FEATURE STORY
By Alan Lavine
The age group projected to show the greatest percentage increase in the United States and Western countries is the centenarian population. Are your clients financially equipped to live a century or more?
“Modal ages for death (the age which the largest number of people die) have continued to increase and are now in the late 80s for many populations,” says Chris Bone, the actuary with Edith Ltd LLC, Flemington, N.J. Bone delivered this projection at a recent Society of Actuaries annual meeting in Chicago. That’s the good news—and the bad news.
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TODAY'S NEWS
By Alan Lavine
Financial advisors are increasingly concerned about the financial strength of the insurance companies whose products they sell. They cite low interest rates and exposure to the stock market via product principal guarantees as grounds for their concern, according to a fall study by LIMRA.
Some 26 percent of financial advisors consider the financial strength of an insurer one of the two most important factors in choosing an insurance product in 2011, the study indicates. This compares with just 16 percent in 2008 and 2003, when LIMRA surveyed this issue in the past.
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By Mark Miller
The oldest baby boomers will turn 66 this year. And, with all due apologies to Sir Paul McCartney, it's a much more significant number than 64 for retirement planning. As you advisors know, when you're 66, you can claim full Social Security benefits; 65 is a close runner-up, since it's the year most seniors will file for Medicare.
Social Security and Medicare may be outside the direct purview of most financial advisors. But advisors should understand the ins and outs of filing for both of these critical retirement benefits, and check up to make clients pursue smart strategies and file correctly.
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By Diana Britton
In a conference call this morning to discuss Raymond James’ acquisition of Morgan Keegan, CEO Paul Reilly said his first priority was retaining Morgan Keegan people, reps in particular. Raymond James said the firm expects to offer $215 million in retention payments to Morgan Keegan reps and some management. On top of that, Morgan Keegan has set aside an undisclosed amount for advisor retention, Reilly said.
The firm said it would be adding over 1,000 reps to Raymond James & Associates, its employee advisor group. Although there’s expected to be some overlap in the two firm’s fixed income and capital markets segments, Reilly said there would be little overlap in the private client group’s branches and that, anyway, Raymond James and legacy Morgan Keegan advisors can work in the same community and be successful.
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By Stephen Boswell and Kevin Nichols
Greensboro: “How can my goals be any more important to me than they already are,” moaned Arnold, during the Q & A of our FastTrack for Growth workshop, adding final emphasis with “If I don’t hit my new assets targets I need to find a new career.”
We fully recognize Arnold’s dilemma, but if he’s not careful, like the majority of new advisors with similar goal requirements, he’s going to become a statistic – another failed rookie. As we roll into 2012, we understand that many people are setting all kinds of goals. If you want proof, visit any health club this week and return a month from now. The trouble is that most people don’t achieve the goals the set. Why? Most goals aren’t set properly, little attention is paid to executing the proper goal-driving activities, personal accountability isn’t strong enough, and little attention is paid to remaining motivated.
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From the Blog
By Jerry Gleeson
After acquiring most of the business of Talon Asset Management in Chicago last summer, BNY Mellon is raising its profile in the Windy City by hiring someone for their wealth management business whose name is a household word in Illinois.
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By Jerry Gleeson
As advisors prepare new strategies for 2012, they can expect to hear broad skepticism from clients about nearly everything on the market, judging from a recent MFS Investing Sentiment Survey.
Pretty much every asset class lost respect throughout the year—not only U.S. and international stocks and stock mutual funds, but also corporate and government bonds and bond mutual funds, plus real estate. The investment value of cash and cash equivalents rose, barely, by October, according to the survey.
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