Labor Dept. blocks fiduciary rule comment period extension | How baby boomers want to experience retirement | Strategist cautions on post-election VIX movement
August 7, 2020
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Top Story
The Labor Department has denied a request by Sen. Patty Murray, D-Wash., to extend the comment period on its latest proposed fiduciary rule and hold a public hearing on the measure. "I'm incredibly frustrated that the Trump administration is charging ahead so recklessly with a proposal that could lead to retirement savers losing billions of dollars a year due to conflicted advice," Murray said.
Full Story: ThinkAdvisor (free registration) (8/6) 
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Industry News
Baby boomers could redefine what it means to be retired in much the same way they have redefined other life stages. A book based on surveys of more than 100,000 people notes retired boomers can be split into different groups, including "ageless explorers" and "comfortably contents."
Full Story: MarketWatch (tiered subscription model) (8/3) 
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Investment Trends
Traders are betting on the Cboe Volatility Index to drop after the US election. Deutsche Bank chief global strategist Binky Chadha says this does not reflect the movement that followed the last two elections and comments "we see considerable risks to getting a quick and clear election resolution this time around, with the prospect that volatility endures post-election day."
Full Story: Bloomberg (tiered subscription model) (8/5) 
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With local governments on the verge of a potentially historic financial crisis, the 20-year municipal bond is paying the lowest yield since 1952 while the 30-year bond yield is also at the lowest level in decades. Many muni bonds support facilities affected by the downturn including airports, public transit systems, hotels and stadiums.
Full Story: Bloomberg (tiered subscription model) (8/5) 
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Policy Watch
The latest version of the Department of Labor's fiduciary rule has language in it that is causing concern among industry groups. The American Council of Life Insurers, Morningstar and others say there are several instances of unclear or confusing language in the proposed rule.
Full Story: InsuranceNewsNet Magazine online (8/6) 
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A full Senate voice vote has confirmed President Donald Trump's nominations of Hester Peirce and Caroline Crenshaw to the Securities and Exchange Commission. Peirce's term runs to June 5, 2025; Crenshaw's expires on June 5, 2024.
Full Story: ThinkAdvisor (free registration) (8/6) 
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Democratic Congressional leaders and Trump administration officials failed to reach agreement Thursday on any major issues regarding the next coronavirus aid bill. Treasury Secretary Steven Mnuchin said the president may issue executive orders to end the wrangling, but indicated possible concessions on some points including funding for local and state governments and first responders.
Full Story: Reuters (8/6) 
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The Securities and Exchange Commission proposes to require exchange-traded and mutual funds to provide clearer reports to investors, fully explaining their performance, risks and fees. The SEC called for "concise and visually engaging shareholder reports" including all the data investors need to evaluate a fund.
Full Story: InvestmentNews (tiered subscription model) (8/5) 
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Building Your Business
The coronavirus pandemic has led investors to seek more relevant content on financial advisors' websites, marketing experts say. A report from digital marketing firm Snappy Kraken found that clicks on evergreen website content fell 42% in the first six months of 2020 compared with last year, while clicks on more timely content rose 370% during the same period.
Full Story: WealthManagement (7/31) 
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When helping clients formulate estate plans, financial advisors should also help them develop a communication strategy for how to disclose plans to their heirs, writes Camden Nunery of Keel Point. Doing so can make clients' children less likely to challenge the trust or will or to question the advisor's intentions.
Full Story: WealthManagement (8/3) 
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Risks, I like to say, always pay off. You learn what to do, or what not to do.
Jonas Salk,
virologist, medical researcher
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