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December 3, 2012
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Twice-weekly summary of financial industry news
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  Top News 
  • FSI urges common sense in appeal to avoid "fiscal cliff"
    Pitching over the "fiscal cliff," a distinct possibility, would be a disaster for the U.S. economy, many experts agree. With that in mind, the Financial Services Institute is calling on policymakers to take several steps, including an extension of all 2001 and 2003 tax rates and business-tax provisions that are due to expire. FSI is also urging policymakers to provide Alternative Minimum Tax relief and to avoid the sequestration involved in the fiscal negotiations. "Our nation's leaders must also develop a plan that addresses America's excessive spending -- particularly entitlement spending -- in order to restore the nation's long-term fiscal health," writes FSI President and CEO Dale Brown. AdvisorOne (11/30) LinkedInFacebookTwitterEmail this Story
  • FSI announces 3 new board members for 2013
    Moving to a sharper focus on small and midsize firms, the Financial Services Institute has elected three new 2013 board members -- David Stringer, Stephen Chipman and Dick Lampen. The new board chairman is Lawrence Roth, and Mike Mungenast is vice chairman. Financial Planning (11/2012) LinkedInFacebookTwitterEmail this Story
  Policy Watch 
  • FINRA may require brokers changing firms to disclose incentives
    Amid concerns that some brokerage recruiting practices hold the potential for harm to customers, the Financial Industry Regulatory Authority is weighing a rule that would require disclosure of compensation packages that brokers receive for changing firms. One worry is that certain incentives may lead brokers to encourage clients to sell out of proprietary products without regard to their clients' best interests. The Wall Street Journal (11/29) LinkedInFacebookTwitterEmail this Story
  • Steps advisers should take to protect against regulatory actions
    Advisers should take steps to protect themselves against state and federal regulatory agencies that are stepping up compliance activities, Tom Giachetti says. Advisers should document all processes, especially if third-party asset managers are involved, and they should have current and signed confirmations from clients who want to move to cash, especially during the "fiscal cliff" negotiations. Giachetti also recommends staying away from ill-defined terms such as "assets under advisement." AdvisorOne (11/30) LinkedInFacebookTwitterEmail this Story
  Sponsored Poll 
  • Check out the results of this poll in the FSI Newsbrief Best of 2012 report on Dec. 12.
  • What impact will the regulatory environment have on your firm's operations in 2013?
Greater impact than in 2012
Same impact as in 2012
Less impact than in 2012

  • What is the most important issue driving your firm's strategic operations and technology planning for 2013?
"Fiscal cliff"
Regulatory environment
Cost savings
Domestic and foreign legislative developments

  Building Your Business 
  • How to help clients own their decisions
    Advisers must understand how clients think about money and guide them to better financial decisions, United Capital CEO Joe Duran says. The company offers practice tools meant to help advisers empower their clients. "They rent me, but they need to own their decisions," Duran says. (12/3) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Online calculator can help make sense of 401(k) costs
    Lincoln Trust's online Personalized Expense Ratio Calculator can help 401(k) participants figure out what they're really paying for their plans and how that stacks up against other plans. A five-step process calculates the benchmark cost of plans. "If the participant does all these calculations and says, 'I'm only paying 2% for my retirement plan; that sounds pretty good,' when they realize the benchmark for that size plan was 87 basis points, they might think very differently about their fees," Lincoln Trust's Tom Gonnella says. AdvisorOne (11/29) LinkedInFacebookTwitterEmail this Story
  • 2012 has brought many new rules for annuities
    Several states have enacted regulations this year that affect insurers that sell annuities, writes Kathy Donovan of Wolters Kluwer Financial Services. Unclaimed property; the method by which claims are settled; senior protections; and annuity contracts, riders and nonforfeiture standards are key areas addressed by the rules, she writes. Further action on retained-asset accounts, unclaimed property and consumer protection is likely in 2013, she adds. National Underwriter Life & Health (11/28) LinkedInFacebookTwitterEmail this Story
  Retirement Focus 
  • How to keep inflation from draining your retirement funds
    Cut out a regular bill, such as summertime cable TV. Resist the urge to continually upgrade your lifestyle through new purchases. Replace high-end choices with cheap alternatives. Those are a few of the ways retirees can beat the effects of inflation, writes David Ning, who runs the personal finance site MoneyNing. Two other tips: Buy, instead of renting, a home in order to lock in a monthly payment, and invest in companies that earn more when their product prices rise. U.S. News & World Report/On Retirement blog (11/28) LinkedInFacebookTwitterEmail this Story
  • Survey: 24% of boomers say they will be able to handle LTC costs
    Baby boomers expressed less confidence than did members of Generation X about their ability to finance long-term care for their parents and themselves, according to a report by the Insured Retirement Institute. Among Generation X respondents, 28% expressed confidence about meeting long-term-care costs, while 24% of baby boomers expressed such confidence. In contrast, 37% of baby boomers and 34% of Generation X respondents said they will be able to finance their own medical expenses in retirement, according to the report. National Underwriter Life & Health (11/29) LinkedInFacebookTwitterEmail this Story
  FSI Member News & Events 
  • Register For OneVoice Now And Get The Early Bird Rate!
    January 28 to 30 | San Diego Marriott Marquis & Marina | San Diego

    OneVoice is FSI's annual in-person gathering for the independent financial services firm community. OneVoice 2013 will give you a first look at what to expect next year, with insights into the November election results, changing consumer behavior, technology trends in 2013, new regulatory and compliance developments, and much more! Visit here for more information and to register for OneVoice 2013 today! LinkedInFacebookTwitterEmail this Story

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Silent gratitude isn't much use to anyone."
--Gladys Bronwyn Stern,
British writer

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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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