CFTC vacancies highlight confirmation struggles | Commentary: Whose responsibility is cybersecurity? | IMF lowers 2017 growth forecasts for US and UK
July 24, 2017
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CFTC vacancies highlight confirmation struggles
Sharon Bowen's planned departure from the Commodity Futures Trading Commission will leave the five-member panel with just one member, and a recent study by the Bipartisan Policy Center found that the nomination and confirmation process for financial regulators is taking three times as long as it did prior to 1990. Eric Hoplin, executive director of FSR, said, "When it comes to these incredibly complex jobs and finding people that have the experience to do that, it can be difficult. ... For us, the right people is more important than speed."
The Washington Post (tiered subscription model) (7/21) 
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Cybersecurity
Commentary: Whose responsibility is cybersecurity?
Cybersecurity is a growing concern throughout the advisory industry, and uncertainty hangs over whether it should be tackled by firms at the management level or by individual employees. Lawyer and compliance expert Alan Foxman writes that it would be unwise for employees to shrug off responsibility and advises they take precautions to protect themselves, their employers and their clients.
Financial Planning online (7/21) 
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Industry Watch
IMF lowers 2017 growth forecasts for US and UK
The International Monetary Fund lowered its 2017 growth forecast for the US to 2.1% from 2.3% in a quarterly update to its World Economic Outlook, attributing the cut to the Trump administration not introducing policy reforms it had promised. The IMF also trimmed its UK forecast and identified Japan, China, Canada and the eurozone as emerging leaders of global economic growth.
Bloomberg (7/23),  Financial Times (tiered subscription model) (7/23) 
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Behavioral tech tools find favor with advisers
A number of advisers are using new behavioral finance tools to gain insights on their clients in areas such as goals, risk tolerance and attitudes toward investment. Several such tools have launched in recent months, and some advisers say the software helps them tailor advice and build stronger client relationships.
InvestmentNews (tiered subscription model) (7/21) 
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BofA to establish post-Brexit EU headquarters in Dublin
Bank of America has chosen Dublin to be the home of its EU headquarters after Brexit. The bank will relocate investment banking and market operations from London to Dublin and will also move some other activities from the UK to EU cities.
RTE (Ireland) (7/21),  The Charlotte Observer (N.C.) (tiered subscription model) (7/21),  Politico Pro (subscription required) (7/21) 
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Advisers see investments rise, but pace is slowing
Advisers remain broadly confident in their financial outlook, and clients' equity investments rose in June, albeit at a slightly lower rate than the previous month, data show. While the numbers showed client risk tolerance dropping, it remained in positive territory.
Financial Planning online (7/20) 
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Retirement Security
Research: Financial pros rarely write income plans for retirees
Few people who are retired or approaching retirement are getting income plans from financial professionals, research from the LIMRA Secure Retirement Institute found. Only 38% of pre-retirees and 35% of retirees have a formal, written retirement-income plan, according to LIMRA.
InvestmentNews (tiered subscription model) (7/21) 
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Experts: DC plans interested in socially responsible investing
Defined-contribution retirement plans have expressed strong interest in environmental, social and governance investing in the years since the Obama administration took action to foster the strategy among plans governed by the Employee Retirement Income Security Act, according to analysis by two experts at Northern Trust Asset Management. Plan stakeholders should consider thoroughly how the "active-versus-passive" debate can affect ESG investment, the experts wrote.
PlanAdviser online (7/21) 
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Technology in the Financial Industry
Bitcoin miners show support for software upgrade
A software upgrade known as Bitcoin Improvement Proposal 91 has received the support of bitcoin miners, letting the digital currency avoid a potential split.
Reuters (7/24) 
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Without passion man is a mere latent force and possibility, like the flint which awaits the shock of the iron before it can give forth its spark.
Henri-Frederic Amiel,
philosopher
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