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May 29, 2012
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A weekly digest of news and industry updates for the financial planning community

  Top Story 
  Policy Watch 
  • House will examine bill shifting adviser oversight to SRO
    The House Financial Services Committee said it will hold a hearing June 6 to discuss a proposal to shift supervision of investment advisers to a self-regulatory organization. Reps. Spencer Bachus, R-Ala., and Carolyn McCarthy, D-N.Y., introduced the legislation in April. InvestmentNews (free registration) (5/23), AdvisorOne (5/22) LinkedInFacebookTwitterEmail this Story
  • Experts: Fiduciary rules are unlikely until after election
    Regulators with the U.S. Labor Department and the Securities and Exchange Commission are unlikely to issue rules that expand the definition of a fiduciary until after November's presidential election, lobbyists said. The agencies' proposals face opposition from the industry and lawmakers. InvestmentNews (free registration) (5/27) LinkedInFacebookTwitterEmail this Story
  • Industry pushes back against SEC plan for target-date funds
    Mutual fund groups have begun submitting comments on the Securities and Exchange Commission's plan for disclosure rules for target-date funds. As written, officials say, the rules risk misleading investors by capturing a single snapshot of funds' asset mixes, rather than a broader and more accurate picture. "Investors would be better served by disclosures describing how a target-date fund is intended to be managed over time, not simply at a single point in time," wrote Scott Goebel, general counsel for Fidelity Investments. Investor's Business Daily (5/24) LinkedInFacebookTwitterEmail this Story
  • Money funds signal willingness to compromise with SEC
    Major financial firms offering money funds to the public indicated that they are receptive to compromise on an issue that has delayed tighter regulation of money funds by the Securities and Exchange Commission. Industry leaders said at a meeting with the SEC that they might be able to support a watered-down version of a provision to restrict how quickly investors can pull cash out of money funds, sources said. The Wall Street Journal (5/24) LinkedInFacebookTwitterEmail this Story
  • Other News
  Practice Management 
  • Improving your firm's approach to benefits
    A good benefits plan is key to developing your practice's employees, consultant Mary Dunlap writes. Start by gathering information about the products that are available and communicate those options to potential hires. You should also speak to current team members before making changes to your existing benefits package, Dunlap writes. Management Center blog (5/25) LinkedInFacebookTwitterEmail this Story
  • What advisers should do -- and not do -- on social media
    Twitter and Facebook are good places to communicate in a crisis, and Facebook's Timeline feature is a good way to tell the story of your company, experts say. But mentioning products on Twitter is a bad idea because there's no room to provide full disclosures, and putting any reference to your social media sites on business cards or in e-mail signatures can get you into compliance trouble. Those are a few of the long list of social media dos and don'ts gleaned from the Financial Industry Regulatory Authority's annual conference. (5/23) LinkedInFacebookTwitterEmail this Story
  • How to maximize your LinkedIn profile
    Claudio Pannunzio, president of i-Impact Group, lays out the information you need on your LinkedIn profile to effectively promote yourself and your services. Having a complete profile will increase your online visibility and drive traffic to your website. It also gives you a way to connect to current and potential clients through your background, values and interests. Management Center blog (5/21) LinkedInFacebookTwitterEmail this Story
  • Other News
  Industry Report 
  • How young people can boost their lifetime earnings
    Young people have a choice between maximizing their financial assets and human capital, Michael Kitces writes. In some cases, it may be wiser to spend money on education in order to boost present income, instead of putting the money into savings or investments. Even a resulting $1,000 increase in income can have a huge financial effect over a worker's lifetime. Nerd's Eye View blog (5/23) LinkedInFacebookTwitterEmail this Story
  • Health care costs should play a larger role in planning, experts say
    Too few advisers talk to clients about how much they'll spend on health care after retirement, possibly because they don't know how to offer guidance, says Joseph Coughlin, director of AgeLab at the Massachusetts Institute of Technology. Other experts say the numbers are daunting, with retirees needing to replace as much as 140% of their working income in order to cover long-term costs. InvestmentNews (free registration) (5/24) LinkedInFacebookTwitterEmail this Story
  • Other News
  FPA News 
  • Finance Logix to include FPA's PlannerSearch on mobile retirement-planning app
    Finance Logix and FPA announced last week that the Retire Logix retirement-planning application for mobile devices will now feature FPA's popular PlannerSearch service. Under the new collaboration, users of Retire Logix can now simply touch a button and be immediately connected to PlannerSearch, a thriving database of more than 6,000 FPA members who are CFP professionals. View the May 22 news release. LinkedInFacebookTwitterEmail this Story
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--Coco Chanel,
French fashion designer

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