Wall Street returns to business after smooth reopening | Register for the Winter Specialty Conference by Next Friday to Save $100! | Take a Cerulli Survey and Win a Free Annual Conference Registration
November 1, 2012
News for investment consulting and wealth management professionals
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Wall Street returns to business after smooth reopening
Trading resumed on major U.S. exchanges on Wednesday, and markets' reopening went so smoothly that there was no need to use a computerized backup system set up to take over if necessary. The trading frenzy that some market strategists worried might develop because of pent-up demand and the end of accounting periods failed to materialize. The New York Times (free-article access for SmartBrief readers)/DealBook blog (10/31), CNNMoney (10/31), Bloomberg (10/31)
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IMCA® Update
Register for the Winter Specialty Conference by Next Friday to Save $100!
The IMCA 2012 Winter Specialty Conference is Dec. 3-4 in Scottsdale, and the early-bird registration deadline is next Friday, Nov. 9. 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. During this conference you will:

  • Learn about the evolution of modern portfolio theory (MPT) to post-modern portfolio theory (PMPT) and the rationale for constructing portfolios with an upside potential/downside risk strategy with Frank A. Sortino, PhD, pioneer in the development of PMPT, and originator of the Sortino ratio and upside-potential ratio.
  • Review the 2012 presidential and congressional political campaigns and find out what initiatives will likely emerge from election results with Andrew H. Friedman, JD, The Washington Update, LLC, expert on Washington political affairs.
  • Explore upcoming global investment opportunities and strategies to maximize portfolio returns, including recommendations on asset allocation, manager selection, and sector overweights with Richard Golod, CIMA®, CIS, INVESCO, global investment strategist.

Click here to register now.
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Take a Cerulli Survey and Win a Free Annual Conference Registration
Influence your peers and the direction of the investment consulting and wealth management professions -- participate in IMCA's annual advisor survey, produced in collaboration with Cerulli Associates. Following completion of this 10–15 minute survey, you will be entered into a drawing for a complimentary IMCA 2013 Annual Conference registration. In addition, all respondents will receive a complimentary copy of Cerulli® Edge -- Advisor Edition, 3rd Quarter 2012: Going Grey Issue on succession planning.

Click here to participate in the 2012 IMCA survey.
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IMCA Selects Mercer to Manage Its Long-Term Investment Reserves
IMCA recently selected Mercer Investment Consulting, Inc. to manage its long-term investment reserves, concluding a search IMCA’s board of directors initiated in April. During its search process, IMCA’s Finance, Audit and Investment Committee examined 22 candidates who responded to a request for proposal (RFP). "With more than 40 years of investment consulting services experience, Mercer brings a wealth of resources and knowledge to help us manage this portion of our portfolio," said IMCA’s Treasurer, Margaret M. Towle, PhD, CPWA®.

Click here for a press release detailing the announcement.
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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
Hedge funds turn to ETFs for shorting
Hedge funds are increasingly using exchange traded funds for shorting. The growth of the hedge fund industry has caused demand for stocks to borrow for shorting to outstrip Wall Street's supply, explains Charles Gradante, co-founder of Hennessee Group. Two popular ETFs for shorting are PowerShares QQQ and SPDR Gold Shares. Investor's Business Daily (10/26)
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Treasurys market shows signs of life
Several signs point to a potential pendulum swing for Treasury notes in the coming weeks, including the coming jobs report, the election and the Federal Reserve's continued presence in the market. The Wall Street Journal (tiered subscription model) (10/28)
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Apple is top stock choice for millionaires
Apple is the leading stock choice of U.S. millionaires, according to a survey by Tiger 21. No. 2 is the SPDR S&P 500 ETF Trust, and Berkshire Hathaway is No. 3. InvestmentNews (free registration) (10/26)
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Investors look elsewhere as hedge funds turn conservative
Pension funds and insurance companies are the fastest growing source of capital for hedge funds. Hedge funds have been responding to these investors' demand for conservative investments, and thus are driving away their traditional high-net worth individual investors with lower returns. Individual investors are turning to private equity, long-only stock funds and such alternative investments as property and fine wine. Reuters (10/22)
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Industry Updates & Trends
Advisers turn to social media, tech after superstorm Sandy
Financial advisers turned to smartphones, Facebook and Twitter to stay in touch with clients and colleagues in the aftermath of superstorm Sandy. Colleagues kept New York area advisers abreast of market trends, while advisers reached out to clients through social media to express concern. The Wall Street Journal (tiered subscription model) (10/30)
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World's top 20 fund managers see AUM drop 7%
Assets under management by the top 20 fund managers dropped 7% in 2011, reversing a two-year growth trend, according to Towers Watson World 500 research. FTAdviser.com (10/31)
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Investors to rethink financial plans after election
Affluent investors feel confident they have amassed enough cash holdings and plan to increase investments after the election, according to a UBS study. Also, nearly half of high-net-worth investors say they will revisit their financial plans once the election is past, according to the poll. AdvisorOne (10/26)
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Financial advisers become more optimistic
Financial advisers' confidence, as measured by Rydex AdvisorBenchmarking, increased modestly in October, reversing a three-month decline. However, State Street's Global Investor Confidence Index indicates that institutional investors were the most negative since the index launched in 1998. InvestmentNews (free registration) (10/30)
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Practice Management
Financial advisers struggle with health care planning
Financial advisers say clients are eager to get help on planning for health care costs in retirement, but more than half of advisers find the subject challenging because of the knowledge required, according to a survey by Nationwide Financial. Among respondents, 30% said they have expertise to project clients' health care costs in retirement. InvestmentNews (free registration)/Retirement 2.0 blog (10/29), SmartPlanet.com/The Bulletin blog (10/29)
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Regulatory & Legislative Spotlight
Speculation begins on who will replace SEC's Schapiro
Securities and Exchange Commission Chairman Mary Schapiro is expected to step down after the election. If President Barack Obama is re-elected, Mary Miller, Treasury undersecretary for domestic finance, and Harvey Goldschmid, a Columbia University law professor, are leading candidates for the post. If Republican challenger Mitt Romney wins, current SEC Commissioner Daniel Gallagher and former commissioners Paul Atkins and Kathleen Casey are considered to be top prospects for the job. InvestmentNews (free registration) (10/28)
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Being inexhaustible, life and nature are a constant stimulus for a creative mind."
-- Hans Hofmann,
German-American abstract expressionist painter
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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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