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March 7, 2013
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News for investment consulting and wealth management professionalsGo to IMCA Update

  Top Story 
  • Financial advisers eye 12 emerging trends
    Longevity risk, compensation shifts, crowdfunding and artificial intelligence are among 12 trends that financial advisers should be watching, experts say. Many of these trends are driven by rapid technological change and demographic shifts. (3/1) LinkedInFacebookTwitterEmail this Story
  IMCA Update 
  • Enrich your Business. Learn from the Best at IMCA's 2013 Annual Conference.
    IMCA's 2013 Annual Conference is less than two months away, April 28–May 1, at the Washington State Convention Center in Seattle. Don’t miss this opportunity to hear the latest industry updates and expert insight from established academics and high-profile strategists. Session speakers and topics include:

    Neil Barofsky, former federal prosecutor and Special Inspector General for the Troubled Asset Relief Program (SIGTARP), who was responsible for auditing and investigating the purchase, management, and sale of assets under the $700-billion Troubled Asset Relief Program (TARP). Click here to watch an interview with Neil Barofsky.

    Phyllis Borzi, Assistant Secretary of Labor at the Employee Benefits Security Administration, recently named one of the 20 People to Watch in 2013. Borzi will address the fiduciary issue for consultants and provide insight into the Department of Labor’s expected proposal to amend the fiduciary definition under ERISA this year despite significant industry opposition.

    • Behavioral finance expert, professor, and author Meir Statman, whose research targets how investors and managers make financial decisions and how these decisions are reflected in financial markets. Statman talked with the Wall Street Journal recently about whether now is the right time for investors to buy equities.

    Visit for conference details and to register. LinkedInFacebookTwitterEmail this Story
  • The First Best of IMCA is only 12 Days Away!
    Join IMCA in Toronto on March 19 for the first Best of IMCA seminar this year. Pietro Veronesi, PhD, Roman Family Professor of Finance at The University of Chicago Booth School of Business, will take a closer look at evidence about the predictability of aggregate stock market and Treasury bond returns, the dynamics of stock and bond volatility, and their ever-changing co-movement. The afternoon session features wealth psychology expert Kathleen Burns Kingsbury delivering two presentations: Solving the Intergenerational Wealth Puzzle: Working with Family Dynamics and Wealth, and Essential Skills for Advising Couples Regarding Intergenerational Wealth Transfers. The Best of IMCA seminar is accepted for six hours of continuing education credit and is exclusively sponsored by Eaton Vance.

    Click here for more information and to register. LinkedInFacebookTwitterEmail this Story
  • Call for Nominations: IMCA Board of Directors
    Have you ever considered serving on IMCA's 13-member board? Any IMCA member may nominate themselves or another member as a candidate. Once your nomination is presented to the Nominating Committee, potential candidates will be asked to complete a nomination application. IMCA’s Nominating Committee will consider the application for any board member seats that open within the next two years. Aside from IMCA membership, there are no mandatory criteria for an individual to be nominated to serve on the IMCA Board. However, service on IMCA committees is a plus, and so is involvement in other national associations.

    For more information, or to nominate a member for the board of directors, please contact Sean Walters, IMCA executive director, via e-mail at, or phone 303-850-3089. To be considered for the 2013 Board nominations, nomination applications must be received by June 30, 2013. LinkedInFacebookTwitterEmail this Story
  • Other News
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  Wealth Management 
  • Dow closes at record high
    The Dow Jones industrial average closed at an all-time high of 14,253.77 on Tuesday, topping a record set in October 2007. "I'm surprised at the speed of the gains, which have come at a pace that we can't annualize," said Jim McDonald of Northern Trust Global Investments. "But stocks are still not expensive, and we can expect to continue getting a reasonable advance from here." Reuters (3/6), Barron's (subscription required)/Stocks to Watch blog (3/5) LinkedInFacebookTwitterEmail this Story
  • Report forecasts growth for investable assets
    Investable assets will continue to grow, says a report from Tiburon Strategic Advisors that projects the figure to hit $80 trillion by 2017. Americans have $12 trillion of retirement assets and other investable assets in equities, the report says. Consumer households' investment in equities has dropped 40% since 2002, to about $5.5 trillion, the report said. National Underwriter Life & Health (3/1) LinkedInFacebookTwitterEmail this Story
  Industry Updates & Trends 
  • SEC seeks information on cost of fiduciary standard
    The Securities and Exchange Commission has released a request for information to help it weigh the costs and benefits of a rule that would impose a fiduciary standard of care on brokers. The request "will help us in our ongoing consideration of alternative standards of conduct for certain broker-dealers and investment advisers, as well as potential harmonization of other aspects of regulation in this area," SEC Chairman Elisse Walter said. AdvisorOne (3/1) LinkedInFacebookTwitterEmail this Story
  • SEC finds poor compliance with custody rule among advisers
    The Securities and Exchange Commission has discovered compliance deficiency in one-third of investment advisers reviewed regarding a rule governing the custody of clients' funds. "We take deficiencies in this area very seriously and want to put advisers on alert about the importance of complying with the custody rule," said Carlo di Florio, director of the SEC Office of Compliance, Inspections and Examinations. Reuters (3/4), InvestmentNews (free registration) (3/4), AdvisorOne (3/4) LinkedInFacebookTwitterEmail this Story
  • Groups criticize FINRA push to reveal recruiting bonuses
    The National Association of Insurance and Financial Advisors and the Securities Industry and Financial Markets Association have criticized a proposal by the Financial Industry Regulatory Authority that would require brokers to reveal their incentives for switching firms. The groups said incentives do not necessarily represent conflicts of interest, and that factors beyond money often motivate broker moves. FINRA's next step is to consider the comments and put forth a final rule. InvestmentNews (free registration) (3/5) LinkedInFacebookTwitterEmail this Story
  • Group wants advisers barred from forcing client arbitration
    State securities regulators are asking Congress to adopt legislation prohibiting investment advisers from using contracts that require clients to resolve disputes with them through mandatory arbitration. The regulators also want lawmakers to look into a ruling by a Financial Industry Regulatory Authority hearing panel that said the agency can't keep Charles Schwab from preventing clients from filing class-action lawsuits. InvestmentNews (free registration) (3/5) LinkedInFacebookTwitterEmail this Story
  Practice Management 
  • Producing a good client newsletter
    Client newsletters can be valuable communication tools for advisers. This article evaluates the pros and cons of the various ways to produce a newsletter, including hiring a ghost writer and using a content service. AdvisorOne (3/5)
  • Study: Adviser referrals are won with trust, not badgering
    The top reason people refer their friends to an adviser is because the friends disclose they're having a financial problem, and the second reason is because they've been asked for a recommendation, research finds. Eleven percent of clients in the survey said they referred their advisers because the advisers asked them to. "Advisers have been asking clients to do the prospecting for them, and that's not fair and it's not what they signed up for," said Stephen Wershing of The Client Driven Practice. InvestmentNews (free registration) (3/3) LinkedInFacebookTwitterEmail this Story
  • How advisers can make the most of Twitter
    Twitter offers financial advisers an effective way to increase their visibility, establish their credentials and connect with prospects and clients, writes Robert Sofia. He offers tips for making the most of the social-networking platform, such as how to attract qualified followers and share the most effective information. Platinum blog (2/27) LinkedInFacebookTwitterEmail this Story
The person whose doors I enter with most pleasure, and quit with most regret, never did me the smallest favor."
--William Hazlitt,
British writer and philosopher

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Based in Denver, Investment Management Consultants Association® (IMCA®) was established in 1985 to deliver the premier investment consulting and wealth management credentials and world-class educational offerings—membership, conferences, research, and publications. The cornerstone of IMCA® is the Certified Investment Management Analyst® (CIMA®) certification, the only advanced certification designed specifically for investment consultants. IMCA® also delivers the advanced credential for wealth management professionals working with high-net-worth clients, the Certified Private Wealth Advisor® (CPWA®) certification. Visit for more information.

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