In The media with FIS

Readying RIAs to Effectively Offer Annuities (and Many Other Topics) with Michelle Richter

Michelle Richter, Principal at Fiduciary Insurance Services, joins us again to cover a wide variety of important industry topics. One of many that jumped out in today’s conversation was the need for structural change in how the annuity industry services RIAs in the future. Some of these involve technology, other products, and probably not surprisingly, how we better provide training about how to use insurance in financial plans. However, who will pay for training and how will it be delivered? Join us today for these topics and more.

How Will The Annuity Landscape Change This Year

Michelle Richter, Managing Director of Retirement Enhancement Solutions at Milliman, joins us to share her insight on changes in product, distribution, and the consumer market.

How Annuities Can Fit into a Fiduciary’s Planning Process

This is driving the dramatic growth in products and services designed to optimize and protect income, as opposed to a strict focus on accumulation. 

The case for more female financial advisors

By increasing the number of female advisors, a greater number of clients can benefit from the unique perspectives and life experiences women bring to help people navigate critical financial decisions. 

Delaware to Propose Best Interest Rule for Annuities

The proposal is based on the NAIC’s model regulation intended to align with Reg BI. But if a Biden administration urges changes to the SEC rule, how will states approach amending their own annuity regulations?

States Push Forward on New Rules for Annuity Sales

The proposed rules follow revisions made by the National Association of Insurance Commissioners to its model annuity suitability regulations, designed to align with the SEC’s Reg BI standard.  

Iowa Proposes Best Interest Standard for Annuities Sales

The proposed regulation follows the National Association of Insurance Commissioners’ vote approving a model regulation for states to emulate.  

New York’s New Annuity Rules

Do the new regulations out of the Empire State herald the future for sellers of annuities and life insurance?

Reframing Retirement Advice Objectives from Asset to Income Management

One of the great myths pervading the wealth management industry is that consumers hate annuities, and that because consumers hate annuities, fiduciary advisors don’t need to consider recommending them.

Guaranteed Income for 401k Participants: How to Comply with the SECURE Act

This program discusses the need for protected income, the requirements of the SECURE Act, and prudent processes for complying with those requirements.

Ohio Finalizes Best Interest Rule for Annuities, Joining Other States

The rule is based off a model designed by the National Association for Insurance Commissioners that was intended to align with the SEC’s Regulation Best Interest. 

Bridging the Gap Between Fiduciary Advice and Annuity Usage

The conversations I had on this topic came about while I, a non-financial advisor, was speaking to an audience of CPA advisors at a panel at the AICPA Engage conference in Las Vegas. 

She’s Got Advice for Life Insurers

‘Insurers can’t remain wedded to product sales, which are becoming commoditized in a future that trends toward financial advice,’ says industry veteran Michelle Richter

These Three Regulatory Changes Could Help Lift Annuity Sales

Carriers often view government rules, regulations and forms more as burdens to be surmounted than opportunities. But three changes that the Securities and Exchange Commission, the Department of Labor and Employee Benefits Security Administration are considering could substantially lift annuity sales if implemented.

A group promoting annuities is hoping that the idea of taking a “test drive” may work for selling more than sedans and pickups.

A Chip Off the Old Rock?

Bloomberg reported this week that Prudential is considering selling its retirement plan recordkeeping business. Prudential didn’t confirm the report, but several industry insiders did. 

A group promoting annuities is hoping that the idea of taking a “test drive” may work for selling more than sedans and pickups.

How Recent Bills Could Affect Sales of Annuities in the Workplace

Annuities may get a boost this year as more retirement-themed legislation wends its way through Congress.

Annuity designers know they have to innovate, as life insurers are forced to cut back popular guarantees on certain products.

Nationwide's New Bet: Workers Want Indexed Annuities in 401(k)s

Nationwide is preparing to test consumer appetite for fixed-indexed annuities in the workplace, as life insurers roll out new products to take advantage of last year’s passage of the Secure Act.

Investor Advocates Call for Revamped Form CRS

The Institute for the Fiduciary Standard released its alternate version of the disclosure document, arguing more was needed to draw the distinction between investment advisors and broker/dealers.

Making the Fiduciary Case for Annuities

No-load annuity product development represents a step in the right direction toward enabling fiduciary advisors to weave together an investing framework that includes protected lifetime income. 

Longevity annuities have struggled to catch on over the past five years, but they may become a hot area for innovation thanks to the Secure Act.  At Milliman, consultant Michelle Richter is looking for ways to include annuities in managed accounts offered within defined contribution 401(k) plans,

Advisers should be educated about annuities and how to analyze them to help plan sponsors decide the best products to use.

Fiduciary Insurance Services Quarterly Newsletter Volume 1 July 15 2021

Michelle Richter advises on
the creation and maintenance
of insurance-inclusive wealth
management services and programs.

How New Ideas Can Happen in Insurance, Part II: Defining the role of “Insurance Adviso(e)r”

As discussed in previous posts in this series, here and here, life insurance and annuities in the US have historically been understood exclusively through the lens of “suitably” sold product, and have not been systematically viewed through the lens of advice.

Over the past few years, and especially as regulators and the financial services industry have sparred openly on amendments to conduct guidance for various forms of financial professionals, I have given a lot of thought to my personal beliefs around the meaning of the earned title “adviser”.


Fiduciary Insurance Services, LLC to Provide Integrative Wealth Management and Insurance Advice to Sponsoring Financial Institutions

Fiduciary Insurance Services, LLC (FIS) announces its launch today as a provider of strategic consulting, insurance advice, and investment advice, on an hourly or retainer basis, to financial institutions seeking to participate in a growing trend for insurance distributed via fiduciaries.

How New Ideas Can Happen in Insurance, Part I: Programs vs. Products

In the United States, life Insurance and annuities have historically, for the most part, been issued and distributed as product containers sold to consumers by insurance agents, and not usually as part of a holistic financial planning process.