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November 13, 2012
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A weekly digest of news and industry updates for the financial planning community

  Top Story 
  • Obama invites Boehner, Reid to White House for "fiscal cliff" talks
    President Barack Obama has invited congressional leaders from both parties to the White House for talks on how to avoid $607 billion in automatic spending cuts and tax hikes set to take effect at the beginning of next year. House Majority Leader John Boehner, R-Ohio, has said he favors an overhaul of the tax code to generate revenue rather than raising tax rates. "I don't want to limit the options that would be available to me or limit the options that would be available to the White House," he said. "There are a lot of ways to get there." San Francisco Chronicle/Bloomberg (11/9) LinkedInFacebookTwitterEmail this Story
  • "Fiscal cliff" deal is important to Obama's legacy: Financial advisers will benefit from President Barack Obama's desire to reach a deal to avoid the "fiscal cliff." "The second terms for presidents are about building a legacy, and if [the fiscal cliff situation] isn't resolved in some form, it won't be the legacy he wants," said Tim Steffen, director of financial planning at Robert W. Baird & Co. InvestmentNews (free registration) (11/11) LinkedInFacebookTwitterEmail this Story
  Policy Watch 
  • Tax-protected retirement savings might be trimmed in deficit deal
    The amount of money people can set aside tax-free in retirement plans could be scaled back under a deal to trim the deficit and raise tax revenues, financial advisers fear. "The real question is what changes? How will the players change their behavior and that is an unknown. For retirement plans it is all about tax reform and whether they'll nick us or not," said Ed Ferrigno, vice president of Washington affairs for the Plan Sponsor Council of America. BenefitsPro.com (11/7) LinkedInFacebookTwitterEmail this Story
  • Obama's victory saves Dodd-Frank from repeal
    President Barack Obama's re-election means the financial industry will have to accept that the Dodd-Frank Act is here to stay, analysts say. Sheila Bair, former chairwoman of the Federal Deposit Insurance Corp., said Obama, with the election behind him, no longer has to worry about special interests and their money. "This should be all about his legacy now and providing a truly stable financial system, one that serves the credit needs of the economy," she said. The Washington Post (11/7) LinkedInFacebookTwitterEmail this Story
  • Warren might land on Senate banking committee
    Senator-elect Elizabeth Warren, D-Mass., has a good chance of securing a seat on the Senate banking committee, senior Senate Democratic aides say. It is rare for a freshman senator to get such a highly coveted spot, but Warren is seen as a logical fit. "The leadership and committee chairmen usually work together to try to accommodate incoming senators' preferences, within reason," an aide said. "If Senator-elect Warren indicates she'd like to serve on the banking committee, given her prominent work on those issues, she would certainly have a very good shot." Reuters (11/8) LinkedInFacebookTwitterEmail this Story
  Practice Management 
  • How to overcome 2 pain points in a practice
    Lack of discipline and regret over one's lack of success are two pain points that many financial advisers have regarding their practices at some point, writes Daniel C. Finley, president of Advisor Solutions. Pushing past the "pain" of adding discipline to an operation or process can lead to a more successful practice, he adds. FPAnet.org/Practice Management Center blog (11/6) LinkedInFacebookTwitterEmail this Story
  • Financial advisers should expect more regulatory changes
    President Barack Obama's re-election has taken much of the uncertainty out of the markets, but financial advisers still face possible regulatory changes. The Securities and Exchange Commission is facing calls for tougher ethical standards for brokers, and Congress will consider an effort to outsource investment adviser oversight. InvestmentNews (free registration) (11/7), The Wall Street Journal (11/9) LinkedInFacebookTwitterEmail this Story
  Industry Report 
  • CEOs press Congress to deal with deficit
    As Republican and Democratic lawmakers prepare for upcoming discussions over the U.S. "fiscal cliff," corporate executives are launching their own media-based campaigns. The Campaign to Fix the Debt expects to spend more than $1 million on advertisements with slogans such as "Just Fix It." The Business Roundtable is ready to spend about $500,000 on similar messages focused on media in the Washington, D.C., area. The New York Times (tiered subscription model) (11/11) LinkedInFacebookTwitterEmail this Story
  • Target-date funds' growth will continue, study says
    Target-date funds are expected to account for 80% of defined-contribution plans by 2016, a BrightScope study says. That compares with 76% last year. Still, just half of plans pick target-date funds as the default for investors, another report found. AdvisorOne (11/12) LinkedInFacebookTwitterEmail this Story
  FPA News 
  • Custom Marketing Solutions Now Available From FPA, Powered by Liberty Publishing
    FPA Client Connect takes marketing your practice to a new level. This value-added benefit features a variety of personalized financial e-mail marketing pieces to promote your products and services to clients. With customizable newsletters, brochures, articles and reports featuring Set-It-and-Forget-It (SIFI) technology, you can create and launch custom e-mail campaigns to consistently communicate with your clients. Learn more about FPA Client Connect. LinkedInFacebookTwitterEmail this Story
  • Introducing the Practitioners Resource Guide
    FPA recently launched the Practitioners Resource Guide. This guide is built around core practice management functions: Growth, Efficiency, Risk Mitigation, Customer Service, Knowledge, Human Capital, Future Planning and Office Support. Check out the list of participating providers offering member discounts on services that may contribute to the success and ROI of your firm. Learn more about how your FPA membership can save you money. LinkedInFacebookTwitterEmail this Story
  SmartQuote 
Ideals are like stars ... you choose them as your guides, and following them, you will reach your destiny."
--Carl Schurz,
German-born American statesman


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