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February 8, 2013
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News covering the insurance and financial advising industry

  Top Story 
  • Future of asset rollovers hangs on fiduciary definition
    A new definition of "fiduciary" from the U.S. Labor Department will determine whether both fee-only and commission advisers can transfer individuals' assets from 401(k)s into IRAs. "The capture of these assets and the definition of fiduciary will continue to be lightning-rod issues in 2013," says Donald Cummings of Blue Haven Capital. Financial Advisor online (2/6) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Report: 36% of advisers' retirement income is from personal products
    IRAs and other personal retirement products compose 36% of financial advisers' retirement income, with employee-sponsored plans accounting for 27%, according to a Cogent Research report. Government-sponsored defined-benefit and defined-contribution plans account for 20% of advisers' income in retirement, with business-investment income contributing 10%, according to the report. A separate Cogent report says 40% of clients were "highly confident" in their financial adviser in 2012, compared with 36% the year before. National Underwriter Life & Health (2/7) LinkedInFacebookTwitterEmail this Story
  Investment Trends 
  Policy Watch 
  • CMS addresses role of producers in federal exchanges
    Officials at the Centers for Medicare and Medicaid Services hope to register 254,095 agents and brokers to work with the federal health insurance exchange system, according to a Federal Register notice that sheds light on how producers will be engaged. The agency is seeking comments on its plan to register producers. Registered professionals will be given access to any needed training or exams through CMS. Registration will likely be required on an annual basis. National Underwriter Life & Health (2/6) LinkedInFacebookTwitterEmail this Story
  • Proposed Miss. insurance exchange is denied by HHS
    The Department of Health and Human Services has rejected the application by Mississippi insurance officials to operate a health insurance exchange under the Affordable Care Act. The move intervenes in the fight between Gov. Phil Bryant and Insurance Commissioner Mike Chaney over the best approach to dealing with the health care law. Bryant's opposition made it impossible for the insurance officials to move forward with their plan, HHS said. The Wall Street Journal (2/7) LinkedInFacebookTwitterEmail this Story
  • Ga. legislation lays out licensing requirements for navigators
    Georgia lawmakers want health insurance exchange navigators to be licensed before starting work. A bill would require navigators to obtain 35 hours of training before licensing, and continuing education would be required. "We support any effort to insure that individuals who may provide insurance advice to Georgia citizens are qualified to do so," Insurance Commissioner Ralph Hudgens said in a statement. The Atlanta Journal-Constitution (2/5) LinkedInFacebookTwitterEmail this Story
  Building Your Business 
  • Report cites challenges in working with boomers
    Financial advisers are facing difficulties serving clients who are retired or nearing retirement, a report from GDC Research and Practical Perspectives finds. Advisers struggle to help them set realistic expectations for retirement, and many are divided on the best strategies for generating retirement income, the report found. AdvisorOne (2/5) LinkedInFacebookTwitterEmail this Story
  NAIFA News 
  • NAIFA's Juli McNeely to LifePro advisers: "Tell our story"
    NAIFA Secretary Juli McNeely and LifePro President Bill Zimmerman teamed up Tuesday to brief LifePro advisers on how the challenges facing the industry relate to the value of joining NAIFA. Read more at the Advisor Today blog. LinkedInFacebookTwitterEmail this Story
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After you've done a thing the same way for two years, look it over carefully. After five years, look at it with suspicion. And after ten years, throw it away and start all over."
--Alfred E. Perlman,
American businessman

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