Senate bill calls for steep cuts to Medicaid, end of mandate | Survey: Fiduciary rule changing way advisers work | Few choices will remain if insurers leave ACA exchanges
June 23, 2017
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Senate bill calls for steep cuts to Medicaid, end of mandate
Senate bill calls for steep cuts to Medicaid, end of mandate
(Win McNamee/Getty Images)
Senate Republicans on Thursday released a 142-page bill, aimed at repealing and replacing portions of the Affordable Care Act, that would also make steep cuts to Medicaid and end the requirement for all Americans to have health insurance while creating new federal tax credits to help people buy coverage. The bill would allow states to drop benefits mandated by the ACA, such as maternity and mental health care, and it would continue cost-sharing reduction payments through 2020.
Forbes (6/22),  The New York Times (free-article access for SmartBrief readers) (6/22) 
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Industry News
Survey: Fiduciary rule changing way advisers work
Advisers are being forced to change daily work habits to comply with the Labor Department's fiduciary rule, a survey by Aite Group found. Among advisers servicing retail retirement accounts, 69% said dealing with necessary workflow changes is somewhat or very difficult, the survey found.
ThinkAdvisor (free registration) (6/22),  InvestmentNews (tiered subscription model) (6/22) 
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Few choices will remain if insurers leave ACA exchanges
People in 44 counties across three states could have no access to insurers in Affordable Care Act exchanges next year, which would leave those people unable to use federal health insurance tax credits. Some states are funding reinsurance pools in hopes that carriers will remain, but many without ACA options might have to seek coverage through a broker or an alternative source, such as a business group or trade association.
CNBC (6/22) 
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Judge rules for Voya in lawsuit over fees for robo-advice on 401(k)
A federal judge found that 401(k) investors cannot sue Voya Financial over robo-advice fees. The decision is in line with appeals court rulings that other 401(k) service providers are not fiduciaries under the Employee Retirement Income Security Act, but it is the first significant one involving the use of robo-advisers.
Bloomberg BNA (free content) (6/21) 
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Study: Interest in insurance companies is highest among millennials
A Harris Poll study found that millennials are more interested in life and property/casualty insurance companies than Generation X members or baby boomers are. The increased awareness is likely occurring as millennials are growing older and "have more to protect," said Joan Sinopoli of Harris Poll.
BenefitsPro (6/22) 
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Investment Trends
Advisers urged to tackle clients' political concerns
An adviser survey conducted by Hartford Funds revealed 62% of respondents said client anxiety, particularly when fueled by geopolitical events, has resulted in poor investment decisions within the past year. John Diehl of Hartford Funds said it is vital for advisers to start a conversation with clients about such fears and points out three key issues to address.
ThinkAdvisor (free registration) (6/22) 
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Policy Watch
SEC aims to ease background checks of investment pros
Securities and Exchange Commission staff is working to make background checks on investment professionals easier for investors to perform, Chairman Jay Clayton has told the agency's Investor Advisory Committee.
InvestmentNews (tiered subscription model) (6/22) 
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4 conservatives oppose current version of Senate health care bill
Sens. Rand Paul, R-Ky., Mike Lee, R-Utah, Ted Cruz, R-Texas, and Ron Johnson, R-Wis., said in a joint statement that they do not support the current version of the Senate health care bill, arguing that it does not do enough to unravel the structure of the Affordable Care Act, but they expressed willingness to negotiate. Republican leaders can only afford two defections from their party to pass the bill.
CNN (6/23),  The Hill (6/22) 
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Building Your Business
How podcasting can boost your business
Podcasts can be useful for advisers to differentiate themselves from competitors, as well as to market services, educate clients and strengthen reputation, writes estate planner and author Craig Hersch. He offers tips for producing an effective podcast series.
WealthManagement (6/22) 
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