Fed divided on when to raise interest rates | Advisers increasingly communicate with clients via texting | Commentary: Advisers must be aware of their online presence
August 18, 2017
FPA SmartBrief
A digest of news and industry updates for the financial planning community
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Fed divided on when to raise interest rates
A conflict is developing among Federal Reserve policymakers over the timing of future interest-rate increases, minutes of the last Federal Open Market Committee meeting show. One group expressed concern about a decline in inflation, while others warned of the dangers of further delaying rate increases.
CNBC (8/17),  The Wall Street Journal (tiered subscription model) (8/16),  The New York Times (free-article access for SmartBrief readers) (8/16) 
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Practice Management
Advisers increasingly communicate with clients via texting
Advisers are turning to text messaging for client communication, tech managers and suppliers say, noting that texts are preferred by many digitally savvy clients and generally score a higher read rate as email inboxes become cluttered. In response to a directive from the Financial Industry Regulatory Authority that texts must be recorded and stored, tech providers are developing archiving software.
InvestmentNews (tiered subscription model) (8/16) 
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Commentary: Advisers must be aware of their online presence
Commentary: Advisers must be aware of their online presence
Prospective clients are likely to research potential advisers, writes communications specialist Megan Carpenter, who argues advisers should take care to craft their online presence to send the right message. She suggests a quick test to see if that presence is up to snuff.
InvestmentNews (tiered subscription model) (8/10) 
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Policy Watch
Firms postpone changes with fiduciary rule likely delayed
Financial firms are putting off changes they had planned to comply with the Labor Department's fiduciary rule now that they are confident enforcement will be postponed a significant period. The extra time is particularly welcomed by broker-dealers, who might have to coordinate with hundreds of asset managers to comply with restrictions on commission.
InvestmentNews (tiered subscription model) (8/16) 
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Regulatory unwind reckless, Fed's Fischer says
Regulatory unwind reckless, Fed's Fischer says
Fischer (Mandel Ngan/Getty Images)
Republicans' drive to reverse post-crisis financial regulation, particularly capital and liquidity requirements for large institutions, is "dangerous and extremely shortsighted," said Federal Reserve Vice Chairman Stanley Fischer.
Financial Times (tiered subscription model) (8/16) 
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States push ahead with small-business retirement plans
The number of US states and cities that have introduced or will introduce auto-enrollment retirement systems for private-sector employees now stands at 31, according to the Georgetown Center for Retirement Initiatives. The trend is in apparent defiance of opposition from Republican members of Congress, who have tried to block such plans.
Financial Advisor online (8/14) 
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Fiduciary rule delay may end best-interest contract
The Labor Department's proposal to delay full implementation of its fiduciary rule may mean an end to one of its most controversial aspects, the best-interest contract, according to several industry observers. Those opposed to the BIC argue it is overly complicated and would raise liability costs.
InvestmentNews (tiered subscription model) (8/15) 
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Industry Report
Study tracks changes in how 20-somethings invest their 401(k) plans
An Investment Company Institute and Employee Benefit Research Institute study compared how people in their 20s invested within their 401(k) plans in 2015 with how 20-somethings invested in 1996. While the majority of allocations have gone into equities in both cases, the study showed investor preference has shifted from equity funds and company stocks to balanced funds, including target-date funds.
ThinkAdvisor (free registration) (8/15) 
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Retirement plan design tool aims to help sponsors, advisers
Principal Financial Group is rolling out a retirement plan design tool for advisers and plan sponsors. The tool enables users to model different plan designs with features such as automatic enrollment, auto-escalation and stretch-match formulas using real client data.
PlanAdviser online (8/15) 
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FPA News
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