Brown says FSI held talks with McDermott's staff in the autumn and got a commitment from his office to work with the industry to resolve the issue. "We emphasized that our business is already heavily regulated by federal and state authorities and the rules don't allow broker-dealers and advisors to do business in cash. This means our business is easily audited and, therefore, tax compliance is not a concern," Brown said.
He said he also plans to meet with Kerry's staff in the coming weeks.
Retirement Planning Industry To Be A Top Performer In New Decade
Most people see cutting-edge tech as the growth area of the future. But according to industry research company IBISWorld, the retirement and pension plans category should be the second-best performing industry during the period of 2010-2019, with a total expected growth rate of nearly 138%.
The trust and estates industry ranks seventh on the decade performance list, with a projected growth rate of roughly 106%. IBISWorld analyzes 700 different industries that make up the nation's gross domestic product, and rates them based on real revenue growth, or inflation-adjusted revenue.
It expects voice over Internet protocol (VoIP) providers--services such as Skype that enable phone calls over broadband Internet connections--to have the best growth rate, at almost 150%. VoIP, which started to earn revenue in 2002, was the last decade's biggest growth industry at an astronomical rate of 179,000%. Conversely, it expects wired telecom carriers to be the worst performing industry this decade.
Retirement and pension plans include IRAs, 401(k)s, funds and private and public retirement plans. IBISWorld also has a financial planning and advisory category, but it didn't make the forecasted ten-year list. That's because the retirement and pension plans category is seen as fast-growing while the financial planning and advisory category is viewed as more mature because of the consolidation among the industry's biggest players.
That said, the predicted average annual revenue growth in the financial planning and advisory industry for the next five years is a solid 11.5%. "Relative to any GDP measure other than China, that's pretty impressive," says IBISWorld analyst George Van Horn.
Van Horn expects the trust and estates industry to be a big grower because it caters to the ultra-wealthy. "Rules and business environments can change," he says, "but over time, the wealthiest have the best chance of maintaining or growing wealth than does the general population," he says.
Raymond James Poised For Big Year
In May this year, Raymond James Financial President Paul Reilly will succeed Thomas James as CEO of the St. Petersburg, Fla., financial services firm. After 40 years running the diversified financial business, James is becoming executive chairman.
According to Reilly, the 67-year-old James is hoping to cut his workweek down to about 40 hours. But the real story may be that the firm is positioned to have a surprisingly strong year in 2010.