Obama seeks higher taxes for wealthy and corporations | IMCA Defines Wealth Management | Register Now for the Winter Specialty Conference Next Month
November 15, 2012
News for investment consulting and wealth management professionals
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Obama seeks higher taxes for wealthy and corporations
President Barack Obama will open negotiations with congressional Republicans aimed at averting the "fiscal cliff" with a proposal that the rich and corporations pay $1.6 trillion in additional taxes during the next decade, White House officials said. That is twice as much as House Speaker John Boehner, R-Ohio, agreed to during talks with the Obama administration last year. The Washington Post (tiered subscription model) (11/13), CNN (11/14), The Hill (11/13)
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IMCA® Update
IMCA Defines Wealth Management
IMCA released a white paper last week detailing the findings of a comprehensive job analysis that defines the practice of wealth management. In addition to clarifying what constitutes a private wealth advisor, IMCA will use the analysis to refine the experience, education, examination, and ethics requirements of its Certified Private Wealth Advisor® (CPWA®) certification program. "Until now, no clear definition of private wealth advice or wealth management existed in the financial services industry," said Sean R. Walters, CAE, executive director and CEO at IMCA.

Click here for the white paper, and click here for the press release announcement.
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Register Now for the Winter Specialty Conference Next Month
The IMCA 2012 Winter Specialty Conference is coming up quickly on December 3-4. Come to Scottsdale to explore the latest thinking on alternative investing, credit risk strategies, equities in the New Normal, and how to build stronger, more resilient portfolios. Conference presentations include:

  • The Crisis of Crowding: Stories from the Financial Crisis of 2008 | Ludwig B. Chincarini, PhD, CFA®, University of San Francisco and IndexIQ
  • The Looming Storm of Debt, Deficits, and Demographics | Robert D. Arnott, Research Affiliates LLC
  • Portfolio Strategy in a Post-MPT World | Ken Solow, CFP®, CLU, ChFC, Pinnacle Advisory Group

Click here to register now.
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Your IMCA ID Number: What Does it Mean?
Your IMCA ID number is a unique identifier assigned to you. You should use it when attending a continuing education (CE) program from an accepted CE provider or submitting CE to IMCA.  You can find your IMCA ID number online in two places:

1. After logging in to your My IMCA account, your IMCA ID number is in the contact information box above your name.

2. If you are already logged into My IMCA and visit the IMCA homepage, your ID number is located in the white "My IMCA" dashboard near the bottom-right part of the page.

Visit www.imca.org/user to log into your My IMCA account, and contact IMCA’s certification department at certification@imca.org with any questions about your IMCA ID number.
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Sponsor or Exhibit with IMCA in 2013!
IMCA is selling Partner, Sponsor, and Exhibitor opportunities for 2013. Bronze Partnerships are already sold out, but there are additional opportunities including sponsor and exhibit opportunities at the 2013 New York Consultants Conference in February, Investments & Wealth Monitor digital magazine and mobile app sponsorship, and our web broadcast series sponsorship. Contact Lara Davies to learn more!
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Other News
Product announcements appearing in SmartBrief are paid advertisements and do not reflect actual IMCA endorsements. The news reported in SmartBrief does not necessarily reflect the official position of IMCA.

Wealth Management
Advisers tell the rich there's no need to panic
Financial advisers are telling wealthy clients who are displeased with President Barack Obama's re-election that they should avoid making rash decisions with their money. Advisers say there could be market volatility as politicians debate taxes and spending, but they aren't predicting doom and gloom. Reuters (11/10), InvestmentNews (free registration) (11/11)
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Mass affluent more positive about finances
Confidence about finances is rising among the mass affluent compared to six months ago, according to the Bank of America Fall 2012 Merrill Edge Report. Nearly three quarters surveyed are still worried their retirement assets will not last through their lifetime -- a drop from 83% half a year ago. "This improvement is not just indicative of a changing mindset -- we're seeing our clients take action," says Dean Athanasia, president of preferred and small business banking at Bank of America. Financial Advisor online (11/13)
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Industry Updates & Trends
PIMCO: U.S. equity returns will be halved over next decade
Pacific Investment Management Co. predicts that returns from U.S. equities will return an annualized 4% to 5.1% over the next five to ten years, down from their historic rate of close to 10%. A slow-growth economy will be the reason, says Saumil Parikh, a portfolio manager. InvestmentNews (free registration) (11/13)
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Study: Hedge fund managers invest based on cash raised
Hedge fund managers tend to base their investment positions more on the cash they can raise, rather than any projections they might have about the market, according to a Bank of America research report. "We found that asset flows may be impacting hedge fund positioning," analysts at Bank of America Merrill Lynch wrote in the report. Because of the net outflows in hedge funds, managers might not be able to make bullish bets. Reuters (11/13)
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Practice Management
Advisers need to focus on long term to build value in a practice
Independent advisory firms tend to treat their business as a current source of income instead of concentrating on developing "real enterprise value," according to the Alliance for RIAs. As a result, such a firm's value will stagnate around the time the owner wants to exit the business. Long-term structural issues need to be addressed if an adviser wants to build value. AdvisorOne (11/12)
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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)
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Regulatory & Legislative Spotlight
FSOC releases recommendations for money market funds
The Financial Stability Oversight Council has approved three recommendations that would stabilize money market funds in the face of a run like that of 2008. The three options it recommends are: Allow the net asset value to float; establish a 1% capital buffer along with redemption restrictions; or maintain a 3% capital buffer. These recommendations are now available for a 60-day public comment period. InvestmentNews (free registration) (11/13)
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EU might regulate money market funds
Money market mutual funds and securities-lending agreements are expected to be part of the European Commission's call for legislation to regulate shadow banking. "The overall objective is to make sure that our new regulations do not result in pushing activities to the world of shadow banking," said Stefaan De Rynck, spokesman for EU Internal Market Commissioner Michel Barnier. "To reach this goal, we will no doubt come forward with new legal initiatives in the next year on issues such as money market funds and securities lending." Bloomberg (11/9)
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Municipal bond investors wait to see if tax exemption is capped
Investors in U.S. municipal bonds are facing uncertainty over the direction of the market. The appeal of tax-free debt is high given that income rates are likely to rise. However, President Barack Obama has proposed capping the tax exemption for interest on municipal debt. InvestmentNews (free registration) (11/8), Financial Advisor online (11/8), Financial Advisor online (11/9)
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The best way to find out if you can trust somebody is to trust them."
-- Ernest Hemingway,
American author and journalist
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About IMCA
Based in Denver, Investment Management Consultants Association® (IMCA®) was established in 1985 to deliver the premier investment consulting and wealth management credentials and world-class educational offerings—membership, conferences, research, and publications. The cornerstone of IMCA® is the Certified Investment Management Analyst® (CIMA®) certification, the only advanced certification designed specifically for investment consultants. IMCA® also delivers the advanced credential for wealth management professionals working with high-net-worth clients, the Certified Private Wealth Advisor® (CPWA®) certification. Visit www.IMCA.org for more information.

IMCA® and Investment Management Consultants Association® are registered trademarks of Investment Management Consultants Association Inc. CIMA®, Certified Investment Management Analyst®, CIMC®, CPWA®, and Certified Private Wealth Advisor® are registered certification marks of Investment Management Consultants Association Inc. Investment Management Consultants Association Inc. does not discriminate in educational opportunities or practices on the basis of race, color, religion, gender, national origin, age, disability, or any other characteristic protected by law.
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