October 26, 2021
FPA SmartBrief
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Top Story
The post-pandemic landscape provides an opportunity for financial service firms to place more women in leadership positions, where they are still significantly underrepresented, a report by McKinsey finds. "We challenge companies to not go back to the status quo, and take this chance to redefine the way we ensure diversity of thought and leadership in our ranks," said Jill Zucker, one of the report's authors.
Full Story: American Banker (10/21) 
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Why Emerging Markets Fits in Your Portfolio
In our latest Q&A, David Dali, Head of Portfolio Strategy, provides his insights on the role of emerging markets allocations within a diversified portfolio and why it is increasingly important for global investors to rethink their emerging markets asset allocation.
Practice Management
Smaller advisers that are regulated by states rather than the Securities and Exchange Commission are hoping to be able to use testimonials in marketing when the SEC starts allowing them in November 2022. "It would be nice if state regulators would align themselves with SEC regulations as soon as possible so there's a level playing field," said Chris Russell, founder of Tempus Pecunia.
Full Story: InvestmentNews (tiered subscription model) (10/18) 
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Research shows that the vast majority of clients prefer email communications from their financial advisers, and success in these communications relies heavily on having enticing subject lines, writes Samantha Russell of FMG Suite. She offers five ways to improve subject lines and increase email open rates.
Full Story: Advisor Perspectives (10/14) 
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Team members can develop a sense of internal accountability when they are clear on their responsibilities, feel supported in how they do their work and are rewarded for their results, writes consultant and trainer Kammy Haynes, who offers eight areas to target. Accountability is "all about taking ownership of the decisions and actions you take to achieve a stated goal or objective," Haynes writes.
Full Story: Chief Learning Officer online (10/21) 
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Record-keeper consolidation is likely to hurt smaller, independent retirement plan advisers, writes Fred Barstein of The Retirement Advisor University and The Plan Sponsor University. Larger providers likely will focus on serving aggregators and major broker-dealers, Barstein writes.
Full Story: InvestmentNews (tiered subscription model) (10/20) 
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Empower delivery of the best customer experience
Enabling contact center sales and service employees with an intuitive and guided digital experience is critical. Especially now, in our distributed workplaces, the experience can't be great if it's not personal and relevant. Find out how to provide employees with context, guidance, collaboration, and support for a great customer experience, every time during this upcoming webinar. Register Now
Policy Watch
Federal Reserve Governor Randal Quarles says he would favor a Fed decision in November to begin tapering its asset purchase program. Noting that continued purchases could have an impact on the current bout of inflation, which he deems transitory, Quarles says "If those dynamics should lead this "transitory" inflation to continue too long, it could affect the planning of households and businesses and unanchor their inflation expectations."
Full Story: BNN Bloomberg (Canada) (10/20),  The Wall Street Journal (10/20),  Reuters (10/20) 
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The Financial Industry Regulatory Authority is considering whether it should step into regulating cryptocurrencies with a narrow focus on disclosures, said FINRA CEO Robert Cook. He spoke at a panel discussion with the Securities and Exchange Commission's Hester Peirce, who said regulators need to "take a step back" and be careful not to overregulate cryptocurrencies.
Full Story: Financial Planning (10/18) 
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The Financial Stability Oversight Council has issued a report that says climate change risk in the financial system poses an "emerging threat to the financial stability of the United States" and outlines recommendations for action. The report calls for establishment of committees to inform regulators of systemic risk and urges regulators to consider expanding reporting requirements.
Full Story: CNBC (10/21),  Reuters (10/21),  The Associated Press (10/21) 
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Treasury Secretary Janet Yellen has expressed confidence that job growth will pick up, that workers will be in a better position than they were before the pandemic and that the economic recovery will regain momentum. The "very unusual shock" of the pandemic has hampered job growth but has prompted an increase in wage offerings, Yellen says.
Full Story: MSNBC (10/20),  The Hill (10/20),  BNN Bloomberg (Canada) (10/20) 
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    Industry Report
    Research shows people of color are less likely than white people to work with a financial adviser. This presents an opportunity for financial advisers, writes Aimee Johnson of Allianz Life Insurance Company of North America, but they must get to know these clients' unique concerns and understand the potential barriers they face.
    Full Story: ThinkAdvisor (free registration) (10/19) 
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    Financial advisers with older clients who continue to work despite having fully funded retirement plans might want to consider asking those clients about retirement, writes Bryce Sanders, president of Perceptive Business Solutions Inc. He lays out seven potential situations and what advisers can do to help their clients assess their options.
    Full Story: ThinkAdvisor (free registration) (10/20) 
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    The Cboe VIX Volatility Index fell to 15.01 on Thursday, its lowest point since February of last year. The average reading for 2021 is 19.71.
    Full Story: BNN Bloomberg (Canada) (10/21) 
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    The latest Federal Reserve Beige Book reports "modest to moderate" economic growth in September and early October and highlights a continued rise in consumer spending. However, it also says "some districts noted increased uncertainty and more cautious optimism than in previous months," with several businesses that contributed to the report expecting high prices and supply chain difficulties to persist.
    Full Story: The Wall Street Journal (10/20),  Reuters (10/20) 
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    FPA News
    The FPA Fall Learning Series: Current Economic and Market Concerns Reflect Persistent Underlying Trends
    Join us for a live webinar during the FPA Fall Learning series on Dec. 9 at Noon ET with Milton Ezrati, chief economist at Vested. Originally to be held as a keynote at the FPA Annual Conference, this presentation is being offered to all FPA members at no cost as part of the Learning Series. This session will investigate how, COVID aside, current concerns — today's labor shortage, for instance, immigration pressures, inflation, deficit spending, and Fed policy — have roots in this country's great demographic problem of an aging population. Milton will offer a coherent analysis of current issues, where they will take the economy, and, of course, how markets will respond. Register today!
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    Discover BHG — Financing Partner of FPA
    FPA has partnered with BHG to provide our members with easy access to a full suite of fast, hassle-free financial solutions, including business, consumer, and SBA 7(a) loans, as well as credit cards. BHG offers large amounts and extended repayment terms, which can help you make a significant impact on your finances fast — while keeping your monthly payment affordably low. Want to learn more? Discover BHG.
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    The Financial Planning Association® (FPA®) is the principal membership organization for CERTIFIED FINANCIAL PLANNER™ professionals, educators, financial services professionals and students who are committed to elevating the profession that transforms lives through the power of financial planning. Through a collaborative effort to provide members with professional education, business support, advocacy and community, FPA advances financial planning practitioners through every phase of their careers, from novice to master to leader of the profession. Learn more about FPA at FinancialPlanningAssociation.org and follow on Twitter at twitter.com/fpassociation.
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