Annuity suitability law: Coming to your state soon

In 2010, the NAIC enacted the Suitability in Annuity Transaction Model Regulation to promote consumer understanding and help address complexities and improper sales practices in the annuity transaction process. The regulation requires insurers to establish a system to supervise recommendations and to set forth standards and procedures for recommendations to consumers that result in transactions … Continue reading

A Sticky Issue: Illegal or not, this questionable tactic continues to pose an ethical dilemma for the life insurance industry.

Any insurance professional worth their salt knows that rebating— the act of giving something of value to an applicant in return for purchasing a life insurance policy (e.g. sharing commissions)—is illegal in 48 states. California and Florida are the only two states that legally allow insurance agents to engage in rebating. Yet, even agents practicing … Continue reading

Annuity Round Table: Annuities Are Compelling Products, Even In Today’s Interest Rate Environment!

Q: We were all surprised at the conviction of Glenn Neasham for wrongfully selling an annuity to an 83-year-od woman. Do you believe that this conviction is fair? Has this situation influenced your business? If so, how? What long term ramifications do you believe this situation will have on future annuity sales to senior citizens? … Continue reading

Ethnic Marketing–How Cultural Differences Affect Retirement Planning and Saving

Ethnic Marketing–How Cultural Differences Affect Retirement Planning and Saving by Fabian Gonzalez California’s financial professionals know, perhaps better than anyone, that the emerging opportunity to serve multicultural markets is significant. Sixteen percent of the nation is of Hispanic/Latino origin, but that percentage is more than double in California (38%), according to 2010 Census data. Similarly, … Continue reading

Educating Trustees and Beneficiaries to Prevent Trust Litigation

 If you Google the term “trust and estate litigation,” not only will you find more than 1.2 million hits but many of them are coupled with phrases such as “fast-growing field,” “ever-growing opportunities,” and “hot field.” Beneficiaries’ failure to understand the terms of the trust has been cited by many commentators as a major cause … Continue reading