Insurable Interest Canadian Insurance Blog

Mercer Global Advisors has added nearly $1.7 billion in assets through two acquisitions announced this week. The RIA firm, which has $66 billion in client assets, has acquired Minneapolis-based investment advisory and financial planning firm Waypoint Capital Advisors and Fort Collins, Colorado-based RIA Chapel & Collins. Waypoint manages nearly $1 billion in client assets for ultra-high-net-worth individuals and families. Chapel & Collins manages about $675 million for over 500 clients and specializes in business owners, retirees and pre-retirees. “We were very impressed with the strength of Waypoint’s client base and track record of growth. The like-minded approach to family office services was immediately apparent and will add depth to our existing offering,” said Martine Lellis, Mercer principal, M&A partner development. “Waypoint is a terrific complement to Mercer Advisors and will deepen the depth and breadth of our teams focused on serving multi-family offices and ultra-high-net-worth families,” Mercer CEO Dave Welling said. Chapel & Collins serves high-net-worth investors, offering estate, charitable, tax, and giving and trust planning, as well as alternative investments. The deal expands Mercer’s operations in and near its Denver headquarters. Credit: yudhistirama/Adobe Stock

The full House passed by a 327-75 vote late Tuesday H.R. 82, the Social Security Fairness Act of 2023, which would repeal the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). Also up for a vote Tuesday was H.R. 5342, the Equal Treatment of Public Servants Act of 2023, which Social Security advocates say would cut benefits for 14 million future retirees, including widows. The bill failed to pass the full House by a 175-225 vote. The Equal Treatment of Public Servants Act, which creates an alternative benefit formula for affected retirees, “is being presented as an alternative” to repeal, the National Committee to Preserve Social Security and Medicare told House lawmakers Tuesday. Individuals who receive a pension based on work for federal, state or local government where Social Security taxes were not withheld may find their Social Security benefits reduced through these provisions. In 1977 and 1983, Congress enacted legislation reducing Social Security benefits to such individuals through GPO and WEP. The GPO applies to those eligible for Social Security spouse’s or widow’s or widower’s benefits. The WEP applies to those eligible for their own Social Security benefit. “In enacting the WEP and GPO, Congress created a completely...

The advisor coaching and lifestyle consulting company Limitless Advisor is adding Michael Kitces to its faculty for 2025. Kitces will work with Limitless Advisor’s founder, Stephanie Bogan, to deliver a year-long leadership development program aimed at helping advisors scale their practices while building work-life balance. Bogan is a former United Capital executive and practice development consultant with 30 years of experience in the wealth management industry. Her collaboration with Kitces comes after the pair have worked together for five years on the development of Kitces’ own companies. Through the collaboration, Kitces and Bogan will provide consulting and advice during virtual coaching sessions and in-person workshops as part of two year-long coaching programs for 2025. The first program helps “lifestyle-focused” advisors build what Bogan calls “$1 million and 100 day off lifestyle practices.” The second “leaders coaching” program provides private coaching for growth-oriented leaders of $1 billion firms aiming to scale up their success. Together with Bogan, Kitces will guide participants through implementing scalable frameworks designed to streamline operations, increase productivity and enhance client value while creating the foundation for long-term growth, according to the announcement. Through co-led sessions, Bogan and Kitces will also help mentees cultivate a leadership mindset essential for building a...

The 2024 Forbes ranking of America’s 400 wealthiest people includes billionaires whose interests extend to the sports world. They own or have significant stakes in major franchises in the United States and abroad. In compiling the new list, Forbes researchers met in person or spoke virtually or by phone with each one when possible, and interviewed their employees, handlers, asset managers and financial advisors, rivals, peers and attorneys. They also examined Securities and Exchange Commission documents, court filings, probate records and news articles. They took into account all types of assets, and factored in debt and charitable giving. See the accompanying gallery for the 12 wealthiest Americans in sports, according to the Forbes 400 as of Sept. 1.

Age breakouts: Here’s what happened to activity for each age group between July 2023 and the latest month: Ages 0-30: -0.6% Ages 31-40: +1.9% Ages 51-60: -3.7% Ages 61-70: -6.0% Ages 71 and older: -2.2% Policygenius: A web broker, Policygenius, now prepares monthly term life price index charts. The lowest price shown is for a 25-year-old female nonsmoker who wants $250,000 in death benefits. The highest price is now for a 60-year-old male smoker who wants $1 million in coverage. The highest price present in both 2023 and this year is for a 55-year-old male smoker who wants $1 million in coverage. For the 25-year-old, the lowest rate fell to $14.29, from $14.59. For the 55-year-old smoker, the highest rate rose to $1,010.11, from $1,006.88. Credit: Adobe Stock