Mnuchin: Failure to pass tax cuts could wipe stock market gains | Underperformance, inattention main reasons advisers lose clients' trust | How to survive a stock market downturn
October 20, 2017
FPA SmartBrief
A digest of news and industry updates for the financial planning community
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Mnuchin: Failure to pass tax cuts could wipe stock market gains
Mnuchin: Failure to pass tax cuts could wipe stock market gains
Mnuchin (Alex Wong/Getty Images)
If Congress does not enact tax cuts this year, stock market investors could see recent gains disappear, Treasury Secretary Steven Mnuchin said. Stocks are hitting record highs partly because tax cuts and regulatory relief are "priced in," he said.
Bloomberg (free registration) (10/18) 
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Practice Management
Underperformance, inattention main reasons advisers lose clients' trust
A majority of clients ranked their financial advisers high in terms of trustworthiness, but roughly 25% said they had lost trust in their current or previous adviser because of a negative experience, according to a study from Vanguard's Center for Investment Research. Participants cited inattentiveness and portfolio underperformance as top reasons for mistrust.
Financial Advisor online (10/18) 
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How to survive a stock market downturn
People planning for retirement should be prepared for an eventual end to the current bull market. One way to weather a downturn is to divide retirement savings into three accounts: one for cash and short-term investments and the other two for longer-term investments.
Next Avenue (10/17) 
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Policy Watch
Confusion grows as states add their own fiduciary rules
Fiduciary laws drafted by individual states are creating confusion as debate continues over the Department of Labor's nationwide fiduciary standard. Nevada, Connecticut, New York, New Jersey and Massachusetts are among the states that have enacted or are working to enact such laws.
Financial Advisor IQ (10/19) 
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Labor asks court to delay action on challenge to fiduciary rule
The Labor Department has asked the US District Court in Minneapolis to stay a legal challenge by Thrivent Financial for Lutherans to the department's fiduciary rule while the agency revises the rule. The department said its administrative actions "are likely to address the challenged provision before it becomes applicable."
Pensions & Investments (free access for SmartBrief readers) (10/16) 
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FINRA intensifies scrutiny of high-risk registered reps
Inspections by the Financial Industry Regulatory Authority are targeting registered representatives the industry self-regulator sees as threats to clients, said Susan Axelrod, FINRA's executive vice president for regulatory operations. A special exam unit focused on high-risk brokers has conducted "several hundred examinations focused on these individuals," she said.
InvestmentNews (tiered subscription model) (10/16) 
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Industry Report
Study: RIAs on track to set M&A record
At the current pace, mergers and acquisitions among registered investment advisers will surge to a record this year, according to a study from Echelon Partners. Based on the trend this year, deals will post a 23% increase from a year earlier, reaching 169 deals by year-end, the company said.
Financial Advisor online (10/17) 
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Ideal places to retire, based on preferences
Individual preferences and interests are key factors in deciding on a place to retire. This list of retirement destinations, which covers various lifestyles and goals, includes Broomfield, Colo., for outdoor enthusiasts and Hoboken, N.J., for those who enjoy sophisticated urban culture.
Money magazine (10/16) 
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FPA News
Learn something new while supporting the Foundation for Financial Planning
Forty thought leaders from the financial planning profession gathered to collaborate on The Art of Practicing and the Art of Communication in Financial Planning -- a new book that provides readers with insights on how financial planning should be viewed and how professionals can engage their clients. All royalties from the sale of the book benefit the Foundation for Financial Planning and the work they are doing to make financial planning more accessible. The book is available in paperback and eBook through Amazon, and bulk ordering is available through Sage Publishing.
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Journal in the Round: Client Trust and Communication in the Age
of Massive Change
We have entered a time of unprecedented political and economic change that directly impacts our work as financial planners. In this month's Journal in the Round, Dennis Stearns, CFP®, one of the industry's leading scenario experts and futurists, and Dr. Gary Bradt, a top expert on managing through change, will discuss how to frame the conversations to help clients prepare for change with targeted questions and solutions that can help them feel more in control of their destiny. This special live event will take place on Oct. 25 at 2 p.m. EDT. Register today!
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