BofA's Moynihan: Fiduciary rule part of bigger trend | Transform knowledge into value with Wharton at the September Masters Series: Advanced Investment Strategist Program | Maximize your ability to work with high-net-worth clients at the October Private Wealth Advisor Conference
July 20, 2017
IMCA Insight
Top Story
BofA's Moynihan: Fiduciary rule part of bigger trend
BofA's Moynihan: Fiduciary rule part of bigger trend
Moynihan (Mark Wilson/Getty Images)
The fiduciary rule governing financial professionals won't go away because it is part of a major trend toward cutting costs for consumers, Bank of America Chairman and CEO Brian Moynihan said in an earnings conference call. Even if the Labor Department's fiduciary rule is repealed, "I don't think it's going to change our thinking," he said.
InvestmentNews (tiered subscription model) (7/18) 
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IMCA® Update
Transform knowledge into value with Wharton at the September Masters Series: Advanced Investment Strategist Program
Learn from the nation's leading thought leaders from The Wharton School at the University of Pennsylvania. Designed for advanced financial services professionals in collaboration with Wharton, registration is now open for this two-day program, Sept. 11-12, offering the latest on asset allocation, macroeconomics, impact investing, international investing, and more.
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Maximize your ability to work with high-net-worth clients at the October Private Wealth Advisor Conference
The mission of the private wealth advisor begins with making knowledgeable investment choices to grow client assets. Take your ability to preserve those assets a step further with fresh looks at managing risk, minimizing tax liability, and interpersonal dynamics at the Oct. 16-17 Private Wealth Advisor Conference.
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How do you become the best in the business?
Ray Sclafani, founder and CEO, ClientWise, shares his top tips for advisors interested in building a client-centric, enduring, and successful business in this week's InvestmentSense blog written by Meghan Warren, guest blogger.
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Help define the future of our evolving profession and help protect investors
Watch your August inbox for an important invitation to share your opinion. The "Future of Investment Advice Study: 2017 CIMA® Job Analysis" will soon be underway and IMCA members will be asked to participate. Your participation is paramount to help us examine the role of investment professionals and to ensure certification requirements reflect current practices.
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Wealth Management
US slides on retirement-security index
The US has fallen three spots to 17th place on the Global Retirement Index from Natixis Global Asset Management. The nation's ranking as 30th for life expectancy among 43 developed countries dragged down the overall score.
Bloomberg (7/18) 
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Industry Updates & Trends
Financial products tackling social issues emerge
Ethical investors face the challenge of determining whether financial products marketed as addressing social issues are truly effective as the market for such products expands.
Financial Times (tiered subscription model) (7/17) 
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BlackRock to spend $1B on continued tech transition
BlackRock plans to invest an additional $1 billion on technology and data after technology-driven initiatives have helped the firm reduce its trade count by 80% over the past five years. "Going forward, technology-enabled scale will be increasingly important for every aspect of an asset manager's business, our client service, our asset generation and operational excellence," said BlackRock CEO Larry Fink.
The Trade (UK) (7/18) 
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Employers boosting contribution to workers' 401(k)s
Many companies in the US are increasing what they put into employees' 401(k) retirement savings plans to help retain the best workers and make sure older employees have enough money saved to retire. Last year, the average employer contribution was an estimated 4.7% of workers' salaries, up from 3.9% in 2015, according to data from the Vanguard Group.
The Wall Street Journal (tiered subscription model) (7/17) 
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Practice Management
Advisors increasingly using technology to go independent
A new breed of independent financial advisors is using technology to connect with top firms such as Charles Schwab, TD Ameritrade and Fidelity to farm out traditional back-office tasks. Schwab, for example, can help advisors execute trades or set up a business and give legal advice.
The New York Times (free-article access for SmartBrief readers) (7/16) 
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Report: Firms increase spending on cybersecurity, compliance
Investment firms are increasingly putting their information technology dollars toward cybersecurity and regulatory compliance, according to AUG Exchange's Asset Management Operations and Compensation Study for 2017. "They aren't doing it to be competitive, but to survive," said Robert Roley of SS&C Advent, which co-sponsored the study.
ThinkAdvisor (free registration) (7/17) 
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Regulatory & Legislative Spotlight
FINRA's streamlined competency exams approved by SEC
The Securities and Exchange Commission has given the Financial Industry Regulatory Authority permission to reorganize representative-level qualification exams. Susan Axelrod, FINRA's executive vice president of regulatory operations, said this approach smoothes the path for people seeking to enter the industry and those wanting to return to it.
ThinkAdvisor (free registration) (7/18) 
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Odds about even for another 2017 rate increase
Markets are pricing a 48.8% chance the Federal Reserve will increase interest rates again this year as retail and inflation data disappoint. The central bank appears to be moving toward a downgrade in economic-growth forecasts, with the Federal Reserve Banks of New York and Atlanta paving the road.
Business Insider (7/15),  Financial Times (tiered subscription model) (7/14) 
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Fiduciary rule debate brings "best interest" into question
The Department of Labor's fiduciary rule is throwing into question the true meaning of the term "best interest." "By increasing costs, the fiduciary rule is having a direct effect on the marketplace and forcing advisors to limit their services to only those accounts that can handle higher costs," said Rep. Bill Huizenga, R-Mich., who added that it would be in the best interest of low- and middle-income savers to have access to financial advice.
InvestmentNews (tiered subscription model) (7/14) 
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Do not surrender to fate after a single failure. Failure, at most, precedes success.
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About IMCA
Based in Denver, Investment Management Consultants Association® (IMCA®) was established in 1985 to deliver the premier investment consulting and wealth management credentials and world-class educational offerings—membership, conferences, research, and publications. The cornerstone of IMCA® is the Certified Investment Management Analyst® (CIMA®) certification, the only advanced certification designed specifically for investment consultants. IMCA® also delivers the advanced credential for wealth management professionals working with high-net-worth clients, the Certified Private Wealth Advisor® (CPWA®) certification. Visit www.IMCA.org for more information.

IMCA® and Investment Management Consultants Association® are registered trademarks of Investment Management Consultants Association Inc. CIMA®, Certified Investment Management Analyst®, CIMC®, CPWA®, and Certified Private Wealth Advisor® are registered certification marks of Investment Management Consultants Association Inc. Investment Management Consultants Association Inc. does not discriminate in educational opportunities or practices on the basis of race, color, religion, gender, national origin, age, disability, or any other characteristic protected by law.
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