The Fourth Annual Financial Planning Association Advocacy Days saw the largest group of financial planners come to Washington for face-to-face meetings with lawmakers, writes FPA President Shannon Pike. It gave FPA members a chance to reaffirm their determination to put their clients first and their support for a fiduciary standard.
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While advisers can't control the market, they can control their emotional connections with their clients and colleagues, writes John L. Evans Jr., executive director of Janus Henderson Labs. He breaks down a four-step approach to business development called the "Circle of WOW."
Many of the prevailing attitudes to investment and savings which developed in the late 20th century are no longer relevant today, so advisers should focus their clients' attention on income rather than growth, writes Philip J. Romero, finance professor at the University of Oregon. Romero points out that factors such as a growing debt-to-GDP ratio and shifts in demographics and globalization are bringing fundamental changes to the investment landscape, which will affect retirees in particular.
The Certified Financial Planner Board of Standards Inc. has issued a new proposal that would mandate that CFPs act in the best interests of their clients at all times. The proposal would cover all financial planners, including brokers who hold the mark.
Federal Reserve Governor Jerome Powell and acting Comptroller of the Currency Keith Noreika have indicated willingness to ease the regulatory burden imposed by post-crisis regulation, particularly the Fed stress test and the Volcker rule. "The Volcker rule provides a practical example of how conflicting messages and inconsistent interpretation can exacerbate [the] regulatory burden," Noreika said.
House Speaker Paul Ryan, R-Wis., has promised reform of the tax system would not threaten retirement savings. He says homeownership and charitable donations also would remain unaffected, but he intends to end the estate tax and the alternative minimum tax.
The Federal Reserve should let a low 10-year Treasury yield and sluggish inflation recover before raising interest rates further, says Robert Kaplan, president of the Federal Reserve Bank of Dallas. "From here now, I'd like to see evidence that recent weakness in inflation in March and to some extent April and May was transitory," he said.
More financial planners and advisers are incorporating discussions of medical spending into their retirement-planning services, experts say. Including such costs leads to a more holistic and accurate retirement-spending plan, according to experts.
Apply for a Diversity Scholarship to attend the 2017 FPA Annual Conference
Applications are due Aug. 4 for FPA Diversity Scholarships to attend the 2017 FPA Annual Conference in Nashville Oct. 2-4. The scholarship recognizes professionals who are working to encourage diversity in the financial planning profession and the population served. The merit-based scholarship recipients earn one-year FPA membership and complimentary registration and travel expenses to the conference. Apply now!
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FPA has launched a new member benefit -- the FPA Professional Services Directory -- to provide members with even more resources and tools to support their professional and business success. The directory, accessible on FPA Connect, lists all Allied Professional and CFP® professional members of FPA and serves as a resource to connect members who seek support in the financial planning process. Access the FPA Professional Services Directory today!
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