FSR, other groups push for action on tax reform | Report: Firms increase spending on cybersecurity, compliance | Fiduciary rule debate brings "best interest" into question
July 18, 2017
Financial Services Roundtable SmartBrief
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FSR, other groups push for action on tax reform
FSR and several other business advocacy groups have sent letters to GOP lawmakers in recent weeks pressing for momentum on tax reform, as health care legislation appears to have stalled. In its letter, FSR wrote that it "strongly supports the [Senate Finance Committee's] goal of enacting a simpler, fairer and a more efficient tax code that significantly reduces tax rates on individuals, businesses and investment income, while also shifting to an internationally competitive territorial tax system."
CNBC (7/17) 
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5 Security Tips for Working on Your Personal Device
Finance moves fast, and the ability to work from anywhere on your smartphone or laptop could be a game-changer. But can your personal devices ever be secure enough to manage your clients' sensitive financial data? Surprisingly, this informative whitepaper shows that, with the right preparation, using your personal device can actually help you keep your organization more secure. Read More
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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Industry Watch
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 advisers 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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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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Noreika to CFPB: Delay arbitration rule
Acting Comptroller of the Currency Keith Noreika is asking the Consumer Financial Protection Bureau to delay a rule that would prohibit most arbitration clauses in bank contracts. Noreika says he wants time to determine whether the rule would put banks at risk.
The Wall Street Journal (tiered subscription model) (7/17) 
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BlackRock reports $104B inflows in Q2
BlackRock's exchange-traded funds saw $104 billion in inflows in the second quarter, bringing the asset manager to a total of $5.68 trillion. The fund manager launched four new corporate bond ETFs last week, tapping into the record-high popularity of bond ETFs, which have seen $70 billion in inflows since January.
ThinkAdvisor (free registration) (7/17),  Financial Times (tiered subscription model) (7/17) 
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Commentary: Problems remain in applying AI to investing
Artificial intelligence and machine learning, which have been buzzwords in the investing world, are unlikely to replace humans on Wall Street because of three fundamental issues, James Mackintosh writes. "But for all the hype, applying AI to investment has three serious problems: it works too well, it is often impossible to understand, and it only knows about recent history," Mackintosh writes.
The Wall Street Journal (tiered subscription model) (7/17) 
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The Latest from Capitol Hill
House bills seek to block Labor's fiduciary rule
Two bills scheduled for discussion by House committees Wednesday take different approaches to preventing enforcement of the Labor Department's fiduciary rule. A bill on the agenda of the House Appropriations Committee includes a rider barring use of federal funds to enforce the rule, while a bill before the House Committee on Education and the Workforce would repeal the rule and replace it with a standard for financial advice.
InvestmentNews (tiered subscription model) (7/17),  ThinkAdvisor (free registration) (7/17),  Politico Pro (subscription required) (7/17) 
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Retirement Security
More seniors putting off retirement
More seniors putting off retirement
(Peter Macdiarmid/Getty Images)
An increasing number of senior citizens are staying in the workforce past the age of 65, with 20% of people in that age group working full time or part time. This is the highest rate since 1962.
CNBC (7/16) 
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Continue to manage your investments in retirement
Persistent low interest rates and the possibility of unexpected events mean it's a good idea to play an active role in managing your investments in retirement, wealth adviser Andrew Menachem writes. Working closely with professionals "lets you respond appropriately to a wide range of possibilities that can occur in retirement, while putting your estate plans in place," Menachem says.
Miami Herald (tiered subscription model) (7/16) 
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A good plan is a simple plan.
Jim Rohn,
entrepreneur and motivational speaker
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