Nationwide Financial, Columbus, Ohio, introduced INCOME Promise Select to help advisors with clients who want an income guarantee with the flexibility to adjust for unexpected financial needs that may arise. Promise Select builds on features of Nationwide Financial’s previously existing INCOME Promise fixed immediate annuity product.
INCOME Promise Select features include:
- Lump sum cash refunds for beneficiaries of clients who do not outlive their principal investment;
- Liquidity options that allow clients to make lump sum withdrawals in the event of emergency or the need for extra cash;
- Cost of living adjustment (COLA) option, which now offers up to 5%;
- A quote and illustration tool to help advisors demonstrate the benefits and features.
Advisors can help clients customize their guaranteed income by choosing to create income for an individual or two people (joint annuitants), for a specific period of time or for their lifetime — whichever best fits their clients' needs.
“Too many retirement plans fail to take inflation into account,” said Eric Henderson, senior vice president of individual products and solutions for Nationwide Financial. “The threat of inflation, including skyrocketing health and long-term care costs, is a great reason for clients to consider taking advantage of the COLA feature. This will enhance their stream of income as the cost of goods and services increase during retirement.”
BPV Wealth Management, Knoxville, Tenn., changed its name to BPV Capital Management to better reflect its business and client base.
“We believe that BPV Capital Management more accurately defines who we are as a financial services company today,” explained Mike West, senior partner and CEO. “We are investors. We manage assets and have a passion for investing.”
This announcement comes on the heels of the company launching two NASDAQ listed mutual funds – the BPV Core Diversification Fund and the BPV Wealth Preservation Fund.
Oak Street Funding, Carmel, Ind., announced record first-quarter originations almost tripling the originations from the same period of the prior year.
“We are very happy with our first quarter performance,” said Rick Dennen, chief executive officer and president of Oak Street Funding. “Our aggressive growth strategy that began in 2010 across all divisions of the business, is starting to be realized. We feel that we are well positioned to build on this momentum for the second quarter and the remainder of 2012.”
Oak Street Funding is a family of diversified financial services companies that offers commission-based commercial financing exclusively for insurance professionals and third-party loan servicing for financial institutions.
LIMRA, Windsor, Conn., appointed Alison Salka to corporate vice president and director of its retirement research division.
Salka is responsible for the development and execution of LIMRA’s retirement research strategy. Under her supervision, LIMRA’s retirement research division will continue to conduct a wide variety of critical research, including insights and trends in consumer behavior and sentiment, sales and market benchmark studies, plan sponsor and advisor studies, and strategic white papers focused on helping member companies better understand issues and trends in the retirement market.
“Our goal is to focus on research that provides practical information to help our members achieve their objectives in an extremely competitive market environment,” Salka said. “In particular, we will be expanding our institutional retirement plans area, where we anticipate greater opportunity for our members in the future.”
Prior to joining LIMRA in 2012, Salka led the retirement research and competitive intelligence team at Prudential Financial Inc. She was also director of retirement research and analytics at MassMutual Financial Group.
Work At Home Vintage Employees LLC, New York, N.Y., a provider of domestic remote staffing services for insurance firms, appointed Frank Sentner as chief operating officer.
Sentner, a leader in developing technology solutions for the insurance broker community, most recently served as director of strategic technology at the Council of Insurance Agents and Brokers (CIAB) and vice president, business development at the Insurance Exchange Trust, an initiative of the CIAB. CIAB is the association for the top national, regional and international commercial brokerage firms and agencies with offices in more than 3,000 locations across 100 countries. CIAB member firms place more than $200 billion in commercial property/casualty and employee benefits premiums worldwide.
Sentner has been developing technology solutions for the agent/broker distribution channel of the insurance industry for more than 30 years.
The Penn Mutual Life Insurance Co. awarded its CareerBuilder Silver Medal Award to Anthony “Tony” J. Murray, a producer with Centra Financial Group, Inc., Penn Mutual’s career agency in Rochester, N.Y.
The CareerBuilder program was created by Penn Mutual to help new entrants gain a stable foothold in the financial services industry. Young producers are recruited into the program and work under a financial agreement. The program also aims to provide a similar foundation for those seeking a career change. CareerBuilder candidates go through a rigorous recruiting, interview and selection process to qualify for a three-year contract.
Before joining Penn Mutual in 2010, Murray worked in pharmaceutical sales for 13 years as a senior territory business manager at Bristol-Myers Squibb.
Recognized as a top producer in the field, his specialties are business succession, wealth transfer and retirement.