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| Policy Watch | | |
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- Lawmakers consider S corporation tax
Congressional Democrats have proposed financing student-loan legislation by expanding payroll taxes on subchapter S corporations and partnerships. The bill would levy Social Security and Medicare taxes on all business income if the firm is engaged in professional services, such as investment advice, or if 75% or more of the gross income of the firm is attributable to three or fewer shareholders. InvestmentNews (free registration)
(5/18)     
- Markup of Dodd-Frank Act tweaks is delayed after trading loss
The markup of three bills that would have repealed or changed provisions of the Dodd-Frank Act, set for this week, is on hold after JPMorgan Chase's $2 billion-plus trading loss. House Agriculture Committee Chairman Frank Lucas, R-Okla., says he is delaying the markup to avoid an overreaction and to ensure the proposals don't encourage overly risky behavior. The Hill/On the Money blog
(5/15)
- Expiration of Bush tax cuts will bring higher tax bills to many
While much of the discourse surrounding the Bush-era tax cuts has focused on the highest earners, they also lowered taxes for a wide range of lower- and middle-income Americans. If the cuts end as scheduled on Jan. 1, 2013, it will trigger higher tax bills for a broad segment of the country. People paying 10% now will jump up to 15%. The 25% bracket will increase to 28%, and the upper-income brackets will increase as well. Several other changes will happen around capital gains and exemptions. The Wall Street Journal
(5/18)
| Practice Management | | |
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- Shaping a practice to draw affluent clients
Advisers who want to attract more affluent clients need to focus services on those clients, stop trying to be all things to all levels of customer and consider jettisoning small clients, writes marketing expert Matt Oechsli. The transition can be overwhelming, so Oechsli recommends taking it one client at a time. Registered Rep.
(5/17)
- Don’t be like your dentist -- get proactive with clients
Kristin Harad, a marketing trainer for financial advisers, argues that advisers need to take a more active role in engaging their clients to make them stay in contact with you on a regular basis. She compares this process to a dentist scheduling your check-ups twice a year. Without some encouragement to make an appointment -- with e-mails or follow-up call -- most people will go longer in between their cleanings. FPAnet.org/Practice Management Center blog
(5/15)
| Industry Report | | |
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- BrokerCheck updated to be more user-friendly, FINRA says
The Financial Industry Regulatory Authority has revamped its online BrokerCheck tool to make it easier for investors to locate information on broker-dealers, find financial-services professionals in their area and look up investment-adviser registrations. The tool also now includes more educational content. AdvisorOne
(5/17)
- Advisers: Don't fall for Facebook at this price
The heavily hyped initial public offering of Facebook has put many advisers on high alert, scrambling to discourage their clients from investing at its current valuation. Advisers have pushed investors to consider the fundamentals of the stock. Its price-to-earnings ratio is a sky-high 105. Several said they won't endorse Facebook until its share price, which started at $38, comes down. InvestmentNews (free registration)
(5/18)
- Wealthy clients move toward alternative investments
Advisers to affluent investors have started to rethink the 60/40 strategy in light of the recent volatility in the financial markets. The ups and downs of the market have sent clients running to safer assets, but a mix of alternative investments could ease them back into the market without exposing them to equities. "With more mutual funds trading like hedge funds, more people are allocating to the alternative space," said Dick Pfister, an executive vice president and managing director of global sales and consulting at Altegris Investments. Financial-Planning.com
(5/16)
- For the superwealthy, financial stewardship is a top priority
Morgan Stanley Private Wealth Management and Campden Wealth conducted a recent study that found wealthy investors will transfer $27 trillion to the younger generations of their families over the next four decades. Members of the generation on the receiving end of that transfer were 45% of those surveyed in the study and nearly 80% of those respondents said thought "being a good steward" of the family wealth was of utmost importance. AdvisorOne
(5/16)
- Could a monthly view of retirement funds boost savings?
Some employers and 401(k) plan providers are trying to show workers what their fund balances will mean in terms of monthly retirement income. The approach is an alternative to focusing on a lump-sum amount without considering what it will mean for income replacement. MassMutual has launched Web tools that project monthly retirement income based on current savings. Chicago Tribune
(5/18)
| FPA News | | |
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- FPA of Pittsburgh to honor veterans on May 22
On May 22, FPA of Pittsburgh will host "Saluting Service," a free pre-Memorial Day celebration of all local veterans making a difference through service in their Western Pennsylvania communities. FPA of Pittsburgh has created the First Class Patriot Achievement Award to honor past and/or present community service by veterans of any U.S. military branch, and will present a $10,000 donation to Veteran's Leadership Program of Western Pennsylvania in honor of the top recipient.
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--Lady Mary Wortley Montagu,
English writer and aristocrat
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