trump administration said U.S. and China agreed to a temporary cease-fire in a trade dispute.
A recent survey revealed that 95 percent of agents think digital technology is important to their success. This is an increase from 58 percent in 2016. These digital must-haves will keep you in touch with the times and in touch with customers’ needs, so you can connect in the ways that matter.
Senate majority leader Mitch McConnell says we have no choice but to cut Social Security, Medicare and Medicaid. GM says it will be closing five plants and laying off 14,000 workers because of the added expense of importing steel and aluminum plus and the added taxes on U.S. vehicles abroad.
Athene Holding says a “first-of-its-kind” pension plan termination transaction with Bristol-Myers Squibb covers more than 24,000 active employee participants, retirees, beneficiaries, and former employees. Athene will administer annuity contracts that could total $3.8 billion in the deal.
A.M. Best recently met with the Ohio National management team to discuss a series of recent events, including the insurer being sued several times for a decision to end trail commissions on certain annuities. A.M. Best is sticking with its strong ratings for now.
Most business owners focus primarily on the day-to-day operations of the business and the operational strategy, but very few give sufficient attention to how they will exit the business. Owners often wait until it’s too late to consider various options, at which time the only answer might be selling the business to a third party.
The average economic up cycle since the end of World War II lasted only about five years, and this economic expansion has been chugging along now since summer 2009. It’s certainly looking likely that an economy that has recently grown at a rate of around 3.5 percent will slow down next year.
The average American shopper will spend around $975 on holiday gifts, according to past spending trends and estimates from the American Research Group and the National Retail Federation. Although shoppers have various payment options at their disposal, the use of credit cards remains a popular and financially savvy way to handle purchases.
A group of business economists foresee economic growth remaining solid next year, with unemployment falling further and only a slight chance of a recession. But they express concern about potential risks, notably from trade conflicts.
The latest Merrill Edge survey reveals Americans’ increasingly complex relationship with their money, significant others and financial futures. Fifty-six percent of Americans say they want a partner who provides financial security more than “head over heels” love (44 percent).
Non-variable universal life sales – including both indexed UL and fixed UL – were more than $852.4 million in the third quarter. This was down 11 percent when compared to the previous quarter and down more than 15.6 percent as compared to the same period last year, according to Wink Inc.
The economy will keep growing, albeit at a slower pace; corporate earnings will increase as well, if not as briskly as before. Making money in stocks won’t be a walk in the park. You’ll need some protective armor to shine in a market facing a thicket of risks.
Under this new guidance, states are empowered to innovate new health care programs aimed at strengthening their health insurance markets, expanding choices of coverage, and targeting public resources to those most in need.
Market conditions continue to be favorable for IUL products, which are up 12 percent so far in 2018. IUL premium has increased for the past eight consecutive quarters, LIMRA reports. Overall, life insurance new premium was up 3 percent in the third quarter.
The RAND study of over 400,000 people concluded that those who wore an Apple Watch and participated in the Vitality Active Rewards benefit program averaged a 34 percent sustained increase in physical activity. The John Hancock Vitality program offers life insurance customers the chance to earn rewards by hitting exercise, nutrition and other targets.
Traders found new reasons for optimism on Thursday after U.S. Federal Reserve Chairman Jerome Powell commented that the Fed’s policy rate is now “just below” estimates of a neutral economy. U.S. stock markets soared higher on Wednesday after Powell’s comments.
Federal Reserve chief Jerome Powell said Wednesday he regards current interest rates at nearly a neutral level. He addressed the Economic Club of New York in his first major presentation since he indicated last month the Fed is planning on more interest rate increases.
Prosecutors say Leslie Chance, 51, killed Todd Chance, 45, to collect on life insurance policies. Investigators believe Leslie Chance learned about criminal investigative techniques and tried to cover her tracks through information she gained after attending a “CSI” exhibit in Las Vegas, according to court documents.
A federal judge is expected to rule any day now on 20 Republican-led states’ request for a preliminary injunction to stop Obamacare in its tracks. Seema Verma, administrator for the Centers for Medicare and Medicaid Services, told reporters that the administration wants to make sure Americans have access to coverage.
In addition to explosive growth in the range of available voluntary benefits in recent years, their popularity among employees is reaching new heights as well. The evolution of benefits is expected to continue in 2019 and several trends are expected to pick up momentum.
Having a medical marijuana card could make buying car, life and health insurance more expensive, although research shows it could actually lower societal health care costs. When Colorado legalized recreational marijuana in 2014, the state saw a spike in drug screening failures by truckers, with as many as 60 percent flunking tests.
U.S. House Republicans on Monday unveiled a tax bill they plan to seek passage during the lame-duck session of Congress this week. The Democrats will take over the House when the 116th Congress convenes in January. “The policy proposals in this package have support of Republicans and Democrats in both chambers.
Third-quarter fixed indexed annuity sales were $18 billion, 38 percent higher than 3Q 2017 and 2 percent higher than second-quarter sales results.
CVS Health Corp. has agreed to spend $40 million for health insurance education and other conditions to win approval from New York regulators, clearing the way for its acquisition of Aetna Inc., state officials announced Monday. Aetna shares rose 2.3 percent, to $210.14.
The National Association of Insurance and Financial Advisors’ New York chapter filed a lawsuit to stop the state’s controversial best-interest rule. The rule is “arbitrary and capricious” and was crafted outside of the New York Legislature, the lawsuit claims, which has the proper authority.
If your clients are more focused on getting back in the form of a tax break come April, they may want to think twice about how many year-end checks they write to charity. The tax rules for 2018 will be vastly different than they were last tax season, thanks to the Tax Cuts and Jobs Act of 2017.
There’s an old saying that Wall Street economists have predicted eight of the last two recessions. Most of Wall Street’s top economic gurus thought Trump would crash the stock market and the world economy, and here we are with near 4 percent growth over the past six months.
Given that the current economic expansion in the United States is pushing 10 years and showing its age, a lot of folks are predicting a downturn sometime soon. So it was surprising to see how upbeat the annual economic forecasts were recently when University of Michigan economists delivered their outlook for Michigan and the nation.
Ohio National has no plans to reverse its controversial decision to end trail commissions for select variable annuity contracts, a company spokesman said today. The company announced the surprise departure Tuesday of president and chief operations officer Christopher Carlson after just three months.
Ohio National named a new president/COO Tuesday and announced the surprise departure of Christopher Carlson just three months after he ascended to the top post. The company has had a turbulent fall after announcing in September that it would end trail commissions on certain variable annuities.
Oil prices tumbled another 6.6 percent as Wall Street reacted to rising oil supplies and concerns that global economic growth will slow down, a worry that’ s intensified because of the trade tensions between the U.S. and China. U.S. crude has plunged 30 percent since early October.
CVS Health Corp. expects to close on its $69 billion acquisition of Aetna Inc. after Thanksgiving, the pharmacy giant said Monday in a regulatory filing. CVS won conditional approval in October from the U.S. Department of of Justice. The two companies agreed to shed Medicare prescription businesses as a condition of federal backing.
How much is too much to spend on the kids at Christmas? A T. Rowe Price survey found that 60 percent of parents with kids between the ages of 8-14 spent too much, while 7 percent admitted dipping into their retirement fund to pay for the holiday.
While the U.S. economy is in the late stages of what will probably go down as the longest-ever economic expansion, there remain ample opportunities in the market, according to RBC Wealth Management’s Global Insight 2019 Outlook. Reducing credit risk in fixed income portfolios is a good place to start.
There are at least four voices taking part in a person-to-person sales process, and most advisors never notice or address them. Not accounting for those two extra voices, however, is like ignoring a third and fourth person in the room. The results can have a strong impact on the success or failure of the pitch.
The tax cut was supposed to accomplish big things. Republicans thought it would give them a big electoral boost, and they predicted dramatic economic gains. But there’s no sign of the vast investment boom the law’s backers promised.
To improve affordability for those who buy their own coverage, America’s Health Insurance Plans is offering 12 new policies that federal or state leaders can implement to drive down premiums, increase participation in the marketplace, and offer savings to consumers.
Last December’s tax-reform bill upends conventional tax-planning strategies and dramatically changes the landscape for this year’s tax filings. Advisors will want to be aware of tax implications for clients who might be in need of guidance.
Seventy-five percent of Millennials worry that Social Security will be unavailable when they are ready to retire, and 70 percent worry about not having enough money to live off of when they eventually retire.
More than two years after the deal was announced, the proposed acquisition of insurance giant Genworth Financial by a China- based financial conglomerate finally may be nearing completion. As the proposed merger nears a key public hearing, however, a report by one investor has raised questions about the viability of the deal.
