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November 26, 2012
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Twice-weekly summary of financial industry news
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  Top News 
  • FINRA again pursues regulation of financial advisers
    The Financial Industry Regulatory Authority has kicked off another campaign to take over supervision of financial advisers from the Securities and Exchange Commission. Thomas Selman, FINRA's executive vice president of regulatory policy, argued at a recent industry conference that the organization is the best one to regulate advisers. Reuters (11/21) LinkedInFacebookTwitterEmail this Story
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  Policy Watch 
  • Treasury undersecretary said to be in line to run SEC
    The Treasury Department's undersecretary for domestic finance, Mary John Miller, is rumored to be a leading candidate to replace Mary Schapiro as chairman of the Securities and Exchange Commission. Miller had a significant role in resolving the debt-ceiling debate and worked at T. Rowe Price Group for 26 years before joining the Treasury. Schapiro is expected to resign after four years of leading the regulator. The Wall Street Journal/Washington Wire blog (11/20) LinkedInFacebookTwitterEmail this Story
  • Labor Department is expected to ramp up enforcement
    President Barack Obama's re-election means Assistant Labor Secretary Phyllis Borzi will remain in charge of the Employee Benefits Security Administration, and she is expected to enforce new disclosure rules for plan sponsors and plan participants. Industry experts also expect the Labor Department to continue scrutiny of improper or undisclosed pay by plan consultants and investment advisers. InvestmentNews (free registration) (11/18) LinkedInFacebookTwitterEmail this Story
  • Other News
  Building Your Business 
  • How advisers can help clients navigate the "fiscal cliff"
    While much of the resolution to the "fiscal cliff" is uncertain, there are still steps that financial advisers can take to help clients. These steps include preparing clients for a period of volatility, getting ready for a possible hard landing, buying into the market in stages, investing in dividend stocks and keeping a certain percentage of assets liquid. (11/26) LinkedInFacebookTwitterEmail this Story
  • Holidays serve up the opportunity to court new clients
    The Thanksgiving holiday weekend provided an opportunity for financial advisers to put themselves foremost in clients' minds and to share their expertise with family and friends, experts say. Holidays provide an opening to discuss concerns such as possible tax changes in the coming year and to gain clients, experts say. But "you don't want to come off as overtly begging," so hard-sell tactics should be avoided, says Bob Patrick of Raymond James Financial. The Wall Street Journal (11/23) LinkedInFacebookTwitterEmail this Story
  • 3 prospecting tactics help build a retirement-plan practice
    Financial advisers who want to build a retirement-plan practice would do well to follow three basic prospecting steps, Ric Lager writes. He recommends beginning with a list of prospects from professional firms and Fortune 500 companies that will lend themselves to a word-of-mouth approach. The next step is to become an expert on plan offerings by gathering the company retirement-plan menus of key clients, he writes. Finally, he suggests developing a list of clients' friends and other contacts. AdvisorOne (11/21) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Fixed-income investments are popular, but increasingly risky
    Some $300 billion will be invested in bond funds this year, more than the totals posted for 2011 and 2012, according to Strategic Insight. Fixed-income investments, however, are viewed as increasingly risky, says Michael Gitlin, director of fixed income at T. Rowe Price Group. Yields have become too low for the credit risks, he says. InvestmentNews/The INsider blog (free registration) (11/21) LinkedInFacebookTwitterEmail this Story
  • Preparing for the 3.8% tax on investment income
    A 3.8% tax on investment income will take effect in 2013. Advisers say many clients aren't taking action to prepare for the tax, which Congress adopted in 2010 as part of the Affordable Care Act. Advice on the right approach for preparing for the tax varies among advisers. AdvisorOne (11/20) LinkedInFacebookTwitterEmail this Story
  Retirement Focus 
  • Calif. could be a model for private-sector retirement fix
    The California Secure Choice Retirement Savings Trust could prove a template for other states to use to solve the private sector's pension crisis, Alicia Munnell writes. The proposal, which needs federal approval and a second legislative win, would create a retirement plan for private-sector employees who don't have one on the job, without using taxpayer funds. MarketWatch/Encore blog (11/20) 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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The passion for setting people right is in itself an afflictive disease."
--Marianne Moore,
American poet and writer

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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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