Former Block Exec Named Investors Management Group Prexy: Investors Management Group, an institutional asset management firm focused on serving foundations, endowments, financial institutions, insurance firms and public funds, has named James I. Mackay as its president.
Prior to joining IMG, Mackay served as senior vice president of strategic development for H&R Block Financial Advisors. Mackay has also held management positions in investment banking, securities brokerage and investment management. As president, he will provide strategic direction for the firm as it grows its fixed-income and equity management business.
Investors Management Group is a wholly owned subsidiary of Amcore Investment Group, with more than $4 billion in assets under management.
Survey Shows the Wealthy Taking Action, But in Different Ways: Shaken by the bear market, wealthy investors are ready to recoup their losses, but how they’ll go about doing it varies greatly, according to a survey by the Phoenix Cos. Inc. and Harris Interactive.
While the majority of respondents feel that they have retirement under control, they’re increasingly concerned that they’ll outlive the money they have available for retirement (39 percent in 2003, up from 34 percent in 2002), and feel the need to make up for lost time saving for retirement (31 percent in 2003, up from 27 percent in 2002). Nearly two-thirds said that their most important overall financial goal is to ensure a comfortable standard of living during retirement. Survey results were based on 1,496 online interviews with adults with a net worth of $1 million or more.
Forty-three percent of the wealthy consider themselves “more savers than investors;” 57 percent say that their years of excess spending are long gone; and 58 percent say that it’s more important to preserve the safety of their capital, even if it means lower returns.
According to the poll, how the wealthy move forward toward resecuring their financial future varies according to the value that they place on wealth and how it impacts their lives and goals. The survey identified six segments of wealthy individuals with differing views on wealth: “deal masters” (11 percent); “altruistic achievers” (17 percent); “secret succeeders” (17 percent); “status chasers” (18 percent); “satisfied savers” (24 percent); and “disengaged inheritors” (13 percent).
FPA Calls For Nominations: The Financial Planning Association is seeking nominations for the P. Kemp Fain Jr. Award. The award, which will be presented at the Success Forum 2003 in November, recognizes an individual who has made outstanding contributions to the planning profession.
In 1971, Fain formed the first International Association for Financial Planning chapter in the nation, and served as its first president. He also served as president and chair of the Institute of Certified Financial Planners from 1983 to 1985. He was the first person to officially enroll in the CFP certification program and was a member of the inaugural class of CFP conferees.
Nominees should be professionals who have made a significant contribution to the financial planning profession in the areas of service to society, academia and government, and in professional activities. They must also exemplify the FPA’s core values of integrity, competence, relationships and stewardship. Nominations should be in the form of a one-to-three-page letter describing why the individual should be considered. Send nominations to: P. Kemp Fain Award, Financial Planning Association, 3801 E. Florida Ave., Suite 708, Denver, Colo. 80210. The deadline for nominations is Aug. 15, 2003.
Principal Rolls Out New Universal Life Product: The Principal Financial Group has rolled out a new universal life product, Principal Universal Life 3.
Features include an extended coverage rider; a five-year, no-lapse guarantee premium; and an accelerated benefits rider. Principal Universal Life 3 also carries three death benefit options. Policy owners can choose a death benefit equal to the face amount; a benefit equal to the face amount plus the accumulated value; or a death benefit equal to the face amount plus the premiums paid. A child term rider, a cost of living rider, a waiver of monthly policy charge rider, and a salary increase rider are also available.
