Bank of America Merrill Lynch appointed Cyndi Hutchins director of Gerontology.
A 28-year wealth management and retirement industry veteran, Hutchins has spent the last 15 years with Merrill Lynch – seven as a financial advisor in the greater D.C. / Maryland area, and the last eight as a retirement specialist.
Hutchins graduated from Towson State University with a degree in Business and Finance and recently earned a Masters in Gerontology from the University of Southern California.
Merrill Lynch has teams of retirement, wealth, trust and insurance specialists who work with advisors and clients. Hutchins predicts that in five years the company could have a team of gerontology specialists in place to meet the needs of an aging population.
“This is a mindset change for the industry and for advisors,” she says. “Adding value to client relationships today means having meaningful discussions about longevity, how to smoothly transition into retirement, what it means to go from being a son or daughter to being a caregiver, and how to plan for the unexpected.”
In other industry news:
American International Group, Inc. (NYSE: AIG) named Liza Tyler senior vice president, Annuity Distribution, AIG Financial Distributors.
Tyler’s responsibilities will include developing and executing annuity sales strategies for both the organization’s independent brokerage platforms and AIG Financial Network, the company’s recently-launched premier financial services group comprised of experienced advisors as well as newer advisors and agents seeking to grow careers in the retirement and protection space.
Prior to joining AIG, Tyler most recently served as vice president, Relationship Management for New York Life Investments, where she and her team supported the organization’s retail partner firms. Before New York Life Investments, Tyler served 14 years with Genworth Financial, where she was responsible for leading operations and internal sales, and previously served as an external wholesaler and Divisional Sales Manager.
Tyler earned her bachelor’s degree from the University of Minnesota.
Pruco Life Insurance Company, a subsidiary of Prudential Financial, Inc. (NYSE:PRU), introduced its newest universal life insurance product PruLife Founders Plus UL.
It provides death benefit protection with an extended No-Lapse Guarantee, and offers a choice between two interest crediting account options that can help build cash value in the policy. Additionally, an optional BenefitAccess Rider, available for an additional cost, allows consumers to advance up to 100 percent of the death benefit should they become chronically or terminally ill.
Founders Plus UL has two account options that support cash value accumulation. The Fixed Account offers a competitive interest crediting rate with a guaranteed minimum. The Plus Account combines the potential to earn both Basic Interest and Index Interest, which is tied to the performance of the S&P 500.
Additional key elements of the product include:
An extended No-Lapse Guarantee – Has the potential to provide consumers with guaranteed coverage into the mid to late 80s or longer, provided certain circumstances are met;
An optional Waiver of Premium Rider – Can cover the cost of premiums or certain monthly policy charges should the insured become disabled provided they meet the terms and conditions; and