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  Mobile version   RSS   Subscribe   Unsubscribe April 22, 2011
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SEC clears barrier to CFP Board disciplining advisors
Financial Advisor    Share   Share on FacebookTwitterShare on LinkedinE-mail
The Securities and Exchange Commission has expanded the Certified Financial Planner Board of Standards' power to discipline advisors now that it has made it clear that RIAs and broker-dealers can provide client information to the board without violating a privacy rule and facing an SEC enforcement action. Advisors often have cited Regulation S-P, a federal privacy rule, as the reason they could not share client information with the board concerning a customer complaint. But recently the SEC sent the board a "No Action" letter that says the SEC staff will not bring an enforcement action against a broker-dealer or registered investment advisor that shares nonpublic personal customer information with CFP Board. More

  Industry News

Agents: MLR dramatically impacting commissions
Insurance Journal    Share    Share on FacebookTwitterShare on LinkedinE-mail article
At a hearing held recently by the National Association of Insurance Commissioners, insurance agents expressed concerns that the medical loss ratio rules have hit commissions hard. Timothy Jost of Washington and Lee Law School said agent commissions are a major factor in administrative expenses for the individual and small group market. Meanwhile, Illinois Insurance Director Michael McRaith, indicating that the MLR may not be the cause of a drop in agent commissions, said, "You started to see compression in [commission] rates as premiums were increasing, in many states far beyond the medical inflation rate." Florida Insurance Commissioner Kevin McCarty, who chaired the meeting, expects a status update in the coming weeks on data from health insurers submitted to the NAIC about how much they pay in commissions. More

IRS to adjust plan advisor user fees
National Underwriter    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Internal Revenue Service is restructuring the fees it imposes on the enrolled retirement plan agents who help retirement plans with tax matters. IRS officials describe the enrolled retirement plan agent fee changes in final regulations published in the Federal Register. More

Leaving money to children is not a priority for baby boomers
Los Angeles Times    Share    Share on FacebookTwitterShare on LinkedinE-mail
A survey recently released shows only 49 percent of wealthy parents say it's important to leave money to their children when they die. Instead, many people plan to use their savings for travel and to focus on personal relationships, according to the study by U.S. Trust, a unit of Bank of America Corp. The study up-ends the old notion of parents carefully tending their financial estates to be passed down at the reading of their wills. More

Why do the affluent want more from their advisors?
Financial Planning    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Most financial advisors do an outstanding job of building and maintaining relationships with their wealthiest clients but all too often fail to deliver the full buffet of financial services these highly coveted and well-heeled clients want and need. While 7 in 10 of these affluent investors said they're either "extremely" or "very" satisfied with their current advisor or wealth manager, they often seek out other professionals to help them out with other facets of their broader financial needs even though most — if not all — could be performed by their current advisor and his or her firm. More

Cole Information - Offers Online Quick-to-Access Targeted Prospecting
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  Regulatory and Legislative News

Supreme Court takes no action on health care law, delaying final ruling until at least 2012
FDL News Desk    Share    Share on FacebookTwitterShare on LinkedinE-mail
The Supreme Court declined to fast-track a challenge to the health care reform law, and will allow the circuit courts of appeal to take up the question of the constitutionality of the individual mandate. This likely means that they won't get around to a ruling of their own, assuming that whatever the appeals courts decide will get appealed up to them, until 2012 at the earliest. In fact, a decision could come right in the middle of the presidential election. More

  Practice Management

Make sure all your data are safe
InvestmentNews    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Keeping client data safe has become even more important in light of all the sensitive information that is now being stored on portable devices. Aside from sophisticated software solutions, here are three simple steps advisors can take to avoid finding themselves in the unenviable position of losing a client's unencrypted data. More

The elements of behavior: Tips for managing your advisor energy
Senior Market Advisor    Share    Share on FacebookTwitterShare on LinkedinE-mail article
It is said that behavioral style matches the four elements: fire, air, earth and water. These elements demonstrate the following characteristics. More

FedEx® Offers Savings
FSP members can now enjoy real savings on envelope and small parcel shipments sent and received via FedEx®, one of the nation's premier small package carriers and an FSP Member Discount Company. FSP Members will receive discounts on domestic and international shipments with FedEx Express®, FedEx Ground®, and FedEx Home Delivery®. Save up to 27%* on select air shipments with FedEx Express; up to 15% on select shipments with equally dependable and economical FedEx Ground; and up to 10% on select shipments with FedEx Home Delivery, a residential service with a money-back guarantee. There is no cost to enroll for members, and there are never any shipping minimums to meet in order to get the discounts. For more program details and to enroll online, simply go to

*Includes a bonus 5% online processing discount. Full details are available at

  Society News and Programs

Podcasts keep you informed of important developments — free to FSP members
Society of FSP    Share    Share on FacebookTwitterShare on LinkedinE-mail article
  • IRS Notice 2011-37 on Extending Guidance on Treatment of Investment Advisory Fees Subject to 2 Percent Itemized Deduction Floor — Joseph E. Frack, CPA

  • Reporting the Cost of Employee Health Coverage on W-2s — Joseph E. Frack, CPA

  • The Controversy over Fiduciary: Raising the Bar toward Higher Standards of Care — Richard M. Weber, MBA, CLU, AEP

    To listen, go to FSP Podcasts.

    Member alert — get a discount on next year's national membership dues
    Society of FSP    Share    Share on FacebookTwitterShare on LinkedinE-mail article
    A growing FSP means more networking and knowledge resources for you — plus discounted national dues for the 2011-2012 membership year when you recruit a new member. We've set a goal of recruiting 1,250 new members between April 1 and June 30 and need your help to get there. Join the race for more members today, and invite a colleague to join FSP today. Go to Member-Get-a-Member Contest for new member applications and details. The Member-Get-a-Member Contest ends June 30.

    FSP NewsBrief
    Colby Horton, vice president of publishing, 469.420.2601   Download media kit
    Bianca Van Audenhove, senior content editor, 469.420.2611   
    Disclaimer: The articles that appear in FSP NewsBrief are chosen from a variety of sources to reflect topics of interest to FSP members and other financial service practitioners. The inclusion of an article or advertisement in FSP NewsBrief does not imply that the Society of FSP endorses, supports or verifies its contents or expressed opinions. Factual errors are the responsibility of the listed publication. FSP NewsBrief articles may be protected by copyright and should not be reproduced without express permission of the copyright holder.

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