July 30, 2021
NAIFA SmartBrief
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Top Story
Blaine Aikin, founder and principal of Broadridge's Fiduciary Insights, says the financial-services industry is looking to Securities and Exchange Commission Chair Gary Gensler to offer a clear definition of "best interest." Such a definition was not included when the SEC launched its Regulation Best Interest in 2019, Aikin says.
Full Story: ThinkAdvisor (free registration) (7/26) 
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Industry News
Financial advisors can use clients' biases to reframe how they view retirement investing, says Jonathan Young of Capital Group. Young highlights three biases -- present bias, procrastination bias and compounding blindness bias -- and shows how advisors can present information differently to overcome them.
Full Story: InsuranceNewsNet Magazine (7/28) 
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The Financial Industry Regulatory Authority said it will introduce a new fingerprint process for advisory firms and funding portals by September. FINRA said firms may be able to save money on fingerprinting costs because of the rates FINRA negotiated with the new vendor, Sterling.
Full Story: ThinkAdvisor (free registration) (7/27) 
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There are several misconceptions about annuities that could deprive retirees of the security only available from guaranteed lifetime income. They include the belief that current retirement savings will be sufficient and that annuities are unaffordable to the average investor.
Full Story: Yahoo/GoBankingRates (7/27) 
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The CMS expects average monthly premiums for Medicare Part D prescription drug coverage to rise to $33 in 2022 from $31.47 this year. The announcement comes as the CMS and Congress explore options to address drug prices.
Full Story: FierceHealthcare (7/29) 
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Investment Trends
A new study by S&P Dow Jones Indices suggests passive investing has saved $357 billion for S&P traders over 25 years. "As indexing has grown, investors have benefited substantially by saving on fees and avoiding underperformance," said Anu Ganti, senior director of index investment strategy at S&P Dow Jones Indices.
Full Story: Bloomberg (7/29) 
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Investors poured a record $3.2 billion into Treasury Inflation-Protected Securities in the week through Wednesday, while bond funds drew $12.7 billion, the biggest inflow in three weeks, according to Bank of America.
Full Story: Reuters (7/30) 
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Policy Watch
A bipartisan Senate proposal to mandate reporting of cryptoasset transactions above $10,000 to the IRS, which would result in taxes on some trades, has caused consternation among cryptocurrency exchanges, their investors and advisors. Critics say the proposal has been drafted too hastily, while advocates say it would simply level the playing field between traditional assets and digital assets.
Full Story: MarketWatch (tiered subscription model) (7/29),  Bloomberg (7/29) 
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Building Your Business
People who have to adjust to new roles, such as retirement, can experience grief even when the change is positive, writes Amy Florian, CEO of Corgenius. Financial advisors must help their clients through these role adjustments by acknowledging their situation, asking questions and being supportive, Florian writes.
Full Story: WealthManagement (7/27) 
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NAIFA's virtual Performance + Purpose conference, Aug. 17-19, will focus on professional development and offer interaction and networking with attendees and industry thought leaders. Learn more here.
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Advisor Today Magazine
And that's the world's biggest problem: the future is seen as someone else's concern.
David A. Sinclair,
biologist, professor of genetics
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