| Twice-weekly summary of financial industry news |
|
| Top News |  |  |
| | |
- FSI weighs in on DoL's plan for separate fiduciary rules
Phyllis Borzi, assistant secretary of labor and head of the Employee Benefits Security Administration, reiterated the Department of Labor's determination to coordinate with the Securities and Exchange Commission, but to issue its own fiduciary-duty rules. FSI has raised concerns about the need for the DoL's set of rules. "If there is a problem with a few bad actors, the way to deal with it is through enforcement, not by making a wholesale change in the way retirement advice is delivered in this country," said David Bellaire, FSI general counsel and director of government affairs. InvestmentNews (free registration)
(6/18)     
- FSI opposes California pension proposal
FSI has teamed up with other industry groups in opposition to a proposal in the California State Assembly that would establish a public pension plan for private employees. The associations noted warnings about the potential costs of the proposal. InvestmentNews (free registration)
(6/19)
 | Business Gold Rewards — Earn 75,000 Membership Rewards® points with $10k Spend in 4 Months. Learn More. |
| Policy Watch | |  |
|
- Schapiro cites new data in case for money fund overhaul
While only two money market funds have actually "broken the buck," more than 300 have required internal bailouts from their parent companies since the funds began in the 1970s, said Securities and Exchange Commission Chairman Mary Schapiro. Previous estimates have said 200 funds have relied on such support. "Runs aren't just a theoretical possibility," said Schapiro, who is set to testify at a Senate hearing today on the need for additional money market fund regulation. The Wall Street Journal
(6/21)
- SEC officials are ready, waiting for word on money fund overhaul
Securities and Exchange Commission officials say they're ready to swing into action and present a full plan for regulating money funds as soon as Chairman Mary Schapiro says the word. "When the director schedules a [commission] meeting, we'll be ready," says Robert Plaze, deputy director of the SEC Division of Investment Management. "We understand the issues and are waiting for direction from the chair." InvestmentNews (free registration)
(6/19)
- Romney's position on carried interest remains unclear
Mitt Romney was firmly opposed to changing carried-interest tax rules during his previous presidential bid, but he has been less definitive in his position this time around. Romney's advisers have hinted that as president, Romney would consider carried-interest changes as part of a broader tax-code overhaul, but Romney himself has declined to detail his position. CNNMoney
(6/18)
- Borzi: Sponsors should keep tabs on brokerage windows
Retirement-plan sponsors can't absolve themselves of their fiduciary responsibility by offering defined-contribution brokerage accounts, says Phyllis Borzi, the Labor Department's retirement chief. Simply offering choices isn't enough, Borzi says; sponsors still need to carefully monitor their service providers. "Once you choose a service provider, you can't just walk away," she said. Pensions & Investments (free registration)
(6/18)
|
| Building Your Business | | |
|
- Executive: Financial advisers need a social media "story"
The arrival of social media is driving change in a way similar to what the invention of the printing press did, and financial advisers must get ready for such change, says Jason Seiden, CEO of Ajax Social Media Group. That means advisers must work on their social media "story" to make themselves stand out to potential clients, Seiden says. Financial-Planning.com
(6/15)
- Wealth managers need younger financial advisers, study finds
To survive, global wealth managers need to explore new options, including recruiting younger financial advisers, according to a report by consultant CapGemini and the Royal Bank of Canada. The need for younger advisers reflects the fact that the world's wealthiest investors are getting younger, the report said. Reuters
(6/19)
| Retirement Focus | | |
|
- Poll: Advisers focus on retirement income
More than 98% of advisers say they're working to boost their knowledge in the field of retirement-income planning, a Russell Investments survey found. Little agreement exists, however, on where to get that information. "Most advisors are trying to tackle the retirement income challenge, but many feel the investment industry has not provided the right tools to set a standard for how this should be done," Phill Rogerson of Russell Investments said in a statement. Financial-Planning.com
(6/18)
| FSI Member News & Events | | |
|
- 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!
|
| SmartQuote | | |
|
 | To acquire knowledge, one must study; but to acquire wisdom, one must observe."
--Marilyn vos Savant,
American columnist
|
| |
| |
|
| |
| 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 financialservices.org
|
|
| |
| | Recent FSI Newsbrief Issues:
- Monday, June 18, 2012
- Thursday, June 14, 2012
- Monday, June 11, 2012
- Thursday, June 07, 2012
- Monday, June 04, 2012
| | | SmartBrief Lead Editor: Sean McMahon
SmartBrief Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004 | |
| |
|
| © 1999-2012 SmartBrief, Inc.® Legal Information |
|
