FSOC gives Mnuchin leeway to alter Dodd-Frank | Navigate NextGen at June 5 Focus event | Missed IMCA's 2017 Awards Ceremony?
May 25, 2017
IMCA Insight
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FSOC gives Mnuchin leeway to alter Dodd-Frank
FSOC gives Mnuchin leeway to alter Dodd-Frank
Mnuchin (Alberto Pizzoli/AFP/Getty Images)
Under US Treasury Secretary Steven Mnuchin, the Financial Stability Oversight Council could become a vehicle to change how the Dodd-Frank Act is interpreted and enforced. "FSOC's ability to prod regulators to do something they aren't otherwise doing can be incredibly powerful," said Dennis Kelleher, president and CEO of Better Markets.
Reuters (5/24) 
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IMCA® Update
Navigate NextGen at June 5 Focus event
IMCA's managing director of education, Devin Ekberg, explains why you should attend the association's upcoming Focus on Next Generation Clients, Advisors, and Technology seminar June 5 in San Francisco. Register now to learn how to navigate the dynamics of a new generation of clients.
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Missed IMCA's 2017 Awards Ceremony?
In case you missed it ... IMCA's Annual Awards Ceremony at the 2017 Annual Conference Experience is now online. Five prestigious awards were presented to members for their outstanding contributions to the investment and wealth management industry. View the Awards Ceremony to see who was honored.
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Reish on fiduciary rule and retirement podcast available
Strategic Investor Radio shares a podcast with Fred Reish, J.D., partner, Drinker Biddle & Reath LLP, on the impact of the Department of Labor's fiduciary requirements on investment managers. Taped at IMCA's 2017 Annual Conference Experience, listen here.
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Wealth Management
How to help high-net-worth clients preserve wealth through generations
Numerous academic studies have shown that the assets of wealthy families fail to make it through three generations 70% of the time, according to Justin Miller of BNY Mellon Wealth Management. He outlines four crucial steps that advisors can take to help families preserve wealth and keep their legacy intact.
Financial Planning online (5/22) 
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Advisors prep clients for market correction
Some advisors are proactively preparing clients for a stock market correction of 10% or even 20%. Others say the move might be unwise because it could induce unnecessary stress.
InvestmentNews (tiered subscription model) (5/22) 
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Top advisors give tips on gaining high-net-worth clients
Offering more than straightforward investment advice, listening more than speaking and never underestimating clients' financial acumen are among recommendations from successful advisors to obtain clients with seven-figure assets.
InvestmentNews (tiered subscription model) (5/15) 
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Industry Updates & Trends
As investors move away from active management, indexes proliferate
The proliferation of custom indexes means that the number of indexes is now greater than the number of stocks in US markets. The repackaging of active strategies into special indexes has become popular with investors, prompting the creation of ever more indexes to satisfy demand.
Bloomberg (5/12) 
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Labor shortage hits advisory industry
The advisory industry is facing a shortage of labor, as the workforce ages and a large pool of talent is absorbed by firms offering hybrid services. By 2022, the shortfall is expected to hit 200,000, according to consulting firm Moss Adams.
InvestmentNews (tiered subscription model) (5/20) 
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Practice Management
Exec: Advisors might switch to hourly charge
Paolo Sironi of IBM Watson Financial Services says he expects more advisors to charge an hourly fee, rather than a percentage of assets under management, as margin comes under pressure. Sironi predicts success for advisors who automate back-office processes as much as possible so they can focus on client service.
Financial Advisor online (5/22) 
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Regulatory & Legislative Spotlight
Labor Dept. bulletin promises relaxed enforcement of fiduciary rule
The Labor Department issued a bulletin assuring financial professionals that enforcement of its new fiduciary rule will be limited during a "phased implementation period" that ends Jan. 1. "[T]he Department will not pursue claims against fiduciaries who are working diligently and in good faith to comply with the fiduciary duty rule and exemptions, or treat those fiduciaries as being in violation of the fiduciary duty rule and exemptions," the bulletin said.
InsuranceNewsNet online (5/23) 
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Lawyer: Labor Dept. still has power to change its fiduciary rule
The fact the Labor Department has decided it doesn't have legal grounds to delay the effective date of its new fiduciary rule beyond June 9 doesn't mean the agency can't change it later, said lawyer Seth Safra. The department has "a lot of authority" to amend the rule or propose an entirely new one as long as it complies with the public notice and comment requirements of the Administrative Procedures Act, he said.
InsuranceNewsNet online (5/23) 
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Florida's lawyer-client privilege for fiduciaries in doubt
The courts in Florida have sent out some confusing messages about a law adopted by the state Legislature that guarantees traditional lawyer-client privilege between lawyers and fiduciaries, even if the fiduciary has a duty to a beneficiary. Two state legal committees are hoping to sort the issue out with the state Supreme Court.
The National Law Review/Proskauer Rose LLP (5/19) 
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My relationship with death remains the same -- I'm strongly against it.
Woody Allen,
director, screenwriter and actor
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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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