Insurable Interest Canadian Insurance Blog

What You Need to Know Human beings hate gathering the information needed to create annuity comparisons. Machines seem not to mind. AI could make automating the comparison process work even better. Ever since the inception of life insurance services for the general public, the realm of annuities has been steered predominantly by copious quantities of paperwork and hour-long calls essential to establishing trust and credibility — no doubt a draining craft for all parties concerned, be it the insurance companies, agents, or even consumers. Nevertheless, it is the onset of efficient and effective software that has been swiftly rectifying the terrain, finding the most fruitful alternative to the conventional methods so commonly used in the annuity industry. Not only does this software — commonly known as insurance technology, or insurtech — provide the sincerest way for agents to build trust with a client, but it does so in a matter of seconds, combining the needs of all parties involved in the insurance transaction. It offers a wide range of top retirement plans for consumers, adapted to their desires and financial capabilities, enabling companies to carry products of superior quality whilst vitally maintaining control of their distribution. Companies such as, frankly,...

What You Need to Know The Fed move suggests the bank isn’t alarmed by a recent inflation uptick. Wall Street traders sent stocks to fresh all-time highs as the Federal Reserve signaled it’s on track to cut interest rates for the first time since the onset of the pandemic. In a historic move, the S&P 500 topped 5,200 on speculation that the end of the most aggressive Fed hiking cycle in a generation will keep fueling corporate America’s profits. Gains in equities were almost broad-based, with areas that have been lagging this year — like small caps — rallying. Short-term Treasurys outperformed, with traders now seeing higher odds of a first rate cut in June. Fed officials maintained their outlook for three cuts this year and moved toward slowing the pace of reducing their bond holdings, suggesting they aren’t alarmed by a recent uptick in inflation. While Jerome Powell continued to highlight officials would like to see more evidence that prices are coming down, he also said it will be appropriate to start easing “at some point this year.” “The sum total of this ‘no news is good news’ press conference is that markets continue to have a green light...

Raymond James Financial announced Tuesday that Chief Financial Officer Paul Shoukry has been appointed president, effective immediately, and he is expected to become the firm’s next CEO sometime during fiscal 2025. Once the planned succession process is complete, Shoukry would become the fourth chief executive in the company’s history, following Paul Reilly in the role. Reilly, according to the firm’s announcement, will remain on the company’s board as executive chair, while Shoukry will retain his current responsibilities until he transitions to the CEO role. Commenting on the news, Reilly called Shoukry an “exceptional leader” and a “major contributor to Raymond James’ steady growth and financial stability.” He added that Shoukry’s experience as the firm’s CFO, as well as his experience overseeing the key banking segment, position him well to maintain Raymond James’ commitment to keeping the financial advisor at the center of the business plans. “In addition to Paul, we have an outstanding leadership team who similarly embrace our vision for the future and are well-equipped to meet the demands of a dynamic marketplace,” Reilly said. As part of the firm’s succession plans, Raymond James also announced other key leadership changes and appointments. Jeff Dowdle has announced that he will...

What You Need to Know The accounts facilitate a wide range of philanthropic behavior. Donors know that they will receive the greatest tax benefit possible when contributing simple assets like cash or stock. DAFs can help ease the year-end charitable planning rush advisors face. As more donor-advised fund accounts have been created over the past decade, a growing consensus has emerged that many parties benefit from them. The independent DAF Research Collaborative recently released a study that concluded that DAFs “facilitate a really wide range of philanthropic behavior.” A colleague just spoke with a financial advisor who opened his first DAF for a client and indicated that he would open more for his other charitably minded clients. He determined that there are five groups that benefit once a DAF is created: Charities welcome grants from donors who have established DAF accounts. Numerous studies have shown that DAF grants are significantly larger than direct donor contributions of cash or appreciated securities to the charities. This can be attributed to these donors receiving their tax deductions when they contribute to the DAF sponsor and knowing that these assets can only be granted to charities. With recent global events, economic stress including inflation...