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November 5, 2012
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Twice-weekly summary of financial industry news
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  Top News 
  • 5 broker-dealers add their voices to FSI
    Adding significantly to the Financial Services Institute's appeal at the grass-roots level, advisers for five independent broker-dealers have become FSI members. The firms are G.A. Repple and International Assets Advisory in Orlando, Fla.; Prospera Financial Services and Williams Financial Group in Dallas, and Western International Securities in Pasadena, Calif. "[O]ur collective voice is getting stronger and more influential," FSI President and CEO Dale Brown said of the new additions. (11/1), AdvisorOne (11/1) LinkedInFacebookTwitterEmail this Story
  Policy Watch 
  • FINRA, SEC respond to superstorm with alerts, deadline extensions
    The Financial Industry Regulatory Authority has issued several notices in response to Superstorm Sandy. It has encouraged members to provide office space to other firms that need it, and it is extending deadlines for continuing-education requirements. Firms that need more time to make filings or respond to investigations can ask for extensions. The Securities and Exchange Commission also made a number of announcements, including a notice about EDGAR filings and an investor alert regarding investment scams that might target storm victims. AdvisorOne (11/1), InvestmentNews (free registration) (11/1) LinkedInFacebookTwitterEmail this Story
  • Bair rejects industry compromise on money-fund reform
    A proposal by the financial industry on new money market fund regulations failed to win over former financial regulator Sheila Bair. In a statement released last week, Bair criticized the plan, which includes a fee for withdrawals when a fund is under stress. "Another layer of complexity is not going to calm an already very risk-averse market," wrote Bair, the former head of the Federal Deposit Insurance Corp. who now leads the Systemic Risk Council. Reuters (11/1) LinkedInFacebookTwitterEmail this Story
  Building Your Business 
  • Changing trends that financial advisers must track
    The role of financial adviser has evolved to include a greater focus on risk management, says Jeff Montgomery, CEO of AFAM/Innealta Capital. How advisers address their practice structure is another change. "Practice structure is not just succession," Montgomery said. Due diligence practices and the client model itself are also changing trends for advisers. AdvisorOne (11/1) LinkedInFacebookTwitterEmail this Story
  • Advisers and clients reluctant to discuss health-related finances
    More than half of financial advisers surveyed by Nationwide Financial find it difficult to discuss their clients' health with them and to address how they will pay for health care. Clients can also be reluctant, with close to three-quarters not realizing how important health care is to a financial plan. Advisers are more likely to have this conversation if they feel comfortable with and knowledgeable about the subject matter. AdvisorOne (11/1) LinkedInFacebookTwitterEmail this Story
  • Other News
  Retirement Focus 
  • Study: Most middle-income earners save little for retirement
    Among U.S. workers who make $40,000 to $99,999 a year, two-thirds put less than 5% a year into retirement savings and 85% save less than 10%, LIMRA said. About a quarter of middle-income workers 55 and older are saving nothing at all, according to LIMRA. "These results, while not surprising, are very troubling. Many Americans will live at least 20 years in retirement, and will need significant savings to ensure their financial security," LIMRA's Matthew Drinkwater said in a statement. (11/1) LinkedInFacebookTwitterEmail this Story
  FSI Member News & Events 
  • Download the new FSI Advocacy App!
    The Financial Services Institute has launched a smartphone and tablet application designed to help advisers expand their role in the advocacy process. The app helps advisers contact their local representatives in Congress, get up to speed on FSI's advocacy priorities and know the top issues affecting the industry. Learn more about the app and download it today. LinkedInFacebookTwitterEmail this Story

  • FSI video touts advocacy results
    FSI urges you to watch this 50-second powerful video that highlights our impressive advocacy results in 2011. Our members' grass-roots and financial support are what make these accomplishments possible. Thank you for your membership! LinkedInFacebookTwitterEmail this Story

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Whoever is winning at the moment will always seem to be invincible."
--George Orwell,
British novelist and journalist

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About FSI
FSI was formed in January 2004 as an advocacy and membership organization for independent broker-dealers and independent financial advisors. We provide insight, information, influence, and involvement--all in support of our mission to provide visibility, credibility, and an improved regulatory environment for the independent channel. Learn more at

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