Succeed at running a business and increasing clients' wealth | Know when to let a client go for the firm's sake | Tips for transforming prospects into clients
May 22, 2018
FPA SmartBrief
A digest of news and industry updates for the financial planning community
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Succeed at running a business and increasing clients' wealth
Financial advisers are usually good at providing clients with wealth-building guidance, but they aren't always good at running their businesses, consultant Stephanie Bogan writes. Mapping a vision for the firm, maintaining a business owner mindset and implementing methods for a seamless client experience will help advisers improve their businesses, she adds.
FPA Practice Management Blog (5/17) 
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Know when to let a client go for the firm's sake
It makes business sense to fire a client in some instances, writes Mark Palmerino of CCR Wealth Management. These include poor economics, bad chemistry or behavior that presents a risk to the firm's reputation.
WealthManagement (5/17) 
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Practice Management
Tips for transforming prospects into clients
Four simple steps can help advisers turn prospects into clients, including taking prompt action within a week of receiving leads and reaching out to leads at least five times during that week, says lead-generation service SmartAsset. Advisers may want to consider expanding their workday outside normal business hours to show flexibility -- even if it's just one night or weekend per month -- and they should stay as organized as possible by keeping track of all communication.
ThinkAdvisor (free registration) (5/18) 
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Policy Watch
SEC's fake website exposes risks of cryptocurrency investing
The Securities and Exchange Commission has launched HoweyCoins, a bogus website that highlights the risks of being swayed by promises of extraordinarily high returns via cryptocurrency investments. When users choose to "buy coins now," they are taken to an official SEC site that notes they could have been duped and lists the warning signs of a fake offer.
CNBC (5/17) 
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FINRA proposes release of insurance information in arbitrations
The Financial Industry Regulatory Authority has proposed requiring broker-dealers and associated persons to make insurance information available during arbitration proceedings. FINRA said the proposal is a response to concerns by broker-dealers about "prejudice by limiting the circumstances under which insurance coverage information could be presented to arbitrators."
ThinkAdvisor (free registration) (5/17) 
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Retirement commission would focus on private-sector workers
Sens. Todd Young, R-Ind., and Cory Booker, D-N.J., have introduced legislation to create a federal commission to look for ways to improve retirement security for private-sector workers. The commission would consider proposals to help the mobile workforce and gig and part-time workers, and would review policies from other countries, including the mandatory retirement savings systems in some Scandinavian nations, Young said.
Forbes/Next Avenue (5/20) 
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Industry Report
Military tactics popular in tackling cybercrime
Financial institutions are adopting military tactics and employing former military personnel as they work to prevent cybercrime. Mastercard has set up a cybersecurity command center run by a former Delta Force officer, at least a dozen banks have opened similar hubs for gathering intelligence, and "combat drills" that test responses to simulated cyberattacks have become routine.
The New York Times (tiered subscription model) (5/20) 
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Retirement savings lag for Americans
Americans have an average of $84,821 saved for retirement, with a third of baby boomers having $25,000 or less, according to Northwestern Mutual's 2018 Planning & Progress Study. The study found that 66% of Americans believe they'll outlive their savings, and 78% are either "somewhat" or "extremely" concerned about having enough money for their retirement years.
CNBC (5/16) 
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FPA News
Make an impact on your professional community
When you join FPA, you benefit from a powerful community -- and you add to its strength. Find out what FPA can do for you, and what you can do for your community. During our Spring Membership Drive, we're offering $200 off your membership dues, plus a FREE gift! To take advantage of this offer, visit and use promo code MAY18 at checkout. Act fast -- this offer only lasts through May 31. Join FPA here.
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Share your thoughts on the SEC's proposed rules and interpretations!
The SEC is proposing three new rules and interpretations that will impact the work of financial planning professionals and the clients they serve. To collect member sentiment on the SEC's proposals, the FPA Member Advocacy Council (MAC) and Legislative and Regulatory Issues Committee (LRIC) are soliciting YOUR thoughts and opinions. You can take a brief survey and also participate in a member conference call on June 11 at 2 pm ET. The feedback you provide will be shared with the Financial Planning Coalition, of which FPA is part, to help guide the Coalition's development of an official comment letter that will be filed with the SEC by the end of the comment period. Please take the survey and join us for the member conference call!
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