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November 1, 2012
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Twice-weekly summary of financial industry news
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  Top News 
  • Presidential race could decide winner of fiduciary fight
    The controversy over the Department of Labor's efforts to impose tougher fiduciary standards on retirement investment advisers could finally be settled on Election Day, experts say. An Obama victory would be read as a mandate for tougher regulations, while a Romney win would likely end the reform effort. InvestmentNews (free registration) (10/30) LinkedInFacebookTwitterEmail this Story
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  Policy Watch 
 
  • Analysis: Either outcome of election will challenge retirement industry
    With only vague indications from both camps, the outcome of the presidential election promises no easy way forward for the retirement industry. Each party's ideas pose challenges for the industry. "[R]egardless of whether 2013 begins a second term for Obama or a first term for Romney, the retirement industry will be playing considerable defense in the years ahead. But the Nov. 6 outcome will shape which battles are most likely to be fought," writes Derek B. Dorn, a partner at Davis & Harman. Pensions & Investments (free registration) (10/31) LinkedInFacebookTwitterEmail this Story
  • Retirement tax breaks may be vulnerable, some say
    Incentives that encourage employees to save for retirement could become targets for lawmakers seeking to deal with federal budget issues, some experts say. "We know employee benefits will be in the cross hairs," said James Klein, president of the American Benefits Council. "There is no question in my mind that it will be item No. 1 next year, especially if you want to lower tax rates." Pensions & Investments (free registration) (10/29) LinkedInFacebookTwitterEmail this Story
  • Survey looks at investment pros' thoughts on U.S. election
    Eighty percent of respondents to a CFA Institute survey said they think the outcome of the presidential election will affect the U.S. recovery, while 63% think the election will affect the global economic recovery. Half of respondents said the impact on the U.S. economic recovery will depend on who wins. Among members of the C-suite, 72% said the global economic recovery will be affected by the election. SmartBrief/SmartBlog on Finance (10/31) LinkedInFacebookTwitterEmail this Story
  • Money-fund industry offers regulatory compromise
    Executives from BlackRock, Fidelity, Vanguard and other major asset managers met with Securities and Exchange Commission officials recently to pitch their own vision for money-fund reform. The industry proposes a 1% charge on investments in funds that suddenly lose liquidity, encouraging investors to keep their savings parked until the fund recovers its value. The New York Times (tiered subscription model) (10/26) LinkedInFacebookTwitterEmail this Story
  • Other News
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  Building Your Business 
  • Sandy's 4 lessons for financial advisers
    Financial advisers who weathered superstorm Sandy and other natural disasters said they learned four important lessons. Before a disaster strikes, advisers should help clients become comfortable with online meetings; buy a generator to provide backup power; emphasize to clients the importance of documenting even small amounts of property damage; and electronically back up client documents at several secure locations. Reuters (10/31) LinkedInFacebookTwitterEmail this Story
  • Financial advisers become more optimistic
    Financial advisers' confidence, as measured by Rydex AdvisorBenchmarking, increased modestly in October, reversing a three-month decline. However, State Street's Global Investor Confidence Index indicates that institutional investors were the most negative since the index launched in 1998. InvestmentNews (free registration) (10/30) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Plan expands 529 tuition savings to private colleges
    There's a way to cap college costs, via a twist on 529 college-savings plans, Katy Hopkins writes. The Private College 529 plan allows users to lock in tuition at about 270 participating schools. TomorrowsTuitionToday.org, the plan's informational site, provides the details, Hopkins writes. U.S. News & World Report (10/30) LinkedInFacebookTwitterEmail this Story
  • Financial advisers expect ETF use to increase, survey finds
    About 78% of financial advisers expect to make more extensive use of exchange-traded funds in retail clients' portfolios in 2013, according to a survey by Guggenheim Investments. Only 1% of respondents plan to cut back use of ETFs, while 20% were unsure of their ETF use next year. Benzinga.com (10/26) LinkedInFacebookTwitterEmail this Story
  Technology Update 
  • Tech integration after mergers is increasingly complex
    Many adviser firms do not take into account the implications of technology integration during a merger process, and that can result in lost productivity for advisers. Mergers between multinational firms can mean integrating hundreds or thousands of systems, and new platforms can frustrate advisers and clients. "What seems like 'just the back office' has consequences all the way to the business side and profitability. Deciding what systems to go with needs a lot more time than is typically dedicated to it," Aite Group's Alois Pirker says. Research magazine (11/2012) LinkedInFacebookTwitterEmail this Story
  FSI Member News & Events 
  • Download the new FSI Advocacy App!
      
    The Financial Services Institute has launched a smartphone and tablet application designed to help advisers expand their role in the advocacy process. The app helps advisers contact their local representatives in Congress, get up to speed on FSI's advocacy priorities and know the top issues affecting the industry. Learn more about the app and download it today. LinkedInFacebookTwitterEmail this Story

  • FSI video touts advocacy results
      
    FSI urges you to watch this 50-second powerful video that highlights our impressive advocacy results in 2011. Our members' grass-roots and financial support are what make these accomplishments possible. Thank you for your membership! LinkedInFacebookTwitterEmail this Story

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  SmartQuote 
Nature does not equally distribute energy. Some people are born old and tired while others are going strong at 70."
--Dorothy Thompson,
American journalist and radio broadcaster


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FSI was formed in January 2004 as an advocacy and membership organization for independent broker-dealers and independent financial advisors. We provide insight, information, influence, and involvement--all in support of our mission to provide visibility, credibility, and an improved regulatory environment for the independent channel. Learn more at financialservices.org

 
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