The Insured Retirement Institute has announced the election of LPL Financial President Robert Moore as chairman of the IRI Board. In addition, the IRI announced that three new directors were added to the board, and two were elected to fill unexpired terms.
Regardless of the sophistication or affluence of clients, annuities shouldn't be excessively complex, said Philip Pellegrino of UBS at the Insured Retirement Institute's IRI Vision Annual Meeting. He suggested that financial professionals ask this question: "Can we explain this in three or four bullets?"
The new Treasury Department rule making it easier to own longevity annuities in qualified accounts could lead to a shift in the way Americans save for retirement. Even before the change was announced, consumer interest in new products combining the features of annuities and long-term care insurance was increasing.
The recent Medicare Trustees report illustrates the need for Americans to seek professional advice in the face of uncertainty about Medicare, according to Cathy Weatherford, president and CEO of the Insured Retirement Institute. She urged Americans to discuss "alternative options with a financial professional to ensure that they can maintain their financial security throughout retirement."