Products October 9, 2009

Financial Planning Coalition Unveils New Web Site

The Financial Planning Coalition launched a Web site to serve as the central point of its efforts to require more fiduciary accountability.

Reported by

The coalition—made up of the CFP Board of Standards (CFP Board), Financial Planning Association (FPA), and the National Association of Personal Financial Advisors (NAPFA)—is pushing to enact federal legislation requiring a fiduciary standard for anyone who provides financial planning or investment advice. The group was formed in December with the intent to lobby legislators for better regulation of financial planning (see “Financial Planning Organizations Band Together”).

The group plans for the new site, www.FinancialPlanningCoalition.com, to be its hub of information and dialogue for financial professionals and consumers. The coalition said the new Web site aims to provide visitors with background information about the coalition and its work, as well as offer visitors the opportunity to participate in a letter-writing campaign to Congress.

Deals & People October 9, 2009

Envestnet Names Leader of Adviser-Directed Offerings

Envestnet has brought aboard James Patrick, former co-head of U.S. Distribution for Allianz Global Investors, to head Envestnet’s managed account program.

Reported by

As the managing director for Envestnet’s Advisor Managed Programs, Patrick will lead the company’s effort to distribute and enhance its adviser-directed offerings, the company said. “He has a long history of presenting institutional-quality strategies to the adviser marketplace,” said Bill Crager, president of Envestnet.

Envestnet said it envisions further growth in the adviser managed account area by adding  macro-economic and asset allocation guidance delivered by institutional asset allocation strategists.

“Overall, investor confidence in the financial services industry, in the markets, and in their asset allocation beliefs are on shaky ground,” said Patrick. “Now is the time for advisers to reaffirm their value proposition and deliver solutions that put clients in a position to get back on track to reach their goals.”

«