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Allianz

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Allianz

To help offer clients short-term control with additional options for long-term growth potential, Allianz Life Insurance Company of North America (Allianz Life) has announced new product enhancements on select index variable annuities (IVAs), also known as registered index-linked annuities (RILAs).

These features on the Allianz Index Advantage® Variable Annuity and Allianz Index Advantage Income® Variable Annuity include two new multi-year term index options: The Index Performance Strategy 6-Year Term and Index Performance Strategy 3-Year Term, both with 10 percent buffer. These are in addition to the Index Performance Strategy 3-Year Term with a 20 percent buffer launched in May of last year. In addition, these new multi-year term strategies will have Participation Rates (minimum of 100 percent) which offer the potential to outperform index returns. The index options are subject to an annual cap.1

“The innovative new Index Performance Strategies can be a good solution for those with a longer time horizon and looking for more market exposure,” said Corey Walther, president, Allianz Life Financial Services. “The longer terms provide more growth potential, but when combined with our performance lock feature, clients can maintain a level of short-term control. In some respects, it can be the best of both worlds.”

To also offer short-term control to these multi-year term strategies, a performance lock feature allows the ability to lock in gains or help limit losses once during a term. With the ability to manually lock or to set an automatic target, this feature can help further reduce the impact of market volatility. By electing performance lock, you will no longer participate in any potential gains (or losses) for the rest of the term. Locked index options allow reallocation on the next Index Anniversary, rather than at the end of the term.

  1. You could experience a loss during an index period if the index declines more than the level of downside protection. You may not be able to participate fully in a market recovery due to the capped upside potential in subsequent index periods.

Each index option is the combination of an index strategy and the index. These unmanaged indices are not intended to represent specific mutual funds. Investors cannot invest directly in an index.

For more complete information about index variable annuities and any available variable options, call your financial professional or Allianz Life Financial Services, LLC at 800.624.0197 for a prospectus. The prospectuses contain details on investment objectives, risks, fees, and expenses, as well as other information about the variable annuity and available variable options, which you should carefully consider. Please read the prospectuses thoroughly before sending money.

Guarantees are backed by the financial strength and claims-paying ability of the issuing company. Variable annuity guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.

• Not FDIC insured • May lose value • No bank or credit union guarantee • Not a deposit • Not insured by any federal government agency or NCUA/NCUSIF

Products are issued by Allianz Life Insurance Company of North America, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297, and distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. (L40538, L40538-IAI)

Product and feature availability may vary by state and broker/dealer.

Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best Companies to Work For® and one of the Ethisphere World’s Most Ethical Companies®, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2020, Allianz Life provided additional value to its policyholders via distributions of more than $10.1 billion. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with approximately 150,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.

Amalgamated

Broker World
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Amalgamated

Amalgamated Family of Companies Director of Marketing Erin Linney has been named to serve as a committee member on the PIMA Insights Awards Committee for the Professional Insurance Marketing Association (PIMA). PIMA is a member-driven trade association focused exclusively on the sponsored benefits market. The Amalgamated Family of Companies (www.amalgamatedbenefits.com) is an organization of leading providers of comprehensive insurance, benefits, and related support solutions. It is comprised of: Amalgamated Life Insurance Company, Amalgamated Employee Benefits Administrators, Amalgamated Medical Care Management, Amalgamated Agency, and AliGraphics.

As a member of the PIMA Insights Awards Committee, Linney will help grow participation in the awards program by increasing awareness of the value in supporting PIMA, an organization committed to the sponsored benefit market. Her role will consist of various functions ranging from reviewing awards categories, criteria and application fees to providing guidance and advice for the awards marketing campaign and overseeing the judging process. Linney will draw on her broad marketing skill set which encompasses the creation of print and digital marketing materials, and printing and fulfillment solutions, as well as strategy development, database management, marketing analytics, SEO and trade show activities.

Linney holds a Bachelor of Arts in English from the University of Vermont and also attended Parsons, The New School for Design, where she received print production and process training. She resides in Greenwich, CT.

The Amalgamated Family of Companies, based in White Plains, NY, has its roots dating back to 1943 when the Amalgamated Life Insurance Company was founded. The Company has since grown into a leading provider of comprehensive insurance solutions operating in all 50 states and the District of Columbia. Amalgamated Life provides competitive group products including Group Term Life, Medical Stop Loss, Group Disability and Specialty Drug Cost Management, as well as voluntary products such as Accident, Accidental Death & Dismemberment, Critical Illness, Dental, Disability, Hearing, ID Theft, Legal, Portable Term Life and Whole Life, among others. Since 1975, Amalgamated Life Insurance Company has consistently earned the “A” (Excellent) Rating from A.M. Best Company attesting to its strong fiscal position

Mutual of Omaha

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Mutual of Omaha

Michael “Slades” Sladek has been promoted to vice president, Brokerage Sales, effective May 1, 2021. Sladek joined Mutual of Omaha in 2014 and has been a key member of the Brokerage Sales team, most recently in his role as national sales director. He has spent 30 years in the insurance industry and has a diverse record of success in selling insurance products and technology solutions.

In every role, he has helped lead multinational corporations to achieve significant growth and efficiencies. Sladek will be responsible for the Brokerage Sales teams supporting life, long term care, accidental death, critical advantage, disability and annuities and will also oversee the business distribution team.

In his spare time, he enjoys spending time with his spouse Rose, their five adult children and eight grandchildren. Sladek and his family reside in Houston, TX.

Mutual of Omaha Insurance Company was chartered in 1909 and through its subsidiaries, United of Omaha Life Insurance Company (founded in 1926) and Companion Life Insurance Company of Hauppauge, NY (founded in 1949), offers a full line of individual life and annuity products. they have the products to meet your clients’ needs and are always improving their portfolio–from simplified issue to guaranteed universal life to accumulation universal life. Think “flexible, versatile and comprehensive.” Combined with our responsively aggressive approach to underwriting, Mutual of Omaha continues to show its commitment to its agents and customers.

NAIFA

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NAIFA

The House of Representatives has passed the Protecting the Right to Organize (PRO) Act (H.R. 842), a sweeping piece of labor legislation. Among its provisions, the PRO Act as passed by the House would reclassify many insurance and financial professionals as “employees” rather than “independent contractors” under federal labor law. NAIFA argues that such a reclassification will disrupt insurance and financial services business models and limit consumer access to diverse offerings of products, services, and advice.

“Insurance and financial advisors have a long history of successfully working as independent contractors with insurance carriers and financial firms to serve the financial services needs of consumers,” said NAIFA CEO Kevin Mayeux. “Issues with contract workers the PRO Act is supposed to address do not exist in the insurance and financial services industry, which is already highly regulated. Reclassifying agents and advisors as employees would in many cases stifle their independence to provide clients with diverse options, complicate their tax filing status, and disrupt their business models and relationships with clients. Many agents and advisors have relationships with multiple insurance companies and financial institutions, which could make reclassifying them as ‘employees’ problematic. The current independent-contractor relationship ensures consumers have the greatest access to products, services, and advice.”

NAIFA members are professionals who generally operate their own small businesses. An ongoing survey of members indicates that they oppose attempts to reclassify them as employees. Early results indicate:

  • Approximately 90 percent receive income reported on a 1099.
  • 94 percent do not want to be treated as an employee for union organizing.
  • 95 percent operating as an independent contractor want to remain so.

The top concerns of members should they be reclassified as employees include:

  • Loss of business deductions.
  • Loss of ability to set one’s own schedule.
  • Loss of renewal income if current clients were reassigned.
  • Nullification of existing agent contracts.
  • Diminished product offerings due to inability to offer products outside of a primary carrier.

The PRO Act will now go to the Senate for consideration. NAIFA will continue working with lawmakers to protect the independent-contractor status of agents and advisors.

Additional Resources from the Advocacy in Action blog:

  • Advocacy in Action Blog Post: Worker Classification Under Scrutiny
  • NAIFA CEO Signs Letter Seeking Changes to the PRO Act

The National Association of Insurance and Financial Advisors is the preeminent membership association for the multigenerational community of financial professionals in the United States. NAIFA members subscribe to a strong Code of Ethics and represent a full spectrum of financial services practice specialties. They work with families and businesses to help Americans improve financial literacy and achieve financial security. NAIFA provides producers a national community for advocacy, education and networking along with awards, publications and leadership opportunities to allow NAIFA members to differentiate themselves in the marketplace. NAIFA has 53 state and territorial chapters and 35 large metropolitan local chapters. NAIFA members in every congressional district advocate on behalf of producers and consumers at the state, interstate and federal levels.

Protective Life

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Protective Life

Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), announced enhancements to available investment options, advancing the company’s presence in the variable annuities space. To help clients better capitalize on growth opportunities, Protective’s commission-based variable annuity solutions and their fee-based advisory solutions will now offer investment options from four new investment managers: AllianceBernstein, BlackRock, Columbia Threadneedle and T. Rowe Price. In addition to the new investment managers, Protective has added 29 new sub accounts to their commission-based products and 38 new sub accounts to their fee-based advisory products.

“We’re thrilled to introduce four new, first-class investment manager relationships and add these top investment options into our variable annuities, broadening Protective’s options and reinforcing our commitment to this product line,” said Jim Wagner, Chief Distribution Officer, Protective. “These new variable annuity offerings strengthen our ability to provide financial professionals with more competitive investment options to meet evolving customer needs.”

Throughout its history, Protective’s variable annuity products have allowed the company to deliver high-quality, trusted support to its distribution partners and millions of customers across the country. Understanding what financial professionals and clients need when it comes to asset protection and growth to lifetime income and wealth transfer solutions, the company is investing resources to strengthen its current variable annuity product suite.

Like all the investment options available within Protective’s variable annuity portfolio, each new sub account was carefully selected based on fund management experience, quality investment practices and performance strength.

“We understand how important high-quality investment options are in a portfolio. Our new additions, combined with flexible product features already offered in our variable annuity products, allow us to continue to deliver on our promise of serving people and doing what’s right for our customers,” added Wagner. “Protective’s updated model portfolios support customers’ growth goals based on their risk tolerance. This investment expertise paired with tailored solutions amplifies our commitment to provide customers with trusted, strong and stable products.”

Protective® Variable Annuity II B Series and Protective® Variable Annuity Investors Series are two of Protective’s commission-based solutions distributed by broker dealers and banks. Protective® Investors Benefit Advisory Variable Annuity is Protective’s fee-based advisory product solution for registered investment advisors.

As Protective looks to the future with a focus on protecting more customers, the company’s strong portfolio of traditional commission-based and fee-based advisory variable annuity solutions will help more clients retire confidently.

To learn more, visit www.Protective.com.

Protective Life Corporation (Protective) provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. Protective traces its roots to its flagship company, Protective Life Insurance Company–founded in 1907. Protective’s growth and success can be largely attributed to its ongoing commitment to serving people and doing the right thing–for its employees, distributors, and most importantly, its customers. Protective’s administrative office is located in Birmingham, AL, and its 3,200+ employees work across the United States. As of December 31, 2020, Protective had assets of approximately $127 billion.

Variable Annuities issued by Protective Life Insurance Company (PLICO), Nashville, TN, in all states except New York and in New York by Protective Life and Annuity Insurance Company (PLAIC), Birmingham, AL. Securities offered by Investment Distributors, Inc., Birmingham, AL, the principal underwriter for registered products issued by PLICO & PLAIC, its affiliates.

NAIFA

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NAIFA

NAIFA’s Congressional Congress, May 25-26, will be a virtual event featuring targeted advocacy training with briefings on legislative issues that affect members’ businesses, best practices for conducting congressional meetings, and tips for developing impactful long-term relationships with legislators.

Featured presenters for the May 25 session will include Sen. Tim Scott (R-SC), a former insurance professional prior to his service as a federal lawmaker; Rep. Stephanie Murphy (D-FL), a member of the House Ways and Means Committee; American Council of Life Insurers President and CEO Susan Neely; NAIFA’s Government Relations team; and other influential industry representatives. More information on the schedule is on NAIFA’s website belong.naifa.org.

On May 26, attendees will participate in virtual meetings with their members of the Senate and congressional staff. They will discuss legislative issues important to their businesses and clients and tell their stories that show the important work they do providing Main Street USA consumers with opportunities to achieve financial security and prosperity.

“The Congressional Conference is one of NAIFA’s signature events and is crucial to our grassroots advocacy strategy,” said NAIFA CEO Kevin Mayeux, CAE. “The virtual event brings NAIFA members together as a critical mass to advocate on behalf of their businesses, clients, consumers, and the insurance and financial services industry. Virtual meetings, in fact, allow us to offer an even more inclusive event and promote equitable access to advocacy with more agents and advisors able to participate and have a meaningful impact.”

The 2021 Congressional Conference will mark the second year in a row that the event has been held in a virtual setting. Attendance grew last year as more agents and advisors were able to participate from their homes and offices. Unlike last year, this year’s event will feature small group meetings with lawmakers that have become a highlight of past Congressional Conferences.

“COVID-19 and restrictions in place at the U.S. Capitol require us to go 100 percent virtual this year, but NAIFA members will be meeting with U.S. Senators and will have the same influence as when they meet face-to-face,” Diane Boyle, NAIFA’s senior vice president for Government Relations, said. “We have even greater influence when we fully activate our grassroots network. It also helps more financial professionals get to know NAIFA and see first-hand the great advocacy work our association is doing to protect their businesses and clients.”

The Congressional Conference bolsters NAIFA’s prestige among lawmakers and industry partners and enhances the association’s standing as the leading voice for insurance and financial professionals. It is crucial for ensuring lawmakers thoroughly understand the important role NAIFA members play in:

  • Providing products, services, and advice that improve the financial security of 90 million American families.
  • Promoting financial literacy and self-sufficiency in diverse communities.
  • Strengthening the U.S. economy and contributing to the financial health of communities in every congressional district.
  • Representing the best interests of their clients and promoting the success of Main Street Americans and businesses.

“The personal stories insurance and financial professionals tell profoundly illustrate how public policies impact their clients,” Mayeux said. “These are stories lawmakers want and need to hear. No one can tell them better than NAIFA members, and the Congressional Conference is our best vehicle for reaching a large, attentive audience of policymakers.”

Registration for NAIFA’s 2021 Virtual Congressional Conference is open online: https://web.cvent.com/event/a3377dce-7326-4ee9-84b2-37ddd2a00335/summary.

The National Association of Insurance and Financial Advisors is the preeminent membership association for the multigenerational community of financial professionals in the United States. NAIFA members subscribe to a strong Code of Ethics and represent a full spectrum of financial services practice specialties. They work with families and businesses to help Americans improve financial literacy and achieve financial security. NAIFA provides producers a national community for advocacy, education and networking along with awards, publications and leadership opportunities to allow NAIFA members to differentiate themselves in the marketplace. NAIFA has 53 state and territorial chapters and 35 large metropolitan local chapters. NAIFA members in every congressional district advocate on behalf of producers and consumers at the state, interstate and federal levels.

WIFS

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WIFS

Women in Insurance and Financial Services (WIFS) hosted its second annual National WIFS Day on Friday, March 12, as part of a year-long celebration of its 85th anniversary and the rollout of a new global strategy to achieve parity for women in the insurance and financial services fields.

The purpose of National WIFS Day is to raise awareness of the ongoing inequities still present for women in insurance and financial services, in keeping with WIFS’ mission of advancing career opportunities, providing professional development and representing women’s interests in a male-dominated industry.

WIFS is the largest women’s association empowering women in the finance and insurance professions to succeed.

In 2020 and 2021, WIFS has positioned itself as a global thought leader in the industry. With its groundbreaking initiative, Strike The Match, WIFS will work collaboratively with educational institutions, corporations, and industry leaders to provide women and men the tools necessary to achieve a more balanced, inclusive, and equitable culture, where women not only have a seat at the table but have their own table.

2020-2021 WIFS National Board President Carrie D. Sayre, creator of Strike the Match, explains the program:

“Strike the Match” is not just a catchphrase. It’s a call to action for every woman and man in insurance and financial services to ‘be the change they want so see,’ and to go the distance to effect real and longstanding change in the workplace.

“National WIFS Day is an opportunity to applaud the work that has been accomplished and look forward to the work still left to be done.”

Strike the Match presentations will be offered across the country throughout 2021 and will be shared widely with corporate partners and WIFS leaders as they continue their work to attract, develop and advance women in insurance and financial services. If you are interested in welcoming WIFS board members to your organization to present Strike the Match, please contact Mary Rogan, Director of Events, at [email protected].

Women in Insurance and Financial Services (WIFS) was founded in 1936 and is an association of financial services professionals working together to attract, develop and advance women in an underrepresented profession. No other financial services organization provides programming designed for women, by women.

Integrity Marketing Group/Brokers International

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Integrity Marketing Group/Brokers International

Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, today announced it has entered into an agreement to acquire Brokers International, Ltd. As one of the oldest and most influential life insurance, annuity and wealth-planning organizations, Brokers International supports thousands of agents, agency partners and financial advisors who provide life insurance and retirement solutions to Americans. As part of the transaction, Mark Williams, president and CEO of Brokers International, will become a managing partner with Integrity. Financial terms of the transaction were not disclosed.

Brokers International Founder Roger McCarty launched the company in 1983 and is recognized as an industry icon whose vision created the independent marketing organization (IMO) model that revolutionized insurance distribution and is now the industry standard. Today, Brokers International, headquartered in Des Moines, Iowa, offers agencies, agents and financial professionals a comprehensive and proprietary range of products and services, including compliance, marketing, IT and new business support. In 2021, Brokers International will place more than $3.5 billion in annual premium with 13,000 advisors serving hundreds of thousands of Americans. Also included in the transaction are Brokers International’s Registered Investment Advisor (RIA) and full-service broker-dealer platform, Brokers Financial, with more than $1 billion in assets under management.

“Brokers International has built one of the most well-respected brands in the insurance and annuity space and they do it with class,” said Bryan W. Adams, CEO and co-founder of Integrity Marketing Group. “At Integrity, we’re already a market leader in life and health insurance distribution, and now with Brokers International’s large presence in the financial services, annuity and traditional life insurance markets, we can help Americans more fully plan for their retirement needs as well. It is a perfect example of the way Integrity is revolutionizing the industry through partnership, and it shows we can accomplish more together than we do apart. I am thrilled to welcome Mark Williams and the entire Brokers International team to the Integrity family.”

“We see so much opportunity by combining the full suite of products and services we offer with Integrity’s reach in the life and health insurance markets—this allows us to provide a more holistic planning service to our agents and agencies,” explained Mark Williams, president and CEO of Brokers International. “Agencies are looking for an expanded product portfolio and Integrity’s vast footprint will allow us to help them diversify, while also giving our agencies stronger marketing programs, cutting-edge technology platforms and more back-office services. We can serve thousands more financial services professionals, which means we can in turn help hundreds of thousands more retirees. By combining Integrity’s resources with our legacy and growth trajectory, I know we’ll make a significant impact on shaping our industry’s future.”

“At Brokers Financial, we’ve experienced great growth, but the sky is the limit with Integrity as a partner,” explained Brian Aukes, president of Brokers Financial. “The vision that Integrity has for the wealth management side of our business aligns perfectly with our goals. Integrity’s broad resources ensure we will attain the results we’re striving for much faster and make it possible for us to help even more Americans prepare for retirement, a crucial time in their lives. Together, we’re on the path to make that shared vision a reality and I can’t wait to be part of it.”

Through this partnership, Brokers International enhances its ability to support its agency customers by utilizing Integrity’s vast and rapidly expanding array of products and services. The Integrity platform includes powerful resources such as product development, data analytics, research and development, and quoting and enrollment platforms. Partners also draw upon a comprehensive range of shared services such as IT, accounting, legal, human resources and a full-service marketing and advertising firm.

“As we considered what we needed in a partner who could help us grow, yet retain our legacy, Integrity just felt like home,” shared Kelly Bennett, chief distribution officer of Brokers International. “Having access to incredibly innovative tools, new partners and wider distribution only creates more opportunities for our agencies. We can pour more time and energy into supporting the agents, agencies and financial advisors we serve because of the resources Integrity offers. It feels like the perfect fit for everyone.”

Partnering with Integrity also offers Brokers International employees the opportunity to gain meaningful company ownership through Integrity’s Employee Ownership Plan.

“Having ownership in a company is the American dream, so we’re honored to now offer our employees a stake in our growth,” continued Mark Williams. “When I look back on my career of more than three decades in the financial services business, I’ve never been granted an opportunity to partner with such a successful firm that will make this type of impact on the future growth of our business.”

“Welcoming Brokers International to the Integrity family is an exciting day for all of us,” shared Integrity Chairman Steve Young. “Roger McCarty was a pioneer in the industry, innovating the way agencies worked together to accomplish more by uniting together. Integrity shares this same vision and I know Roger would be proud of what we are building and how we are shaping the industry to help more Americans than ever before with their insurance and retirement needs.”

For more information about Brokers International’s partnership with Integrity, view a video at www.integritymarketing.com/brokersinternational.

Integrity Marketing Group, headquartered in Dallas, Texas, is the leading independent distributor of life and health insurance products focused on meeting Americans wherever they are—in person, over the phone and online. Integrity is innovating insurance by developing cutting-edge technology designed to simplify and streamline the healthcare experience for everyone. In addition, Integrity develops exclusive products with insurance carrier partners and markets these products through its distribution network that includes other large insurance agencies throughout the country. Integrity’s almost 5,500 employees work with over 345,000 independent agents who service more than seven million clients annually. In 2021, Integrity expects to help insurance carriers place over $7 billion in new premium. For more information, visit www.integritymarketing.com.

Since 1983, Brokers International has been family-owned and independently operated, serving the nation’s premier agencies and their financial professionals through marketing services and insurance and retirement products. Known as “The Original Agency Builder,” the company headquartered in Des Moines, Iowa, provides a wide range of exclusive tools and resources designed to help financial services-focused agencies and professionals better serve their clients and grow their business. In 2020, Brokers International provided support to over 13,000 agents serving hundreds of thousands of Americans, while placing over $3.5 billion in annual premium. For more information, visit www.biltd.com.

MDRT

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MDRT

2020 was a year of chaotic change in America: The COVID-19 pandemic, its resulting recession, an adjustment to work-from-home life and more. After a year of relearning and reflection, Americans want to take advantage of the new year by making intentional changes to their personal finances. A recent study of more than 2,000 U.S. adults, conducted online by The Harris Poll on behalf of MDRT, found that 53 percent of Americans say their top New Year’s resolution was going to be related to their finances. As American society faces an undetermined future, financial advisors have a new opportunity to boost services for existing clients and prove their value to financially underserved consumers.

Household income impacts
Even taking government aid into account, more than a third (35 percent) of Americans say their household income decreased in 2020. More specifically, 37 percent of Americans who do not work with a financial advisor and 32 percent of Americans who do saw their household income decrease in 2020. On the other hand, 28 percent of Americans with financial advisors say their household income increased in 2020, compared to 15 percent of Americans without advisors. This may indicate that financial advisors made a real difference in protecting their clients’ income and ability to meet financial goals last year, even as the recession and unemployment took their toll on the country.

“Following a tumultuous year, consumers entered 2021 in a multitude of financial situations, but financial advisors may have helped shield their clients from the worst of the damage,” said MDRT President Ian Green, Dip PFS. “In the new year, advisors must not only continue to protect clients, but help them make desired financial changes to meet their needs and meet this moment in history.”

The events of 2020 seem set to reverberate for years to come, as 57 percent of Americans say the COVID-19 pandemic and current ongoing recession will have long-term, negative impacts on their ability to save for important life goals. Younger Americans have borne the brunt of these challenges more so than some of their older counterparts, with 62 percent of 18-to-34-year-olds and 67 percent of 35-to-44-year-olds predicting long term difficulties, compared to just 43 percent of those aged 65+.

The effects of this recession have fallen unevenly on different racial groups, hitting Hispanic Americans especially hard. Sixty-six percent of Hispanics report long-term negative financial impacts from the COVID 19 pandemic and ongoing recession, compared to 53 percent of white Americans. Hispanics (44 percent) are also more likely to have reported a drop in household income in 2020 compared to their white peers (32 percent).

Moving forward in 2021
Many Americans are ready to ask for financial assistance. Forty-four percent of Americans without financial advisors say the major events of 2020 in the U.S. and their financial impacts have made them realize the benefits of working with one. This includes the groups hit hardest, including 54 percent of 18-to-34-year-olds, 58 percent of 35-to-44-year-olds and 60 percent of Hispanic Americans.

“After the events of last year, American advisors have a great opportunity to both strengthen existing relationships and better engage with new and underserved markets,” said MDRT First Vice President Randy L. Scritchfield, CFP, LUTCF. “Staying attuned to societal, political and economic changes will always be a make-or-break skill in our industry, and this moment gives advisors the chance to separate themselves from the pack.”

Advisors will have plenty of work on their hands, as Americans have a diverse set of monetary goals and priorities. Both Americans with advisors (33 percent) and Americans without an advisor (30 percent) named identifying and preparing for long-term financial goals as their top priority in working with a financial advisor in 2021. For Americans with advisors, purchasing financial products, like annuities or insurance (30 percent), and diversifying their investment portfolios (30 percent) follow as the next-most-important priorities. For Americans without advisors, creating an emergency savings fund (28 percent) and paying off debt (26 percent) come in at second and third, respectively.

While total recovery from the ups and downs of 2020 will take time, Americans are not waiting to react with their wallets. Continued adaptability and the ability to move with societal trends will give financial advisors ample opportunity to help Americans meet their financial needs and more.

To learn more about these findings, visit the MDRT Media Room.

Survey methodology: This survey was conducted online within the United States by The Harris Poll on behalf of MDRT from November 19-23, 2020, among 2,034 U.S. adults ages 18 and older, among whom 1,382 are investors (have money in investments). This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Carrie Kaniecki, [email protected].

Founded in 1927, Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals®, is a global, independent association of more than 65,000 of the world’s leading life insurance and financial services professionals from more than 500 companies in 70 nations and territories. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business. For more information, please visit mdrt.org and follow them on Twitter @MDRtweet.

MDRT is committed to celebrating and serving its inclusive, diverse constituency of members in a culture where everyone is valued, respected, appreciated and treated fairly without bias or discrimination. As a global organization, MDRT values and embraces the differences among its members. MDRT will purposefully establish and promote policies, programs and procedures that affirm diversity, equity and inclusion for the benefit of all members, aspiring members, industry partners and the financial services profession.

Amalgamated Employee Benefits Administrators

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Amalgamated Employee Benefits Administrators

Amalgamated Employee Benefits Administrators, one of the nation’s leading third party administrators (TPA) for unions, businesses, associations and self-insured plans, announced today that it has launched AEBRx (www.aebrx.com), a new Pharmacy Benefit Administration (PBA) service. This union affiliated, innovative, end-to-end PBA service will focus on helping plan sponsors effectively manage high-cost specialty drugs while providing excellent service and access to a national network of retail pharmacies with mail order capabilities. Amalgamated Employee Benefits Administrators has partnered with Magellan Rx Management, a full-service pharmacy benefits management division of Magellan Health, Inc. (NASDAQ: MGLN) as the engine for AEBRx.

Taft-Hartley trust funds and plan sponsors will have the opportunity to realize significant cost savings from the standard inclusion of both the Payer Matrix and ELMCRx Solutions’ Tesser Health programs. These two programs work in conjunction to create an advanced specialty drug cost management program and specialty drug prior authorization service that results in a 40 percent average savings while also limiting stop loss liability.

AEBRx offers a user-friendly, easy to navigate platform powered by Magellan Rx Management. It features visually engaging dashboards, intuitive functionality, and real-time data that is readily accessible online. Robust tools connect plan members on a 24/7 basis to drug and related healthcare information from their mobile devices or desktops. Using AEBRx’s responsive member portal and quick response (QR) codes on select specialty prescription labels, plan members can easily access information and medication videos on demand and obtain refill reminders with real time alerts.

Paul Mallen, president and CEO of the Amalgamated Family of Companies, stated, “Specialty drug costs represent 50 percent of the overall pharmacy benefit spend and that figure continues to rise. Further, for every dollar spent on specialty drug costs, there typically is at least another dollar spent on medical benefits. At the Amalgamated Family of Companies, we are committed to providing solutions that effectively help contain healthcare costs for trust funds and plan sponsors, as well as their members, and we are excited to launch this innovative service.”

Amalgamated Employee Benefits Administrators (AEBA) is one of the nation’s leading third party administrators (TPA) of employee benefit plans for unions, businesses, associations, and self-insured plans. A member of the Amalgamated Family of Companies, AEBA is a full-service TPA offering services across all benefit plans. The Amalgamated Family of Companies is a group of affiliated businesses which have grown from the flagship company, Amalgamated Life Insurance Company, a leading provider of comprehensive insurance solutions. Founded in 1943, Amalgamated Life operates in all 50 states and the District of Columbia. It has consistently earned an “A” (Excellent) Rating from A.M. Best Company since 1975, attesting to its strong fiscal position. In addition to Amalgamated Life, the Amalgamated Family of Companies includes: Amalgamated Employee Benefits Administrators, a third party administrator; Amalgamated Medical Care Management, a medical care management firm; Amalgamated Agency, a property and casualty broker; and AliGraphics, a printing firm. For more information, please visit amalgamatedbenefits.com.

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