Products April 2, 2009

Lord Abbett Lowers Expense Ratio of High Yield Offering

Lord Abbett&Co. announced that effective March 1, 2009, the net expense ratio on the Lord Abbett High Yield Fund A (LHYAX) Class A shares was reduced to 0.98%.
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The company also announced that the fund attained its 10-year performance record, with a top quartile showing as of December 31, 2008.

The High Yield Fund is a core component of Lord Abbett’s suite of high-yield/convertible fixed-income strategies, including high-yield corporate debt, bank loans, and convertible bonds managed for institutions and individual investors, the company said.

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Since the High Yield Fund’s inception in 1998, it has been led by Michael Goldstein, Partner and Portfolio Manager, and Christopher Towle, Partner and Director of High Yield and Convertible Investments, and is supported by a group of 10 credit analysts with an average of 15 years experience, according to the company.

 

 

Products April 2, 2009

CUNA Mutual Introduces 401(k) Training Program for Advisers

CUNA Mutual Group has introduced a training program to financial advisers who sell the company’s 401(k) and other retirement plans.
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The program, Retirement Plan Foundations, is designed to help financial advisers “gain the knowledge and confidence needed to make 401(k) sales an integral part of their business,” the company said in a release.

“Too many providers offer broker/dealers and their advisers a great 401(k) product, and then assume the advisers are geared-up to sell the plans. This is a wrong assumption,” said Micah DiSalvo, director of retirement plan sales for CUNA Mutual, in the release. “A retirement plan sale is different than a retail product sale. We know this and we help advisers cross that bridge.”

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CUNA Mutual said the program includes:

  • technical training about 401(k) plans
  • complete sales process and tools
  • service platforms designed to keep plan sponsors satisfied
  • educational and enrollment materials and presentations
  • personal coaching designed to make good producers become great producers
  • lead and prospecting systems.

CUNA said that although historically it sold plans within the credit union marketplace, it is now expanding to different sales channels. It has selling agreements with several independent broker/dealers, including LPL Financial, LaSalle Street Securities, QA3 Financial, and Mutual Service Corporation. Retirement Plan Foundations is now available to advisers of those broker/dealers.

More information is available by contacting DiSalvo at 800.356.2644, ext. 6422.

 


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