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October 22, 2012
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Twice-weekly summary of financial industry news
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  Top News 
  • FSI PAC triples in size since 2010
    Campaign dollars directed toward congressional campaigns rather than the presidential contest are key for advocacy groups trying to build relationships in Washington. "Our members are more and more astute and involved in the policymaking process and the political process. Giving to these candidates is an important part of the process in terms of good will, demonstrating we're willing to work with them," said Dale Brown, president and CEO of the Financial Services Institute, whose PAC had donated $163,000 by the end of the third quarter. InvestmentNews (free registration) (10/21) LinkedInFacebookTwitterEmail this Story
Four Initiatives to Drive Revenue
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  Policy Watch 
  • Aguilar proposes program for monitoring repeat offenders
    Luis Aguilar, a member of the Securities and Exchange Commission, suggested that the agency consider developing a program to monitor those who repeatedly violate financial laws. "Many offenders, particularly Ponzi scheme offenders, have long track records," Aguilar said. "That tells me that the first time many of these defendants were prosecuted, the remedies and penalties did not effectively deter them from engaging in egregious fraud again." Reuters (10/18) LinkedInFacebookTwitterEmail this Story
  • Regulators should rethink money-fund reform, warns FT
    In what Crane Data calls "a first for major media coverage," the Financial Times ran two articles Sunday questioning regulators' approach to money-fund reform and warning that careless or over-enthusiastic regulatory action could cause damage to the broader financial system. "If regulators are going to propose further changes they should first commission independent impact studies of the likely ramifications," writes Steve Johnson. Crane Data (subscription required) (10/22), Financial Times (tiered subscription model) (10/21), Financial Times (tiered subscription model) (10/21) LinkedInFacebookTwitterEmail this Story
  • Other News
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  Financial Products 
  • Financial advisers warn wealthy clients to sell assets
    Many financial advisers are telling their high-net-worth clients to sell or restructure financial assets before the end of 2012 to avoid triggering capital gains taxes next year. Advisers at companies including Bank of America, Bank of New York Mellon, JPMorgan Chase and U.S. Bancorp are talking with their wealthy clients about shifting assets to tax-deferred accounts, converting IRAs, selling appreciated securities, making large gifts to heirs and exercising stock options. Bloomberg (10/19) LinkedInFacebookTwitterEmail this Story
  • U.S. stocks outperform every other major asset class
    For the first time since 1995, U.S. stocks are outpacing all other major asset classes, including corporate bonds, Treasurys and commodities. "We see good earnings growth and improving economic outlook, we see good equity valuations and easy monetary policy, we see skeptical investors and low positioning in equity assets," said Max King of Investec Asset Management. "This is a major green light for equities and the fact that people don't see it, is great." Bloomberg (10/22) LinkedInFacebookTwitterEmail this Story
  • Investors embrace absolute return funds
    A double-digit stock market rally seems to be doing nothing to keep investors from pouring cash into absolute funds. These funds seek only to generate a small positive return regardless of what is going on in the broader financial markets. Reuters (10/19) LinkedInFacebookTwitterEmail this Story
  • Keep options in mind on 529 college-savings plan
    Consumers have a growing number of choices among 529 college-savings plans if they find themselves enrolled in a high-fee or poor-performing plan, Heather Struck writes. Savers should consider what effect switching might have on state income-tax deductions or whether savings can be reallocated to better funds in the same plan; switching to a top-ranked plan that may be out of state, such as the Vanguard 529 College Savings Plan for Nevada, often can provide a better return on savings, Struck writes. Reuters (10/17) LinkedInFacebookTwitterEmail this Story
  • Other News
5 Cures for Business Growing Pains
A growing business is a successful business, but it comes with its own set of complications. Growing pains can arise from new employees, added roles and responsibilities, and a premium on office space. Read this informative e-book for five practical tips to managing your growing office space.
  Retirement Focus 
  • Financial outlook improves somewhat for retirees, report says
    Retirees and pre-retirees were slightly more confident about their financial outlook in 2011 than they were in 2009, according to a report from the Society of Actuaries. The number of retirees who said the recession had made their finances worse dropped 2 points to 23%, while the number of pre-retirees saying the same dropped from more than one-third to 25%. The report also noted that retirees are lagging in learning how to manage risk and to plan properly. AdvisorOne (10/18) 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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The importance of money flows from it being a link between the present and the future."
--John Maynard Keynes,
British economist

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About FSI
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

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