NAIFA's annual Performance + Purpose conference got underway this week in Orlando with presentations focused on maximizing opportunities. Scott Foster, owner of Scott Foster Insurance Agency, urged attendees to focus on loss and risk management when discussing life or disability insurance to avoid sounding like they're making a sales pitch.
Scott Mann, a veteran of the Army's Green Berets, told attendees at NAIFA's Performance + Purpose conference that they should be present and use storytelling and active listening to build deeper relationships with clients. "Meet people where they are instead of where you want them to be," he said.
The problem with using bonds in a retirement portfolio is that the money eventually runs out, economist Benjamin Harris writes. Income annuities offer a better way to hedge longevity risk and give retirees more freedom to spend knowing they have a guaranteed payout for life, Harris writes.
The US Treasury Department is considering issuing a 50-year bond in 2020 to capitalize on low interest rates and to offset fast-rising borrowing costs, Secretary Steven Mnuchin says. Bonds with maturity of more than 30 years were evaluated, then abandoned, by the Treasury in 2017, but Mnuchin says there is demand for them.
The New York Department of Financial Services' guidance on disclosures for insurers might bring departed companies back to the annuity market. "We appreciate the effort by Deputy Superintendent James Regalbuto and the department to listen to industry's concerns and work toward a sound, reasonable solution that allows insurers to offer a full range of products that can help New Yorkers meet their retirement income needs," says Chelsea Crucitti of the Insured Retirement Institute.
The New York Department of Financial Services has warned insurers that companies that sell group annuities from offices in New York or to purchasers in New York must be licensed by the state. "Each meeting, telephone call, piece of mail, email or other communication originating from a New York office or from outside New York into New York would be a separate violation" for an unauthorized insurer, says Kevin Bishop, the department's acting general counsel.
The Financial Industry Regulatory Authority is using two phases to figure out which rules may need to be adapted to align with the Securities and Exchange Commission's Regulation Best Interest, said FINRA CEO Robert Cook. The first phase involves getting "rid of any perceived or actual obstacles to implementation," Cook told attendees of the Financial Services Institute's 2019 Forum.
A majority of economists say a significant increase in US core consumer prices last month is unlikely to keep the Federal Reserve from reducing interest rates next week, but it could make further cuts before year-end less likely, a Reuters survey finds. "The Fed will still cut rates next week to provide added insurance in the event that the trade war escalates, but it might think twice about moving again in October if core inflation shows any further spark," BMO Capital Markets economist Sal Guatieri says.
Advisors can create a "five-star experience" for clients with small, inexpensive touches, says Susan Kay, director of business development at MFS Fund Distributors. Her recommendations include personalized postage stamps, takeout boxes of candy and hosting events such as a wine tasting.
Choosing the right trustee can be difficult, and Antoine Burrell of Wealth Advisors Trust Co. offers seven things to consider when selecting one. Among them are whether to use an individual or trust company, fees, continuity and protection.
How many times have you gotten a client call, were attending a networking event or were with family and friends when the inevitable question comes up, "So, what do you think of the market?" During this type of scenario, most advisors panic because they haven't taken the time to create their unique 60-second market story. Join Coach Dan Finely for the next Advisor Solutions Session on Sept. 19 at 4 p.m. Register here.