Best practices for meeting prospective clients | Annuity can smooth path for DB plan termination | OneFPA Network offers operational efficiency, says FPA chapter leader
December 14, 2018
FPA SmartBrief
A digest of news and industry updates for the financial planning community
Top Story
Best practices for meeting prospective clients
When planning to meet a prospective client, lightly research his or her background and form an idea of what you hope to accomplish. Other steps for success include concentrating on learning about the client and following up the meeting with a thank-you note.
Journal of Financial Planning online (12/11) 
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How RIAs can take advantage of industry disruption
While the digital revolution is disrupting many industries, many RIAs have been challenged to keep up with the pace of change and shifting consumer demands. Read our interview with Oak Street Funding's Rick Dennen to find out how to best position your business.
Practice Management
Annuity can smooth path for DB plan termination
Purchasing an annuity for retirees or offering lump-sum distributions can reduce the pension risk of companies thinking about terminating their defined-benefit retirement plan, says Larry Sherer, managing consultant at Findley. These risk-transfer actions can also decrease a funding gap, he says.
PlanAdviser online (12/6) 
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OneFPA Network offers operational efficiency, says FPA chapter leader
The recently announced OneFPA Network streamlines the operational duties of running individual chapters of the Financial Planning Association, writes George Fernandez, president of the FPA of Greater Kansas City. OneFPA Network's pillars focus on participatory governance; accounting and finance; technology; and staffing.
InvestmentNews (tiered subscription model) (12/12) 
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Study: High-net-worth clients want great financial advisers
Clients with high net worth prefer their financial advisers to be outstanding, according to a joint study by the Financial Planning Association and SEI. "While technology and investment performance contribute to overall client satisfaction, our research shows that fostering trust and personalizing the investor experience can help advisers consistently meet, or exceed, clients' expectations," said John Anderson of SEI's Independent Advisor Solutions.
Financial Advisor (12/2018) 
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“You have to take care of yourself first.”
Listen to Carolyn McClanahan on the podcast series: The Next Frontier

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Policy Watch
SEC's Clayton: Advisers can circumvent fiduciary duty
Advisers can get around the fiduciary duty that requires them to put clients' interests above their own if exceptions are written into client agreements, Securities and Exchange Commission Chairman Jay Clayton told the US Senate banking committee. "This is something that we want people to understand," he said.
InvestmentNews (tiered subscription model) (12/11),  ThinkAdvisor (free registration) (12/11),  Pensions & Investments (free access for SmartBrief readers) (12/11) 
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Professors debate fiduciary safe harbor for annuity contracts
Congress has before it legislation providing a safe harbor for annuities offered in workplace retirement plans that gives plan sponsors more protection against lawsuits than the current law. Professors Robert Bloink and William Byrnes debate the pros and cons of the proposal.
ThinkAdvisor (free registration) (12/5) 
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IRS explains disallowance of qualified transportation fringe benefits for parking
The Internal Revenue Service has issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for employees. The notice also describes how tax-exempt organizations increase unrelated business taxable income in those circumstances.
Journal of Accountancy online (12/11) 
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Report: SEC picks up pace of enforcement actions
The number of enforcement actions the Securities and Exchange Commission brought against public companies and their subsidiaries shot up in the second half of fiscal 2018, according to a report from the New York University Pollack Center for Law & Business and Cornerstone Research. The SEC filed 55 cases in that period, compared with 71 for the year, the report said.
Pensions & Investments (free access for SmartBrief readers) (12/11) 
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Industry Report
Survey: 69% of workers report financial stress
John Hancock's annual Financial Stress Survey found that 69% of more than 1,350 retirement plan participants were stressed about their finances, with more than 75% saying a lack of retirement savings was the leading reason. The survey report said the stress could lead to behaviors that cost employers about $2,000 in excess labor costs per employee.
PlanSponsor online (12/11) 
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Machine trading expected to increase
Machine trading is only going to grow over time, says Scott Kerson, head of systematic strategies at Gresham Investment Management. "The more commoditized the activity, the more likely it'll be taken over by machines," Kerson says.
Bloomberg Professional Services (12/7) 
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FPA News
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Discounted Conference Recordings
Receive 20% off on five FPA Annual Conference 2018 recorded sessions or receive 15% off on three recorded sessions, featuring the most highly rated industry speakers. Learn now and earn up to five CFP® CE credits.
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