Financial Planning

Washington

• Why Did Barney Frank Retire?

  January 6, 2012

  He didn't want to lose and didn't want to do what was necessary to win.

• Debate Over SRO for Advisors to Extend Well Into 2012

  December 9, 2011

  Lobbying over the contentious issue of regulatory oversight of investment advisors will likely continue deep into the next session of Congress, with some advocacy groups working to scuttle the measure altogether in an election-shortened legislative calendar.

• House Republicans Urge Focus on Consumer Choice

  December 5, 2011

  Ahead of the Department of Labor’s anticipated proposal to redefine fiduciary responsibility, expected sometime in 2012, 55 House Republicans sent a letter asking for more careful consideration of the effects on consumer choice before any new rule is proposed.

• Dodd-Frank Co-Architect to Retire Next Year

  November 28, 2011

  Rep. Barney Frank, the influential Massachusetts Democrat who championed legislation that made such a dramatic impact on the financial planning industry, will not seek re-election next year, capping a 32-year career in Congress.

• SLIDESHOW: What Drives the Planner Who Crafted Cain's 9-9-9 Plan

  October 21, 2011

  "Simple Truths" From a Man Who Isn't an Academic

• Exclusive: The Planner Behind Cain’s 9-9-9 Plan

  October 20, 2011

  Wells Fargo’s Rich Lowrie helped craft the tax proposal that’s driving political debate.

• HOME Act Would Permit 401(k) Money to Be Used to Prevent Foreclosure

  October 17, 2011

  Congress is currently considering a bill that would permit 401(k) investors in danger of losing their primary home to foreclosure to use up to $50,000 or 50% of the balance, whichever is less, to prevent that from happening.

• FSI Plans Washington Blitz to Press for Fiduciary Definition, SRO Status

  September 28, 2011

  The advocacy organization representing independent broker-dealers and independent financial advisors will press its policy priorities to lawmakers on Capitol Hill as part of a two-day summit in the nation's capital.

• Cost-Basis Rewrite is About Increasing Revenue, Not Cost

  September 28, 2011

  Wall Street firms shouldn't think about complying with the Internal Revenue Service's new rules requiring them to calculate the cost of investors' accounts only as a burdensome operational cost. Instead, they should think of following the new cost-basis reporting rules as a potentially profitable means of retaining and attracing new clients, says a report just issued by research firm Celent.

• Faster Triggers for Market-Wide Circuit Breakers Proposed

  September 27, 2011

  The nation’s stock exchanges and the Financial Industry Regulatory Authority are filing proposals that will trigger halts in trading, market-wide, more quickly, the Securities and Exchange Commission said.

• SEC Proposes New Rule to Limit Conflicts of Interest

  September 21, 2011

  The Securities and Exchange Commission has approved the proposal of a new rule designed “to prohibit certain material conflicts of interest between those who package and sell asset-backed securities (ABS) and those who invest in them.”

• DOL Pulls Fiduciary Rule Proposal

  September 19, 2011

  Investment advisor advocates are breathing easier after the Department of Labor announced Monday that it has pulled its current proposal on the definition of a fiduciary off the table. The agency will take up the issue in early 2012 and repropose a fiduciary definition after more industry input.

• Experts Warn of Ongoing Cyber Threats to Financial Services Sector

  September 14, 2011

  Crime lore has it that when the prolific stick-up artist Willie Sutton was asked why he robbed banks, he glibly responded, "Because that's where the money is." And in the 21st century, Sutton's maxim is alive and well in the cyber realm.

• SEC Rule Change Could Put Small Broker-Dealers to the Test

  September 14, 2011

  An accountant with a New York accounting firm that handles smaller broker-dealers is warning advisors who work at such firms that if their employer is a clearing organization, they should pay attention to how well it is planning for a continuation of business under new rule changes being mulled by the Securities and Exchange Commission.

• Financial Services Committee Debates Changes to Advisor, Broker Regulations

  September 13, 2011

  A hearing before a subcommittee of the House Committee on Financial Services Tuesday allowed representatives from across the financial advisory industry to air their views about whether a new self-regulatory organization is necessary to oversee advisors and broker-dealers and, if it is, how it should be constructed.

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