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The Finance 202: Joe Biden’s tax plan would barely dent growth, conservative group finds

The Finance 202: Joe Biden’s tax plan would barely dent growth, conservative group finds

The analysis concludes Biden’s plan would raise $2.8 trillion over the next decade from higher taxes on businesses, corporations and the wealthiest households. Over that time, AEI projects the higher taxes would reduce economic growth by a relatively modest 0.16 percent.

The plan would “make the tax code more progressive,” AEI’s Kyle Pomerlau and Grant Seiter write. And after slightly crimping growth in its first decade, it would “reduce debt-to-GDP in the second decade, leading to slightly higher GDP. However, in the long term, his plan would not raise enough to stabilize debt-to-GDP and would lead to a 0.18 percent smaller economy.”

The macroeconomic drag the AEI model anticipates roughly aligns with other analyses from the Tax Foundation and the Penn Wharton Budget Model, Pomerlau notes. In other words, rolling back most of the Trump tax cuts wouldn’t bring about the economic Armageddon the Trump campaign has depicted.

Neither would it jack up taxes on every American. 

Vice President Pence made that claim during his debate with Sen. Kamala Harris (D-Calif.),  Biden’s running mate, last week. The AEI analysis finds the top 1 percent of taxpayers would see a 14.2 percent hit to their after-tax income next year. The rest of the top 5 percent would face a small uptick in their burden. But everyone else would receive an after-tax income bump. The largest such increase, of 11.3 percent, would go to the bottom 10 percent, thanks to a temporary expansion of the child tax credit, according to AEI.

The analysis finds that starting in 2030, the Biden plan would impose “modest” tax hikes on the bottom 95 percent of earners, which it attributes to higher taxes on businesses. That would appear to violate Biden’s pledge not to raise taxes on anyone earning less than $400,000

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Malcolm Thomas Joins Innovative Financial Group as New Head of Business Development

Malcolm Thomas Joins Innovative Financial Group as New Head of Business Development

Press release content from PR Newswire. The AP news staff was not involved in its creation.

NASHVILLE, Tenn., Oct. 14, 2020 /PRNewswire/ — Brian Heapps, President of Innovative Financial Group and former President of John Hancock’s broker-dealer Signator Investors, Inc., announced the addition of Malcolm Thomas as their new Head of Business Development. Thomas was on Heapps’ leadership team while they were both at Signator. Malcolm will immediately step in and take over the acquisition and growth strategy including the expansion of IFG’ s National Network of Advisors and the MyRemoteFA® business.

Thomas joins IFG after spending the past two years as Director of Advisor Success at XY Planning Network, where he led the resource platform that catered to the growth and expansion of over 1200 fee-only fiduciary financial planners and their firms. Prior to joining XY Planning Network, Malcolm was the Head of Business Development at Signator Investors. Thomas will be responsible for growing the IFG advisor platform through acquisitions and recruiting advisors to IFG’ s unique turn-key succession platform.

“Malcolm was an integral part of the leadership team at Signator that helped transform the John Hancock broker-dealer to one of the largest independent BD’s in the US, including leading several large broker-dealer acquisitions,” said Heapps.

“With so many advisors lacking succession plans, I’m truly excited about the unique opportunity we have to leverage IFG’s growing MyRemoteFA® business to offer a turnkey solution,” said Thomas. “I’m equally as excited to assist our national network of advisors to grow through acquisition.

About Innovative Financial Group

Innovative Financial Group (IFG) is a full-service financial planning and wealth management firm with over 130 affiliated advisors running independent practices. The affiliated advisors in IFG’s national network are primarily focused on financial planning and investment management with over 4 billion

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FBL Financial Group Schedules Third Quarter 2020 Earnings Release Date, Conference Call and Webcast

FBL Financial Group Schedules Third Quarter 2020 Earnings Release Date, Conference Call and Webcast


FBL Financial Group, Inc. (NYSE: FFG) will announce its third quarter 2020 earnings approximately 15 minutes after the close of the market on Thursday, November 5, 2020. The third quarter earnings release and financial supplement will be posted on the FBL Financial Group website (www.fblfinancial.com) at that time.


FBL Financial Group will hold a conference call to discuss third quarter 2020 earnings on Friday, November 6, 2020 at 11:00 a.m. ET. The call will consist only of prepared comments by management; there will not be a question and answer session. The conference call will be webcast live on the Internet. Investors and interested parties who wish to listen to the call on the Internet may do so at www.fblfinancial.com.


The call may also be accessed by telephone at (866) 218-2403. A transcript of the prepared comments from the call, as well as an audio replay, will be available shortly after the call on FBL Financial Group’s website. An audio replay will be available via telephone through November 20, 2020 by calling (877) 344-7529 and entering code 10137330 when prompted.


FBL Financial Group is a holding company with the purpose to protect livelihoods and futures. Operating under the consumer brand name Farm Bureau Financial Services, its affiliates offer a broad range of life insurance, annuity and investment products distributed by multiline exclusive Farm Bureau agents. Helping complete the financial services offering, advisors offer wealth management and financial planning services. In addition, FBL Financial Group manages all aspects of two Farm Bureau affiliated property-casualty insurance companies for a management fee. Headquartered in West Des Moines, Iowa, FBL Financial Group is traded on the New York Stock Exchange under the symbol FFG. For more information, please visit www.fblfinancial.com and www.fbfs.com.

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Insurance Industry Leaders Including AmWINS Group, CRC Group, Heffernan, and Patra form Solution Development Alliance

Insurance Industry Leaders Including AmWINS Group, CRC Group, Heffernan, and Patra form Solution Development Alliance

EL DORADO HILLS, Calif., Oct. 13, 2020 /PRNewswire/ — Patra, a leading provider of technology-enabled solutions for the insurance industry, along with AmWINS Group, CRC Group, Heffernan Insurance Brokers, are among the leading companies that have formed InsurConneXtions Alliance, a strategic alliance that will prioritize, develop, and integrate specific technology solutions into critical insurance processes – for the purposes of driving processing efficiencies and industry standards.

The Insurance industry will need to rapidly adopt technology to drive efficiencies and economic value for our customers

The formation of InsurConneXtions represents leaders across insurance technology, brokerage, wholesale, and specialty insurance, and represent over $50 Billion in Insurance premiums. 

With a multitude of decisions and rapid changes facing the insurance industry, collaboration and cooperation is required to accelerate the integration of technology into critical and high-volume processes. The charter members of the Alliance are well positioned to leverage their expertise, experience, and market position to accelerate the deployment of technology into a variety of insurance processes. 

The alliance has unanimously selected to begin its collaboration by focusing on technology and efficiency improvements to policy checking. Policy checking is a high volume and comprehensive process that performs a critical validation for accuracy and integrity of policy issuance across carriers, wholesalers, and brokers. Beginning this month, alliance members will work together to drive the evolution of Patra’s industry leading policy checking solution.

“The need for insurance leaders to collaborate on technology has never been more important and this InsurConneXtions will be an important and strategic contributor,” said John Simpson, CEO and Founder of Patra. “With industry leading firms along with Patra’s technology and full-service delivery capabilities, a collaborative approach will help ensure a more rapid delivery of tech-enabled solutions to help solve our common challenges.”

“Speaking on behalf of the membership, we are excited

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Citizens Financial Group to Participate at the Bank of America Future of Financials Virtual Conference 2020

Citizens Financial Group to Participate at the Bank of America Future of Financials Virtual Conference 2020

Citizens Financial Group, Inc. (NYSE: CFG) announced today that Vice Chairman and Chief Financial Officer John Woods and President of Consumer Lending Eric Schuppenhauer will participate at the Bank of America Future of Financials Virtual Conference 2020 on Tuesday, November 10, 2020 at 8:50 am ET.

The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $179.9 billion in assets as of June 30, 2020. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,700 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

CFG-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20201013005368/en/

Contacts

Media: Peter Lucht – 781.655.2289
Investors: Kristin Silberberg – 203.900.6854

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