US states consider their own fiduciary requirements | Your invitation to hear Stephen Covey at IMCA's Private Wealth Advisor Conference Oct. 16-17 | Focus on Decumulation wait list is now open
September 14, 2017
IMCA Insight
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US states consider their own fiduciary requirements
US states such as Nevada, Connecticut, New York, New Jersey, Massachusetts and California have either signed into law legislation putting in place fiduciary requirements for brokers or are considering it as the federal government ponders rolling back its own rule. In some cases, the states' legislation goes beyond the tax-advantaged retirement savings regulated by the federal rule and calls for brokers to uphold a fiduciary standard for all accounts.
The Wall Street Journal (tiered subscription model) (9/12) 
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IMCA® Update
Your invitation to hear Stephen Covey at IMCA's Private Wealth Advisor Conference Oct. 16-17
Stephen Covey, one of the world's foremost authorities on building trust, is a keynote speaker at this year's "not to miss" Private Wealth Advisor Conference, Oct. 16-17 at the Chicago Marriott Downtown Magnificent Mile. View his special invitation and learn three key points to earn your client's trust now. Registration open.
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Focus on Decumulation wait list is now open
We're at capacity, but there is a wait list for Focus on Investing for Decumulation, Sept. 18 at the Four Seasons Hotel in Toronto. This event will teach advisors how to answer client questions and maximize income streams after the wealth accumulation phase ends the retirement savings spending phase begins. Email if you would like to be placed on the wait list.
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How IMCA drives industry innovation
IMCA is helping to define the profession with these benchmark studies: High-Net-Worth Investor Insights 2017, The Value of Certified Investment Management Analyst® (CIMA®) Certification to an Advisor's Practice, The Value of Certified Private Wealth Advisor® (CPWA®) Certification to an Advisor's Practice, and High-Performing Teams. Read more about these important projects and when results will be announced in IMCA's Investment Sense blog.
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Wealth Management
Advisors discuss drawing on 401(k) to pay for disaster repairs
With many people reeling from the devastating effects of recent hurricanes, advisors discuss whether victims should make withdrawals from their 401(k) plans to pay for home repairs. The IRS has made it easier to withdrawal the funds, but advisor Therese Nicklas notes that a loan may be preferable to an early withdrawal from a tax and penalty standpoint.
Financial Planning online (9/8) 
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Major hedge funds adopt "quantamental" approach
BlackRock, Point72 Asset Management and Third Point are among the leading names in hedge funds that are using a "quantamental" approach, combining algorithms with old-school analysis.
Bloomberg Professional Services (9/11) 
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Industry Updates & Trends
Businesses cannot afford to ignore big data
Harnessing the power of big data is essential as consumers seek greater personalization. Big data can eliminate guesswork and help keep a business on the right path.
Bloomberg Professional Services (9/8) 
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Practice Management
Advisors may need to review target-date funds
Brendan McCarthy of investment management firm Nuveen urges advisors to review any target-date funds they have in place in light of the Department of Labor's fiduciary rule. He points out that funds that were added to retirement plans a decade ago may now be inappropriate.
Financial Advisor online (9/11) 
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Florida advisor describes hurricane's effect on her business
Florida advisor describes hurricane's effect on her business
(Sean Rayford/Getty Images)
Carolyn McClanahan of Florida-based Life Planning Partners wrote a day-to-day account of the effect Hurricane Irma had on her business and clients. With several of her clients significantly affected, she noted that there are now numerous challenges to tackle, particularly relating to insurance coverage and emergency individual retirement account withdrawals
Financial Planning online (9/12) 
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Regulatory & Legislative Spotlight
Lawmaker mulls legislation for FINRA transparency on fines
Lawmaker mulls legislation for FINRA transparency on fines
Sherman (Tim Sloan/AFP/Getty Images)
Rep. Brad Sherman, D-Calif., says he may push for legislation to enforce transparency on how the Financial Industry Regulatory Authority spends the revenue it receives in fines, which totaled $173 million in 2016. At a House Financial Services subcommittee hearing last week, FINRA CEO Robert Cook said he was "very open" to providing further insight on how fine money is used.
InvestmentNews (tiered subscription model) (9/8) 
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FINRA might release data on brokers who are frequent violators
The Financial Industry Regulatory Authority might make public "data in bulk" on broker-dealers that employ brokers with a history of violating securities rules, said CEO Robert Cook. The approach would let clients "see patterns at the firms," he said.
Reuters (9/7),  ThinkAdvisor (free registration) (9/8) 
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Wagner plans bill to repeal, replace fiduciary rule
Wagner plans bill to repeal, replace fiduciary rule
Wagner (Chip Somodevilla/Getty Images)
Rep. Ann Wagner, R-Mo., chairwoman of the House Financial Services Committee's Oversight and Investigations Subcommittee, said she will introduce a bill this month to repeal the Labor Department's fiduciary rule and to replace it with a best-interest standard for broker-dealers. "It gets the Department of Labor out of the broker-dealer space," she said.
ThinkAdvisor (free registration) (9/7),  InvestmentNews (tiered subscription model) (9/7) 
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SEC scrutinizes robo-advisors
Robo-advisors' quick expansion has made them a focus of Securities and Exchange Commission inspections this year, said Office of Compliance Inspections and Examinations acting Director Pete Driscoll. "For us, looking at electronic investment advice is very important for us to get our hands around," he said.
MLex (subscription required) (9/6) 
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Competence, like truth, beauty and contact lenses, is in the eye of the beholder.
Laurence J. Peter,
educator and writer
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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 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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