Lead Stories for Saturday, December 2, 2023

Taking The Temperature Of The Retirement Landscape

Employers think their workforce is on track for retirement, but employees say otherwise

Voya Investment Management (Voya IM), the asset management business of Voya Financial, Inc. (NYSE: VOYA), today released new findings from its fourth edition of its survey of retirement plan sponsors, defined contribution (DC) specialists and contributing retirement plan participants detailing retirement perspectives on issues such as retirement readiness, investing and overall financial confidence.

Investors Increasingly Choose Advice

Demand for financial advice is growing and investors are increasingly satisfied with advice offerings

New research, issued by Cerulli Associates and the Securities Industry and Financial Markets Association (SIFMA), highlights increasing demand for financial advice among U.S. investors. Since 2009, the “advised” investor segment has grown from 35% to 47%, while those who consider themselves “self-directed” has fallen from 41% to just 24%.

Registered Index-Linked Annuity Sales Break Quarterly Sales Record Again

Total U.S. annuity sales grow 10% to $88.6 billion in the third quarter

For the second consecutive quarter, registered index-linked annuity (RILA) products set a new sales record. RILA sales were $12.6 billion, up 19% year-over-year and 11% higher than the prior record-setting quarter, according to LIMRA’s Third Quarter 2023 U.S. Retail Annuity Sales Survey.

Market Segment Outlook: US Life/Annuity

The Stable outlook on the US L/A segment is based on its persistently strong capital and liquidity positions, as annuity sales drive premium growth

AM Best is maintaining its stable outlook on the U.S. life/annuity market segment for 2024, noting its strong liquidity and capital positions, robust annuity sales and slightly improved new money yields in a benign credit environment.

Consumer Spending Report

Consumers spent $18.86 trillion in October 2023, which is a record spending amount for a month

Consumer spending in the U.S. is a fundamental economic metric that provides insights into the overall strength of the overall economy and U.S. household balance sheets. As a result, it is concerning that consumers spent $18.86 trillion in October 2023 (seasonally adjusted at annual rates), which is a record spending amount for a month.

Profile

A Conversation With Benny Goodman

The new scope of financial literacy

I asked a financial advisor recently to explain how she conveys the urgency of a life insurance or annuity purchase to her clients, and she responded immediately by saying ‘I simply ask them what year they expect to die, so I can begin planning for them accordingly.’ Notwithstanding her stab at stand-up comedy, her point was clear: many of our clients may not have a realistic concept of their own longevity, betraying a deficiency in what has become known as ‘longevity literacy.’

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New Products

Northwestern Mutual Launches Market Pathway Model Portfolios, Broadening Access To Professionally Advised Offerings

Younger investors can now more easily begin relationships with financial advisors

Northwestern Mutual announced the expansion of its professionally managed investment offerings with the launch of Signature Portfolios Market Pathway models, which require a minimum investment of only $5,000 – providing greater access to advised solutions for a range of investing needs.

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People

David Loper Named Executive Director Of The Protective Life Foundation

20-year Protective veteran and longstanding community leader to oversee Protective's community impact efforts

Protective Life Corporation (Protective), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), announced today that David Loper has been named Vice President of Community Engagement and Executive Director of the Protective Life Foundation.

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John Khoury Joins Savvy Advisors As Principal Wealth Manager

Boston-based advisor comes to Savvy from Schwab, where he oversaw more than $1 billion in brokerage assets for over 350 individuals, institutions, and families

Savvy Advisors Inc. (“Savvy”), a registered investment advisor (RIA) affiliated with Savvy Wealth Inc., today announced John Khoury has joined the firm as a principal wealth manager.

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Matt Marchese Joins Voya Financial To Lead Wealth Solutions Mid-Market Sales Team

Marchese comes to Voya with more than 25 years of experience in the industry

Voya Financial has hired Matt Marchese as Mid-Market sales leader for the company’s Wealth Solutions Mid-Market Sales team.

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