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December 6, 2012
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Twice-weekly summary of financial industry news
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  Top News 
  • SEC to lose 3 more top officials
    Three more top officials of the Securities and Exchange Commission have announced plans to leave the agency. Meredith Cross, director of the corporate finance division, and Mark Cahn, the regulator's general counsel, plan to return to the private sector at the end of the year. Robert Cook, head of the trading and markets division, will leave after an undefined "transitional period." AdvisorOne (12/5), The Washington Post (12/5) LinkedInFacebookTwitterEmail this Story
  Policy Watch 
  • SEC plans to move forward on fiduciary standard
    Creating a uniform fiduciary rule for financial advisers and brokers is a high priority next year for the Securities and Exchange Commission, the regulator says. The SEC's next chairman, Elisse Walter, is a longtime supporter of harmonizing rules that govern financial advisers and broker-dealers. AdvisorOne (12/3) LinkedInFacebookTwitterEmail this Story
  • Geithner is "absolutely" prepared to go over "fiscal cliff"
    If Republicans won't go along with higher tax rates for America's wealthiest 2%, the Obama administration is ready to let the "fiscal cliff" automatically take effect at year's end, Treasury Secretary Timothy Geithner said. "There's very broad support out there for not just extending these tax cuts for 98% of Americans, but for an agreement that has rates going up with tax reforms that limit deductions alongside a set of substantial long-term savings on the spending side," he said. CNBC (12/5) LinkedInFacebookTwitterEmail this Story

  • Tax proposals could cut 401(k) contributions 65%
    Limits on tax expenditures being discussed as a way of averting the "fiscal cliff" could end up driving down contributions to 401(k) retirement plans by 65%, says Brett Goldstein, director of retirement planning for American Investment Planners. One proposal being talked about would cap employee 401(k) contributions to the lesser of $20,000 a year or 20% of pay, he said. AdvisorOne (12/4) LinkedInFacebookTwitterEmail this Story
  Sponsored Poll 
  • Should "wealthy" Americans pay more taxes in terms of a higher marginal rate than they currently pay?

  • What level of total household income should constitute "wealthy"?
$1 million or more

  Building Your Business 
  • White paper: Tech integration can boost advisers' revenue 30%
    True technology integration offers financial advisers major benefits, and advisers who to fail to pursue the approach are making a big mistake in how they run their businesses, according to a white paper from SEI. The paper quoted a study by Aite Group that found that a fully integrated technology system can increase an adviser's revenue by as much as 30%. AdvisorOne (12/4) LinkedInFacebookTwitterEmail this Story
  • Succession planning for advisers who want to keep working
    Many financial planners intend to stay actively involved in their practice for as long as possible, either because of financial necessity or simply because they enjoy the work, Michael Kitces writes. Nonetheless, succession planning remains a necessity, Kitces writes. Among the long-term options to consider are selling the practice while remaining there indefinitely to service clients, and instituting a sales agreement that will become effective upon death or disability, he writes. Nerd's Eye View blog (12/3) LinkedInFacebookTwitterEmail this Story
  • Young financial advisers not interested in buying into their firm
    Few young financial advisers have any interest in buying out their bosses or even acquiring an equity stake in the advisory firm that employs them. An InvestmentNews survey of young people planning to become financial advisers found that only 36% considered a path to ownership or a chance to own stock in their employer's company a high priority. Workforce online (12/4) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Analysis: Issuers move to limit risk for variable annuities
    Several issuers of variable annuities acted during the third quarter to reduce risks associated with the products, writes Frank O'Connor of Morningstar. Strategies included reducing or eliminating withdrawal benefits, suspending sales of some products, limiting additional contributions to existing contracts and issuing new variable annuities aimed at market segments with low penetration, he writes. Financial Planning (12/2012) LinkedInFacebookTwitterEmail this Story
  • Older investors are fleeing risk, study finds
    A majority of investors 55 and older favor stable investment products rather than riskier products that could offer higher returns, according to the AIG Retirement Re-Set Study. The preference suggests that older Americans still have diminished confidence in the markets and the economy, even though both have rebounded since the financial crisis, says Jay Wintrob, CEO of AIG Life and Retirement. InvestmentNews/Retirement 2.0 blog (free registration) (12/3) LinkedInFacebookTwitterEmail this Story
  Retirement Focus 
  • How to plan for retirement despite income volatility
    Workers who have fluctuating incomes, such as artists, musicians and entrepreneurs, can still plan for retirement, experts say. They need to focus on savings and living below their means, and they should maintain separate bank accounts for their personal and work finances, according to advisers. They might also consider part-time jobs that would provide a steady stream of income. Financial Planning (12/2012) LinkedInFacebookTwitterEmail this Story
  FSI Member News & Events 
  • Register For OneVoice Now And Get The Early Bird Rate!
    January 28 to 30 | San Diego Marriott Marquis & Marina | San Diego

    OneVoice is FSI's annual in-person gathering for the independent financial services firm community. OneVoice 2013 will give you a first look at what to expect next year, with insights into the November election results, changing consumer behavior, technology trends in 2013, new regulatory and compliance developments, and much more! Visit here for more information and to register for OneVoice 2013 today! LinkedInFacebookTwitterEmail this Story

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--William James,
American psychologist and philosopher

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