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February 27, 2013

News covering the insurance and financial advising industry

Top Story

SEC announces examiners' areas of focus for 2013
This year, examiners at the Securities and Exchange Commission will focus on investment advisers who are dually registered as broker-dealers and those who work with hedge funds and private-equity funds. The agency outlined its examiners' priorities to ensure that advisers are not caught off guard. InvestmentNews (free registration) (2/22)

Industry News

More financial advisers work in teams
Last year, nearly 70% of advisers were working in a group structure instead of in a solo practice, according to Cerulli Associates. That was up from 61% the previous year. The strategy of teaming up is becoming more popular because advisers can specialize in their particular strengths and still be part of a broader practice, Cerulli officials say. Financial-Planning.com (2/21)

Ability to retire worries Americans, survey finds
A poll by the National Institute on Retirement Security found that 55% of Americans are "very concerned" that the economy is undercutting their prospects for retirement. Meanwhile, 30% said they are "somewhat concerned" about whether they will be able to retire. The Washington Post (2/25)

Commentary: Client education is key in life settlements
Education and careful planning are important to help clients in the life-settlement process, writes Adam Meltzer of Magna Life Settlements. Four steps can help guide a transaction once an appropriate life insurance policy is found, he writes, starting with fully explaining the process and the continuing premium cost to the client. National Underwriter Life & Health (2/26)

Why retiring and collecting Social Security are separate decisions
Americans should stop equating retirement with claiming Social Security benefits, writes Jeffrey Miller of consulting firm Social Security Choices. "Significant lifetime benefits can be jeopardized by tying the retirement decision too closely to the Social Security claiming decision," Miller writes. MarketWatch/The RetireMentors blog (2/25)

Policy Watch

Lower cost projections ease pressure to change Medicare
The pressure on Democrats to agree to a bipartisan plan to cut Medicare spending appears to be waning as Republicans seem to be moving toward compromise, according to a New York Times analysis. The authors of the new Simpson-Bowles plan to cut $600 billion from U.S. health care costs over 20 years say the absence of urgency could make needed cuts less likely. The New York Times (tiered subscription model) (2/24), Reuters (2/24)

Building Your Business

How to create a value proposition that clients can't refuse
An advisory firm's unique value proposition sets it apart from its competitors and should be focused and relevant without using jargon, writes Ken Haman of the AllianceBernstein Advisor Institute. "Imagine that you have written the [unique value proposition] in big, block letters on a white billboard out on the highway," Haman writes. "All you get to write is the UVP and your telephone number. Imagine that lots of people will look at the billboard every day. Would anyone call?" Financial-Planning.com/Wealth of Ideas blog (2/20)

Watch out for these patterns in clients
Recognizing negative patterns of financial behavior in clients can help you be more effective as an adviser, Michael Pompian writes. Three types of clients whose behaviors work against their best interests are those who chase popular investments without a strategy, those who treat investing like gambling and those whose fear of losing money keeps them from taking appropriate risks. Morningstar Advisor (2/2013)

NAIFA News

Help your managers receive the Managers Membership Award
The Managers Membership Award is a prestigious award developed by NAIFA and GAMA to recognize managers and their organizations for their support and commitment to our industry. Recognition is based on the percentage of agents, based on the organization's size, who are NAIFA members. The organization manager must be an active member of NAIFA and GAMA. The application is available at http://www.naifa.org/mma. Please help your managers receive the recognition they deserve by encouraging them to apply for the MMA.

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	Recent NAIFA SmartBrief Issues: Tuesday, February 26, 2013 Monday, February 25, 2013 Friday, February 22, 2013 Thursday, February 21, 2013 Wednesday, February 20, 2013			Lead Editor: Charles Tomlinson Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004