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February 19, 2013
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A weekly digest of news and industry updates for the financial planning community

  Top Story 
  • FPA survey reports rising compensation for advisers
    Financial professionals' average annual compensation has increased 4% since 2010, according to The Financial Planning Association's 2012 Financial Planning Salary Survey. Sole practitioners now earn $98,049 on average, the survey found. Geographically, financial professionals in the West-North-Central states earn the most, with an average of $107,000. Advisers with 20 years of experience or more also tend to earn more, at $124,836. Financial Advisor online (2/14), National Underwriter Life & Health (2/15) LinkedInFacebookTwitterEmail this Story
  Policy Watch 
  • SEC is gearing up for fiduciary mandate, Walter says
    Securities and Exchange Commission Chairwoman Elisse Walter told the Senate banking committee last week that the SEC is seriously considering a rule in which brokers would have a fiduciary mandate. She said the agency was drafting a public request for information on the provision of retail financial advice and regulatory alternatives, and probably would seek public comment within two months. AdvisorOne (2/14) LinkedInFacebookTwitterEmail this Story
  • House bill addresses "too-big-to-fail" banks
    Lawmakers who feel that the Dodd-Frank Act did not do enough to curb the size of big banks are bringing another bill to the floor of the House of Representatives. "If you want to stay big that's fine, you can stay big. But it's going to be rather expensive," said Rep. John Campbell, R-Calif., the bill's sponsor. The bill would require the largest banks to hold an extra level of capital to ensure against the possibility of short-term funding disappearing. Bloomberg (2/11), AmericanBanker.com (free registration)/Bloomberg (2/11) LinkedInFacebookTwitterEmail this Story
  • Democrats say they won't compromise on Cordray nomination
    Fifty-two Senate Democrats, along with two independent senators, have signed a letter to President Barack Obama saying they support his renomination of Richard Cordray as director of the Consumer Financial Protection Bureau. The senators say they will not agree to change the structure and funding of the CFPB. Most GOP senators have threatened to filibuster Cordray's nomination if such changes are not made. Los Angeles Times (tiered subscription model) (2/14) LinkedInFacebookTwitterEmail this Story
  • Other News
  Practice Management 
  • Avoiding a lopsided life
    Many advisers strive to find balance between their work and the social and emotional aspects of their lives, writes Joni Youngwirth, managing principal of practice management for the Commonwealth Financial Network. "While many advisers certainly keep their noses to the business grindstone, most don't want to live a lopsided life," she writes. Instead of trying to achieve balance, try practicing it by staying aware of the need for balance, working toward making changes and learning from each experience, she recommends. FPAnet.org/Practice Management Center blog (2/12) LinkedInFacebookTwitterEmail this Story
  • How to host a great client event
    When planning a client-appreciation event, keep the headcount small but allow clients to bring guests, experts say. Other expert tips include bringing in celebrity guests, choosing a comfortable location and providing gift bags for attendees. Financial-Planning.com (2/14) LinkedInFacebookTwitterEmail this Story
  Industry Report 
  • Advisers must pay attention to affluent clients' collections
    Financial advisers should give close attention to wealthy clients' collections and make sure items are inventoried, valued and insured, experts say. A Northern Trust survey found that 20% of Americans with more than $1 million available to invest have acquired collections worth enough to be considered investments. Reuters (2/13) LinkedInFacebookTwitterEmail this Story
  • Future U.S. retirees could face tough times, research shows
    For the first time since Franklin D. Roosevelt was president, a majority of Americans approaching retirement can expect to be financially less well off than their parents when they leave the workforce, according to research. Because of their limited resources, retirees may have to share homes with younger relatives or turn to government agencies for support. The Washington Post (2/16) LinkedInFacebookTwitterEmail this Story
  FPA News 
  • Free Diversity Webinar for FPA Members This Wednesday
    Join us Wednesday at 2 p.m. Eastern time to hear Alan Hiss discuss "Leveraging Diversity & Inclusion in the Growth of Your Practice." The changing demographics of the U.S. present new opportunities for advisers who actively weave diversity and inclusion (D&I) strategies into their long-term business plans. Register now to build a more diverse workforce. LinkedInFacebookTwitterEmail this Story
  SmartQuote 
If you want to live a happy life, tie it to a goal. Not to people or things."
--Albert Einstein,
German-born theoretical physicist


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