Reading this on a mobile device? Try our optimized mobile version here: https://r.smartbrief.com/resp/dCsqCfbwocevgHtFsxZy

April 24, 2012
Sign upForwardArchiveAdvertise
News on the capital markets, securities and financial industry

  Introduction 
A Conference for Wealth Management Professionals -- Part II
SIFMA's Private Client Conference continued its remarkable tradition as industry leaders gathered last week in Boston to discuss the most important issues facing global, regional and small firms.

We've gathered a collection of highlights below; be sure to check our event highlights page for complete coverage, including videos and more.

To see the full list of speakers and panels, please review Part I of this Special Update.
  From SIFMA 
  • Q&A with Managing Director of SIFMA's Private Client Group
    John Maurello, Managing Director of SIFMA's Private Client Group, shares his insight on issues facing wealth management professionals.

    What is your outlook for the wealth management industry in 2012 and beyond?

    Moving forward, financial advisors must focus on the most fundamental principle of their business -- growing clients' wealth. The financial crisis of 2008, ongoing market volatility, the global debt crisis and gridlock in Washington have all contributed to a dip in investor confidence and risk tolerance and, consequently, many investors remain on the sidelines. As several of our expert speakers noted, financial advisors will need to work hard to build trust and confidence by proactively educating clients so they are empowered to make investment decisions to meet their financial goals.

    What key issues should financial advisors keep on their radar?

    On the regulatory front, any proposed rules by the SEC to harmonize a fiduciary standard for brokers and investment advisors when providing personalized investment advice about securities to retail investors remains a top priority. SIFMA fully supports the creation of a new, uniform fiduciary standard for brokers and investment advisors when providing personalized investment advice about securities to retail investors. Investors' best interests deserve to be put first. If the SEC moves toward rule-making, it is critical that they provide a framework that does not inhibit investor choice and access to the wide variety of products and services that retail customers of broker-dealers have grown accustomed to -- and depend upon.

    In terms of practice management, improvements in technology and social media are making communication with clients -- and prospective clients -- easier and more effective. Financial advisors at firms of all sizes can work to better understand and effectively leverage these communication tools to educate, attract and retain clients. SIFMA has held two seminars focused on social media, with a third one set to take place on June 20 in New York. These have been very well attended -- and demand is high as firms address the many regulatory, marketing, training and communications issues related to this new technology.

    What are some of the advisor "best practices" discussed at the Private Client Conference?

    We have already discussed the importance of building client trust and empowering them with education. Intergenerational financial advice is another way financial advisors provide value to clients as they help build their clients' families' wealth across generations. Whether through boot camps or family planning sessions, financial advisors have an opportunity to facilitate dialogue and really get to know the financial personality of each family member. Building relationships that bridge generations not only helps financial advisors better understand their client, it puts them in the unique position to provide fully informed and trusted advice at every age and life stage.

    Asset allocation and distribution reviews are also critical for helping clients build wealth. Wealth management has experienced considerable change over the past five to 10 years, with new investment products making it easier than ever to access different asset classes. It is important to stay up-to-date on the plethora of tools available to help you and your clients build the most effective portfolios, especially as clients grow closer to retirement and begin the shift from asset accumulation to asset distribution. LinkedInFacebookTwitterEmail this Story
Did you know that by speeding the flow of information and analysis to your advisers they can do much more with less? Dow Jones helps you integrate business-critical news and market commentary directly into your advisers' preferred working environment. Learn more.
  News from the Event 
  • Experts stress the need to regain investor confidence
    The financial services industry faces a variety of challenges, but regaining the faith of investors must be a priority, said experts speaking at the SIFMA Private Client Conference. "We need to stay focused on the fundamental principle of our business -- earning the trust and confidence of those we serve," said Randy Snook, SIFMA's executive vice president of business policy and practices. "Personalized investment advice is more critical and more valued than ever before." Financial Advisor online (4/20) LinkedInFacebookTwitterEmail this Story
  • Wealth management firms need to adapt, Thiel says
    John Thiel, a senior executive at Merrill Lynch Wealth Management, told participants at the SIFMA Private Client Conference that wealth management firms must adapt to meet the needs and demands of their clients. "For years, we have asked the client to bend their structure to ours, versus us bending our structure to theirs," Thiel said. "We need to adapt our organization away from silos to being relevant." OnWallStreet.com (4/18), Reuters (4/18), Bloomberg (4/18) LinkedInFacebookTwitterEmail this Story
  • Regulations are expected to have varied impact on wealth managers
    The Volcker rule, as currently proposed, would have a direct negative impact on the private client industry, reducing market liquidity and increasing price volatility and the cost of capital, said industry executives at the SIFMA Private Client Conference. Still, many praised regulators' efforts to introduce a universal fiduciary standard. "I think that will be a watershed moment in the history of the private client industry," said RBC Wealth Management CEO John Taft. "I hope we get there sooner rather than later." Financial-Planning.com (4/18) LinkedInFacebookTwitterEmail this Story
 5 CRM Moves You Should Make to Outpace the Market
Don't be caught short. Dow Jones shows you how the efficient, integrated delivery of reliable global news, exclusive practice-management ideas, and expert commentary and analysis can give your advisers the competitive edge. Learn more.
 

  Quotes from the event 
  • Seen and heard at the SIFMA Private Client Conference
    The SIFMA Private Client Conference was full of lively panel discussions and interaction with industry executives. The following is a sampling of what some industry leaders had to say:

    "We have a fundamental responsibility to empower the investor in a volatile world." -- Kathleen Murphy, Fidelity Investments

    "The fundamental principle of our business is earning the trust and confidence of those we serve." -- Chet Helck, Raymond James Financial

    "We are in an industry that is in growth mode." -- John Thiel, Merrill Lynch Wealth Management LinkedInFacebookTwitterEmail this Story
  More Resources 
  Upcoming Events 
  • SIFMA's 39th Operations Conference & Exhibit -- Scottsdale, AZ, May 1-4
    SIFMA's 39th Annual Operations Conference + Exhibit is the premier event dedicated to operations in the financial services industry. Key speakers include Cyrus Amir-Mokri, Assistant Secretary for Financial Institutions, U.S. Department of the Treasury; Stephen Daffron, Global Head of Operations, Technology and Data, Morgan Stanley; and Grace Vogel, Executive Vice President, FINRA. They lead an all-star lineup of industry and regulatory thought leaders who will discuss important topics such as: Infrastructure, Risk Management, Regulatory Issues, Trade Processing Changes, Protecting Customer Assets, Volcker Rule, Corporate Actions and Proxy, Cost Basis Reporting, and many more! It is a must-attend event. Register today. LinkedInFacebookTwitterEmail this Story
  • SIFMA Tech Leaders Forum 2012, New York City, June 19-21
    SIFMA Tech Leaders Forum and Expo 2012, "Managing Today's Realities" is the industry's premier financial services event. At the Forum, you will have the opportunity to hear the latest technology trends from the industry’s top experts. Discover in-depth analysis of critical developments in our content-rich conference program. Program topics include: Cyber Security, Derivative Trading, Cloud Computing, Program Management, Privacy and Information Security, Social Media, Legal Entity Identifier, Risk Management, Mobile Technology and Smart Devices, Evolving Regulatory Reform, Creating Efficiencies and Making Tech Dollars Count, and much more! This is a must-attend event for senior-level technology and operations, legal and regulatory, compliance, risk, trading and strategic development professionals. Register today. LinkedInFacebookTwitterEmail this Story
  

Product announcements appearing in SmartBrief are paid advertisements and do not reflect actual SIFMA endorsements. The news reported in SmartBrief does not necessarily reflect the official position of SIFMA.
 
Subscriber Tools
     
Print friendly format | Web version | Search past news | Archive | Privacy policy

Advertise
Sales Account Director:  Abiy Bekele 212-450-7919
 
Read more at SmartBrief.com
A powerful website for SmartBrief readers including:
 
  SIFMA RSS Feeds
 
 
 Recent SIFMA SmartBrief Issues:   Lead Editor:  Sean McMahon
     
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004
 
 
© 1999-2012 SmartBrief, Inc.® Legal Information