Month: March 2022

Russia-Ukraine Update from Maple Capital

March 15, 2022

Russia’s war in Ukraine has certainly cast a pall over global financial markets in short order. The shocking development also greatly complicates the global economic outlook since it comes as much of the world is still fighting the pandemic and dealing with a fragile set of conditions on multiple fronts.

From an investment standpoint, we at Maple Capital are contemplating a host of issues that continues to evolve:

  • Geopolitical risk that will remain elevated no matter when the actual fighting ceases
  • Supply chain constraints that now become even more challenging and persistent for many industries (see chart below for perspective)
  • Commodity price surges and shortages that will likely persist, particularly agricultural and energy commodities
  • Inflation pressures that will likely now prove more pervasive and durable
  • Unintended consequences of sanctions and other economic measures being used against Russia, such as the long term implications for the U.S. Dollar as the global reserve currency
  • Heightened volatility in financial markets that could erode investor sentiment
  • Higher risk premiums in financial markets that are eroding financial conditions, albeit from extremely favorable conditions (see prior Commentaries)

CLICK HERE TO CONTINUE READING

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Women’s Leadership Series: Rose Ann McDonald

March 15, 2022

This past summer, National Life Group welcomed Rose Ann McDonald to its leadership suite in partnership with its Atlanta Agency. Rose Ann joins her team as the Executive Vice President of Strategic Initiatives encompassing all areas of the firm’s business with a focus on organizational effectiveness, creating and streamlining systems and processes, including general oversight of the firm. Rose Ann holds thirty-five years of experience in compliance, leadership development, operations, training and development, marketing, coaching, mentoring and management in the financial services industry.

Click Here to Read Rose Ann’s Interview – ESI is Proud to Have Such a Strong Partner!

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Core Sweep Money Market Fund Conversion

March 15, 2022

One of the features in ESI brokerage accounts is the automatic investment of cash balances in a core sweep money market mutual fund.

ESI is changing the core sweep fund utilized in some NFS accounts:

  • For all non-retirement, non-managed brokerage accounts, the Fidelity Government Money Market Fund (SPAXX) will be used.
  • For retirement accounts, there will be no change to the core money market fund. Fidelity Government Cash Reserves (FDRXX) will continue as the core sweep fund.

Under this conversion:

  1. NFS brokerage accounts (non-managed) will convert from FZBXX to SPAXX as the core sweep fund. 
  2. ESI Illuminations and Directions accounts (managed) will be converted from existing core sweep fund positions to SPAXX to the extent that SPAXX is not already the chosen core sweep fund (the majority of managed accounts already hold SPAXX as the core sweep fund). Positions that will be converted to SPAXX in managed accounts are as follows:
  3. Fidelity Government Money Market Fund, Capital Reserves Class (FZAXX)
  4. Fidelity Treasury Money Market Fund Daily Money Class (FDUXX)
  5. Fidelity Treasury Money Market Fund, Capital Reserves Class (FSRXX)

After the conversion, there will be two Core Sweep Funds used for all NFS accounts—SPAXX for all non-retirement accounts and FDRXX for all retirement accounts.  Note that neither fund charges 12b-1 fees to the client.

TIMING OF CHANGE:

  • March 21, 2022, a letter detailing the conversion, a tabular comparison of money market funds and a prospectus for SPAXX will be mailed to affected clients.
  • April 18, 2022, all newly established non-retirement accounts will use SPAXX as the core sweep money market fund.
  • April 25, 2022, shares of FZBXX, FZAXX, FDUXX and FSRXX will be redeemed and proceeds will be invested in SPAXX.

 IMPORTANT ITEMS TO NOTE:

  • Any clients who do not wish to transition to SPAXX can notify ESI Operations, either through their financial representative or directly, within 30 days of receipt of the letter.
  • Any dividends paid on or after April 18, 2022 with respect to holdings in the old core sweep funds will be paid in cash and reinvested in SPAXX.
  • There are no costs associated with the transition. However, should clients accept the transition and later choose to select a new investment option after the 30-day notification  period, accounts may be subject to additional fees.
  • All other features and benefits associated with affected accounts will remain unchanged and are not impacted by this transition.
  • Attached for your reference is a copy of the letter to clients and the required comparison sheet.

(NOTE: Make sure you’re logged into the agent portal before clicking those links!)

QUESTIONS?

Please contact the ESI Service desk with any questions at 1-800-344-7437.

Click Here to Read FN202209: Core Sweep Money Market Fund Conversion in Full

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Improved eSignature Process in Docupace!

March 15, 2022

Effective immediately, before sending an item for eSignature, you will have an opportunity to choose a comprehensive review of the forms, adjust existing tags, and add signer tags as needed. This new process is quick and easy, allowing you to be sure all signatures will be captured the first time you send a packet to your client. If you are certain no adjustments are needed for your documents, you will still have the ability to continue with the normal eSign process and not open this new functionality.

The guide to help walk you through the new tagging process can be found here.

If you have any questions, please reach out to ESI at 800-344-7437 option 1, option 4, or email DocupaceSupport@esiblog

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Save the Date for This Pacific Life Webcast!

March 15, 2022

STATE OF THE CONSUMER: With a Focus on Women, Money, and Retirement

Be one of the first to hear how consumers currently feel about retirement and how you as a financial professional can help ease their financial stress. Additionally, Jean will share specific insight on female consumers. With 70% of the $41 trillion of intergenerational wealth being transferred to women, you won’t want to miss hearing what women need and want from their finances.

Date: Tuesday March 22, 2022

Time: 9:00am PT/ 12:00pm ET

CLICK HERE FOR INVITE AND REGISTRATION LINK

Jean Chatzky is Author, CEO & Co-Founder  of HerMoney.com, Retirement Ambassador for AARP, and Former Financial Editor of  NBC’s Today Show.

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Improved eSignature Process in Docupace

March 8, 2022

We have heard your feedback around missing eSignatures on vendor supplemental forms, and the frustration that it has caused to go back to your clients for additional signatures. We’ve listened, and are excited to announce new functionality within the Docupace system to put more control around eSignatures into your hands.

Effective immediately, before sending an item for eSignature, you will have an opportunity to choose a comprehensive review of the forms, adjust existing tags, and add signer tags as needed. This new process is quick and easy, allowing you to be sure all signatures will be captured the first time you send a packet to your client. If you are certain no adjustments are needed for your documents, you will still have the ability to continue with the normal eSign process and not open this new functionality.

The guide to help walk you through the new tagging process can be found here.

If you have any questions, please reach out to ESI at 800-344-7437 option 1, option 4, or email DocupaceSupport@esiblog

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Need Seminar Support? White Glove is an Approved Seminar Service

March 8, 2022

White Glove provides comprehensive seminar services to agents and Registered Representatives.

How it Works
White Glove’s seminar services include the following:

  • Pre-Event services including market research to identify the target market in your area and logistical support including promotion, confirmation calls, emails and texts to registrants.
  • In-Event services offer live venue logistics and concierge support for webinars.
  • Post-Event services offer appointment setting follow up.

Benefits to You

  • All promotion and registration is handled by White Glove
  • Appointment setting
  • Post event support
  • You only pay for attendees that actually attend your seminar or webinar
  • White Glove is approved to email your workshop confirmation and follow up reminder notifications to registrants. If White Glove identifies any technical issues, you may still have to send out the emails yourself; however, White Glove remains in constant communication with you. This process includes granting White Glove access to your Office365 authentication in order to send emails on your behalf. Please note, granting authorization only allows White Glove to send emails related to your event. They do not have access to your emails, to make changes or access to any other Office applications. 

    The process to allow White Glove to do all the work for you is simple, and you will only have to go through it once (not per event).

Benefits to Your Prospect

  •  Prospects participate in seminars/webinars based on their needs
  • White Glove makes registering easy and provides a communication contact

Important Requirements

  • White Glove offers services beyond just seminars. At this time, only the seminar services are approved.
  • If you choose a seminar topic that doesn’t reference securities or financial planning, this service can also be used by agents who aren’t registered with ESI.  The same process would apply.

Getting Started

Contact White Glove at https://whiteglove.com/ and they will work directly with you. Below are the materials that should be submitted to AdReview@Nationallife.com along with the Compliance Review Request form – note that Agents/RRs are responsible for submitting required materials to Ad Review.  Each Agent/RR should work with White Glove to customize these materials with the name and date of the seminar.  All the other materials used by White Glove are administrative communications and have already been reviewed by the Ad Review Unit (ARU), Life and Annuity Compliance Solutions of the National Life Group and do not need to be submitted.

Material Submission Requirement for Agents

  1. Seminar Power point (after White Glove has personalized it for you and your event).
  2. White Glove’s seminar invitation/sign-up landing page reflecting the name of the seminar and dates (Only the name of the seminar and dates are added – no disclosure).
  3. White Glove’s Static Face Book Ad that will be using to promote the seminar.  (These are not templates. Content varies from seminar to seminar e.g., pictures/texts).
  4. White Glove’s EventBrite and Face Book Event page (These are not templates. Content varies from seminar to seminar).  
  5. Recording of seminars is allowed of the financial representative only (CANNOT RECORD AUDIENCE AS WELL DUE TO the STATES’ RECORDING LAWS).  Submit the recording in mp3/mp4 format for review/approval to the ARU prior to use for review.  Recording may only be used for posts to compliance-approved websites and/or social media sites.  White Glove’s rebroadcasting feature may not be used.

Material Submission Requirement for Registered Representatives and/or Investment Adviser Representatives
(The ESI video conferencing requirements should be followed)

Same as Agent requirements above (note exception) PLUS:

  1. White Glove’s seminar invitation should include the Registered Representative’s and/or           Investment Adviser Representative’s disclosure. (same disclosure that appears on bottom of business card AND licensing disclosure for virtual seminars).
  2. For virtual seminars, a copy of the page reflecting the chat feature has been disabled.

This is current as of December 2021.    White Glove’s offerings are subject to change.

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Exclusion of Certain Cash Balances From Advisory Fee Calculations

March 8, 2022

Effective April 1st, 2022 assets designated as “Protected Cash” on the Illuminations platform and those in a “Holding Money Market” account at SEI, will not be included in the advisory fee calculation for those programs.

“PROTECTED CASH” AND “HOLDING MONEY MARKET”

The ESI Illuminations platform allows advisors to designate a “Protected Cash” position, which effectively removes the designated assets from management and excludes them from the invested assets. This also excludes the assets from rebalancing trades. Accordingly, assets designated as Protected Cash are non-managed, and are excluded from billing.

Likewise, SEI permits assets to be designated to a Holding Money Market account.  Such assets are also effectively non-managed and are excluded from billing.

QUESTIONS

Questions regarding this policy may be directed to Tom Longfellow at tlongfellow@nationallife.com.  Questions regarding Envestnet platform usage and/or capabilities may be directed to Sandy Colvin (scolvin@nationallife.com) or Mike Chiarella (mchiarella@nationallife.com).

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