Survey: LTCI interest higher among younger customers
A MassMutual survey found that interest in long-term-care insurance and other chronic-care insurance products is higher among younger consumers. Forty-two percent of consumers surveyed who were 30 to 40 years old said they were interested in those products, compared with 26% of consumers who were between the ages of 51 and 60. Full Story: ThinkAdvisor (free registration)
Study links belly fat to increased dementia risk
Women ages 50 and older who have higher than average levels of belly fat may have a 39% increased risk of dementia within 15 years, compared with those who have a normal waist circumference, researchers reported in the International Journal of Epidemiology. The dementia risk for men and women was 28% when considering both body mass index and waist circumference. Full Story: CNN
Clients want trustworthiness and solutions
A survey from marketing firm Lone Beacon found that clients value trustworthiness from their financial advisors and want the messaging they get from them to offer solutions to improve their financial well-being. The survey also found that clients prefer written articles and reports for financial information but tend to favor digital sources and TV for news. Full Story: WealthManagement
Migraine diagnosis tied to later odds of dementia
Researchers found that individuals with a hospital-based migraine diagnosis while age 31 to 58 were 50% more likely to develop dementia after age 60, compared with those who didn’t have a migraine diagnosis. The study, presented at the American Headache Society’s annual meeting, also showed twofold higher rates of dementia among those who had migraine and aura, and a nonsignificant 20% increased rate among those without aura, while dementia was also more prevalent among those who had frequent hospital contacts involving migraine. Full Story: MedPage Today (free registration)
Annuities fared better than other retirement assets in Q1
Annuity reserves declined 7.3% in the first quarter of this year, compared to the fourth quarter of 2019, but the drop was smaller than any of the other retirement asset classes, according to a report from the Investment Company Institute. During the same period, total retirement assets dropped 12% and the S&P 500 lost 20% of its value, the report said. Full Story: Pensions & Investments (free access for SmartBrief readers)
Clients should take advantage of RMD pause if they can
Clients should take advantage of the Coronavirus Aid, Relief and Economic Security Act provision that allows them to suspend required minimum distributions this year if they are in a position to do so, writes Kimberly Foss of Empyrion Wealth Management. She highlights potential benefits of skipping an RMD, including reducing taxable income and the possibility of additional tax-deferred investment growth. Full Story: Financial Planning online
Pandemic spurs interest in updating estate plans
The coronavirus pandemic has motivated some people to update their estate plans. Documents such as wills, powers of attorney and health care proxies need to be reviewed to ensure they are in line with client goals and recent changes in tax law, writes certified public accountant Sara Rabi. Full Story: Financial Advisor online
Pandemic has Americans skipping debt payments
Americans have missed more than 100 million debt payments during the coronavirus pandemic, with the number reaching 106 million in May, three times the number in April, according to TransUnion. Student loans have been the hardest hit, with accounts in deferment or another form of relief increasing to 79 million in May from 18 million in April. Full Story: Forbes
Staying connected with clients important in pandemic
It’s important to stay connected with clients during the pandemic and reconnect with clients you haven’t heard from, writes marketing consultant Carol Schiro Greenwald. She offers tips for setting up calls, making them meaningful and following up. Full Story: WealthManagement
Why now is a good time for a Roth IRA conversion
Stock market fluctuations and the government’s decision to suspend required minimum distributions in 2020 mean that now could be an especially appealing time to perform Roth conversions. Clients should consider tax brackets when determining how much to convert. Full Story: Kiplinger online
Show clients that you are there for them
Advisors should talk to their clients in a way that enhances their relationships with them, writes consultant John Graham. This can mean simply letting them know you are thinking about them and being available to listen to their concerns about the pandemic and other issues, he writes. Full Story: ThinkAdvisor (free registration)
Virtual client meetings may be the way of the future
The coronavirus forced many advisors and clients to become accustomed to virtual meetings, says Ken Haman of AB Advisor Institute. He notes that some clients prefer virtual meetings and explains why they are likely to become a permanent part of doing business. Full Story: Financial Advisor online
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