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February 12, 2013

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A weekly digest of news and industry updates for the financial planning community

Top Story

FINRA retreats from SRO campaign, but analysts remain wary
Financial Industry Regulatory Authority Chairman and CEO Richard Ketchum says the organization will no longer lobby the House Financial Services Committee to become a self-regulatory organization for registered investment advisers. "I'm not a big believer in beating a head against the wall," Ketchum said. Some in the industry, however, see the move as tactical and only a temporary retreat. Thomson Reuters (2/6), RIABiz.com (2/8)

Policy Watch

SEC ties to private sector are problematic, report says
A Project on Government Oversight report notes a "revolving door" between the Securities and Exchange Commission and entities it oversees. "The close linkage between the regulators and the regulated can influence the culture, the values, and the mindset of the agency," the report says. Reuters (2/11), The New York Times (tiered subscription model)/DealBook blog (2/11)

Senate panel sets hearing to check Dodd-Frank progress
The Senate banking committee this week will hear from seven regulatory officials on their progress in instituting Dodd-Frank Act rules. Elisse Walter, chairman of the Securities and Exchange Commission; Gary Gensler, chairman of the Commodity Futures Trading Commission; and Richard Cordray, director of the Consumer Financial Protection Bureau, are among those scheduled to testify. Reuters (2/7)

State of Union speech reportedly will focus on jobs
President Barack Obama will focus on creating jobs and reducing unemployment in his State of the Union speech Tuesday, an aide said. Analysts say Obama could take a more forceful approach to accomplishing his policy goals in his second term, pressuring Republicans who oppose him more than he has in the past. Politico (Washington, D.C.) (2/11), The Wall Street Journal (2/10)

Practice Management

How to put your firm's performance in high gear
Financial-planning firms can ramp up performance by crafting written succession and marketing plans and sticking to them, and by regularly considering which business model works best, says Mike Durbin of Fidelity Institutional Wealth Services. Those are among five attributes that a Fidelity survey identified as key to financial-planning firms' success. Financial-Planning.com (2/7)

Industry Report

Decades of low returns await investors, report says
For the next 20 to 30 years, annualized worldwide returns will reach 3% to 4% on equities and less than 1% on bonds, according to a report by London Business School and Credit Suisse. Since 1980, real returns on equities and bonds have exceeded 6%, but those days are over, the report says. Many institutions still assume "unrealistic" returns of 6 to 8 percentage points higher than inflation, the report says. Pensions & Investments (free registration) (2/5)

Some alternative investments lead to losses, fraud charges
Nontraded real estate investment trusts and private loans to new companies are among the complex alternative investments that brokers have sold in recent years to unsophisticated retirement investors seeking to make up for losses in their portfolios. Now, regulators are investigating the trend and, in some cases, pursuing fraud charges against brokers who sold the products to investors. The New York Times (tiered subscription model) (2/10)

Commentary: Sales skills are evolving in financial planning
The art of selling has transformed from high-pressure methods to a modern focus on clients' interests, needs and concerns, Michael Kitces writes. The skill of "attunement," as described by Daniel Pink in his book "To Sell Is Human," is now a centerpiece of selling, Kitces writes. Nerd's Eye View blog (2/4)

Financial advisers embrace direct-sold 529 savings plans
Financial advisers tend to recommend direct-sold 529 college savings plans, according to a survey by Financial Research, which found that 60% of all advisers and 84% of registered investment advisers send clients in that direction. The survey quantifies for the first time the impact advisers have on the direct-sold 529 plan industry. InvestmentNews (free registration) (2/11)

Experts: 401(k)s still are tapped for loans too often
The percentage of workers taking 401(k) loans or distributions appears to have decreased, but experts say the numbers are still too high. About $70 billion of the $294 billion deposited each year in 401(k)s is withdrawn for expenses such as mortgages or credit card bills, says Matt Fellowes of HelloWallet. Financial Advisor online (2/6)

FPA News

Journal selects John Grable as new academic editor
John E. Grable, Ph.D., CFP®, is the Journal of Financial Planning's new academic editor. He will review manuscripts, edit articles approved in peer review, assist with content development and lead FPA's Academic Committee. Grable teaches and conducts research in the CFP Board-registered programs at the University of Georgia. Previously, he worked as a pension/benefits administrator and a registered investment adviser.

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