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November 19, 2012
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Twice-weekly summary of financial industry news
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  Top News 
  • U.S. revamp of rules for securities professionals hits snags
    An undertaking to simplify licensing for securities professionals is about 80% complete, but the remaining 20% is producing hard-to-resolve hang-ups, according to Robert Colby, chief legal officer for the Financial Industry Regulatory Authority. The attempt to refine and combine the separate rules of FINRA's predecessor organizations, the National Association of Securities Dealers and the New York Stock Exchange's member and enforcement functions, has dragged on for five years. Reuters (11/16) LinkedInFacebookTwitterEmail this Story
  Policy Watch 
  • Advisers warn against tax-driven decisions
    Attention given to the U.S. "fiscal cliff" might tempt wealthy investors to make rash decisions that could end up costing more than the tax increases they fear, financial advisers warn. Appreciated stock that is performing well could continue to produce returns greater than tax savings from a hasty sale to avoid higher capital gains tax, advisers say. The New York Times (tiered subscription model) (11/16) LinkedInFacebookTwitterEmail this Story
  • SEC's investigation of rating agencies finds compliance issues
    The Securities and Exchange Commission released its findings from an examination of credit rating agencies performed earlier this year. The SEC said some of the agencies failed to disclose changes to their ratings methodology and did not follow their own policies when it came to downgrading securities in a timely manner. Reuters (11/15) LinkedInFacebookTwitterEmail this Story
  • Editorial: Floating NAV is the best bet for money-fund reform
    Of the Financial Stability Oversight Council's three proposals for money-fund reform, the best bet is simply to float funds' share prices, argues The Wall Street Journal's editorial board. "Since the industry hates all three options, regulators might as well push the true market reform and liberate share prices," the editorial argues. The Wall Street Journal (11/18) LinkedInFacebookTwitterEmail this Story
  Building Your Business 
  • Advisers must tailor communication methods
    Financial advisers need to consider clients' age and prospects to successfully communicate with them, said Cam Marston, a generational-characteristics expert at Generational Insight. Baby boomers, Generation X and millennials have distinct preferences on how they want to be approached and given information, he said. Financial-Planning.com (11/15) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  Retirement Focus 
  • Retiring in 2013 might be a bad move, experts say
    The expected "fiscal cliff" makes 2013 a difficult time to retire, in part because of uncertainties about tax rates, experts say. It might be wise to postpone retirement until the tax picture is clearer. "It's kind of a perfect storm in 2013," said Jason Wheeler, CEO of Pathfinder Wealth Consulting. "With questions about taxes, spending cuts, the markets, health care ... the year could be a rough one when it comes to retirement." CNBC (11/16) LinkedInFacebookTwitterEmail this Story
  • What the Social Security adjustment will mean for retirees
    Retirees may see a little more in their Social Security benefits checks starting in January, when a 1.7% cost-of-living increase goes into effect. But seniors who have insurance premiums withheld from their checks might end up with less. In addition, those still in the workforce could see other Social Security changes affect their take-home pay starting in January. MarketWatch/The RetireMentors blog (11/14) LinkedInFacebookTwitterEmail this Story
  • Commentary: $250,000 isn't enough for a comfortable retirement
    A designation of those with $50,000 to $250,000 in investable assets as "mass affluent consumers" is misleading, Matthew Heimer writes. "Cross over into retirement with a quarter-mil in savings, and you're in a situation where, under conservative income models, you can afford to withdraw only $10,000 a year, before taxes, to support your lifestyle," Heimer writes. MarketWatch/Encore blog (11/16) 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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  Editor's Note 
  • SmartBrief will not publish Thursday
    In observance of Thanksgiving in the U.S., FSI Newsbrief will not be published Thursday, Nov. 22. Publishing will resume Monday, Nov. 26. LinkedInFacebookTwitterEmail this Story
  SmartQuote 
Nothing is too small to know, and nothing is too big to attempt."
--William Cornelius Van Horne,
Canadian railway executive


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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 financialservices.org

 
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