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October 2, 2012
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A weekly digest of news and industry updates for the financial planning community

  Top Story 
  Policy Watch 
  • Money-fund reforms are lethal weapons, industry says
    Efforts to reform the money-fund business by introducing capital requirements, transaction speed limits or a floating NAV would all prove equally fatal to the sector, industry insiders say. "Death by hanging, death by poison, and death by bullet. ... We know what will happen to our clients if [the regulators] put any of that stuff in," said Federated Investors chief J. Christopher Donahue. Bloomberg Businessweek (10/1) LinkedInFacebookTwitterEmail this Story
  • Financial advisers' access to complex products is delayed or blocked
    Major brokerages are taking longer than usual to make complex exchange-traded funds and exchange-traded notes available to financial advisers because of intensified regulatory scrutiny, speakers at SIFMA's Complex Products Forum said. In some cases, the necessary due diligence is more trouble than it's worth to the brokerage, and advisers are denied access to the more sophisticated ETFs and ETNs. Reuters (9/27) LinkedInFacebookTwitterEmail this Story
  Practice Management 
  Industry Report 
  • Study: Worker retirement-plan access higher than often thought
    More workers have access to employer-sponsored retirement plans than is commonly thought, according to the Investment Company Institute. Rather than the 50% figure cited often, the study found that 60% of workers ages 30 to 64 have access to such plans and that 93% of workers 45 and older participate in their company plans. "Looking at the percentage of all workers who have coverage today understates the share of the population who will reach retirement having accrued employer-provided retirement benefits. Many workers who do not have access to an employer plan today will have access prior to retirement," the institute's Peter Brady said. Financial Advisor online (9/28) LinkedInFacebookTwitterEmail this Story
  • Making the case for guaranteed-income products
    Many financial advisers do not offer guaranteed-income products, but surveys show that almost half of Americans are willing to put their assets into guaranteed income, writes James Poer, president of the NFP Advisor Services Group. Although fees from guaranteed-income products are high, consumers would be willing to pay as much as 6% of assets to ensure they would not run out of retirement funds, an Alliance Bernstein survey found. Poer writes that advisers should consider offering guaranteed-income products, citing academic studies that show a higher return with less risk, and that providers of guaranteed-income products are working on product education and development. Investment Advisor (10/2012) LinkedInFacebookTwitterEmail this Story
  • Survey: Singles are less prepared for retirement than couples
    Single people are more worried than couples about depleting their retirement income, but are less likely to have taken steps to secure their finances, according to a MetLife Mature Market Institute survey. Among singles, 85% aren't using a financial adviser to help them plan for retirement, according to the survey. Single respondents with children estimated their retirement-income needs at $2,536 per month, while the estimate was $3,561 for couples with children. AdvisorOne (9/27) LinkedInFacebookTwitterEmail this Story
  • Other News
  Capitol Update 
  • Wall Street tells clients to prepare for Obama re-election
    As polls indicate that President Barack Obama's lead over Republican challenger Mitt Romney is growing, Wall Street firms are sending e-mails to clients advising them to prepare for an Obama victory in November. Financial firms see the possibility of more gridlock in the U.S. capital as a much bigger problem than taxes going up for high-net-worth individuals. CNBC/The Associated Press (9/30) LinkedInFacebookTwitterEmail this Story
  FPA News 
  • Health Care Reform: What Advisers Need to Know About "Obamacare"
    Although Congress passed its landmark health care reform legislation, the Patient Protection and Affordable Care Act, in 2010, the U.S. Supreme Court's ruling to uphold the law generated additional interest in its provisions. FPA member Patricia E. Gottier, CLU®, CFP® provides an updated analysis of the law's impact on individuals, broken into three succinct parts: a general overview of the law, a summary of tax changes and a synopsis of important modifications to Medicare. Gottier is principal of Retirement Directions and has more than 25 years of experience in financial services. To read her analysis, please click here. LinkedInFacebookTwitterEmail this Story
  • Financial Planning Week Is Here!
    Yesterday marked the start of FPA's 11th annual Financial Planning Week®! During October, FPA helps thousands of Americans discover the value of financial planning to help them make smart financial decisions. Visit to learn about Financial Planning Week and the activities being conducted in your community. LinkedInFacebookTwitterEmail this Story
Inspiration exists, but it has to find us working."
--Pablo Picasso,
Spanish artist

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