Insurable Interest Canadian Insurance Blog

Mutual life insurer New York Life has launched Eagle Strategies Prosper Portfolios, a hybrid digital investment tool designed to reduce barriers to finding professional guidance and to enhance advisors’ ability to meet middle-market clients’ needs. The product is available through New York Life’s registered investment advisor, Eagle Strategies. Seventy-eight percent of adults, regardless of net worth, say their ability to save for retirement has been harmed, with inflation, unexpected expenses and health issues cited as the top three reasons, according to New York Life data. “In an environment where changing economic conditions are pulling focus from long-term saving and investing goals for a wide range of investors, our mission to support middle-market consumers is more urgent than ever,” Dylan Huang, senior vice president and head of product solutions at the company, said in a statement. “We traditionally see high-touch financial guidance reserved for more affluent investors, so we built Eagle Strategies Prosper Portfolios to reduce barriers to accessing professional guidance and support advisors’ commitment to helping clients protect what they love and prosper in the future.”

Brenna Saunders is a partner and wealth manager on Creative Planning’s ultra-affluent team, and the job sees her working with some of the highest net worth families at the fast-growing firm. As Saunders tells ThinkAdvisor, the work is both gratifying and challenging on a day-to-day basis, and she appreciates the fact that serving this client segment means her work as an advisor has a broader impact in her local Kansas City region and across the U.S. Working with the UHNW group, she explains, means helping some of the most influential and affluent families in the country decide how they are going to put their wealth to work for the benefit of charities and communities. It also means helping families discover and define their own beliefs about wealth — how it should be put to work and how it should be passed down through the generations. Reflecting the complexity of the job, Saunders’ team includes in-house CPAs, estate planning attorneys, tax attorneys, money managers and the firm’s chief investment officer. After preparing comprehensive wealth management plans for her clients, she assists them in implementing their plans and continues to work with them to update their approach as their financial situations change. As...

A New York judge ordered Donald Trump’s daughter Ivanka Trump to testify at the ongoing trial of the state’s $250 million civil fraud lawsuit against the former president and his sprawling real estate company. Justice Arthur Engoron on Friday denied Ivanka Trump’s request to strike down a subpoena by New York Attorney General Letitia James seeking her testimony about financial transactions, rejecting her argument that she no longer has sufficient business ties to New York to be subject to the court’s jurisdiction. “Ms. Trump has clearly availed herself of the privilege of doing business in New York,” Engoron said after holding a brief hearing on the matter. Donald Trump, the Republican frontrunner in the 2024 campaign for president, is accused of inflating his assets by billions of dollars in financial documents provided to banks and insurers. The New York trial is one of six he is facing as he seeks to return to the White House next year. Trump denies wrongdoing and says the case is part of a “witch hunt” by Democrats. The former president’s daughter is scheduled to testify as soon as Nov. 3 if she fails to overturn the subpoena on appeal. She was initially a defendant...

That plan was announced earlier this week. The 67-year-old Dimon, atop the largest US bank since the end of 2005, has quipped for years that he plans to remain JPMorgan’s CEO for five more years. “Given that this is Mr. Dimon’s first such sale since joining the company and that he is such a critical part of the story, we are certain the announcement will draw attention,” Piper Sandler Cos. analysts R. Scott Siefers and Frank Williams, who have an overweight rating on JPMorgan shares, said in a note to clients. The announcement may cause some near-term weakness in the stock, they said. Still, “diversification sure seems prudent, and we find no fault with the decision.” JPMorgan shares are up about 1% this year, outperforming the S&P 500 Financials Index, which has dropped 5.5%. Wells Fargo & Co. analyst Mike Mayo noted that Dimon’s stock-sale plan “comes after his bearish comments that include the possibility of interest rates increasing to 7%, and an ‘uninvestable’ banking sector” due to the burden of proposed Basel III Endgame requirements. “The timing of his first sale with these comments got our attention,” Mayo said in a research note, adding that the plan also serves as “a...