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November 12, 2012
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Twice-weekly summary of financial industry news
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  Top News 
  • FSI's Brown: "Next 13 months are critical" to fiscal issues
    Now that the presidential election is over, Congress must take action to deal with the enormous fiscal issues confronting the U.S., says Financial Services Institute President and CEO Dale Brown. "The next 13 months are critical," he said. Once that time has passed, "Congress will be back in re-election mode and will not tackle anything that could put their own re-elects in jeopardy," Brown said. The New York Times (tiered subscription model) (11/7) LinkedInFacebookTwitterEmail this Story
  • FSI to "remain vigilant" after Obama's victory, Brown says
    Financial Services Institute President and CEO Dale Brown said in a statement released after President Barack Obama's election victory that the organization will "remain vigilant in our advocacy efforts." He said Obama should keep in mind the closeness of his victory when considering regulatory priorities. "We have many advocates in elected and regulatory positions who understand our needs and our importance to hardworking American investors. Let's get to work," Brown said. AdvisorOne (11/7) LinkedInFacebookTwitterEmail this Story
How AI is Transforming Telco, Retail and Financial Services
NVIDIA invites you to download the AI Across Industries eBook, developed in partnership with O'Reilly Media, to learn how AI is transforming telco, retail and financial services. The eBook also explains how AI and Deep Learning is moving toward mainstream adoption. Download eBook
  Policy Watch 
  • Warren might land on Senate banking committee
    Senator-elect Elizabeth Warren, D-Mass., has a good chance of securing a seat on the Senate banking committee, senior Senate Democratic aides say. It is rare for a freshman senator to get such a highly coveted spot, but Warren is seen as a logical fit. "The leadership and committee chairmen usually work together to try to accommodate incoming senators' preferences, within reason," an aide said. "If Senator-elect Warren indicates she'd like to serve on the banking committee, given her prominent work on those issues, she would certainly have a very good shot." Reuters (11/8) LinkedInFacebookTwitterEmail this Story
  • Other News
How to Motivate Employees
Learn which employee incentives work best from research from Kellogg School of Management faculty. Learn more.
  Financial Products 
  • A look at the upsides of new deferred annuities
    New deferred-annuity products reduce the amount of time clients must wait to begin drawing retirement income to five years after purchase, William Byrnes and Robert Bloink write. Options such as moving funds into deferred annuities from traditional retirement accounts and collecting or reinvesting nonguaranteed cash dividends over the life of the product may make them of particular interest to baby boomers who may lack pensions, Byrnes and Bloink write. AdvisorOne (11/8) LinkedInFacebookTwitterEmail this Story
  • Rename inherited IRAs to avoid tax hit
    Inherited IRAs must be retitled or renamed to avoid IRS tax penalties, Tim Grant writes. Spouses inheriting IRAs need not rename them unless they plan to withdraw money before the age of 59½ -- then retitling will save the 10% tax hit levied by the IRS. "Many financial advisers don't know this. I get a ton of mail from people who failed to retitle an IRA and they want to know if it can be undone. The answer is no. Once it's done, it's done," financial adviser Jane Bryant Quinn says. Pittsburgh Post-Gazette (11/8) LinkedInFacebookTwitterEmail this Story
Quarterly Small Business Leadership Report
Three industry heavy weights dish up the facts on what you need to know about the future of collaboration, increasing productivity and readying the office for the millennial workforce. Read the guide.
  Retirement Focus 
  • Exec: Small businesses are an underserved retirement-plan market
    Small businesses with fewer than 50 employees are an underserved market for defined-contribution plans, with 40% of such firms offering them, writes Principal Financial Group's Tim Minard, citing Bureau of Labor Statistics data. The prospects are good for financial advisers who successfully market to this segment, Minard writes, because 65% of business owners use the same adviser for their business operations and personal financial planning, according to a Principal survey. (11/9) LinkedInFacebookTwitterEmail this Story
  • Survey: Retirement is a priority in words but not deeds
    About 70% of investors ages 21 to 50 say saving for retirement is their main financial priority, yet most aren't putting away enough to ensure a comfortable postretirement lifestyle, according to a T. Rowe Price survey. About two-thirds of respondents are contributing less than 10% of their income to a 401(k), 37% are avoiding stocks and only 16% expect to receive Social Security benefits, according to the survey. (11/8) LinkedInFacebookTwitterEmail this Story
  • Other News
  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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I observe the physician with the same diligence as the disease."
--John Donne,
British poet, satirist, lawyer and cleric

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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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