The Financial Industry Regulatory Authority has issued its first report on its findings from its advisor exams. While FINRA stressed the report does not constitute new legal or regulatory guidance, it highlighted cybersecurity, product suitability, anti-money-laundering compliance and best execution as areas of importance.
Marketing expert Victor Gaxiola offers advice on ways to better communicate with clients, stressing that regular, relevant messages to clients on their own terms are the keys to success. Gaxiola explores the available communications media and offers tips on crafting better messages and integrating visual content.
Advisors face an increasing likelihood of having to make changes to family estate plans as opioid addiction rises at all social levels in the US, writes lawyer Kevin Johns. He explores the steps that can be taken and recommends creating a discretionary trust for a beneficiary suffering from addiction.
Surety agents need to think long term when building relationships with clients, industry executives say. The best ways to build sustainable relationships include finding the right clients, ensuring you understand their business, developing trust and maintaining regular communication.
The National Association of Insurance Commissioners is inviting comments until Jan. 22 on a proposed best-interest standard governing the sale of annuity and life insurance products. The draft includes a provision that would exempt agents and brokers from disclosing their commissions unless they are being paid more than 3%.
Proposals in the US tax bill to bail out more than 100 failing multiemployer pension plans with low-interest Treasury loans would require a cash injection amounting to tens of billions or more, Thomas Reeder, director of the Pension Benefit Guaranty Corp., said in testimony to Congress this week. Reeder told a hearing of the House Subcommittee on Health, Employment, Labor and Pensions that the precise figure cannot be clearly estimated, while the PBGC annual report has quoted a funding shortfall of $65 billion.
The outcome of a Financial Industry Regulatory Authority exam may be affected by the individual examiner's personality and which district office that person comes from, writes former FINRA attorney Michael Gross. "Certain conduct being reviewed by one FINRA office may be resolved early and informally, while similar conduct being reviewed by another FINRA office may result in multiple 8210 letters, OTRs, and a referral to Enforcement," he writes.
Author and financial life-planning expert Mitch Anthony gives a first-hand account of how he and his mother were fleeced in a real estate scam that cost him nearly $1 million and left his mother penniless. He describes the tactics the fraudster used to evade restitution and lessons he learned from the experience.
With a 22-1 vote, the Senate Banking Committee recommended that Jerome Powell succeed Janet Yellen as chair of the Federal Reserve. Sen. Elizabeth Warren, D-Mass., cast the only dissenting vote as the committee cleared the path for Powell's approval by the full Senate.
The construction industry views geopolitical and regulatory risk as its top threat worldwide, according to the Willis Towers Watson Construction Risk Index. Other key concerns are workforce management and new technologies, industry executives said.