FSI's Brown: Use emotional priorities to teach financial skills | Senate moves forward on Acosta's confirmation as labor secretary | Trump proposal leaves tax breaks for retirement accounts untouched
April 27, 2017
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FSI's Brown: Use emotional priorities to teach financial skills
Using real-life priorities, rather than abstract theories, is important when discussing financial literacy to get the message across, especially concerning those near the start or end of their career, writes FSI President and CEO Dale Brown. "[P]resent the topic as a way to help young people and retirees address their specific emotional needs, rather than presenting it as a path to wealth or becoming overly focused on particular concepts too soon," he writes.
InvestmentNews (tiered subscription model) (4/26) 
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Policy Watch
Senate moves forward on Acosta's confirmation as labor secretary
Senate moves forward on Acosta's confirmation as labor secretary
Acosta (Win McNamee/Getty Images)
The Senate voted 61-39 on Wednesday to end debate on President Donald Trump's nomination of R. Alexander Acosta to be labor secretary. One more vote must be taken to complete his confirmation process.
ThinkAdvisor (free registration) (4/26) 
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Trump proposal leaves tax breaks for retirement accounts untouched
Some in the retirement industry feared President Donald Trump's proposed overhaul of the US tax system would eliminate some or all tax advantages enjoyed by 401(k)s, individual retirement accounts and similar retirement-savings accounts, but that hasn't happened. Gary Cohn, director of the National Economic Council, said tax provisions relating to retirement accounts "will be protected."
InvestmentNews (tiered subscription model) (4/26) 
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Commentary: What will tax cuts mean for advisors?
Although there are still many details to be worked out, the Trump administration's plans to simplify the taxation structure and make drastic cuts to personal and corporate tax are bound to have consequences for advisors. Potential outcomes include more client resources to invest and an increased appetite for certain investments.
InvestmentNews (tiered subscription model)/Bloomberg (4/26) 
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Democrats present opposition to Dodd-Frank reform
Democratic lawmakers went head-to-head with conservative think tanks in a hearing of the House Financial Services Committee regarding the Financial CHOICE Act. Democrats said the bill's revocation of safeguards could pave the way for another financial crisis, while advocates argued the Dodd-Frank Act has hampered economic recovery.
Financial Advisor online (4/26) 
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Mnuchin eyes reform for housing market finance
Treasury Secretary Steven Mnuchin says once the Trump administration has its major tax reforms underway, it will turn its attention to a fundamental overhaul of housing market finance. The issue has remained problematic since the financial crisis of 2008, and many market participants would welcome an initiative to bring private capital investment back into the market and avoid the need for further taxpayer bailouts of Freddie Mac and Fannie Mae.
MarketWatch (4/26),  Reuters (4/26) 
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Building Your Business
How to encourage referrals from clients
Clients are unlikely to recommend an advisor if they are not fully aware of services offered or the ideal client profile, write Stephen Boswell and Kevin Nichols of The Oechsli Institute. They offer tips for starting this conversation to increase the number and quality of unsolicited referrals.
WealthManagement.com (U.S.) (4/26) 
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Retirement Focus
Advisors, clients urged to plan ahead for aging
Elderly patient
(Christopher Furlong/Getty Images)
Corgenius CEO Amy Florian encourages advisors to help clients prepare for inevitable effects of aging by drafting a diminished-capacity letter that names trusted contacts and covers power of attorney. She says starting this conversation early, before any decline in faculties, is important and applauds a Financial Industry Regulatory Authority requirement that advisors do their best to obtain such information from clients.
InvestmentNews (tiered subscription model) (4/25) 
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The empires of the future are the empires of the mind.
Winston Churchill,
statesman and prime minister
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