IRI to seek addition of guaranteed income provisions to retirement bill | Jackson National embraces storytelling to sell annuities, life insurance | Moody's: Reinsurers working to increase sales to annuity issuers
September 19, 2018
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IRI to seek addition of guaranteed income provisions to retirement bill
The Insured Retirement Institute will work to have provisions to give Americans greater access to guaranteed lifetime income added to the retirement legislation passed by the House Ways and Means Committee, said Cathy Weatherford, IRI's president and CEO. "We should not miss this opportunity to do more to significantly boost retirement security," she said.
ThinkAdvisor (free registration) (9/14),  InvestmentNews (tiered subscription model) (9/14) 
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Jackson National embraces storytelling to sell annuities, life insurance
Jackson National, a major provider of annuities and life insurance in the US, is urging financial professionals to make use of storytelling to sell its products. The company is providing several resources to help, including a photo essay aimed at helping consumers make the connection between life planning and financial planning.
ThinkAdvisor (free registration) (9/17) 
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Moody's: Reinsurers working to increase sales to annuity issuers
Reinsurers are moving beyond their traditional business with providers of life insurance into other areas that include working with annuity issuers, according a report from Moody's Investors Service. Reinsurers are interested in increasing their sales of "longevity risk" contracts that help annuity issuers hedge against the risk that annuity owners live longer than the companies expected, Moody's said.
ThinkAdvisor (free registration) (9/17) 
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Around the Industry
Annuity provider Western & Southern to buy Gerber Life
Western & Southern Financial Group, which sells annuities and other retirement products, in addition to life insurance, will acquire Gerber Life Insurance from Nestle for $1.55 billion in cash. The transaction will allow Western & Southern to sell insurance products under the Gerber Life name.
The Wall Street Journal (tiered subscription model) (9/17),  The Business Journals (tiered subscription model)/Cincinnati (9/17) 
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Annuity provider Genworth wants to modify terms of senior note
A subsidiary of Genworth Financial is asking holders of its senior notes for permission to change the terms of the note. The company wants to add Genworth Life Insurance and Annuity Co. to a list of entities for which a regulatory action would not be counted as default event.
ThinkAdvisor (free registration) (9/16) 
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Washington Update
Proposed changes to SEC whistleblower rules get criticism
Rule changes proposed by the Securities and Exchange Commission to its whistleblower program are anti-whistleblower and largely reflect views of the US Chamber of Commerce, the National Whistleblower Center said. The group said in a letter to SEC Chairman Jay Clayton there is "a compelling need for full and complete transparency as to why the [SEC] proposed this rule, and what lobbying efforts were behind the proposals."
ThinkAdvisor (free registration) (9/17) 
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Bill to relax audits of small broker-dealers backed by House panel
The House Financial Services Committee has voted 36-16 to advance a bill that would relax requirements for audits of small broker-dealers. Mandatory use of auditors approved by the Public Company Accounting Oversight Board would be waived for brokers that have fewer than 150 registered representatives who don't provide custody services for client funds and that are in good standing with regulators.
InvestmentNews (tiered subscription model) (9/13) 
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Research & Analysis
Exec discusses financial planning in the digital age
Advisors must update financial-planning services to deal with digital assets, such as passwords and online accounts, writes Jeffrey Levine, CEO of BluePrint Wealth Alliance. He suggests that advisors have clients inventory digital assets and that advisors become up to date on rules on digital assets in a client's home state.
Financial Planning online (9/14) 
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2008 market crash led to lower fees, more conservative investing
The stock market crash of 2008 changed the way people invest, experts say. Investors now put more money into bonds and index funds and less into actively managed funds, while fees on most investments have dropped
The Associated Press (9/13) 
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Incomes rise for 3rd-straight year but remain at 1999 levels
Incomes rise for 3rd-straight year but remain at 1999 levels
(Joe Raedle/Getty Images)
The median household income in the US rose 1.8% last year, as more people found jobs and more part-timers moved to full time, the Census Bureau said. However, incomes are barely above where they were in 2007, and they are essentially the same as in 1999 when adjusted for inflation, the Census Bureau said.
The Associated Press (9/12) 
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IRI Updates
IRI Insight -- Summer 2018 is now available
The Summer 2018 issue of IRI Insight includes an examination of the unique retirement risks faced by women, and the opportunities advisors have to help them plan. This issue also introduces "IRI Fast Facts," an infographic of select findings from our exclusive research that provide perspective on the retirement-planning challenges Americans face today. The issue includes articles on engaging families in long-term-care planning, optimizing Social Security benefits, volatility managed strategies and an interesting look at what clients say when their advisors are not in the room.
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The 2018 IRI Retirement Fact Book is here
The IRI Retirement Fact Book 2018 is the definitive guide for the retirement income industry and the go-to resource for financial professionals and public policymakers. The latest edition provides the most recent research on generational retirement readiness, demographic insights and marketing trends from the retirement income marketplace, bolstered by market research and sales data. Other updates include a review of new developments in product innovation and the legal/regulatory environment. Download the PDF or order a printed copy here.
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