INDEX COMPENDIUM June 2005
|
|
- Stephany Morgan
- 8 years ago
- Views:
Transcription
1 INDEX COMPENDIUM June 2005 First Quarter Index Annuity Sales Dip The Advantage Index Sales & Market Report shows first quarter sales of $6411 million. Index sales were off 5% from the previous quarter and represented the second quarterly decline in a row. First quarter sales were up 53% from the same period a year ago. Over half of the carriers reported declines. The top ten carriers for the first quarter: Allianz Life American Equity $ 2,269,369, ,261,954 Sun Life 301,170,478 Midland National Life 279,100,000 Old Mutual 542,178,794 Jackson National Life 211,180,214 AmerUs Group 502,485,000 Jefferson-Pilot 192,093,000 ING 370,027,789 EquiTrust 167,039,472 Allianz continues domination of the market with a 35% market share. To put that in perspective, Allianz sales equal those of the smallest 29 carriers in a market of 35 companies. Sales of the top three carriers continues to account for over half of all sales and the top ten make up 85% of sales. Annual reset designs dominate representing roughly nine out of every ten sales, and insurance agents continue to be the catalyst behind nineteen out of every twenty annuities sold. The new players are Aviva with Progressive Indexed, Great American with the American Icon, Legend and Valor annuities, and West Coast Life with Index Advantage. Two additional carriers are scheduled to launch index products within 30 days. New products include American National s ValueLock 7 and 10, Jefferson-Pilot s Pro 7 and Pro 13, and Midland National Veridian 7. The Advantage Index Product Sales Report is now available. Can Index Annuities and Variable Annuities Complement Each Other? by Rich Tucker, Vice President Ruark Insurance Advisors Proponents of index annuities and variable annuities are typically mutually exclusive. Strongly held beliefs are found among distributors of each camp and these beliefs tend to migrate upwards to the insurance company manufacturers. The results are insurers that focus only on their particular world of variable annuities or carriers seeing only their own universe of index annuities. However, a look at possible synergies from a broad
2 perspective and joint management of index annuities and variable annuities can create cost savings. On the one side you have carriers creating variable annuities. Variable annuities are being enhanced to offer additional guaranteed benefits such as guaranteed minimum death benefits, guaranteed minimum income benefits, and guaranteed minimum withdrawal benefits. All of these guaranteed benefits are put-based benefits, meaning they produce value if the underlying funds decline. Insurance companies typically use reinsurance or hedging strategies to manage the financial risks of these variable annuity guaranteed benefits. On the other side you have insurance companies manufacturing index annuities using call-based derivatives to manage the index participation formula. Call-based means they produce value if the index increases. I did some calculations of the expected cash flow to the insurance company of a putbased variable annuity guaranteed benefit, in this case a guaranteed minimum withdrawal benefit. The insurance company makes money through 95% of the stochastic scenarios generated, but can lose significant money ($30 million for each $1 billion of sales) the remaining 5% of the time. Index annuities, being call-based, have the opposite effect. Benefit costs to the insurance company arise when the underlying index increases. When I calculated the expected cash flow to the insurance company with the index annuity under the same stochastic scenarios used previously the shape of the curve is reversed, indicating that indexed annuity participation is high when variable annuity benefits are low, and vice versa.
3 When VA and Index Annuity Hedging Strategies were combined the probability of a loss fell by 80%! What happens if an insurance company can combine the index annuity call-based participation formula and the variable annuity put-based guaranteed benefits? When I combined $5 billion of GMWB with $1 billion of index annuity the probability of a loss decreased by four-fifths, from 5% in in the GMWB only scenario to only 1% in the GMWB-Index Annuity combination. The worst case loss has declined 86%, from $350 million to only $50 million. An insurance company that can create this type of combination should be able to significantly reduce hedging costs. Although there are not many companies that currently have significant blocks of both index annuities and variable annuities, this may change over time if companies evolve to create balanced product offerings of indexed annuities,
4 variable annuities, and fixed annuities. Reinsurance can be a mechanism to create this balance immediately. Companies with a heavy concentration in indexed annuities could assume reinsurance of variable annuity benefits, or companies with a heavy concentration in variable annuities could assume reinsurance of index annuities. I have found that this powerful risk management technique is not being utilized by the insurance industry today and could provide a winwin scenario for both variable and index annuity manufacturers. I heard Mr. Tucker present this elegant and usable concept and asked him if he would allow me to share it with my readers. I encourage those involved in hedging on both sides of the annuity aisle to contact Rich Tucker at or Rich@ruarkonline.com. Jack Marrion Do You Like Me? A recent article 1 divides our possible work partners into four categories. Everyone wants to work with lovable stars that are both competent and likeable, and incompetent jerks are usually quickly fired. That leaves the two middle categories of lovable fools folks that are less bright but they are fun to be around, and incompetent jerks folks that know their stuff but can be, well, you know, jerks. Being likeable could offset a competitor s rate advantage We tell ourselves that given the two middle categories that we will usually take the incompetent jerk. After all, the point is getting the job at hand done and if the person working with us is likeable too, that is an added plus. However, the story says people don t use jerks, regardless of how much they know, because they are jerks. A finding that means I will need to work harder on my interpersonal skills, and one that reinforces an old business adage people do business with people they like. Psychology 101 taught that we like people who are similar to us and have an attractive personality. In a sales world it translates into consumers working with producers that are likeable. The article seems to hint that although we respect knowledge we would rather work with a likeable barely competent producer than a brilliant jerk. It may also mean being likeable could trump a competitor s advantages if the competitor is perceived as less likable. Increasing likeability can mean both increasing sales and decreasing costs Multi-year fixed rate annuities and certificates of deposit are to a large part commodity, spreadsheet products. If two CDs or two fixed multi-year annuities have similar terms, but one has a higher rate than the other the one with the higher rate often wins. However, a recent study indicates that being likeable could be more important that rate. Likeability versus Rates Another article reported results of a study where a bank had increased assets fivefold in
5 five years and they did it while offering among the lowest rates on savings in their market. 2 How? By positioning themselves as the most convenient bank and doing things like being open seven days a week, and holding an umbrella over you and walking you to your car when it rains. The bank opened 1.1 million new customer accounts in 2004 while offering less competitive rates. Although the article used a different term, I think the reason for this bank s success is it comes across as more likeable than other banks. What are the implications for producers? How you relate to others is more important than product knowledge, and if you are competing against a better rate you may still triumph by being more likeable. Consumers want to buy from people they are comfortable with, and knowing you are reachable and going to be there for them if they need you may well be worth more than a competitor s extra half percentage of yield. What defines a more likeable carrier? Perhaps making it possible to talk to humans instead of phone trees when one calls for help or creating easy to understand customer account statements. Or if you are a marketing company you might increase your likeability by telling producers they will never have to deal with the poor service of a jerky insurer because one of the marketing company s people will handle all of their needs. None of this means that one can succeed on likes alone. The producer, carrier, marketing company or bank still needs to meet the requirements of their job; incompetence will eventually run you out of business regardless of how nice you are. However, increasing likeability can mean both increasing sales and decreasing costs, and everyone likes that. 1. Casciaro, T. & Sousa Lobo, M. (June 2005) Competent Jerks, Lovable Fools, and the Formation of Social Networks, Harvard Business Review (pp 92-99) 2. Youngme Moon (May 2005) Break Free From The Product Life Cycle, Harvard Business Review (pp 87-94) Autobiography (sung to the tune of When I Was A Lad from H.M.S. Pinafore a/k/a Captain Crunch Theme) When I was a lad I served a term As stockbroker at an investment firm. I dialed cold calls and touted daily stocks, And I always heeded the researcher s talks. But I sold so little, they rewarded me By making me consultant to the industry. CHORUS He sold so little, they rewarded he
6 By making him consultant to the industry. From stockbroker I went into management Where I told brokers where money should be sent. The firm announced what needed to be sold, And I taught my brokers what needed to be told. I taught so poorly they rewarded me By making me consultant to the industry. CHORUS He taught so poorly, they rewarded he By making him consultant to the industry. A bear market caused a change in plans And as annuity wholesaler I then began. What producers really needed, I never could grasp So my regional territory always finished last. My manager proposed a new career path for me By suggesting my consulting to the industry. CHORUS His manager proposed a new career path for he By suggesting his consulting to the industry. An investment dealer I then did own Where I directed the company from atop my throne. As the employees did the work my profits grew Until my income was great though my working days were few. I worked so little, a buyout rewarded me, And I became consultant to the industry. CHORUS He worked so little, a buyout rewarded he, And made him a consultant to the industry. And now I sit at the top of the pile Dispensing bits of wisdom with smugness and a smile. My speaking schedule s full and my books are selling, If a consultant life s your goal then heed the words I m telling. Make sure you sell very little and a poor teacher be And you may become consultant to the industry. CHORUS Make sure you sell very little and a poor teacher be And you may become consultant to the industry. Advantage Compendium
FOR. 14 Recommendations from a Top Futures Broker. Stuart A. Vosk. Center for Futures Education, Inc.
BASIC TRAINING FOR FUTURES TRADERS: 14 Recommendations from a Top Futures Broker Stuart A. Vosk Center for Futures Education, Inc. P.O. Box 309 Grove City, PA 16127 Tel.: (724) 458-5860 FAX: (724) 458-5962
More informationUnit One: The Basics of Investing
Unit One: The Basics of Investing DISCLAIMER: The information contained in this document is solely for educational purposes. CompareCards.com, owned by Iron Horse Holdings LLC is not a registered investment
More informationVolume 1, Number 4 Spring 2010. Annuity Guaranteed Lifetime Withdrawal Benefits
ADVANTAGE COMPENDIUM Volume 1, Number 4 Spring 2010 Annuity Guaranteed Lifetime Withdrawal Benefits This edition looks at the past and present state of index and variable annuity guaranteed lifetime withdrawal
More informationThanks so much for having me.
Harry Stout: Welcome to Insurance Insights sponsored by Creative Marketing. Since 1984, Creative Marketing has focused on helping agents reach their goals and grow their business. I m your host, Harry
More informationChecks and Balances TV: America s #1 Source for Balanced Financial Advice
THE TRUTH ABOUT FIXED RATE ANNUITIES Annuities are like magnets. Most people seem to be either attracted to them, or repelled. As you sit down to read this, where do you stand? In my experience, it s rare
More informationBest time to invest in stock market.
Best time to invest in stock market. The Colombo stock market has gone up by over 1,000 points (more than 20%) during the last few weeks. With this growth, a large number of investors are either trying
More informationWhether you re new to trading or an experienced investor, listed stock
Chapter 1 Options Trading and Investing In This Chapter Developing an appreciation for options Using option analysis with any market approach Focusing on limiting risk Capitalizing on advanced techniques
More informationFIXED INDEXED ANNUITIES: RECAP AND WHAT S NEXT?
Consulting Actuaries MAY 2014 FIXED INDEXED ANNUITIES: RECAP AND WHAT S NEXT? AUTHOR Guillaume Briere-Giroux FSA, MAAA, CFA Growing sales and a flurry of M&A deals have put a brightening spotlight on fixed
More informationTime Value of Money Dallas Brozik, Marshall University
Time Value of Money Dallas Brozik, Marshall University There are few times in any discipline when one topic is so important that it is absolutely fundamental in the understanding of the discipline. The
More informationHow To Buy Stock On Margin
LESSON 8 BUYING ON MARGIN AND SELLING SHORT ACTIVITY 8.1 A MARGINAL PLAY Stockbroker Luke, Katie, and Jeremy are sitting around a desk near a sign labeled Brokerage Office. The Moderator is standing in
More informationSaving and Investing. Being an educated investor will help enable you to become financially sound. Chapters 30 and 31
Saving and Investing Being an educated investor will help enable you to become financially sound Chapters 30 and 31 Essential Questions How do you know when to save and when to invest? What are some reasons
More informationStrategic Equity Investments
Strategic Equity Investments Wojciech Grabowski, Assistant Professor, Department of Economics, University of Warsaw I take a closer look at recent investment results of two major corporations in the technology
More informationHow To Become A Life Insurance Agent
Traditional, investment, and risk management actuaries in the life insurance industry Presentation at California Actuarial Student Conference University of California, Santa Barbara April 4, 2015 Frank
More informationAnswers to Concepts in Review
Answers to Concepts in Review 1. (a) In the money market, short-term securities such as CDs, T-bills, and banker s acceptances are traded. Long-term securities such as stocks and bonds are traded in the
More informationStocks and Mutual Funds
LESSON 14 Stocks and Mutual Funds I ntroduction One characteristic of a market economy is private ownership of property. Property is not just land and real estate; it is anything of economic value that
More informationCHAPTER 6 DISCOUNTED CASH FLOW VALUATION
CHAPTER 6 DISCOUNTED CASH FLOW VALUATION Answers to Concepts Review and Critical Thinking Questions 1. The four pieces are the present value (PV), the periodic cash flow (C), the discount rate (r), and
More informationOil Speculation by Jussi Keppo July 8, 2008
Oil Speculation by Jussi Keppo July 8, 2008 The increase in the oil spot price seems to be mainly driven by the global demand. According to the U.S. Energy Information Administration, in 1999 the global
More information36 Annuity Laddering. Learn How to Protect Your Retirement Income from Inflation and Lower Interest Rates. According to the US Consumer Price Index
36 Annuity Laddering Learn How to Protect Your Retirement Income from Inflation and Lower Interest Rates According to the US Consumer Price Index over the 20 year period from 1990 to 2010 the US dollar
More informationTHE EMPIRE LIFE INSURANCE COMPANY
THE EMPIRE LIFE INSURANCE COMPANY Condensed Interim Consolidated Financial Statements For the nine months ended September 30, 2013 Unaudited Issue Date: November 6, 2013 These condensed interim consolidated
More informationCHAPTER 22: FUTURES MARKETS
CHAPTER 22: FUTURES MARKETS PROBLEM SETS 1. There is little hedging or speculative demand for cement futures, since cement prices are fairly stable and predictable. The trading activity necessary to support
More informationTIMING: When and When not to invest in the Stock Market Popular Delusions
TIMING: When and When not to invest in the Stock Market Popular Delusions Is there a right time to invest in the stock market? That s the magic question people have asked for as long as the stock market
More informationA Company You Can Trust
A Company You Can Trust ... serving our clients for more than 100 years based upon a set of core values and a belief in what we do. Michael P. Kiley, CEO Welcome Welcome to Security Benefit! We appreciate
More informationBank Products. 3.1 Introduction
Bank Products Bank Products For many people, the first financial institution they deal with, and the one they use most often, is a bank or credit union. That s because banks and credit unions provide a
More informationCalculations for Time Value of Money
KEATMX01_p001-008.qxd 11/4/05 4:47 PM Page 1 Calculations for Time Value of Money In this appendix, a brief explanation of the computation of the time value of money is given for readers not familiar with
More informationThe Empire Life Insurance Company
The Empire Life Insurance Company Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2015 Unaudited Issue Date: August 7, 2015 DRAFT NOTICE OF NO AUDITOR REVIEW OF CONDENSED
More informationIncome Annuities: Market Opportunities & Product Trends
Income Annuities: Market Opportunities & Product Trends Atlanta Actuarial Club John Fenton David Beasley December 3, 2009 2009 Towers Perrin Overview of presentation Sizing the retirement market Product
More informationVolatility and Loss of Principle are Free Income Certainty and Investment Protection Have a Cost
Volatility and Loss of Principle are Free Income Certainty and Investment Protection Have a Cost Providing Certainty for Your Clients Investment and Income Needs Dial in For Audio: 1-877-273-4202 Access
More informationInternational Conference Call TOTVS Extraordinary Conference Call June 15, 2015. Q&A Session
International Conference Call TOTVS Extraordinary Conference Call June 15, 2015 Q&A Session Operator: Ladies and gentlemen, we will now begin the question and answer session. To place a question, please
More informationBLISS TO INVESTORS EXTENDED TRADING HOURS
BLISS TO INVESTORS EXTENDED TRADING HOURS By Ms. Chandni Gerelani Assistant Professor Alamuri Ratnamala Institute of Engineering & Technology, Shahapur. chandnigerelani7@gmail.com ABSTRACT This paper aims
More informationAre Managed-Payout Funds Better than Annuities?
Are Managed-Payout Funds Better than Annuities? July 28, 2015 by Joe Tomlinson Managed-payout funds promise to meet retirees need for sustainable lifetime income without relying on annuities. To see whether
More informationFinancial Planning and Investing for New Grads. Roger Pine, CFA, CFP 5/19/2015 Texas A&M
Financial Planning and Investing for New Grads Roger Pine, CFA, CFP 5/19/2015 Texas A&M What does finance really mean? What does finance really mean? What does finance really mean? Capital Markets Finance
More informationReading: Chapter 19. 7. Swaps
Reading: Chapter 19 Chap. 19. Commodities and Financial Futures 1. The mechanics of investing in futures 2. Leverage 3. Hedging 4. The selection of commodity futures contracts 5. The pricing of futures
More informationRetiring from the Family Business Last update: October 27, 2011
Summary Retiring from the Family Business Last update: October 27, 2011 If you are the owner or a major partner in a small business, your retirement concerns are more complex than most people s. It is
More information5. You will receive statements directly from the custodian. Aleph doesn t prepare regular client reports.
Aleph Investments, LLC Investment Advisory Agreement This investment advisory agreement is between Aleph Investments, LLC ( Aleph ) and ( client ). Aleph is registered with the States of Maryland, Texas
More informationBUYING A VARIABLE ANNUITY CONTRACT THROUGH CETERA FINANCIAL SPECIALISTS LLC
Cetera Financial Specialists LLC 200 N. Martingale Road Schaumburg, IL 60173-2096 BUYING A VARIABLE ANNUITY CONTRACT THROUGH CETERA FINANCIAL SPECIALISTS LLC General Considerations Before you buy any insurance
More informationExam #1 (100 points)
Exam #1 (100 points) Take the exam during an uninterrupted period of no more than 2 hours. (It should not take that long.) The space provided below each question should be sufficient for your answer, but
More informationIntegrity Counts. The historical events and ethical ideals that have shaped Lincoln Financial
Integrity Counts The historical events and ethical ideals that have shaped Lincoln Financial The Lincoln National Life Insurance Company Lincoln Life & Annuity Company of New York 2076656 A foundation
More informationCareer Services. Corporate Finance. Introduction. Corporate Finance Overview
Career Services Career Path: Corporate Finance Introduction Career Services (CS) created the Career Path series to assist students with the career search process. Each Career Path handout examines a common
More informationEquity-Based Insurance Guarantees Conference November 18-19, 2013. Atlanta, GA. Development of Managed Risk Funds in the VA Market
Equity-Based Insurance Guarantees Conference November 18-19, 2013 Atlanta, GA Development of Managed Risk Funds in the VA Market Chad Schuster DEVELOPMENT OF MANAGED RISK FUNDS IN THE VA MARKET CHAD SCHUSTER,
More informationFAQ. (Continued on page 2) An Investment Advisory Firm
FAQ An Investment Advisory Firm What is QASH Flow Advantage? It is a time-tested model that includes three strategic components: A portfolio of carefully selected Exchange-Traded Funds (ETFs) for diversification
More informationEquity Investing Evolved Manage risk, stay invested
Equity Investing Evolved Manage risk, stay invested HSBC Buffered Strategies Are you on track to meet your retirement and investment goals? Have extreme market swings prevented you from investing? Would
More information1983, 1993, 2003 Mars, Incorporated Printed on environmentally friendly paper, 100% chlorine free in manufacture
1983, 1993, 2003 Mars, Incorporated Printed on environmentally friendly paper, 100% chlorine free in manufacture Mars, Incorporated The Five Principles of Mars Quality Responsibility Mutuality Efficiency
More informationAnnuities. Products. Safe Money. that Stimulate Financial Growth & Preserve Wealth. Safe Money is for money you cannot afford to lose.
Annuities Safe Money Products that Stimulate Financial Growth & Preserve Wealth Safe Money is for money you cannot afford to lose. Learn why Annuities are considered to be a Safe Money Place and how these
More informationJOHNSON BANK (Racine, WI) may not operate one of the. In 2012, Johnson Investment Services (JIS) 12 full-time financial
JOHNSON BANK (Racine, WI) may not operate one of the nation s larger retail bank brokerage programs, but it surely runs one of the most productive. In 2012, Johnson Investment Services (JIS) 12 full-time
More informationJanuary 2009. The 12% Letter. The World s Greatest Income Secret
January 2009 The 12% Letter The World s Greatest Income Secret The World s Greatest Income Secret By Jeff Clark I want to introduce you to an income secret that could easily give you all the money you
More informationMarket Linked Certificates of Deposit
Market Linked Certificates of Deposit This material was prepared by Wells Fargo Securities, LLC, a registered brokerdealer and separate non-bank affiliate of Wells Fargo & Company. This material is not
More informationCHAPTER 5 INTRODUCTION TO VALUATION: THE TIME VALUE OF MONEY
CHAPTER 5 INTRODUCTION TO VALUATION: THE TIME VALUE OF MONEY Answers to Concepts Review and Critical Thinking Questions 1. The four parts are the present value (PV), the future value (FV), the discount
More informationStepping Outside the Box: Some Additional Thoughts Part II Robert Brooks, Ph.D.
Stepping Outside the Box: Some Additional Thoughts Part II Robert Brooks, Ph.D. This will be my last article until September. I want to wish my readers a relaxing summer and to mention that in addition
More information9 ANSWERS EVERY INVESTOR NEEDS TO KNOW ABOUT ANNUITIES
9 ANSWERS EVERY INVESTOR NEEDS TO KNOW ABOUT ANNUITIES You may have received, or have been asked to download, information about annuities produced by someone who doesn t sell them or doesn t believe you
More informationBrokered certificates of deposits
Brokered certificates of deposits A guide to what you should know before you buy Are brokered CDs right for you? Brokered CDs are designed for investors who: Want access to a wide selection of issuers
More informationSession 60 PD, Annuity Product Development Trends Moderator: Guillaume Briere-Giroux, FSA, MAAA
Session 60 PD, Annuity Product Development Trends Moderator: Guillaume Briere-Giroux, FSA, MAAA Presenters: Guillaume Briere-Giroux, FSA, MAAA Kendrick D. Lombardo FSA, MAAA Vikas Sharan, FSA, FIA, MAAA
More informationtransfer money by check or electronic payment to a person or organization that you designate as payee
Bank Products 1. Introduction For many people, the first financial institution they deal with, and the one they use most often, is a bank or credit union. That s because banks and credit unions provide
More informationInvesting in shares became all the rage during the late 1990s. Everyone
In This Chapter Knowing the essentials Doing your own research Recognising winners Exploring investment strategies Chapter 1 Exploring the Basics Investing in shares became all the rage during the late
More informationHedge your. Portfolio USING STOCK INDEX FUTURES
Hedge your Portfolio USING STOCK INDEX FUTURES an investor s guide UPDATED WINTER 2002 During the 1980's and 1990's, the U.S stock market enjoyed one of the greatest run-ups in history. As measured by
More informationSaving and Investing: Getting Started
STUDENT MODULE 5.1 SAVING AND INVESTING PAGE 1 Standard 5: The student will analyze the costs and benefits of saving and investing. Saving and Investing: Getting Started But Mom, why can I not have it
More informationWhat really matters to women investors
january 2014 What really matters to women investors Exploring advisor relationships with and the Silent Generation. INVESTED. TOGETHER. Certainly a great deal has been written about women and investing
More informationThese Two Words Just Made Us 37% In 3 Months. "These Two Words. Just Made Us 37% In 3 Months"
These Two Words Just Made Us 37% In 3 Months "These Two Words Just Made Us 37% In 3 Months" Using these "two words" in your 401k, IRA or any other investment account can make you very wealthy... What are
More informationManaging your surplus cash
Managing your surplus cash Savings and investments BusinESS Coach series Establishing a plan Putting your plan to work Thinking long term Business Coach series Your money should work as hard as you do
More information$ # $ + $ $ % $ ¾ $ ~ $² Money Math Lessons for Life
$ # $ + $ $ % $ ¾ $ ~ $² Money Math Lessons for Life Written by Mary C. Suiter Sarapage McCorkle Center for Entrepreneurship and Economic Education University of Missouri St. Louis Mathematics Consultant
More informationPerformance from problem solving. An interview with three leaders at MassMutual
123 Performance from problem solving An interview with three leaders at MassMutual At MassMutual, problem solving leads to higher standards, which in turn mean more problems to solve. The constant cycle
More informationFive Things To Know About Shares
Introduction Trading in shares has become an integral part of people s lives. However, the complex world of shares, bonds and mutual funds can be intimidating for many who still do not know what they are,
More informationFinance 350: Problem Set 6 Alternative Solutions
Finance 350: Problem Set 6 Alternative Solutions Note: Where appropriate, the final answer for each problem is given in bold italics for those not interested in the discussion of the solution. I. Formulas
More informationPractice Problems on Money and Monetary Policy
Practice Problems on Money and Monetary Policy 1- Define money. How does the economist s use of this term differ from its everyday meaning? Money is the economist s term for assets that can be used in
More informationAnswers to Concepts in Review
Answers to Concepts in Review 1. Puts and calls are negotiable options issued in bearer form that allow the holder to sell (put) or buy (call) a stipulated amount of a specific security/financial asset,
More informationKey Concepts and Skills. Multiple Cash Flows Future Value Example 6.1. Chapter Outline. Multiple Cash Flows Example 2 Continued
6 Calculators Discounted Cash Flow Valuation Key Concepts and Skills Be able to compute the future value of multiple cash flows Be able to compute the present value of multiple cash flows Be able to compute
More informationReverse Exchangeables
Structured Investments Solution Series Volume III: Reverse Exchangeables Earn Higher Yields with Contingent Principal Protection REVERSE EXCHANGEABLES Introduction FOCUSING ON YOUR FINANCIAL GOALS can
More informationInsurance & Retirement Services Analytic Reporting for Annuities Service. ANNUITY MARKET ACTIVITY REPORT First Half 2014
Insurance & Retirement Services Analytic Reporting for Annuities Service ANNUITY MARKET ACTIVITY REPORT First Half 2014 Table of Contents About the Analytic Reporting for Annuities Service... 3 Executive
More informationWHAT YOU DON'T KNOW ABOUT ANNUITIES CAN HURT YOU FINANCIALLY
WHAT YOU DON'T KNOW ABOUT ANNUITIES CAN HURT YOU FINANCIALLY Presented by: James J. Holtzman, CFP, CPA Personal Chief Financial Officer and Shareholder Legend Financial Advisors, Inc. And EmergingWealth
More informationnot think the same. So, the consumer, at the end, is the one that decides if a game is fun or not. Whether a game is a good game.
MR CHU: Thank you. I would like to start off by thanking the Central Policy Unit for the invitation. I was originally from Hong Kong, I left Hong Kong when I was 14 years old, it is good to come back with
More informationHow To Invest In Money
Summary Can You Afford to Take Investment Risks? Last update: October 13. 2011 There are several important reasons why you should take significantly less investment risk during retirement than before retirement.
More informationIs Gold Worth Its Weight in a Portfolio?
Is Gold Worth Its Weight in a Portfolio? During a weak global economy and uncertain financial markets, many investors tout the benefits of holding gold. Some proponents claim that gold deserves a significant
More informationMedia Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin.
The Sherwin-Williams Company Reports First Quarter 2012 Financial Results Consolidated net sales increased 15.1% to a record $2.14 billion Diluted net income per common share increased 50.8% to a record
More informationJune 2010. Financial-Planning.com
June 010 Financial-Planning.com 010 THE BIGGEST, FASTEST GROWING INDEPENDENT BROKER-DEALERS Tale of a Tough Year What the numbers show: A dramatic seven-month stock market rally was not enough to help
More informationMutual Fund Investing Exam Study Guide
Mutual Fund Investing Exam Study Guide This document contains the questions that will be included in the final exam, in the order that they will be asked. When you have studied the course materials, reviewed
More informationPaschall Truck Lines, Inc. Frequently Asked Questions Regarding our ESOP
Frequently Asked Questions Regarding our ESOP 1 Table of Contents Introduction to this FAQ... 4 1. Overview... 4 2. Purpose... 4 ESOP Basics... 5 3. What is an ESOP? What does ESOP stand for?... 5 4. What
More informationDetermining your investment mix
Determining your investment mix Ten minutes from now, you could know your investment mix. And if your goal is to choose investment options that you can be comfortable with, this is an important step. The
More informationMargin and Exposure 14878.0351 348939.487 34598.6325 66875.0449
14878.0351 348939.487 34598.6325 66875.0449 34838.0371 34898.5321 94898.6327 54798.0321 44898.0324 54695.3522 96898.0321 24848.6323 44898.0321 34898.0328 14878.0351 348939.487 34598.6325 66875.0449 34838.0371
More informationMutual Funds 101. What is a Mutual Fund?
Mutual Funds 101 So you re looking to get into the investment game? Great! Mutual funds are a good investment option. But before you invest, make sure to do your research! You would never go to a car dealership,
More informationModule 1 Introduction Programme
Module 1 Introduction Programme CFDs: overview and trading online Introduction programme, October 2012, edition 18 1 In this module we look at the basics: what CFDs are and how they work. We look at some
More informationThe Individual Annuity
The Individual Annuity a resource in your retirement an age of Decision Retirement today requires more planning than for previous generations. Americans are living longer many will live 20 to 30 years
More informationImportant Information about your Annuity Investment
Robert W. Baird & Co. Incorporated Important Information about your Annuity Investment What is an Annuity Contract? An annuity is a contract between you and an insurance company, under which you make a
More informationTrading Systems Series
Trading Systems Series HOW DO I TRADE STOCKS.COM Copyright 2011 10 Trading Systems Series 10 TIMES YOUR MONEY IN 30 TRADES THE 4% SWING SYSTEM 30 4% This report will outline a simple 5 min a week strategy
More informationSEVEN STEPS TO A SUCCESSFUL BUSINESS PLAN. By Janet Wikler
SEVEN STEPS TO A SUCCESSFUL BUSINESS PLAN By Janet Wikler Where s the business plan? How many ideas have been stopped in their tracks by those words? The fact is that most investors whether corporate executives
More informationMost network marketing training is a mud cake.
The Tracy Biller Newsletter 2014 Tracy Biller. All rights reserved. Subscribe at: Most network marketing training is a mud cake. This newsletter was originally titled "Putting lipstick on a pig". By Tracy
More informationLooking For Protection
Financial Advisor Website and Magazine www.fa-mag.com Looking For Protection Financial Advisor Magazine 2011 Issue FA NEWS MARCH Index annuities promise to deliver a guaranteed return, but their costs
More informationHow To Change Your Life Insurance Plan In A Quarter
Industry Reaches an Inflection Point in Product Features; Overall Market Still Flat by John McCarthy Product Manager, Annuity Solutions Variable annuity product development activity this quarter was healthy.
More informationUNIT AUTHOR: Elizabeth Hume, Colonial Heights High School, Colonial Heights City Schools
Money & Finance I. UNIT OVERVIEW & PURPOSE: The purpose of this unit is for students to learn how savings accounts, annuities, loans, and credit cards work. All students need a basic understanding of how
More information10 MISTAKES PEOPLE MAKE IN RETIREMENT
10 MISTAKES PEOPLE MAKE IN RETIREMENT by Bill Elson, CFP 3705 Grand Avenue Des Moines, IA 50312 (515) 255-3306 or (800) 616-4392 belson@vsrfin.com KEYWORDS: RETIREMENT PLANNING, RETIREMENT INCOME, RETIREMENT
More informationEasy Surefire Guaranteed System To Win Every Time At Online Blackjack (only system in the world based on human greed)
Easy Surefire Guaranteed System To Win Every Time At Online Blackjack (only system in the world based on human greed) Brought to you by advantagegamingtools.com Page 1 WWW.DEALPLAYWIN.COM Hello fellow
More informationLecture 1: The Options Market and Options Trading
Lecture 1: The Options Market and Options Trading Before you trade options, it is essential that you have a good working knowledge of how to evaluate stocks and the underlying factors that influence share
More informationYour investment choices and charges. Explaining the investment options and charges for our Active Money Self Invested Personal Pension
Your investment choices and charges Explaining the investment options and charges for our Active Money Self Invested Personal Pension Contents 02 Level 1 investments 04 Level 2 investments 06 Level 3 investments
More informationEnglish as a Second Language Podcast www.eslpod.com. ESL Podcast 276 The Stock Market
GLOSSARY stock market the stock exchange; the buying and selling of stocks or shares (small parts in the ownership of a public company) * Dora decided to enter the stock market by buying stock in three
More informationLESSON 1 WHY STUDY THE STOCK MARKET?
LESSON 1 WHY STUDY THE STOCK MARKET? INTRODUCTION This lesson is designed to spark student interest in the stock market and help the teacher learn what students already know or believe about the stock
More informationDerivative Users Traders of derivatives can be categorized as hedgers, speculators, or arbitrageurs.
OPTIONS THEORY Introduction The Financial Manager must be knowledgeable about derivatives in order to manage the price risk inherent in financial transactions. Price risk refers to the possibility of loss
More informationHow to Sell Your Municipals at the Right Price
How to Sell Your Municipals at the Right Price Back in the fifties and sixties, when the municipal bond market as we know it today was in its infancy, it was difficult to feel assured that you were getting
More informationROI INCENTIVE PROGRAMS. A Case Study for Channel Sales Success. 2012 i-myth, Inc.
ROI INCENTIVE PROGRAMS A Case Study for Channel Sales Success 2012 i-myth, Inc. EXECUTIVE SUMMARY A Fortune 500 manufacturer and distributor were faced with the challenge of motivating their Master Resellers
More informationFlat Fees or Fat Fees? Did Your Client Get a Wrap Account or a Bum Wrap? By Douglas J. Schulz, CRCP, RIA
Flat Fees or Fat Fees? Did Your Client Get a Wrap Account or a Bum Wrap? By Douglas J. Schulz, CRCP, RIA Flat fee or wrap fee accounts are all the rage these days. Each brokerage firm has its own special
More informationGuiding principles of buying low and selling high: introduction. Preface. Guiding principles of buying low and selling high: introduction 1
Guiding principles of buying low and selling high: introduction 1 Guiding principles of buying low and selling high: introduction Profitable stock trading based on patterns and logic It is impossible to
More informationInvesting Offers Rewards And Poses Risks. Investment Basics: The Power of Compounding. How Do Americans Invest Their Savings? (HA)
How Do Americans Invest Their Savings? (HA) Learning how to save money for future use is an important first step in reaching your long-term goals. But saving alone is not enough. You will also need to
More informationManaging Home Equity to Build Wealth By Ray Meadows CPA, CFA, MBA
Managing Home Equity to Build Wealth By Ray Meadows CPA, CFA, MBA About the Author Ray Meadows is the president of Berkeley Investment Advisors, a real estate brokerage and investment advisory firm. He
More information