Advice for building a diverse financial planning industry | 7 questions advisers should ask clients | Ways advisers can reach the "average Joe"
November 9, 2018
FPA SmartBrief
A digest of news and industry updates for the financial planning community
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Advice for building a diverse financial planning industry
Ana Trujillo Limón of the Journal of Financial Planning offers tips for increasing diversity in the financial planning industry. She suggests being authentic, starting internship programs, casting a wide net when hiring and including everyone -- male and female -- in company initiatives.
FPA Practice Management Blog (11/6) 
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The Joy of Income
Retirement should be a time for new-found freedom. The type of freedom that comes from knowing that while you've stopped working, your portfolio hasn't - it's still working hard to deliver regular income. Read more from Franklin Templeton Investments.
Practice Management
7 questions advisers should ask clients
Asking good questions should be the centerpiece of initial conversations with clients to offer insight into their personalities, priorities and preferences, writes Matthew Regan of Wealthcare. He provides a list of seven questions many clients want advisers to ask.
WealthManagement (11/5) 
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Ways advisers can reach the "average Joe"
Advisers who place too much focus on landing wealthy clients could wind up missing out on opportunities to advise the "average Joe." Several advisers weigh in on strategies for reaching this underserved client segment.
Financial Planning online (11/5) 
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Policy Watch
SEC panel wants Reg BI identified as fiduciary standard
The Securities and Exchange Commission should revise Regulation Best Interest, meant for investment advice, to clearly state it is a fiduciary standard similar to requirements for investment advisers, the SEC Investor Advisory Committee says. The committee also says any recommendation about rolling a 401(k) balance into an IRA should be in the best interest of the client.
InvestmentNews (tiered subscription model) (11/7) 
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Retirement bills could see action in Democratic-led House
With Democrats gaining control of the House, a longtime supporter of retirement legislation, Rep. Richard Neal, D-Mass., takes over as chairman of the House Ways and Means Committee. Legislation to encourage use of annuities in 401(k) accounts is already under consideration in the House and Senate.
InvestmentNews (tiered subscription model) (11/7),  Pensions & Investments (free access for SmartBrief readers) (11/7) 
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FINRA to comply with SEC's electronic reporting rules
The Financial Industry Regulatory Authority is changing its electronic reporting system to accommodate the Securities and Exchange Commission's revised income-reporting requirements. The SEC has simplified reporting by brokers and dealers and has updated requirements for annual audits.
ThinkAdvisor (free registration) (11/6) 
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Industry Report
Retirement account balances hit new high in Q3
Average account balances in 401(k)s, IRAs and 403(b)s climbed to a record in the third quarter, and a record number of people have $1 million or more in retirement accounts, according to Fidelity Investments.
CNBC (11/5) 
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Survey: Most student-loan borrowers are cash strapped
Student-loan borrowers are struggling, finds a survey by advocacy group Student Debt Crisis, with roughly 20% of respondents saying they are unable to make their next payment and an additional 44% saying it might be a challenge. Approximately 65% said they had less than $1,000 in their bank account.
MarketWatch (11/4) 
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FPA News
Enriching. Empowering. Elevating: The OneFPA Network
The OneFPA Network is a collaborative effort among all FPA communities to deliver a consistent and indispensable member experience, empower volunteer leaders, and elevate the profession of financial planning. Harmonizing the power of unity and the benefits of diversity to serve members' interests with greater alignment and integration, the OneFPA Network promises to bring together the association's many individual parts into one cohesive whole. Learn more about the OneFPA Network concept, promise and journey and how we can transform our association together.
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"Know Your Client" behaviors to better understand client goals
Financial planners who deeply understand clients see greater satisfaction, better client relationship quality and higher net client growth, according to a new "know your client" benchmark survey conducted by FPA, Capital Preferences and T. Rowe Price. The study identifies behaviors and techniques financial planning professionals can and should leverage to know their clients and provides a roadmap for planners to evolve their client understanding approach. Learn more about the research findings. The benchmarking survey is re-opened through Nov. 15 for any financial planners interested in contributing their insight. Participants will receive a customized report that enables them to benchmark their "know your client" methods compared to others in the adviser community. Take the survey today.
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