Obama to aim for higher taxes for wealthy and corporations | Plan emerges to keep Sen.-elect Warren off banking panel | Adviser groups push user-fee bill
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November 15, 2012
IPA Newsbrief
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SEC could focus on enforcement, former chairman says
Harvey Pitt, former chairman of the Securities and Exchange Commission, says he would not be surprised if the agency shifted to emphasizing enforcement instead of rule-writing during President Barack Obama's second administration. Pitt argues that as Congress remains divided, it will struggle to keep the SEC in check if the SEC turns to enforcement actions. Reuters/Financial Regulatory Forum blog/Thomson Reuters Accelus (11/9)
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Policy Update
Obama to aim for higher taxes for wealthy and corporations
President Barack Obama will open negotiations with congressional Republicans on 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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Plan emerges to keep Sen.-elect Warren off banking panel
Now that Elizabeth Warren is on her way to the U.S. Senate, there has been much concern that she might get a seat on the banking committee. Warren's critics -- who successfully kept her from leading the agency she helped set up, the Consumer Financial Protection Bureau -- have a plan: Offer her something better than the banking committee. CNBC/NetNet blog (11/13)
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Adviser groups push user-fee bill
The Financial Planning Coalition is backing a bill that would require advisers to pay fees to the Securities and Exchange Commission to cover adviser exams. The effort is aimed at halting a measure sponsored by Rep. Spencer Bachus, R-Ala., that would create a self-regulatory organization for the industry. AdvisorOne (11/9)
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Industry News
Wealthy U.S. investors accelerate asset sales
Faced with what could be a substantial increase in the capital gains tax Jan. 1, many high-net-worth individuals are selling assets, wealth advisers said. Their selling will have a disproportionate effect on U.S. financial markets because America's richest 1% control more than half of U.S. stocks. CNBC (11/12)
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Commentary: Middle-class retirement accounts are falling short
Middle-class Americans are not only falling short in their retirement savings, but also lack knowledge about how much they'll be able to withdraw without outliving their funds, consulting actuary Steve Vernon writes. He cites a Wells Fargo survey in which respondents' median estimate for necessary retirement savings was $300,000, while the median amount they had saved so far was $25,000. CBS MoneyWatch (11/13)
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Income Planning
A method to save on capital gains tax and build portfolio
Tax-loss harvesting can help investors stave off capital gains tax and improve a client's investment portfolio, Mason Braswell writes. The practice, in which products are sold at a loss and bought back at a similar price later, can increase a client's assets, Braswell writes. Financial-Planning.com (11/8)
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Advisers embrace a range of investment strategies amid uncertainty
Financial advisers are working to devise investment strategies that will manage the risks associated with the looming "fiscal cliff," high domestic and foreign debt, and other challenges. They are employing a combination of approaches including traditional fixed-income, absolute-return-oriented and multi-asset income strategies, said Michael Abelson of Genworth Financial Wealth Management. "We're seeing a lot more of that really active thinking around fixed income. And you have to be pretty active right now because it's pretty tenuous," he said. The Wall Street Journal (tiered subscription model) (11/12)
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Editor's Note
IPA Newsbrief will not publish on Thanksgiving
In observance of Thanksgiving in the U.S., IPA Newsbrief will not be published Thursday, Nov. 22. Please expect next's week's issue of IPA Newsbrief on Wednesday, Nov. 21.
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Keep your fears to yourself but share your courage with others."
-- Robert Louis Stevenson,
Scottish novelist, poet and essayist
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The Investment Program Association (IPA) was formed in 1985 to provide effective national leadership for the direct investment industry. The IPA supports individual investor access to a variety of asset classes not correlated to the traded markets and historically available only to institutional investors. These investments include public non-listed REITs (NLREITs) and Business Development Companies (BDCs), Energy and Equipment Leasing Programs, and private equity offerings. For the last 28 years, the IPA has successfully championed the growth of such products, which have increased in popularity with financial professionals and investors alike. Direct investments are held in the accounts of more than 2 million individual investors, and the IPA's member companies operate or have properties in all 50 states. The mission of the IPA is advocating direct investments through education. Access the wealth of IPA educational materials here, or visit the IPA online for more information about becoming a member.
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