Commentary: Advisors must also be great business owners | FINRA wants to make it easier to prove churning | High court hears challenge to legality of SEC in-house judges
April 24, 2018
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Commentary: Advisors must also be great business owners
Some financial advisors are talented at the technical aspects of advising but lack a business mindset, which presents a big obstacle to a successful practice, writes Stephanie Bogan, CEO of Educe. "Whether you are a sole proprietor or a partner in a larger firm, your mindset determines your level of business mastery," she writes.
InvestmentNews (tiered subscription model) (4/23) 
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Key Shield Takeaways
Participate in growth opportunities: With a Shield annuity, balance is built-in. This means that, even with the level of protection clients enjoy, they can still take advantage of growth opportunities in the market. Learn more at
Policy Watch
FINRA wants to make it easier to prove churning
The Financial Industry Regulatory Authority has proposed letting it find an advisor guilty of churning, or excessive trading in a client's account, even if the advisor has no discretionary authority over the account. Requiring advisor control imposes "a heavy and unnecessary burden on customers," FINRA said in a regulatory notice.
InvestmentNews (tiered subscription model) (4/23) 
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High court hears challenge to legality of SEC in-house judges
The US Supreme Court has begun hearing arguments in a case challenging the constitutionality of the Securities and Exchange Commission's administrative law judges. The SEC defends use of in-house judges, but the solicitor general says the way the SEC picks the judges is unconstitutional.
Pensions & Investments (free access for SmartBrief readers) (4/23),  Reuters (4/23) 
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How do you ESG?
According to the Global Sustainable Investment Alliance, assets in environmental, social and governance (ESG) strategies have soared to nearly $23 trillion globally, an increase of more than 600% over the past decade. However, not all ESG strategies are equal. See what sets Calvert apart.
Building Your Business
Creating value outside investment management in family offices
A family office can fill noninvestment roles to contribute to building consensus and setting values among family members, suggests Daniel Berick of Squire Patton Boggs. Establishing an information hub and offering ancillary services are two of five ways he suggests adding value for clients.
WealthManagement (4/23) 
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Financial Products
How the new tax law benefits Roth IRAs
Lower individual income-tax rates as a result of the new tax law make Roth individual retirement accounts more attractive than they previously were, retirement experts say. "For anyone who is going to contribute just on straight math, Roth IRAs are a much better purchase right now than traditional [IRAs]," says Greg Hammer of Hammer Financial Group.
NerdWallet (4/20) 
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10-year US Treasury yield fluctuates short of 3%
The last auction drew plenty of buyers for 10-year US Treasurys yielding 2.996%, but traders were unable to break through the psychological 3% level. Fixed-income managers are watching closely as the yield nears 3% because what happens next could give a clue as to whether the bull market in bonds is ending.
Bloomberg (free registration) (4/23) 
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Retirement Focus
Survey: Half of retirees fail to estimate health care costs in advance
Fifty percent of current retirees did not attempt to determine the costs of health care prior to retirement, and more than 40% say health care expenses are higher than they imagined, finds a survey by the Employee Benefit Research Institute and Greenwald & Associates. The 2018 Retirement Confidence Survey also found that 80% of retirees are confident they can cover basic expenses, down 5 percentage points from 2017.
WealthManagement (4/24) 
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Commentary: Why our retirement system lets women down
The National Institute on Retirement Security reports women are 80% more likely than men to live in poverty once they reach retirement age. Retirement expert Mitch Tuchman argues that the retirement system "ultimately lets women down" because it was originally designed to serve the male workforce.
MarketWatch (4/23) 
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Why college grads must invest in the future
Why college grads must invest in the future
College graduates should begin socking away money for retirement during their first job out of school, writes financial expert Peter Dunn. A $250 investment each month could grow to more than $1.3 million over a 45-year career, Dunn writes in this commentary.
USA Today (4/20) 
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Forbes: 25 best locations for retirees in 2018
Forbes highlights 25 locations across the US it deems the best for retirees based on affordability and quality of life. In addition to money-related characteristics such as median home prices and the cost of living, Forbes considered things like air quality and walkability.
Forbes (4/23) 
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FSI Member News & Events
FSI Capitol Hill Day 2018
Financial Services Institute members achieved a significant victory as the 5th Circuit Court of Appeals ruled in favor of vacating the Labor Department's fiduciary rule and paving the way for a Securities and Exchange Commission-created best interest standard for all investment advice. However, there's still work to be done, and advocacy victories such as this aren't possible without your active engagement. Join us for Capitol Hill Day June 5-6 for your opportunity to meet with your elected officials and help move the needle on issues impacting our industry. Register now.
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New business intelligence tool -- FSI member discount
FSI has partnered with Truelytics to bring members a robust online valuation and business intelligence platform that can help you go from running a practice to owning a business. The Truelytics platform gives financial advisors the ability to understand the value of their entire practice, including earnings contributions and the key strengths and weaknesses that are driving their business. FSI members receive a 21% discount on the Truelytics business intelligence platform. Learn more and sign up for a demo today!
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About FSI
FSI was formed in January 2004 as an advocacy and membership organization for independent broker-dealers and independent financial advisors. We provide insight, information, influence, and involvement--all in support of our mission to provide visibility, credibility, and an improved regulatory environment for the independent channel. Learn more at
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