Trump's order governs fiduciary rule review, Labor nominee says | Advisers offer tips on client relationships | Tapping into the millennial market
March 24, 2017
FPA SmartBrief
A digest of news and industry updates for the financial planning community
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Trump's order governs fiduciary rule review, Labor nominee says
The Labor Department will follow the criteria set out by President Donald Trump's order instructing it to review its fiduciary rule, R. Alexander Acosta, Trump's nominee to be secretary of labor, told a Senate committee. That order "really regulates and determines the Department of Labor's approach to the fiduciary rule," he said.
ThinkAdvisor (free registration) (3/22),  Pensions & Investments (free access for SmartBrief readers) (3/22) 
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Practice Management
Advisers offer tips on client relationships
(John Moore/Getty Images)
Making the first move to establish a relationship is a crucial part of any adviser's business. Several advisers share how they go about breaking the ice with prospective clients. (3/20) 
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Tapping into the millennial market
Tapping into the millennial market
(Samir Hussein/Getty Images)
Nearly 80% of survey respondents ages 30 to 39 said they would be willing to pay for financial advice, and 73% of those under 30 expressed a similar willingness. Nicole Miller, founder of Advisor Forward Marketing & Consulting, offers four strategies for winning their confidence and business.
ThinkAdvisor (free registration) (3/22) 
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Policy Watch
Senate bill would aid small-business retirement plans
A bipartisan bill has been introduced in the Senate to simplify small businesses' offering of employee retirement plans. The bill would ease administration, cut costs and avoid duplication of effort by letting businesses file a single Form 5500 with the Labor and Treasury departments.
InvestmentNews (tiered subscription model) (3/22) 
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Trump's SEC picks impossible to call, experts say
(Chip Somodevilla/Getty Images)
The industry consensus seems to be that President Donald Trump's appointments to the Securities and Exchange Commission cannot be predicted. Two vacancies will remain if the Senate confirms independent Jay Clayton as chairman.
InvestmentNews (tiered subscription model) (3/21) 
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FINRA seeks improvement via firms' feedback
The Financial Industry Regulatory Authority has invited input from firms on its remit and structure, including advisory and ad hoc committees, rule making, member relations and the quality of information provided. The comment period is open until May 5.
ThinkAdvisor (free registration) (3/21) 
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Brown vows to resist full Dodd-Frank repeal
Sen. Brown vows to resist full Dodd-Frank repeal
Brown (Angelo Merendino/Getty Images)
Sen. Sherrod Brown of Ohio, the senior Democrat on the Senate banking committee, does not support wholesale abolition of the Dodd-Frank Act, saying the law is effective. However, Brown is willing to revisit aspects of the law and says he looks forward to working alongside committee Chairman Mike Crapo, R-Idaho.
Reuters (3/21) 
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Industry Report
Survey: Retirement savings stress out workers
About 6 in 10 US workers have saved for retirement, and 3 in 10 are stressed about such savings, according to the 27th annual Retirement Confidence Survey. About 4 in 10 respondents have tried to determine how much savings they will need to retire.
Pensions & Investments (free access for SmartBrief readers) (3/21) 
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Comfortable retirement savings are $1M, say 2 in 5 people
The latest survey from the Employee Benefit Research Institute finds that 37% of American workers estimate they would need at least $1 million to ensure a comfortable retirement, compared with 19% who quoted that figure a decade ago. However, the survey noted that the estimates are closely correlated to respondents' current income.
Financial Advisor online (3/21) 
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Study explores link between financial, physical wellness participation
Study explores link between financial, physical wellness participation.
(David Hallett/Getty Images)
Researchers report in Psychological Science that employees who contribute to a 401(k) are more likely to see improvements in blood test abnormalities and embrace healthy behaviors than those who do not contribute to retirement accounts. The findings suggest attitudes about the future and whether they have the power to change it may play a role in retirement plan participation as well as engagement in wellness programs. (3/19) 
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55% of Americans have less than $10,000 saved for retirement
Retirement plans
A survey by GOBankingRates found that the retirement savings of 55% of Americans total less than $10,000, a figure down only slightly from 56% in 2016. According to the Bureau of Labor Statistics, adults 65 and older spend an average of almost $45,000 a year, meaning the majority of future retirees don't have enough money saved to cover their expenses for a single year.
GOBankingRates (3/20) 
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FPA News
How are you investing today and over the next year?
FPA and the Journal of Financial Planning, in partnership with Longboard Asset Management, are conducting the annual Trends in Investing Survey to gauge adviser use and recommendation of various investment vehicles and approaches to diversification. Over the past seven years, this research has provided you with unique insights to how your peers are investing client assets. Please take a few minutes to respond to this year's survey!
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Learn to be a gen-savvy financial adviser at 2017 FPA Annual Retreat
Cam Marston, author of "The Gen-Savvy Financial Advisor" (FPA)
FPA Annual Retreat 2017 | April 24-27 | "The Gen-Savvy Financial Advisor" | The challenge for financial advisers today is to provide financial services and create new adviser-client relationships that match the expectations and experiences of the next generation of investors. Learn how to understand each generation's characteristics and anxieties prompted by downturn. Register today!
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