White says she'll weigh cost-benefit analysis of fiduciary standard | Assets under management jumped last year, report says | Survey: Many middle-income Americans lack retirement facts
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March 13, 2013
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White says she'll weigh cost-benefit analysis of fiduciary standard
Mary Jo White, President Barack Obama's nominee to lead the Securities and Exchange Commission, said at a confirmation hearing that she would consider the results of a cost-benefit analysis regarding a uniform fiduciary standard for investment advisers and broker-dealers before she would propose such a rule. She offered no opinion on a uniform fiduciary standard. "The SEC should recognize that there are some benefits or costs of under-enforcement that have to be evaluated on their own terms," White said. InvestmentNews (free registration) (3/12)
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Industry Update
Assets under management jumped last year, report says
Assets under management by U.S. and Canadian financial advisers rose in 2012, but their commissions and fees didn't keep pace, according to PriceMetrix. The average adviser's assets under management increased 9% to $80.8 million year-over-year. Their average revenue for the same period increased 2% to $550,000, while revenue on assets declined by 3%, according to the study. Financial Advisor online (3/12), The Wall Street Journal (3/12)
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Survey: Many middle-income Americans lack retirement facts
About a third of middle-income Americans older than 55 don't know they can significantly increase their future Social Security payouts by delaying when they begin to receive the benefits, according to a Bankers Life and Casualty study. The survey of middle-income Americans 55 to 75 also revealed that 47% incorrectly think that Social Security cost-of-living hikes are guaranteed and that 87% rarely consider the impact of longevity on their retirement planning. National Underwriter Life & Health (3/12)
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Study: Some public pensions are recovering from the financial downturn
Changes made to public employees' pensions are helping some plans undo damage from the fiscal crisis, according to a study by Boston College's Center for Retirement Research. Changes made to 32 plans in 15 states have, in some cases, lowered pension costs to account for a lower percentage of state or local budgets than they did before the financial crisis, the study found. Pensions & Investments (free registration) (3/12)
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Lawmakers from both parties offer 10-year spending plans
Rep. Paul Ryan, R-Wis., the House Budget Committee chairman, on Tuesday offered a 10-year budget plan that would partially privatize Medicare and repeal the Affordable Care Act. Senate Budget Committee Chairwoman Patty Murray, D-Wash., said a competing 10-year spending plan to be announced today would raise taxes by almost $1 trillion and put almost $100 billion toward creating jobs. The Washington Post (3/12)
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On the Economy
U.S. likely will double exports by end of 2014, Obama says
President Barack Obama told his advisory council on exports that the U.S. is "well on our way" toward achieving his goal of doubling America's exports by the end of 2014. He said the best way to boost exports is to press ahead with efforts to negotiate free-trade agreements with Europe and Asia. Obama said European nations are "hungrier for a deal than they have been in the past." Bloomberg (3/12), Market News International (3/12), The White House Blog (3/12), MercoPress (Uruguay) (3/13)
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Building Your Practice
Exec shares 7 ideas for a more-secure retirement
Financial advisers need to rethink how they guide clients toward retirement in an environment now marked by lower returns and more-volatile markets, says Putnam Investments CEO Robert Reynolds. Among his ideas: Look beyond mainstream indexes, focus on income-generating dividend stocks and use absolute-return strategies alongside benchmarked investments. Financial Advisor online (3/12)
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How advisers should target Gen X and Y clients
Advisers should build business models that attract Generation X and Generation Y clients as well as the baby boomer generation, writes Michael Kitces. Models for younger investors can include assets-under-management models, assistance on an as-needed basis and services offered through low-cost monthly retainers. Nerd's Eye View blog (3/4)
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Humor is just another defense against the universe."
-- Mel Brooks,
American actor and film director
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