Industry News
Wealth Management
Top stories summarized by our editors
7/9/2020

The Financial Industry Regulatory Authority says examinations initially will look at whether companies have established procedures to comply with the Securities and Exchange Commission's Regulation Best Interest. In an interview with Financial Services Institute CEO Dale Brown, FINRA CEO Robert Cook said the initial exams will focus on "good faith efforts to comply" and will not be conducted as stand-alone reviews.

7/9/2020

LinkedIn can be a valuable tool for financial advisors to build a network of people who might do business with them, writes Bryce Sanders of Perceptive Business Solutions. He describes the process he used to add 100 prospects in less than a month.

7/9/2020

The coronavirus pandemic and resulting economic turmoil have caused many clients to make financial and lifestyle changes that could stick, experts say. These include how they spend and save money and where they choose to live and work.

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Financial Advisor
7/8/2020

Technological advancements are among the factors that have fostered more construction opportunities internationally. However, such projects can also pose increased risk, and companies should be especially proactive in assessing risks such as the possibility of nonpayment during the coronavirus pandemic, two attorneys write.

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JD Supra
7/8/2020

Referrals are the primary source of growth for financial advisory firms, so it's important to make sure current clients are highly satisfied, Philip Palaveev writes. He also suggests providing a good story for clients to tell others and making your firm feel as though it is a community.

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Financial Advisor
7/8/2020

In addition to listening to their clients' stories, financial advisors should share their own, Diane Manuel of Urban Wealth Management writes. Providing personal details helps advisors strengthen relationships with clients and makes them more relatable, she writes.

7/8/2020

Some high-net-worth clients who have been diligent about saving could find themselves in a higher tax bracket in retirement, writes Kimberly Foss of Empyrion Wealth Management. Converting tax-deferred accounts to Roth accounts and spending down tax-deferred accounts first are a some of the strategies that could help.

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Advisor Perspectives
7/8/2020

A decision affirmed by a federal appellate court requires an energy company's partial owner to pay a surety $1.25 million in collateral security, plus attorneys' fees and pre-judgment interest. An indemnity agreement required the partial owner to pay bond premiums and provide collateral security if the energy company failed to adhere to its bond obligations.

7/8/2020

The US Civilian Board of Contract Appeals ruled that a contractor on a project in Africa was not entitled to additional costs stemming from an Ebola outbreak. The decision could mean that federal contractors will not be able to recover additional costs resulting from the impact of the coronavirus pandemic, an attorney writes.

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LexBlog
7/8/2020

A federal appeals court has upheld a lower court decision that a subcontractor working on a US air base in Qatar provided untimely notice of nonpayment under the Miller Act. The decision "underscores the importance of strict adherence" to the law's requirement that such notice must be provided within 90 days of the final day of work, attorneys write.

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Duane Morris LLP