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November 6, 2012
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A weekly digest of news and industry updates for the financial planning community

  Top Story 
  • Election winner could reap rewards of strengthening economy
    The U.S. economy appears to be strengthening and likely will continue to do so regardless of who wins the election, analysts say. Growth could tick up to 4% by 2014 and 2015, predicts Mark Zandi, chief economist for Moody's Analytics. "The die is cast for a much stronger recovery," he said. Bloomberg (11/4) LinkedInFacebookTwitterEmail this Story
  Policy Watch 
  • Election likely will affect Labor Department's fiduciary proposal
    The Labor Department's proposal to apply the "fiduciary" definition more broadly may get some direction depending on the outcome of today's presidential election. Another Obama administration could breathe new life into the measure, while a Mitt Romney presidency would likely spell its doom. InvestmentNews (free registration) (11/4) LinkedInFacebookTwitterEmail this Story
  • Bair rejects industry compromise on money-fund reform
    A proposal by the financial industry on new money market fund regulations failed to win over former financial regulator Sheila Bair. In a statement released last week, Bair criticized the plan, which includes a fee for withdrawals when a fund is under stress. "Another layer of complexity is not going to calm an already very risk-averse market," wrote Bair, the former head of the Federal Deposit Insurance Corp. who now leads the Systemic Risk Council. Reuters (11/1) LinkedInFacebookTwitterEmail this Story
  • "Fiscal cliff" could add $3,700 to 26 million households' tax bills
    Millions of middle-class U.S. taxpayers will face an average $3,700 tax increase from the alternative minimum tax if the "fiscal cliff" is not averted. Because the 26 million middle-income households affected have never had to pay this tax, most are unaware of its likely effect on them when they pay their federal income taxes, Lori Montgomery writes. The Washington Post (11/4) LinkedInFacebookTwitterEmail this Story
  • Higher taxes would hurt retirement savings, boomers say
    More than half of baby boomers surveyed said they'd put less money away for retirement if their income tax rate increased, according to the Insured Retirement Institute and Welfel Research. Almost 4 in 10 boomers also said they'd save less if the capital gains tax rate increased. InvestmentNews (free registration) (10/31) LinkedInFacebookTwitterEmail this Story
  • Other News
  Practice Management 
  • Advisers and clients reluctant to discuss health-related finances
    More than half of financial advisers surveyed by Nationwide Financial find it difficult to discuss their clients' health with them and to address how they will pay for health care. Clients can also be reluctant, with close to three-quarters not realizing how important health care is to a financial plan. Advisers are more likely to have this conversation if they feel comfortable with and knowledgeable about the subject matter. AdvisorOne (11/1) LinkedInFacebookTwitterEmail this Story
  Industry Report 
  • FPA elects 3 to board of directors
    The Financial Planning Association has elected three new members to its board of directors. Their three-year terms begin Jan. 1. The three new members are Stuart H. Armstrong II, a financial planner at Centinel Financial Group; Marguerita "Rita" Cheng of Bethesda, Md., a financial planner at Ameriprise Financial; and Shannon J. Pike, founder and principal of Integra Wealth Advisors, based in Houston. AdvisorOne (11/2) LinkedInFacebookTwitterEmail this Story
  • Investors pile money back into U.S. equities
    U.S. stock funds pulled in $1.06 billion in the week that ended Wednesday. It marked the first time since mid-September -- when the Federal Reserve said it would buy mortgage-backed securities -- that money going in exceeded money coming out. The inflow came partly from money market funds, which recorded $28.4 billion in outflow, the most since June. Reuters (11/2) LinkedInFacebookTwitterEmail this Story
  • Study: Most middle-income earners save little for retirement
    Among U.S. workers who make $40,000 to $99,999 a year, two-thirds put less than 5% a year into retirement savings and 85% save less than 10%, LIMRA said. About a quarter of middle-income workers 55 and older are saving nothing at all, according to LIMRA. "These results, while not surprising, are very troubling. Many Americans will live at least 20 years in retirement, and will need significant savings to ensure their financial security," LIMRA's Matthew Drinkwater said in a statement. Financial-Planning.com (11/1) LinkedInFacebookTwitterEmail this Story
  FPA News 
  • Thank You for Celebrating Financial Planning Week!
    A special thanks to FPA chapters and members for helping hundreds of Americans discover the value of financial planning during FPA Financial Planning Week® in October. FPA chapters organized more than 40 events nationwide, including call-in hotlines, personal finance seminars and more. Learn about this year's activities at www.FinancialPlanningWeek.org. LinkedInFacebookTwitterEmail this Story
  • Join us Thursday for Webinars on Healthcare, Retirement and More!
    Don't miss our FPA Experience 2012 sessions that are available at the FPA Virtual Learning Center this Thursday! Listen to recorded webinars with Katy Votava, Ph.D.; Jon Guyton, CFP®; Elizabeth Jetton, CFP®; and Stephanie Kelton, Ph.D. Learn about the different sessions available and sign up today at FPAnet.org/VLC. LinkedInFacebookTwitterEmail this Story
  SmartQuote 
Whoever is winning at the moment will always seem to be invincible."
--George Orwell,
British novelist and journalist


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