Advisers could improve efficiency with the "science of systems" | 5 ways for advisers to develop mental toughness | How digital retirement communication can improve client relationships
May 21, 2019
FPA SmartBrief
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Advisers could improve efficiency with the "science of systems"
Paying attention to the "science of systems" can help advisers accomplish goals more efficiently, writes Daniel Finley, president and co-founder of Advisor Solutions. He suggests a process for creating new systems that involves beginning with the ultimate goal and working back to one's current position.
FPA Practice Management Blog (5/16) 
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Fintech focus on student debt
An economic issue becomes a social issue: Innovative fintech companies are focusing on the social costs of student debt.
Practice Management
5 ways for advisers to develop mental toughness
Mental toughness is a crucial quality that elite advisers possess, writes author Matt Oechsli. He offers five suggestions for building mental toughness, including visualizing your day, doing activities outside of your comfort zone and avoiding negativity.
WealthManagement (5/16) 
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How digital retirement communication can improve client relationships
The financial-services industry can improve relationships with retirement savers by successfully implementing digital communications, writes Tim Slavin of Broadridge Financial Solutions. "It's an opportunity for investor education, and for investment companies to build relationships with savers that will endure career changes, shifting needs and annuitization of assets upon retirement," he writes.
Financial Advisor online (5/16) 
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3 questions to answer to hone your verbal branding
Financial advisers need to clearly define their business' focus in order to grow it, and a good way to do that is through verbal branding, writes consultant Angie Herbers. She says advisers must answer three questions to create a verbal branding message, starting with what services they offer.
ThinkAdvisor (free registration) (5/16) 
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Commentary: Advisers should help aging clients prepare for health issues
Advisers need to help aging clients plan for an unexpected health crisis, write Carol Sherman and Kathleen Pritchard of the Institute for Preparing Heirs. They suggest creating a checklist that can be used in a family meeting with the goal of creating a health crisis plan.
WealthManagement (5/15) 
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Policy Watch
SEC Reg BI stronger than today's rules, official says
The Securities and Exchange Commission's Regulation Best Interest is a major step forward in protecting clients' interests, said Lourdes Gonzalez, assistant chief counsel for sales practices in the SEC's Division of Trading and Markets. "The big leap forward for us is making broker's requirement to act in the customer's best interest explicit in the rule," Gonzalez said.
Financial Advisor online (5/17) 
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FINRA fielding questions on 529 self-reporting program
The Financial Industry Regulatory Authority says it has been getting a lot of questions about its new plan allowing self-reporting of potential violations of rules regarding 529 plan recommendations. Chris Kelly, FINRA's senior vice president of sales practice enforcement, told a panel at the agency's annual conference that self-reporting will not necessarily lead to an enforcement action.
Financial Planning online (5/16) 
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FINRA targets financial professionals who pose risk to clients
A proposed rule from the Financial Industry Regulatory Authority that would impose restrictions on firms employing high-risk registered representatives and financial advisers may apply to 61 financial-services companies, said FINRA CEO Robert Cook. John Salerno, who manages the high-risk representative program, said hundreds of individuals have been identified as presenting risk to clients.
InvestmentNews (tiered subscription model) (5/17) 
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CFPB sues debt collection company
The debt collection firm Forster & Garbus, of Commack, N.Y., misled consumers into thinking it was actively processing lawsuits against them and may have collected money on debts the consumers no longer owed, according to a lawsuit filed against the company by the Consumer Financial Protection Bureau.
CNBC (5/17) 
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Blankenstein leaving CFPB
Eric Blankenstein, a policy director at the Consumer Financial Protection Bureau, is leaving at the end of May to pursue another opportunity. Blankenstein was criticized for alleged racist blog posts he made in 2004.
HousingWire (5/16),  The Washington Post (tiered subscription model) (5/15) 
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FPA News
New award to honor an FPA chapter's exemplary pro bono programming
FPA and the Foundation for Financial Planning are pleased to announce the Power of Financial Planning Award to recognize an FPA Chapter annually for their commitment to deliver pro bono financial planning in the spirit of FPA's Primary Aim: To elevate the profession that transforms lives through the power of financial planning. This new award will recognize the extraordinary efforts an FPA chapter and its members perform to provide free, no-strings attached, objective financial planning advice to underserved populations. Learn more about the award.
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Join us for the Second Iteration of the OneFPA Network Draft Plan Virtual Session
FPA recently announced the availability of the Second Iteration of the OneFPA Network Draft plan that incorporates the feedback gathered from stakeholders during the four-month Listening Tour and the start of a 45-day comment period ending on May 30. The new draft plan focuses on four key areas: The Structure of Participatory Governance; Beta-Testing Centralized Functionality; Commitments and Agreements; and Communication and Timing. Learn about the new draft plan and ways you can provide your input by visiting And be sure to register for a virtual session to learn about the new draft plan on May 24 at 11 am ET.
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May is Asian/Pacific American Heritage Month

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