Brookstone Capital Management (BCM) decided to restructure its ownership after years of growth.
Since 2009, BCM had been a wholly owned subsidiary of Producers Equity Group (PEG), a holding company that built a platform for independent financial advisors by integrating fixed insurance products, securities and managed money. As of January 2013, BCM will be operated solely by its co-founder, Dean Zayed.
In its six years of operating, BCM has grown to approximately 200 investment advisor representatives across the country and more than $550 million in assets under management (AUM). In 2012, BCM had an AUM surge of more than 55 percent.
In other industry news:
Hub International Limited (Hub) acquired San Diego-based insurance brokerage firm Intercare Insurance Solutions, Inc. Terms of the acquisition were not disclosed. Intercare will become part of the California operations of Hub International Insurance Services (Hub California). Mike Barone, president and CEO, will join Hub, reporting to Kirk Christ, president, Hub California. Intercare provides employee benefits consulting and brokerage services in addition to property and casualty and 401(k) retirement plan consulting.
The Guardian Insurance & Annuity Company, Inc. (GIAC) introduced the Guardian SecureFuture Income Annuity, a deferred income annuity product designed to provide a future stream of guaranteed lifetime annuity payments.
With a minimum initial premium payment of $5,000, annuity owners of the Guardian SecureFuture Income Annuity can begin receiving lifetime payments, backed by the claims paying ability of GIAC, at a predetermined future date chosen by the annuity owner within the rules of the annuity.
Annuity owners are able to make additional premium payments to increase their future lifetime income up until 13 months before the income start date and can benefit from a variety of annuity features to meet their current or future income needs.
The lifetime annuity payments are calculated based on certain characteristics of the annuitant, such as age at the time of any premium payment and gender; the Lifetime Annuity Payment Option; the amount of time before the annuity payments begin; the frequency of the annuity payments; and the purchase rates in effect at the time of initial premium or any additional premiums made thereafter. The annuity owner can choose to receive payments on a monthly, quarterly, semiannual or annual schedule with the flexibility to change the frequency at any time up until the day before the first payment is made.
GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America.