April 16, 2021
FPA SmartBrief
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As he looks ahead to the FPA Annual Conference in September, FPA CEO Patrick Mahoney is focusing much of his energy on discussions with members that are aimed at ensuring FPA is providing the services they need and want. Mahoney said the group also is trying to redefine its core membership based on meetings with leaders of FPA's 82 local chapters.
Full Story: Barron's (tiered subscription model) (4/15) 
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Practice Management
The path to retirement for many Black Americans is filled with obstacles others may not face, and getting early help from a professional financial adviser can often make the difference, says Martin Seay, Ph.D., CFP®, FPA Chairman and head of personal financial planning at Kansas State University. This article examines the challenges to secure retirement for Blacks, with Seay commenting that "the reality is you actually need financial planning long before retirement and the sooner the better."
Full Story: Consumer Reports online (4/13) 
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The coronavirus pandemic has forced financial advisers to adjust their marketing, but some fundamental truths still apply, Matt Oechsli writes. He lists five of them and how they have been adjusted because of the pandemic.
Full Story: WealthManagement (4/12) 
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Wealthy people who have been managing their investments, especially those with a financial background, can be loathe to turn over even some control to a financial adviser, writes Jonathan M. Bergman, president of TAG Associates, but working with a financial adviser can be a smart move, especially if a spouse is unfamiliar with a couple's finances. Bergman has developed a playbook to show these individuals the value of working with an adviser and how they can still mostly retain control of their finances.
Full Story: WealthManagement (4/9) 
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Being politely persistent, or staying in touch with a client without being annoying, can eventually lead to prospects becoming clients, writes Bryce Sanders, president of Perceptive Business Solutions Inc. He offers 10 ways to let prospects know you are still interested without badgering them.
Full Story: ThinkAdvisor (free registration) (4/12) 
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Policy Watch
The Senate voted 53-45 to confirm Gary Gensler as chairman of the Securities and Exchange Commission. Gensler, a former Goldman Sachs partner, led the Commodity Futures Trading Commission under the Obama administration.
Full Story: Politico (4/14),  Bloomberg (4/14),  Reuters (4/14) 
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The Federal Reserve is involved in research and development of a digital US currency, but Chair Jerome Powell emphasized it is mainly concerned at the moment with "understanding the technology and the possibilities so that you can really address the policy issues." Powell said there is no rush for the US to be first to launch such a currency, and Congress and the public should be involved in the process.
Full Story: Bloomberg (4/12) 
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The Securities and Exchange Commission has found inconsistencies, shortcomings in compliance and inadequate documentation in firms' disclosure of environmental, social and governance investments. The SEC has issued a risk alert stating firms must ensure consistent compliance across departments and accuracy in public communication on ESG investments.
Full Story: Financial Advisor IQ (4/12),  WealthManagement (4/12),  Reuters (4/12) 
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Interim regulators appointed by US President Joe Biden are moving swiftly to reverse some of the financial regulations enacted by the Trump administration. In many cases they are using quick-fix legal tools that do not require them to rewrite rules.
Full Story: Reuters (4/12) 
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Industry Report
The big increase in the money supply in the US is devaluing bonds, leading some financial experts to question whether a traditional investment portfolio of 60% stocks and 40% bonds is still wise. However, a number of advisers say they are staying the course, pointing to the long-term track record of the strategy's success in providing solid returns while reducing risk.
Full Story: InvestmentNews (tiered subscription model) (4/9) 
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Keeping taxes in mind as you plan retirement investment and withdrawal strategies can add to retirement income. One key strategy is to have a range of investment vehicles that are taxed differently.
Full Story: Forbes (tiered subscription model) (4/9) 
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Personal Capital examined anonymized data from its 2.8 million users to determine the average and median amount retirement savers have accumulated, slicing the data by geography and age. Baby boomers average retirement balance was $1,029,840 and their median, $570,789, while Connecticut has an average retirement savings of about $523,600 and a median of $160,300.
Full Story: CNBC (4/13) 
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A white paper released Tuesday at the American Society for Aging's annual meeting reports that 25% or more of people over 65 could have some form of cognitive impairment, which presents regulatory and other risks for financial advisers. Those advisers must take proactive steps to deal with those risks and protect their older clients, the paper says.
Full Story: InvestmentNews (tiered subscription model) (4/13) 
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FPA News
FPA NexGen Gathering: Registration is now open!
The financial planning profession is changing, and FPA NexGen planners are at the forefront of this change. The next generation of financial planners have the power to shape the future of the profession and pave the way for generations to come. Join FPA NexGen Gathering to get the skills, lasting connections and practical tools you need to be the change. Register now to join us for this highly-interactive virtual event taking place Aug. 12 – 13.
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FPA introduces a new Blockchain and Digital Assets community
FPA and RIADAC launched a community on FPA Connect for all things blockchain and digital assets. FPA members can receive a 50% discount when enrolling in RIADAC's Certificate in Blockchain and Digital Assets® (find the promo code in the new FPA community); CE credit webinars and conferences; the best digital assets education for financial planners; and valuable networking opportunities. Our first big gathering will be a Live Town Hall with Ric Edelman on May 27 at 1 p.m. ET. Join the community. Not yet an FPA member? Join today.
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About FPA
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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