Investor Education This Week 
FRAUD: AN INSIDE LOOK
2/3/2010
From FTC: During uncertain economic times like these, a lot of people are looking for ways to earn some extra money and make ends meet. You may have noticed ads that tout business opportunities. They guarantee you can make a lot of money, in a short period of time, with little to no effort. Although tempting, many of these operations are run by scam artists who take your money up front and never deliver on the earnings they promised. Fraud: An Inside Look is a video from the Federal Trade Commission that takes you behind the scenes with a convicted business opportunity scammer as he reveals the tricks he used to cheat people out of their money. You'll also hear first-hand from two people who got caught up in bogus business opportunities and learn what questions to ask to tell if a business opportunity is a scam or the real deal ...
DECIPHERING THE MARKET
2/3/2010
From AAII: To be a successful investor, you can't just buy a good stock. You have to buy the very best stocks at the very best time. And it's not enough for you to simply study the stock itself, you also need to analyze the market conditions in which it is trading. Five decades of historical studies on past market cycles show that three out of four stocks decline when the general market averages correct. How do you tell which way the market is headed? The key is learning to decipher the day-to-day market action-in other words, what the market's doing right now. Successful investing isn't about following pundits' predictions or analysts' estimates or going by how you feel. It is about studying the market itself. A recent article from the American Association of Individual Investors highlights a few key market indicators to look for that provide a trustworthy lens into how the market is behaving overall ...
401(k) CONFIDENCE HOLDS
1/27/2010
From ICI: In late 2009-having weathered a bear market in stocks that started in late 2007 and continued through early 2009-a large majority of Americans still have confidence in their 401(k) and similar retirement plans and their investment options, according to new research released by the Investment Company Institute. In a survey of 3,000 households, ICI found that overall 73 percent of households surveyed indicated that they are confident that retirement plan accounts can help people reach their retirement goals. Among households that participate in defined contribution (DC) plans or own individual retirement accounts (IRAs), 78 percent expressed confidence in these plans. Even larger majorities supported key features of the 401(k) system, including tax advantages for employee and employer savings, payroll deduction, and individual choice and control ...
EMPLOYER 401(k) MATCH RISING?
1/27/2010
From EBRI: New research from the nonpartisan Employee Benefit Research Institute (EBRI) finds that employers adopting automatic enrollment in their 401(k) plans have also generally increased the "employer match" to participant's accounts-in some cases, by a significant amount. The EBRI research is the first using actual plan information on both actual auto enrollment and actual match rate information both before and after adoption of auto enrollment. The new EBRI analysis uses plan-specific data for large employers from Hewitt Associates, and finds that employers instituted more generous contribution rates after adopting automatic enrollment, and did so when measured by several different standards. The EBRI results contradict an earlier publication of the Center for Retirement Research (CRR) and by the Urban Institute, which concluded that match rates are lower among firms with automatic enrollment ...
BOOSTING RETIREMENT SAVINGS
1/20/2010
From NEFE: Urging employees to participate in retirement savings plans has always been a challenge. However, the findings of a study by researchers at Dartmouth College, through a grant provided by the National Endowment for Financial Education, show that specific low-cost strategies succeed in boosting employee participation rates. During the 18-month study, a unique methodology was formulated involving surveys, focus groups, in-depth interviews and ethnographic studies of low-income, young, short-tenured and female employees. Annamaria Lusardi, Ph.D., and Punam Anand Keller, Ph.D. focused the study on low-income employees and female employees because those employees appear to be particularly challenged with disproportionately low financial literacy levels and low participation in savings and tax benefit programs ...
NEW FRAUD PROTECTION MEASURES
1/20/2010
From SEC: The Securities and Exchange Commission announced a series of measures to further strengthen its enforcement program by encouraging greater cooperation from individuals and companies in the agency's investigations and enforcement actions. The new initiative establishes incentives for individuals and companies to fully and truthfully cooperate and assist with SEC investigations and enforcement actions, and provides new tools to help investigators develop first-hand evidence to build the strongest possible cases. The cooperation initiative is expected to result in invaluable and early assistance in identifying the scope, participants, victims and ill-gotten gains associated with fraudulent schemes. These measures are the latest in a series of initiatives that are part of the most significant reorganization of the Enforcement Division in more than 30 years ...
FRAUD PROTECTION FOR SERVICE MEMBERS
1/13/2010
From IPT: Members of the U.S. military and their families in California benefit from investor education and protection from financial fraud through the California's TAP$ (Troops Against Predatory Scams) program, thanks to the sponsorship by the Investor Protection Trust (IPT). Since 2005, over 40,000 copies of "Protect You and Your Family from Financial Fraud" have been distributed to tens of thousands of servicemembers stationed in California, their families, and veterans at outreach events across the State. Additionally, the TAP$ program serves as a resource for base financial counselors at California military installations. California staff made dozens of TAP$ presentations at Naval and Marine Corps installations in Southern California in 2007, 2008 and 2009. In 2009, California TAP$ partnered with the States of New Jersey and Texas to produce a Spanish-language version of "A Salute to Smart Investing," an investment guide designed for military servicemembers and their families ...
10 MYTHS OF RETIREMENT PLANNING
1/13/2010
From AAII: Think you won't need as much money during retirement as you do now? Or that Social Security or your pension plan will provide enough income for your retirement years? Do you believe you can afford to start planning for your retirement just a few years before your retirement date? Or that your investments are all in safe vehicles for long-term accumulation and don't need to be watched too closely? Do you think Medicare will take care of your health insurance costs? Do you believe your retirement won't last that long? Retirement planning requires a clear-eyed analysis of future needs and income. Yet many individuals view retirement through rose-colored glasses. The American Association of Individual Investors highlights some of the most common myths and how you can bring reality into focus ...
INSIDE FINANCIAL MICROSITES
1/6/2010
From NEFE: Although experts say the recession is likely over, consumers are still in the midst of some of the biggest economic challenges of their lives. The downturn's impact on the economy won't reverse overnight, and the effects continue to hurt those who have lost their jobs and homes and suffered damage to their credit. To help, NEFE's SmartAboutMoney.org offers microsites to make sure Americans focus on what they need to do now, and do always, for specific aspects of their financial health. Through interactive technology, the microsites break down actionable information and establish a community where users can share their experiences and learn from one another. Through text and video components, the microsites focus on the areas in which individuals are suffering the most: job change, housing, spending, and credit and debt. Rather than having to weed through broad stories, consumers can listen to, and read about, action items geared toward the particular challenges they're confronting ...
INVESTOR ALERT: SWISSCASH INVESTOR RESTITUTION
1/6/2010
From SEC: The U.S. Securities Exchange Commission shared information about a restitution fund established by the Securities Commission Malaysian for investors in "Swisscash." On November 13, 2009, the Malaysian SC announced a settlement with Albert Lee Kee Sien and Amir Hassan, two of the principals of Swisscash. According to the Malaysian SC, Swisscash is an internet-based investment scam that operated worldwide under variations on the name "Swisscash." Swisscash claimed to have invested in a range of investments such as equities, commodities and foreign exchange, and promised investors returns of up to 300% within 15 months of investment. Instead, according to the Malaysian SC, Swisscash did not produce the promised returns, and the scheme defrauded investors worldwide of as much as $83 million. As part of the settlement, the Malaysian SC plans to make a distribution to injured investors ...
PRIVACY AND FRAUD LESSONS FOR KIDS
12/9/2009
From FTC: The Federal Trade Commission opened new areas of a "virtual mall" with content that will help kids learn to protect their privacy, spot frauds and scams, and avoid identity theft. The FTC Web site, www.ftc.gov/YouAreHere, introduces key consumer and business concepts and helps youngsters understand their role in the marketplace. "YouAreHere presents practical lessons about money and business in a fun and familiar setting," said David Vladeck, Director of the FTC's Bureau of Consumer Protection. "The new content takes kids behind the scenes to raise their awareness of advertising and marketing, pricing and competition, fraud and identity theft." For parents and teachers, the site offers detailed fact sheets with ideas for related activities. Teachers can use the site to complement lessons in consumer economics, government, social studies, language arts, and critical thinking ...
FINANCIAL ED IN THE CLASSROOM
12/9/2009
From CEE: While people today are coping with the economic meltdown, our schools can take the lead in providing financial and economic education to our children today so they may avoid a similar fate tomorrow. While many states have addressed this gap in education curriculum, there is still a large segment of the American K-12 student population that is not being exposed to economic and financial education. To gauge how widespread economic and financial education is in our schools, the Council for Economic Education (CEE), in partnership with State Farm Insurance, recently completed their sixth "Survey of the States 2009: Economic, Personal Finance, and Entrepreneurship Education in Our Nation's Schools." The Survey of the States 2009 report shows that while some states are taking a lead on educating students, many others are failing to provide the educational support on these ever-important issue ...
TIPS FOR THE LONG TERM
12/3/2009
From SEC: Given recent market events, you may be wondering whether you should make changes to your investment portfolio. The Securities and Exchange Commission's Office of Investor Education and Advocacy is concerned that some investors are making rapid investment decisions without considering their long-term financial goals. While the SEC can't tell you how to manage your investment portfolio during a volatile market, they hope to give you the tools to make an informed decision. Tips include: evaluate your current financial roadmap; evaluate your comfort zone in taking on risk; consider an appropriate mix of investments; create and maintain an emergency fund; consider dollar cost averaging; consider rebalancing portfolio occasionally; and avoid circumstances that can lead to fraud ...
YOUR FINANCIAL PRIVACY
12/3/2009
From Federal Reserve: You've probably been receiving privacy notices from banks and other financial companies for a while. But have you taken the time to read through them? Have you wondered whether there is anything you need to do about them? Financial companies share information for many reasons: to offer you more services, to introduce new products, and to profit from the information they have about you. If you like to know about other products and services, you may want your financial company to share your personal financial information; in this case, you don't need to respond to the privacy notice. If you prefer to limit the promotions you receive or do not want marketers and others to have your personal financial information, you must take some important steps outlined by the Federal Reserve Board. It is important to read these privacy notices as they explain how the company handles and shares your personal financial information ...
NO FREE LUNCH FOR SENIORS
11/25/2009
From NASAA: More than three-quarters of older Americans are concerned that financial scams will damage their retirement nest eggs or those of someone they know, AARP and the North American Securities Administrators Association (NASAA) reported. In a survey entitled Protecting Older Investors: 2009 Free Lunch Seminar Report, 78 percent of Americans age 55 and over surveyed indicated that they are very or somewhat concerned about financial scams affecting them or someone they know. A common setting for fraudsters to engage with their victims is by offering a free lunch or dinner, by which an older individual near retirement age is solicited to attend and learn more about investing in retirement. For attendees of these free seminars, the potential cost can be quite high ...
IRAS GAIN GROUND
11/25/2009
From ICI: Americans are accumulating significant resources in individual retirement accounts (IRAs) through rollovers from employer-sponsored retirement plans and contributions, according to a new report by the Investment Company Institute. At year-end 2008, IRAs accounted for one-quarter of all U.S. retirement wealth and 8.5 percent of total U.S. household financial assets. The report, The Evolving Role of IRAs in U.S. Retirement Planning, found that changes in law and the evolution of employer-sponsored retirement plans have elevated the importance of IRAs for many U.S. households. IRA ownership was widespread across many different demographic dimensions, including age, income, and educational attainment, with 40.5 percent of U.S. households owning some type of IRA ...
EMOTIONS AND THE SELL DECISION
11/18/2009
From AAII: Facing criticism from a colleague over modifications he made in his economic analysis, the famous economist John Maynard Keynes said: "When the facts change, I change my mind. What do you do, sir?" Keynes' question is a relevant one for investors. Unless you are a buy-and-hold-forever investor, you will frequently be faced with the challenge of changing your mind. A decision to buy a stock will eventually and inevitably be followed by a decision to sell the stock. And when you decide to sell, you are effectively changing your mind about the prospects of the investment. Unfortunately, however, changing one's mind is easier said than done. This is particularly true in the world of investments where uncertainty reigns and emotions run high. That combination often leads to poor judgment ...
U.S. AND CHINA INVESTOR PROTECTION COOPERATION
11/18/2009
From SIPC: The Securities Investor Protection Corporation (SIPC) and the China Securities Investor Protection Fund Corporation (SIPF) have entered into a memorandum of understanding (MOU) that will act as a framework for cross-border communication and cooperation with respect to the similar functions undertaken by the groups and covered by the laws of each country. In the U.S., the Securities Investor Protection Corporation (SIPC) maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms. The new SIPC-SIPF MOU lays the groundwork for the two entities to cooperate on projects that would further securities investor protection in both China and the U.S. ...
$10,000 INVESTOR CHALLENGE
11/11/2009
From SIFMA Foundation: Do you learn best by doing? Now you can put the knowledge and skills you've gained at Path to Investing to the test with a virtual, real-time portfolio. The Investor Challenge lets you invest a hypothetical $100,000 in a real-time stock portfolio. Try your hand at researching, buying, and selling stocks, and building a winning portfolio. Test out what you've learned about diversification or more advanced investing strategies. Trading stocks with the Investor Challenge is just like trading stocks with a real online portfolio - but without the risks. This exciting, easy-to-use game is free for Path to Investing users. The Investor Challenge puts all the information you need at your fingertips, including links to major market indexes and other resources, point-of-need information, research tools, and more ...
NIFTY FIFTY ECON CARDS
11/11/2009
From Federal Reserve: The Nifty Fifty Economic Concept Cards are designed for elementary and middle school students to assist them in developing a knowledge base of economic and personal finance words. Teachers can use the accompanying Teacher Resource Guide to introduce the word cards and meanings to students should help provide a foundation in economic thinking. The resource guide activities and games will help teachers integrate economic vocabulary into the school day through language, math, social studies and art. View the chart of economics and personal finance concepts or the glossary of econ concept cards to find grade-appropriate words for your students. Teachers can order the cards using an online form on the Web site and tips for classrooms activities are also available ...
OUTSMARTING INVESTMENT FRAUD
11/6/2009
From FINRA: Investment fraud does happen...and it can happen to you. Coming this fall: "Tricks of the Trade: Outsmarting Investment Fraud" is a 60-minute documentary on preventing investment fraud. Utilizing compelling stories of victims and perpetrators, the video uncovers the persuasion tactics that con artists use to defraud their victims and the basic tools investors can use to defend against fraud."Tricks of the Trade: Outsmarting Investment Fraud" was developed by the FINRA Investor Education Foundation, in partnership with AARP. You can pre-order this free DVD via email, phone, fax or mail. Or, if you live in Washington State, you can check out a screening at a theater near you ...
FINANCIAL LIT NYC STYLE
11/6/2009
From CEE: A new campaign, Financial Literacy Now: New York, has just been launched to better prepare all New Yorkers to make informed decisions about their finances. The initiative has three priorities: raising awareness of the importance of financial literacy to effect real change in people's knowledge and behaviors; providing greater access to the training, services and information people need to develop these skills; and enhancing professional development opportunities for teachers so they are equipped to teach financial literacy to students of all ages. The Council for Economic Education is one of the lead partners in the effort and you can see CEE Board Member Terry McGraw discuss the campaign and the importance of financial education in schools...
“RISK-FREE” ASSETS
10/28/2009
From AAII: What is a risk-free asset, and what role should it play in your portfolio? That's one of the first questions many investors ask when struggling with the asset allocation question. In today's market environment, the sudden and steep drop in the stock market as well as anxiety over the future of the banking industry and the financial health of long-term bond issuers have all caused a massive rush to-and an exclusive focus on-"risk-free" assets. Yet only two years ago, these assets appeared "boring" to many investors who were focused on the long-term return and current income attributes of the major asset classes (stocks, bonds and cash). The role these assets play in your portfolio should be based on a perspective that encompasses both long-term and short-term considerations ...
MADOFF LIQUIDATION UPDATE
10/28/2009
From SIPC: As of noon EDT on October 27, 2009, the total amount of Securities Investor Protection Corporation (SIPC) advances committed to customers in the Securities Investor Protection Act liquidation proceeding for Bernard L. Madoff Investment Securities LLC (BLMIS) has topped half a billion dollars ($534.25 million), with a total of 2,861 direct customer claims determined to date, according to BLMIS Trustee Irving H. Picard, who is a partner of Baker & Hostetler LLP. In another major milestone: Securities Investor Protection Corporation President Stephen Harbeck announced that the SIPC advances committed in the Madoff proceeding now exceeds the total of all advances made in the 321 prior liquidations handled under SIPA since the act creating the Securities Investor Protection Corporation was passed by Congress in 1970 ...
AMPING UP YOUR SAVING & INVESTING
10/21/2009
From EBRI: A penny saved is a penny earned for more investing; a kilowatt saved can be more than a few pennies earned. When looking to invest, too often people fail to reduce spending as a way to have more income. There are often very simple things that can be done to reduce the money spent on energy in a home that will pay for themselves in a few months to a year. These efforts can have significant dollar savings while making a home safer and more comfortable. The American Savings Education Council highlights an upcoming chat on Thursday, October 29th at 11 a.m. Eastern time to discuss ways to put more money in your pocket by reducing home energy consumption. The chat will be text only and the session record will be posted shortly after the conclusion of the chat ...
BANKING ON INVESTOR EDUCATION
10/21/2009
From IPT: Employees at financial institutions in Wisconsin will have easy access to online investor education and protection, thanks to the sponsorship by the Investor Protection Trust (IPT), Wisconsin Credit Union League (WCUL) and others of a new program. The goal was to provide on-line investor education to 4,000 employees of credit unions and then study how investing behaviors changed among both employees and members of the credit unions but it may exceed that due to its popularity. Partly because of the volatility in investor markets over the last 12 months, the project team has added 5 other components to the project, including a free tax program and a low cost tax preparation program. These are made available at the credit unions as a means to help employees make wise and safe investment decisions when most tax payers have access to new financial resources ...
STOPPING FINANCIAL FRAUD
10/14/2009
From SEC: Mary L. Schapiro, chairman of the U.S. Securities & Exchange Commission, will discuss the Commission's priorities for fighting financial fraud during her keynote luncheon address at the AARP Solutions Forum on October 22 entitled, "How Consumers and Policy Makers Can Stop Financial Fraud." This AARP Solutions Forum, in collaboration with the National Consumers League, will look at how fraud impacts financial security, especially for older Americans-and explore innovative solutions and policy options for combating these scams. There will also be three panel discussions at 9 a.m. featuring leaders at NASAA, the FTC and other key consumer organizations and government offices. You can find details and registration information at AARP's Public Policy Institute ...
NEW PHISHING SCHEME
10/14/2009
From FINRA: FINRA recently issued an Investor Alert to warn the public about a recent auction rate securities (ARS) "phishing" scam that promises compensation from ARS settlements in exchange for personal information. The email looks like it originated from FINRA-although it did not. It purports to inform the recipient of regulatory actions, including fines imposed by FINRA related to ARS, and states that the recipient is due $1.5 million regardless of the amount of their ARS investment or loss. The email then "phishes" for personal information, including occupation, address and phone number. FINRA-along with the Securities and Exchange Commission and state securities regulators- recently has announced final settlements with numerous brokerage firms relating to the sale of ARS. Contrary to the "phishing" email, FINRA does not contact investors directly to advise them of the settlements or settlement procedures ...
CONSUMERS: RETIREMENT IS TOP CONCERN
10/7/2009
From CFP Board: Preparing for retirement and managing income while in retirement are among the top issues confronting American consumers, according to the 2009 National Consumer Survey on Personal Finance released by Certified Financial Planner Board of Standards, Inc. (CFP Board). Despite these concerns, however, nearly two thirds of those households do not have a written financial plan. CFP Board's survey of 1,742 consumers shows that 51 percent of the respondents listed building a retirement fund as one of their most important financial concerns. Managing retirement income was cited in 40 percent of the responses. Despite the personal finance concerns cited by the survey respondents, nearly two-thirds (64 percent), did not have a written financial plan in place. Only 17 percent indicated that they have a written plan in place and update the plan regularly ...
UNDERSTANDING EXCHANGE FUNDS
10/7/2009
From CFA Institute: To diversify a concentrated position in a single stock, investors can simply sell some or all of the position outright, but this transaction, of course, is a taxable event. Tax-sensitive investors often use derivative securities to hedge and monetize their position. The use of an "exchange fund" is yet another tool that can be used to achieve the goal of diversification in a tax-efficient manner. An exchange fund is a partnership (an investment fund) whose partners have each contributed low-cost-basis stock in lieu of cash. After the contribution to the partnership, each partner owns a pro rata interest in the partnership, which now holds a diversified pool of securities. A recent article in the CFA Institute's Private Wealth Management Newsletter explains how to evaluate exchange funds and their pros and cons ...
CONSUMERS: RETIREMENT IS TOP CONCERN
10/7/2009
From CFP Board: Preparing for retirement and managing income while in retirement are among the top issues confronting American consumers, according to the 2009 National Consumer Survey on Personal Finance released by Certified Financial Planner Board of Standards, Inc. (CFP Board). Despite these concerns, however, nearly two thirds of those households do not have a written financial plan. CFP Board's survey of 1,742 consumers shows that 51 percent of the respondents listed building a retirement fund as one of their most important financial concerns. Managing retirement income was cited in 40 percent of the responses. Despite the personal finance concerns cited by the survey respondents, nearly two-thirds (64 percent), did not have a written financial plan in place. Only 17 percent indicated that they have a written plan in place and update the plan regularly ...
ECONOMIC SURVIVAL TIPS
9/30/2009
From NEFE: In these tough economic times, we all are wondering how we can ensure our financial well-being. The National Endowment for Financial Education has developed "Economic Survival Tips," a Web-based resource filled with action-oriented information on how to remain financially afloat-not only in this difficult economy, but beyond. Within NEFE's Economic Survival Tips, you can find answers to commonly asked questions, like how to rebuild emergency savings and whether to contribute to a 401(k). The tips identify a course of action, both short-term and long-term, for each question no matter your current situation. Available through NEFE's SmartAboutMoney.org Web site, they include how to manage credit and debt, protect the roof over your head, the money in your pocket, and your income ...
529 COLLEGE SAVINGS PODCAST
9/30/2009
From FINRA: 529 College Saving Plans are designed to help investors save for the cost of college and other postsecondary school education. When established by states, 529 Plans are considered municipal securities and so must comply with rules issued by the Municipal Securities Rulemaking Board. The latest addition to the Financial Industry Regulatory Authority's Investor Podcast series will teach you how state savings plans could help you save for college and cut your taxes too. Investor podcasts from FINRA discuss the timely financial issues and information you'll need to save smarter and weather today's turbulent stock markets. The podcasts will also help you protect your portfolio by reporting trends in investment fraud and other traps investors at all wealth and experience levels should avoid ...
REPAIRING RETIREMENT INCOME DAMAGE
9/16/2009
From AAII: Having suffered severe losses in their retirement nest eggs last year, many retirees living off of their savings are reviewing their investment and spending plans, searching for new plans of action to ensure their savings can sustain them throughout their lifetime. There is no question that bear markets can be devastating-particularly for new retirees-if action is not taken to compensate for the loss. The sooner you adjust, the better. But what is your best course of action? While the instinct may be to flee the risk of equity markets, postpone retirement or go back to work, an alternative strategy would be to consider temporarily reducing annual withdrawals from your nest egg. A study also found retirees can boost their chances of not outliving their assets over a full 30-year retirement period by simply holding their withdrawals constant for the next five years ...
FINANCIAL PLANNING FOR END-OF-LIFE
9/16/2009
From AICPA: It doesn't matter if you are 35 or 75: If you have dependents, own property or a business, you need to figure inheritance and succession into your financial plans. The American Institute of Certified Public Accountants offers direction in A Guide to Financial Decisions: Implementing an End-of-Life Plan, available free of charge. The guide, published in concert with the Institute's 360 Degrees of Financial Literacy program, covers an array of critical topics, including planning for yourself; dependents; your property and assets, including business ownership, retirement accounts, and long-term and disability insurance; and your estate, which covers overall estate planning, wills and living trusts. It was written with several audiences in mind, including the sandwich generation; active retiree; younger families who decide to be proactive; and families with special needs ...
FSI: FRAUD SCIENCE INVESTIGATOR
9/9/2009
From NASAA: Just in time for the start of school, the North American Securities Administrators Association offers FSI:Fraud Scene Investigator, an online interactive investor education program that teaches and empowers students how to detect and stop a million-dollar investment fraud and put the mysterious con man, "Mr. X," behind bars. Through this free resource, students will learn how to research companies and understand the warning signs of fraudulent investment pitches. The FSI program offers a guide to provide additional resources to teachers. An FSI board game, which can be used as a paper or online resource, has middle- and high-school students flip coins to travel a winding path riddled with red flags of fraud ...
AVOIDING INVESTMENT SCAMS
9/9/2009
From FINRA: Did you know that investment fraud comes in five classic types? Can you name the different types? Do you know the differences between the various types of investment fraud? Do you want to learn how to spot a scam's red flags? The latest addition to the Financial Industry Regulatory Authority's Investor Podcast series offers tools you can use to steer clear of investment fraud. Investor podcasts from FINRA discuss the timely financial issues and information you'll need to save smarter and weather today's turbulent stock markets. The podcasts will also help you protect your portfolio by reporting trends in investment fraud and other traps investors at all wealth and experience levels should avoid ...
IT WORKS: STOCK MARKET GAME
9/2/2009
From SIFMA: A rigorous randomized controlled trial of the Securities Industry and Financial Markets Association (SIFMA) Foundation's Stock Market Game found that students who played the game scored significantly higher on mathematics tests than their peers who did not play the game. Students playing The Stock Market Game, a financial literacy program taught in elementary, middle, and high schools, also scored significantly higher than their peers on tests measuring their financial literacy. Students who played The Stock Market Game also significantly outperformed their peers in their knowledge of financial concepts. Regardless of the classroom techniques-basic or more advanced-an analysis of students' test results found that students playing The Stock Market Game showed better performance on the mathematics and financial literacy tests than their nonplaying peers ...
TEACHING KIDS ABOUT FINANCES
9/2/2009
From Federal Reserve: With the school year starting and the U.S. moving toward recovery from tough economic times, financial education of school age children is more important than ever. Two new role plays, developed by the Federal Reserve Bank of Kansas City, are now available in the Teacher Resources section on their site. "There's No Business Like Bank Business" is targeted toward 3rd through 5th grade students and introduces the benefits of saving money in a bank and how banks work. Payment Parliament, for 5th through 8th graders, covers different payment methods available to consumers. Both role plays include fun characters and an interactive way for students to enhance their reading skills while learning about key financial concepts ...
FINANCIAL CHECK-UP: YOUR FUND PORTFOLIO
8/26/2009
From AAII: Surprised at how your mutual fund portfolio behaved in the last market swoon? Want to do some practical return and risk planning for all your mutual funds together? The American Association of Individual Investors features an approach and a simple worksheet in a recent AAII Journal article that will help you get a grip around all your funds as a portfolio. It will give you insights into your funds individually and force you to assess whether the funds you own make sense when they are taken together as a portfolio. The worksheet provides you with a framework to evaluate expected risk and return for individual funds and your portfolio of funds ...
UNDERSTANDING FUTURES RISKS
8/26/2009
From NFA: The decision to participate in futures trading should not be taken lightly. First and foremost, because futures trading is highly volatile and very risky, investors should only trade futures using risk capital - capital you can afford to lose. It should be capital over and above that needed for necessities, emergencies, savings and achieving long-term investment objectives. Before you open a futures trading account, you should thoroughly understand the futures markets, as well as the opportunities and risks involved in futures trading. Investors can now access information on best practices for investing in futures as part of an expanded investor education section on the redesigned National Futures Association Web site ...
ETF INVESTOR ALERT
8/19/2009
From SEC and FINRA: Leveraged and inverse ETFs typically are designed to achieve their stated performance objectives on a daily basis. Some investors might invest in these ETFs with the expectation that the ETFs may meet their stated daily performance objectives over the long term as well. The SEC staff and FINRA have issued an Alert because they believe individual investors may be confused about the performance objectives of leveraged and inverse exchange-traded funds (ETFs). Investors should be aware that performance of these ETFs over a period longer than one day can differ significantly from their stated daily performance objectives. ETFs are typically registered investment companies whose shares represent an interest in a portfolio of securities that track an underlying benchmark or index ...
LOW-COST MUTUAL FUNDS STILL FAVORITE
8/19/2009
From ICI Education Foundation: Low-cost mutual funds with below-average turnover continued to attract 401(k) investors' assets, according to an annual report by the Investment Company Institute. At year-end 2008, nearly half of the $2.3 trillion in 401(k) assets was invested in mutual funds. The bulk (78 percent) of mutual funds held in 401(k) accounts was invested in stock funds. The Economics of Providing 401(k) Plans: Services, Fees and Expenses, 2008 finds that in 2008, 79 percent of 401(k) assets held in mutual funds were in "no-load" funds-funds that do not have any sales charges. "Investing in mutual funds through a 401(k) plan at work represents one of the very best and most cost-effective ways to save for retirement," said Sarah Holden, ICI senior director of retirement and investor research and report co-author ...
INVESTING FOR RETIREMENT
8/12/2009
From PathToInvesting: A long-term investing strategy depends on where you are in relation to your financial goals. Whether you're starting out or retirement is around the corner, learn how to ensure you'll have the money you need. Having enough money to enjoy a secure retirement is a financial challenge that almost everybody shares. Fortunately, you can take advantage of a variety of tax-deferred savings plans to help you build the financial resources you'll need. And if - like many people - you're behind schedule, there are strategies to help you make up for lost time. PathToInvesting.org has an entire section of resources about investing for retirement, including information about IRAs, employer-sponsored plans, annuities, and information about strategies for retirement savings for the variety of stages we go through in our lives ...
PETROLEUM MARKET PROTECTION
8/12/2009
From FTC: The Federal Trade Commission issued a Final Rule that will prohibit market manipulation in the petroleum industry. The Rule will prohibit fraud or deceit in wholesale petroleum markets, and omissions of material information that are likely to distort petroleum markets. The Rule prohibits fraudulent or deceptive conduct that could harm wholesale petroleum markets. Specific examples of such conduct include false public announcements of planned pricing or output decisions, false statistical or data reporting, and wash sales intended to disguise the actual liquidity of a market or the price of a particular product. The Rule also prohibits material omissions from a statement that, although true, is misleading under the circumstances. Anyone violating the Rule faces civil penalties of up to $1 million per violation per day ...
THE RIGHT TAX POCKET
8/5/2009
From AAII: One big advantage of a 401(k) plan is that it is tax-advantaged-it helps minimize the amount of money Uncle Sam can grab from your pockets in the form of taxes. According to this American Association of Individual Investors (AAII) article, the best way to limit Uncle Sam's reach is to make sure you are putting the right assets in the right pocket. In this instance, the pockets are either taxable savings accounts or tax-deferred 401(k) accounts. The decision as to which account-taxable or tax-deferred-will hold your stock assets and which will hold your fixed-income assets while attaining your desired asset allocation is often referred to as the "asset location" decision. If you are just starting out and have savings only in your 401(k) plan, the decision is relatively easy...
FINANCIAL LITERACY SUMMIT
8/5/2009
From IPT: Many Kentucky high school teachers will bring investing to their classrooms this year, thanks to the sponsorship by the Investor Protection Trust (IPT) of the Life Fundamental$ 2009 Financial Literacy Summit. The summit was conducted by the Kentucky Council on Economic Education (KCEE) with support from the Kentucky Jump$tart Coalition, the Kentucky Department of Financial Institutions and others, on June 23 in Lexington, KY. This second annual summit highlighted the need for financial education in Kentucky schools, with an emphasis on investing knowledge. More than 120 high school teachers attended, and other attendees included school board members, administrators, KCEE board directors and guests...
THE CASE FOR AUTOMATIC SAVINGS
7/29/2009
From RSP: Roughly half of all working Americans work for employers that offer no retirement plan. Thus about 78 million workers have no way to save on the job for the day when they stop collecting a paycheck. A paper from the Retirement Security Project (RSP) spells out an ambitious yet practical set of initiatives to expand retirement saving dramatically. RSP proposes making saving automatic-and hence easier, more convenient, and more likely. This strategy has been shown to be remarkably effective at boosting participation in workplace-based 401(k) retirement savings. The paper proposes extending this strategy to most employees who have no access to 401(k) plans by combining several key elements of our current system: payroll-deposit saving; automatic enrollment; low-cost, diversified default investments; and individual retirement accounts (IRAs) ...
RED FLAGS FOR INVESTORS
7/29/2009
From AAII: Bernie Madoff is now behind bars. But the uncovering of his enormous and long-running Ponzi scheme, and the fraud committed by several other financial hucksters, highlight the importance of asking the right questions and doing your own due diligence before selecting an advisor or participating in an investment. What areas should you focus on when performing a due diligence review? The American Association of Individual Investors (AAII) offers 10 basic steps all investors can take - as well as certain indicators that should serve as red flag warning signs of the potential for trouble down the road. Steps include questioning everyone before handing over your money, questioning where your money will be held, and asking for and keep any written materials about a firm with which you are considering doing business ...
RECESSION SCAMS TARGETED
7/22/2009
From FTC: The Federal Trade Commission announced a law enforcement crackdown on scammers trying to take advantage of the economic downturn to bilk vulnerable consumers through a variety of schemes, such as promising non-existent jobs; promoting overhyped get-rich-quick plans, bogus government grants, and phony debt-reduction services; or putting unauthorized charges on consumers' credit or debit cards. Dubbed "Operation Short Change," the law enforcement sweep includes 15 FTC cases, 44 law enforcement actions by the Department of Justice, and actions by at least 13 states and the District of Columbia. To help consumers understand how easy it is to be conned--and how to avoid fraud--the FTC produced a new consumer education video featuring a former scammer who hawked phony business opportunities and ultimately served prison time for deceiving investors ...
COLLEGE FINANCIAL FITNESS
7/22/2009
From TomorrowsMoney.org: Going to college can be exciting, fun...and expensive. And we're not just talking about tuition, room and board. There can be a lot of unexpected, small expenses that can add up. Expenses like new clothes, school supplies, books, furniture, a computer, and spending money. Get a good start on your higher education by learning, or brushing up on, some personal finance skills while you're hitting the books. TomorrowsMoney.org offers a few tips to help you stay on top of your expenses and be financially fit come graduation day, including: don't let debt sneak up on you; be very careful about using credit cards; stick to cash; balance your checkbook before you bounce; identify some practical ways to save; and stay focused on your future...not someone else's bank account ...
INVESTOR ED IN THE WORKPLACE
7/15/2009
From NASAA: The North American Securities Administrators Association (NASAA) announced a new investor education initiative to equip millions of union and employee association members with the knowledge and skills they need to protect themselves from investment fraud. Through a new outreach program, "United Against Investment Fraud" (UAIF), NASAA is working with unions and employees associations to bring investor education to the workplace. The UAIF program teaches union members how to spot con artists and how to check the background of stock brokers and investment advisers. Through the program NASAA members will provide representatives for unbiased workplace presentations. More information about the "United Against Investment Fraud" program can be found at the UAIF Resource Center ...
STATE’S IOUs ARE SECURITIES
7/15/2009
From SEC: The staff of the Securities and Exchange Commission has expressed its belief that the State of California's recently issued IOUs are "securities" and therefore those holding the IOUs are entitled to protections provided under federal securities laws. California began issuing the IOUs, or "registered warrants," on July 2 to certain individuals and entities, including citizens who were entitled to a tax refund or vendors who were entitled to payments. These IOUs bear interest and are negotiable, which means they can be sold to third parties. As securities, the IOUs are subject to the antifraud provisions of the securities laws. Buyers and sellers will have certain rights and remedies for fraud, and the Commission will be able to take action against any person committing fraud in connection with the IOUs ...
INVESTMENT FRAUD WEBCAST
7/8/2009
From NFA: Does the recent spate of investment fraud have you looking for ways to protect your savings and investments from unscrupulous characters? Are you looking for ways to check on the firms and individuals that help you manage your money in order to make sure it is safe? A new Webcast from the National Futures Association can help you avoid becoming a victim of investment fraud. NFA President and CEO Dan Roth discusses the common characteristics of an investment scam, different types of investment swindles, and what investors can do to help protect themselves from investment fraud. As part of its education and training, NFA offers periodic webcasts - streaming video presentations addressing a variety of investor-related topics ...
RETIREMENT LESSONS FROM AUSTRALIA
7/8/2009
From RSP: Achieving financial security in retirement is an increasing challenge as more responsibility is placed on individuals to put aside enough money during their working lives to last through their non-working years. Lessons from Australia's mandatory retirement savings system-the Superannuation Guarantee-continue to have a great deal of relevance to American policy-makers. On July 16, the Retirement Security Project and the Urban-Brookings Tax Policy Center will host Australian Assistant Treasurer Nick Sherry, an architect of the Superannuation Guarantee, who will discuss the system and recent changes to it. Following the assistant treasurer's address, a panel of international experts will discuss the relevance of the Australian system to several key proposals in the United States and other countries ...
FIGHTING ELDER FINANCIAL ABUSE
7/1/2009
From NASAA: The North American Securities Administrators Association (NASAA) and the National Adult Protective Services Association (NAPSA) announced they will join forces to protect seniors from the growing threat of elder financial abuse, which includes financial exploitation and securities fraud. Financial abuse is considered to be the most common form of abuse to elders, costing its victims an estimated $2.6 billion a year, according to a recent study. And for every one case of abuse reported to authorities, an estimated four or more cases go unreported. The NASAA and NAPSA partnership aims to eliminate elder financial abuse by providing tools to identify and report financial exploitation. NASAA and NAPSA will work together to inform and connect their members to share information and resources on
how they can help prevent elder abuse in their jurisdictions ...
MADOFF PAYMENTS TOP $230 MILLION
7/1/2009
From SIPC: A total of $231 million in Securities Investor Protection Corporation (SIPC) funds has been committed in the determination of 543 claims submitted by Bernard L. Madoff Investment Securities LLC (BLMIS) investors, according to Irving H. Picard, the court-appointed trustee for the liquidation of BLMIS under the Securities Investor Protection Act (SIPA), and SIPC President Stephen Harbeck. As such, the amount of SIPC funds committed in the Madoff liquidation exceeds the total amount paid in the previous 11 largest SIPA liquidations. The amount reflects major progress since May 14, 2009, when Picard and Harbeck announced a total of $61.4 million in SIPC funds committed in determination letters sent to 125 BLMIS claimants ...
RETIREE FRAUD AWARENESS
6/24/2009
From NEFE: In a volatile economy consumers are susceptible to losing money. But one of the largest and fastest growing segments of society, the retirees, are being jeopardized by another risk-financial scams, according to the National Endowment for Financial Education. Many older Americans rely on their retirement savings nest eggs to supplement Social Security. But with frequent losses in the stock market, and receiving little to no return on some investments, many retirees seek ways to get higher returns and protect the assets that took a lifetime to build. This opens the door to the financial predators lurking in the shadows. While con artists don't discriminate, perpetrators of investment and securities fraud frequently target wealthier Americans who are retired or are nearing retirement ...
PERSONAL FINANCE WORKSHOP FOR TEACHERS
6/24/2009
From CEE: The Council for Economic Education, formerly known as the National Council on Economic Education, unveiled two personal finance and economics workshops that will be held on June 26, 2009 at the American Association of Family and Consumer Sciences 100th Annual Conference and Expo in Knoxville, TN on June 25th to June 28th. During the workshops, teachers will discover invaluable tools to prepare their students for real-world financial decisions. With engaging videos, thought-provoking activities and interactive lesson plans that cover key concepts like saving, investing, credit and budgeting, teachers will explore new teaching strategies that cater to all learning styles. Teachers will leave with ready-to-use lesson plans they can use in their classroom right away ...
INFO FOR RESERVE PRIMARY FUND INVESTORS
6/17/2009
From SEC: The Securities and Exchange Commission posted information on its Web site for investors in the Reserve Primary Fund, which "broke the buck" last September when its net asset value fell below $1 per share. Since then, the fund has withheld a significant amount of money from investors pending the outcome of numerous lawsuits filed against the fund, its trustees, and other officers and directors of Reserve entities. The SEC filed suit on May 5, 2009, seeking, among other things, an order to distribute the fund's remaining assets to investors expeditiously on a pro rata basis. Pursuant to the court order, the SEC is directing investors to additional information on its Web site, including the SEC's proposed distribution plan as well as the SEC's evidence in its case against the operators of the Primary Fund ...
SUSPENDED 401(K) CONTRIBUTIONS STUDY
6/17/2009
From EBRI: A review by the nonpartisan Employee Benefit Research Institute (EBRI) of 251 401(k) plan sponsors that have suspended 401(k) matching contributions for their 4.4 million workers finds that those employing 50 percent of the workers also maintained an open defined benefit plan. An additional 16 percent of the workers were with employers that were still obligated to fund a frozen defined benefit plan. Further, 8 percent of the workers were with an employer that had both an open and a frozen defined benefit plan that carried funding obligations. Because of the current economic conditions, many of these employers must make what are unexpected contributions to a defined benefit plan as a result of asset losses and liability growth, but they can eliminate what are discretionary matching contributions to a 401(k)-type plan ...
NEW RESOURCES FOR INVESTING
6/11/2009
From BetterInvesting: In preparing for a comeback in stocks, investors now have all the stock analysis tools and education resources they need to build their portfolios and their long-term wealth. The merger of the National Association of Investors Corporation (BetterInvesting) and ICLUBcentral, the two leaders in investment education, creates the largest provider of unbiased, time-tested tools and resources. With this merger, investors of all experience levels have everything they need to analyze stocks and mutual funds and prepare for the next bull market. BetterInvesting's and ICLUBcentral's tools, resources and education programs revolve around the time-tested principles of building wealth over the long term by investing in well-managed growth companies whose stocks are selling at reasonable prices. Their investors can attest to how these products and services empower them to make sound investment decisions and successfully manage their portfolios ...
NEW FINANCIAL ED TEACHING CENTER
6/11/2009
From CEE: The Council for Economic Education and HSBC-North America have opened the HSBC National Center for Economic and Financial Education. The National Center has been created to be a hub for innovative and state-of-the-art teaching materials and programs in economic and financial education. Educational programs will be piloted and field-tested; research and evaluation of programs will be conducted; and panels featuring economic educators, teachers, prominent economists, business leaders, and policy-makers will be held to discuss topics relevant to economic and personal finance education. And as part of the National Center's mission to increase the awareness of economic education, domestic and international visitors will be invited to visit and view the National Center's broad array of financial, economic and entrepreneurial education programs ...
TARGET DATE-TYPE RETIREMENT PLANS
6/3/2009
From EBRI: The nonpartisan Employee Benefit Research Institute (EBRI) published a study of target-date fund investments, exploring whether plan demographic characteristics would affect individual participant contribution rates and target-date fund investments for participants in relation to plan demographics by considering target replacement income and its success rate. The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) and the Securities and Exchange Commission (SEC) will hold a joint public hearing on June 18, 2009, to hear testimony on the investment of 401(k) and other retirement plans in target date-type plans. The study finds empirical evidence that 401(k) plan participants' contribution rates and participants' investments in target-date funds with different equity allocations both differ by plan demographics based on participants' income and/or tenure ...
TEACHING THE TEACHERS
6/3/2009
From IPT: The Investor Protection Trust has awarded a grant to The North Dakota Securities Department for their 14th Annual Invest North Dakota Teachers Academy in July 2009, a program that provides teachers the information they need to integrate investor education into their classroom activities. The objective of the Academy is to provide K-12 educators with both the training and the curriculum resources necessary to facilitate the integration of investor education and personal finance into their classrooms. The Academy is an intense 4-day (30-hour) course that focuses on this objective through approximately 25 business, professional and educational leaders conducting training and informational sessions relative to specific topic areas. The educators also receive ready-to-use grade-specific curriculums for their classrooms, as well as many additional resources for professional and personal use ...
NEW INTEREST IN ANNUITIES
5/28/2009
From FINRA: Market events over the last nine months may have caused many investors to re-examine how their retirement funds are invested. Recent press articles and questions we have received from investors suggest that there is renewed interest in annuities as an investment vehicle. Annuities are complex financial products and it is important to understand the difference between the various types of annuities that exist and whether they are an appropriate option for you. While variable annuities can be appropriate as an investment under the right circumstances, you need to be aware of their restrictive features, understand that substantial taxes and charges may apply if you withdraw your money early, and guard against fear-inducing sales tactics. Equity-indexed annuities (EIAs) are complex financial instruments that have characteristics of both fixed and variable annuities ...
$235 MILLION MADOFF SETTLEMENT
5/28/2009
From SIPC: The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms, today applauded the nearly quarter of a billion dollar settlement reached by Optimal Investment Services (Optimal) by Irving Picard, the trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS). The $235 million settlement resolves all claims that the Trustee has against Optimal, which has agreed to pay an amount equal to 85 percent of the amount of the Trustee's original claims. To date, the Trustee has collected over $1.2 billion for victims of the Madoff fraud. As of Memorial Day, letters for commitments in excess of $116 million had been sent by the Trustee to 237 claimants in the BLMIS liquidation ...
$61 MILLION COMMITTED TO MADOFF CLAIMANTS
5/20/2009
From SIPC: Even as forensic accountants and lawyers continue to untangle what is believed to be the most complicated and far-reaching financial fraud in U.S. history, a total of $61 million of Securities Investor Protection Corporation funds already has been committed in determination letters sent to 125 claimants in the Securities Investor Protection Act (SIPA) liquidation proceeding for Bernard L. Madoff Investment Securities LLC (BLMIS), according to Irving H. Picard, the court-appointed trustee, and SIPC President Stephen Harbeck. Picard and Harbeck said that the commitment of SIPC funds is expected to reach or exceed the $100 million level by Memorial Day ...
NYSE “EXCHANGES” BLOG
5/20/2009
From NYSE Euronext: If you want to get interesting and timely information about the markets, products and services of NYSE Euronext, the world's leading exchange group, look no further. The Exchanges blog shares information and insights about cash equities, futures, options, exchange-traded products, bonds, market data, and commercial technology solutions, and allows consumers to share their thoughts. The name of the blog signals not only that it's about marketplaces but also that NYSE Euronext wants to have an open, multi-way exchange of ideas. All of the bloggers on Exchanges are employed by NYSE Euronext. The blog usually posts at least one, if not more, entries that are of interest to investors each day ...
INTEREST RATE CHANGES AND THE PRICE OF BONDS
5/13/2009
From AAII: Interest rates are heading down. Is that good or bad news for the bond investor? The answer is more complicated than many realize. Whether the interest rate movements are caused by Federal Reserve actions, economic conditions or inflation fears, the impact on the bond investor is the same. Rising interest rates reduce existing bond values and falling interest rates increase existing bond values. Seems simple enough. But because bonds differ--by maturity, coupon rate, type of issuer and other factors--figuring out how your bond or bond portfolio will be affected by interest rate changes can be complex. Fortunately, you don't need a math degree to understand the basic concepts. This American Association of Individual Investors Commentary offers some guidelines for judging the price volatility of your bonds ...
BETTERINVESTING 2009 NATIONAL CONVENTION
5/13/2009
From BetterInvesting: At the 2009 BetterInvesting National Convention, June 25-28, Westin Peachtree Plaza in Atlanta, GA, attendees will able to choose from more than 100 classes at all levels of investing sophistication, from beginner to advanced. They will have the opportunity to listen to corporate presentations, ask questions of investor relations experts, gain hands-on experience with BetterInvesting software, get software questions answered by experts, and learn about what's new at the national level. In addition, free admission is open to all on Saturday, June 27, to the Investors EXPO; participants can pick up a wealth of educational and organizational materials to take back to their clubs or to help them build a personal portfolio. To register online click here ...
TACKLING SENIOR INVESTMENT FRAUD
5/6/2009
From NASAA: The North American Securities Administrators Association has announced its strong support for the "Senior Investment Protection Act of 2009" (S. 906), legislation designed to protect senior investors from unscrupulous and unqualified financial advisers. Reports NASAA President Fred Joseph: "The use of misleading senior designations that imply expertise in the financial needs of seniors often results in unsuitable investments being sold to unsuspecting seniors." The Senior Investment Protection Act of 2009 would provide grants to states to enhance the protection of seniors from being misled by false designations. The grants would support a range of senior investor protection efforts, such as hiring staff to investigate and prosecute senior-related cases; funding new technology, equipment and training for regulators; or providing educational materials to increase awareness of designations ...
2009 NATIONAL ECONOMICS CHALLENGE
5/6/2009
From CEFE: High schools from across the country will compete in New York City in the 2009 National Economics Challenge on May 18, sponsored by the Council for Economic Education and the Goldman Sachs Foundation. Established in 2000, the Challenge is the only national economics competition for high school students. The competition honors students and teachers for their hard work and outstanding achievement, and showcases the critical need for an in-depth understanding of the subject. "In the current economic climate, the need for economic education has never been more crucial," said the CEFE President and CEO Robert Duvall. "The public recognizes that economic education for students in grades K-12 is no longer an option, it is a necessity"...
STOP ONLINE BROKERAGE ID THEFT
4/29/2009
From SEC: Let's hope this never happens to you: You go online to check your brokerage account information. You see several wire transfers of money from your account to an outside checking account. But you never authorized those transactions--instead, an identity thief did, and that thief has now stolen your cash as well as your personal information. If you don't take steps to protect your personal information when you go online, you could be telling your own sad story of identity theft. Some safeguards the Securities and Exchange Commission urges online investors to employ: beef up your security; use a security token (if available); be careful what you download; use your own computer; don't respond to emails requesting personal information; be smart about your password; log out completely; and use extra caution with wireless connections--wireless networks may not provide as much security as wired Internet connections ...
COMING SOON: CARBON INVESTING REGULATION
4/29/2009
From CFTC: Even before legislation to address global warming has passed the U.S. Congress, government regulators are preparing for what could be the largest commodity market ever: carbon trading. The U.S. Congress is expected to consider in the very near future climate change and energy legislation centered around a cap-and-trade system that would reduce American greenhouse gas emissions by 2020 and even more by 2050. "Regulation of these important environmental markets is something we need to get right," said Commodity Futures Trading Commission Commissioner Bart Chilton, who chairs an advisory committee addressing the issue. The CFTC regulates futures markets and is expected to monitor and oversee the trading of derivative products associated with carbon dioxide allowances. "The mission, mandate and membership of the [CFTC's Energy and Environmental Markets Advisory Committee] is being expanded to ensure that we are ready for what could be a $2 trillion market in the future" ...
SHAREHOLDERS--KNOW YOUR RIGHTS
4/21/2009
From CFA Institute: The CFA Institute Centre for Financial Market Integrity, the global policy authority on professional conduct and investment performance standards, financial reporting, and capital markets, has launched Shareowner Rights across the Markets: A Manual for Investors to assist investors in understanding their rights in 22 of the largest markets in the world and to reinforce the correlation between strong shareowner rights and lower costs of equity capital. "Especially in the current financial market turmoil, many investors seek diversification of risk and return opportunities by investing outside of their home markets," said Kurt Schacht, CFA, managing director of the CFA Institute Centre. "Anyone who invests internationally will find this manual useful because, with each country, we looked at a standard set of investor concerns such as the election and independence of board members, proxy voting procedures, share ownership limitations, lawsuits, and compensation" ...
UNDERSTANDING ADRs
4/21/2009
From AAII: "Direct Purchase Plans: The Foreign Option" discusses the benefits of American depositary receipts (ADRs). With current growth rates in many international markets outpacing growth in the U.S., many individual investors are casting a longing look at the foreign markets. Mutual funds that invest overseas are one approach to foreign diversification. But for investors who want to purchase individual foreign stocks, ADRs offer an alternative. An ADR is a negotiable certificate that trades like a common stock; it is issued by a U.S. bank and represents shares of a non-U.S. publicly traded company. They are priced in U.S. dollars and owners avoid many costs associated with direct foreign investment. To help fuel interest in their ADR offerings, several banks have set up investor-friendly direct purchase plans (DPPs). As international returns have recently beaten the U.S. markets, DPPs have grown in popularity, and the banks have increased their number of company offerings ...
HOW TO AVOID FORECLOSURE SCAMS
4/15/2009
From the Fed: In the Federal Reserve Board's ongoing series of consumer tips, "5 Tips to Avoiding Foreclosure Scams" is the latest offering. The guidance for working with foreclosure counselors is this in a nutshell: work only with a nonprofit, HUD-approved counselor and verify the operator's credentials with HUD; don't pay an arm and a leg--you should not have to pay hundreds (or thousands) of dollars or pay any upfront fees; be wary of "guarantees"; remember that a reputable counselor will never give guarantees; know what you are signing--and be sure you sign it; and don't forget that if it sounds too good to be true, it probably is ...
MONEY SMART WEEK IN CHICAGO
4/15/2009
From NFA: The National Futures Association will participate in two events in Chicago associated with Money Smart Week (April 18-25), which will include more than 450 free educational classes, seminars and activities that will focus on financial topics for people of all walks of life. On April 21, NFA and AARP will cosponsor a seminar to advise people on making ends meet during the current economic downturn and how to avoid becoming a victim of investment fraud. NFA will join several other regulatory and enforcement agencies on April 22 at a Financial Regulators Fair, where representatives from 10 agencies, including the FINRA, SEC and FDIC, will distribute information on financial protection, banking, credit and investing. Click here for more information on these and other Money Smart Week events ...
FINANCIAL ED FOR COEDS
4/8/2009
From NEFE: Partnering with the National Direct Student Loan Coalition, the National Endowment for Financial Education is taking action against the lack of financial knowledge in college students by promoting CashCourse to its members. CashCourse, NEFE's unbiased and noncommercial online financial education resource for students, is available free to all public and private nonprofit colleges and universities in the U.S. Students need financial tools for their transition to adulthood, including saving, investing, taxes and evaluating the financial aspects of job offers. Increasing concern over this issue has led to the joint effort between NEFE, organizations and universities to fill in the missing gaps of financial knowledge that many college students have. "CashCourse offers a reliable resource to help young adults develop financial know-how," said Ted Beck, president and CEO of NEFE" ...
FINANCING YOUR HEALTH CARE
4/8/2009
From EBRI: Employers have long sought ways to stem rising health care costs. Some are using a relatively new idea--consumer-directed health plans, which link high-deductible plans with tax-favored accounts. The Employee Benefit Research Institute has published the findings of a recent policy forum, "Outlook for Consumer/Patient Engagement in Health Care--30 Years into the Experiment." Forum participants heard two very different presentations on the prospects for consumer-directed plans. One speaker said that consumer-directed plans work because people have substituted less expensive care for more expensive care to minimize out-of-pocket costs. Another was skeptical, saying their impact will be "marginal" ...
MONEYTRACK TV IS BACK
4/1/2009
From IPT: MoneyTrack, the public television series that empowers people of all income levels to be savvy stewards of their money, is back. An updated round of the weekly half-hour series will be released during April 2009. Four of the 15 episodes are being updated to reflect current economic conditions, making the series more timely and valuable than ever. The updates will address the changes on Wall Street in recent months, and a cautionary story about high-risk real estate investment. MoneyTrack has aired on more than 200 public television stations. The secret of the series' success? Refreshingly free of bewildering jargon and dry-as-dust lectures by talking heads, MoneyTrack presents information in a down-to-earth, often humorous way that appeals to viewers who might normally find themselves intimidated or bored by a television show about finance and investment. MoneyTrack is funded entirely through a grant from the Investor Protection Trust ...
UNTANGLING COMPANY REPORTS
4/1/2009
From FINRA: As most investors already know, the annual reports of U.S. companies are becoming increasingly complex. One factor: an increase in required disclosures that accompany financial reports as the reason for the upsurge in difficulty when deciphering a company's performance. FINRA recently tracked the information used by more than 300 investors to examine how they cope with such complex information. In the article, "Where do Investors Prefer to Find Nonfinancial Information?" the authors look at some key questions: How much of the information in an annual report do investors use to make decisions? How do investment professionals (financial analysts) differ from nonprofessional (retail) investors? If they can choose where to find specific types of information (i.e., in the footnotes or other sections), what do they prefer? ...
THE TAO OF RETIRING
3/25/2009
From AAII: The dream of a happy retirement is the very reason why so many of us are willing to spend the time required to learn the ins and outs of investing. The American Association of Individual Investors has published the article "Retirement Planning: Myths and Misconceptions About Life in Retirement," which suggests achieving that dream by avoiding the pitfalls embodied in the many prevalent myths about retirement that persist. The article details 12 myths; here are a few: The Female Exclusion Myth--homemakers often have a more difficult voyage than those who retire from a job. The Money Will Go Further Myth--retirement dollars do not stretch any further than pre-retirement ones, and there are usually fewer of them. The Piece of Cake Myth--many seem to feel retirement will take care of itself. The opposite is often true. For example, many retirees go back to work because they cannot handle leisure time ...
TAX TIME TIPS FOR INVESTORS
3/25/2009
From BetterInvesting: Just in time for April 15th - some helpful tax tips! Taxpayers and businesses spend 7.6 billion hours every year to file. That's the equivalent of 3.8 million people working full time for a year. And that doesn't even count time spent responding to IRS notices and audits. A simpler U.S. tax code probably isn't in the cards, but with some planning and perseverance--whether you're racing to the finish this year or already starting to plan for April 15, 2010--you can still reduce the time needed to prepare your return. BetterInvesting's tax-time tips include suggestions for organizing tax documents to save time, ways to create a folder system, ideas for making a document checklist, and tips for dealing with canceled debt ...
BEAR MARKET AND YOUR 401(k)
3/18/2009
From EBRI: The Employee Benefit Research Institute has published, "The Impact of the Recent Financial Crisis on 401(k) Account Balances"--using a database of 21 million participants--of the impact of the recent financial crisis on 401(k) retirement balances January 2008-January 2009. Losses were largely determined by account balance, age, and job tenure. Some key points: balance--accounts with a less-than $10,000 balance saw an average growth of 40%, those with $200,000 or more, an average loss of more than 25%; age/job tenure--401(k) participants near retirement had average changes from a positive 1 percent for short-tenure individuals to more than a 25% loss for those with long tenure (more than 20 years) ...
SPOT THE CON ARTIST
3/18/2009
From FINRA: To help investors spot fraud, the Financial Industry Regulatory Authority offers an alert and two online tools. "Avoiding Investment Scams," explains common frauds, including Ponzi schemes, pump-and-dumps, and offshore scams. It lays bare the psychological tactics fraudsters use to lure victims. The tools, the Scam Meter and Risk Meter, help investors evaluate offerings and determine if their personality makes them vulnerable to fraud. "Recent frauds have robbed victims of their life savings," said John Gannon, president of the FINRA Investor Education Foundation. "These tools can help investors shut the door on con artists who come knocking." The alert also outlines a series of red flag warnings, that should arouse investors' suspicions...
PLAY “DOUGH” ECONOMICS
3/11/2009
From CEE: Will the Three Little Pigs get swept up in the foreclosure crisis? Defending their homes against the Big Bad Wolf wasn't tough enough-now they have to battle a credit crunch? To help California K-12 teachers cover the current economic crisis in their classrooms, the Council for Economic Education conducted a series of teacher workshops in early March. Teachers discovered how Play Dough can transform mundane concepts like opportunity cost, money, and bartering into exciting clay creations. Second, teachers analyzed how the Three Little Pigs learned the value of natural resources and the meaning of scarcity as they each built their homes. This combination of children's literature and sculpting clay gives teachers an array of resources that make introducing economics to young students both fun and engaging ...
TIPS FOR SHAKY HOMEOWNERS
3/11/2009
From the Fed: The unstable economy has many Americans living in fear of the loss of their most valuable financial asset--their home. To empower homeowners feeling the effects of the housing crises, the Federal Reserve Board's Web site offers useful consumer information for those in danger of falling behind on their mortgages. In "5 Tips for Protecting Your Home from Foreclosure", consumers can access a wide range of links to helpful resources, including counseling services, reliable loan and selling information, and scam alerts. The five tips in a nutshell--don't ignore your mortgage problem, do your homework before you talk to your lender or housing counselor, know your options, stick to your plan, and beware of foreclosure rescue scams ...
SALUTE TO SMART INVESTING
3/4/2009
From IPI: Created as a resource for the men and women serving in our Armed Forces and their families, "A Salute to Smart Investing" explains in clear language the basics of financial security, including saving and investing, while also helping them to identify and avoid investment frauds and other scams that specifically target the military and their loved ones. The Investor Protection Trust is helping to distribute this useful booklet by highlighting it on the IPI Web site. Key topics covered in this 17-page booklet include: basic training in personal finance, saving, investing basics and strategies, appropriate investments, balancing risk and return, retirement planning, scams and how to avoid them. "A Salute to Smart Investing" also provides contact information for federal and state agencies, military resources, and other organizations that Armed Forces personnel and their family members can turn to for financial information and guidance ...
FOR SHOPAHOLICS, ONLINE RESOURCES ABOUND
3/4/2009
From NEFE: The popularity of the recent film, Confessions of a Shopaholic, may cause retail-obsessed viewers to reflect on their own excessive spending habits. Online resources can help. It's time for a little anti-retail therapy. Shall we confess? One outlet is Spendster.org, from the National Endowment of Financial Education. This site lets visitors confess their own shopaholic tendencies, including overspending on gym equipment, vehicles, beauty supplies and way too much Diet Coke™. What motivates overspenders to air their dirty laundry online? Does a confession--albeit an anonymous one--help? The short answer is yes. With the sluggish economy and rising unemployment, buyer's remorse is on the rise. For those shopaholics who just need to vent, there are the one-off, self-disclosure sites like Spendster.org or personal notes on Facebook or MySpace. For the seriously debt-ridden, the Web is full of budgeting articles and financial tools on sites such as SmartAboutMoney.org, Geezeo.com, and Wesabe.com. But what if you really, truly have a shopping problem? Go here to discover the warning signs of compulsive shopping and tips that will help cure retail binges and hangovers ...
PENSION PLANS ON THE WANE
2/25/2009
From EBRI: A new study by Employee Benefit Research Institute shows that workers increasingly see defined contribution plans (401(k)-type) as their primary retirement plan type, with about two-thirds of workers identifying these as their most important plan. As defined contribution plans have become more important-and as defined benefit (pension) plans continue to fade in the private sector-workers' contributions to these plans are likely to need to grow even faster if they expect to be able to afford to maintain their current lifestyle in retirement, writes Craig Copeland, EBRI senior research associate and author of the study, which appears in the February 2009 EBRI Notes. Among the study's key points: 67.1 percent of retirement-plan participants had a defined contribution plan as their primary plan in 2006, more than double the level found in 1988; 30.9 percent in 2006 had a defined benefit retirement plan as their primary plan: substantially lower than the 56.7 percent level found in 1988 ...
AVOID FRAUD, PROTECT WEALTH
2/25/2009
From NASAA: The North American Securities Administrators Association has joined America Saves Week to encourage investors not only to save but also to protect their assets through fraud prevention. NASAA calls on investors to participate in America Saves Week events to discover how they can save, invest and, most importantly, safeguard their assets from investment fraud. NASAA recommends these investment fraud prevention tips for savers: verify before you buy. If it sounds too good to be true, it probably is; check out the license and background of anyone selling investments; take your time -- don't give in to high-pressure sales tactics; and if you've been a victim of fraud, contact your state securities regulator ...
AVOIDING SCAMS, EN ESPAÑOL
2/19/2009
From NFA: National Futures Association now offers a Spanish-language version of its investor education booklet, "Scams and Swindles: An Educational Guide to Avoiding Investment Fraud." It describes common characteristics of investment scams and outlines steps for avoiding them. "Unfortunately, investment fraud can occur in every community," says NFA's Senior Vice President of Strategic Planning and Communications Karen Wuertz. "We are pleased to provide this very important information in a format that will reach a wider population." Single copies of both the English and Spanish versions of "Scams and Swindles" are free. To view and print the publication, download it from NFA's Web site. NFA offers several other publications, including "Opportunity and Risk: An Educational Guide to Trading Futures and Options on Futures" and "Trading in the Off-Exchange Foreign Currency Markets: What Investors Need to Know"...
IN TOUGH TIMES, INFO IS POWER
2/19/2009
From the FTC: This year's National Consumer Protection Week-sponsored by the Federal Trade Commission and a variety of government agencies and national consumer groups-features as its theme "Nuts and Bolts: Tools for Today's Economy." The National Consumer Protection Week Web site has information to help consumers manage their money wisely and protect themselves against fraud. Whether consumers are trying to stretch their paychecks, find a quick fix for a spotty credit history, or tell the difference between a real deal and a potentially fraudulent product or service, information is one tool that can always help them get the most for their money. Practical information is one tool that retains its value, especially in tough economic times ...
THE ABCs OF CDs
2/11/2009
From AAII : A certificate of deposit (CD) is an interest-paying savings vehicle. A CD has a stated maturity date, a specified interest rate and can be issued in any denomination by commercial banks, thrifts and credit unions. A certificate of deposit is a promissory note issued by a bank, thrift institution or credit union. It is a time deposit, meaning the institution keeps your money for the stated time and you are restricted (in the form of a penalty) from accessing the money prior to the maturity date. If you must access the money before maturity, you will pay a penalty, which will eat into your total return. A typical CD can be purchased for any amount and has a number of time period options. The most popular are between three months and five years. Usually, a longer holding period means a higher interest rate. CDs are insured by the FDIC up to $100,000 ...
MILLIONS RETURNED TO INVESTORS
2/11/2009
From the SEC : The Securities and Exchange Commission announced that it has completed the first in a series of disbursements from fund that will
return approximately $321 million to more than two million investors who were harmed by undisclosed market timing in the Alliance mutual funds complex. The Fair Fund resulted from an SEC enforcement action charging Alliance Capital Management, L.P. with unlawful conduct for allowing widespread market timing trading between January 2001 and September 2003 in Alliance mutual funds, contrary to those funds' public disclosures. During this period, Alliance Capital, now known as AllianceBernstein, L.P., served as the investment adviser to the Alliance mutual funds. More than $46 million in Fair Funds have been distributed to approximately 300,000 investors in this first disbursement ...
UNDERSTANDING EXCHANGE TRADED NOTES
2/4/2009
From NYSE Euronext: An Exchange Traded Note (ETN) is a relatively new type of investment vehicle that is unfamiliar to many investors. Before you decide to invest, there are some basic questions which you should consider in order to make an informed investment decision. An Exchange Traded Note (ETN) is a common name for a senior unsecured debt obligation designed to track the total return of an underlying market index or other benchmark, minus investor fees. The creditworthiness of an ETN is itself not rated, but instead is based on the creditworthiness of the issuer. Individual investors, not qualified for redemption election, can purchase or sell their ETNs in the secondary market, sell at a specified issuer call event, or allow them to mature. ETNs can offer investment exposure to market sectors and asset classes that may be difficult to achieve in a cost-effective way with other types of investments ...
WORKSHOPS FOR MICHIGAN TEACHERS
2/4/2009
From CEE: The Council for Economic Education (formerly known as the National Council on Economic Education) announced its lineup of workshops for Michigan teachers, who will explore a variety of print- and technology-based lesson plans that help them teach economics and personal finance. The workshops will be held at the Annual Michigan Conference for the Social Studies at the Grand Amway Hotel in Grand Rapids, Michigan, on Monday, February 9th, 2009. Not only will teachers discover the latest teaching strategies, they will also leave with ready-to-use lesson plans and activities that help them bring a real-world perspective to today's economic turmoil. "After these workshops, Michigan teachers will have the tools they need to align their curriculum to the Grade Level Content Expectations and High School Content Expectations," says Troy D. White, the Council for Economic Education's director of Product Marketing and Sales ...
RETIREMENT ACCOUNT ROLLOVERS INCREASE
1/28/2009
From EBRI: An increasing percentage of retirement plan participants are preserving their retirement assets in tax qualified accounts, but a significant number are using at least some these assets to pay off debts, start a business, or buy a home, according to a study released today by the nonpartisan Employee Benefit Research Institute (EBRI). According to the study, "Lump-Sum Distributions at Job Change" (available at www.ebri.org), the percentage of those rolling over their most recent lump-sum distribution to another tax-qualified retirement plan, thus preserving the assets for retirement, increased to 44.3 percent through 2006, compared with 19.3 percent of those who received their most recent distribution through 1993 ...
SMART INVESTING@YOUR LIBRARY
1/28/2009
From FINRA: The Financial Industry Regulatory Authority Investor Education Foundation and the American Library Association (ALA) have announced nearly $882,000 in grants to 12 recipients as a part of the Smart investing@your library® initiative, which funds library efforts to provide millions of patrons with effective, unbiased financial education resources. The latest group of grantees marks the second year of this educational partnership, which awarded more than $853,000 to 13 public libraries and library networks in 2008. Grant recipients will use the funds to implement a variety of programs and create resources designed to increase patrons' access to and understanding of financial information. The grantees will partner with community organizations including schools, universities, community centers and local governments. Library patrons will be empowered to make smart financial decisions for both long-term investing and day-to-day money matters ...
FINANCIAL ED FOR INDIANA TEENS
1/21/2009
From NEFE: As the state and nation face a gloomy economic outlook, hundreds of teachers in Indiana have hit the classroom to ensure their students will not have to learn about personal finance from the school of hard knocks. "Indiana and America face critical economic challenges, challenges not seen in generations. We owe it to the next generation to prepare them, to teach them fundamental financial and life skills," says Indiana Secretary of State Todd Rokita in a public service announcement launching statewide today that promotes financial literacy for teenagers. The PSA was produced through a grant from the Indiana Department of Financial Institutions to support the Colorado-based National Endowment for Financial Education and its effort to place its High School Financial Planning Program (HSFPP) in more Indiana high schools. The seven-unit personal finance course covers savings, investing and spending. It is available free of charge to any high school or home schooling group ...
SENIORS/MILITARY INVESTOR ED
1/21/2009
From FINRA: The FINRA Investor Education Foundation devoted significant resources in 2008 to helping two vulnerable and often under-served groups weather the current financial and economic crisis - the nation's seniors and U.S. military service personnel. The FINRA Foundation launched a campaign last April in Florida and Washington State to help seniors identify and resist persuasion tactics common to many types of fraud. The centerpiece of the Foundation's campaign to protect seniors is a 90-minute intensive workshop "Outsmarting Investment Fraud." The FINRA Foundation conducted 21 financial education forums in 2008 at military installations across the country. The Foundation awarded 189 military spouses with fellowships to fund the education necessary to earn the Accredited Financial Counselor designation and to provide financial counseling and education within the military community. The Foundation has also made BrightScore, an online credit management tool, available free of charge to over 45,000 active duty military personnel and their spouses to help them manage their credit wisely ...
TIPS TO AVOID DISHONEST FINANCIAL ADVISERS
1/14/2009
From NASAA: The North American Securities Administrators Association (NASAA) is offering investors a series of tips to avoid dishonest investment services providers in the wake of the unfolding scandal in which scores of investors lost upward of $50 billion after a New York money management firm tumbled like a house of cards. "While the vast majority of investment services providers are honest professionals, the potential for fraud should concern us all," said NASAA President and Colorado Securities Commissioner Fred Joseph. With more people in charge of their own investment portfolios than ever before, state securities officials are warning investors of the increasing sophistication of investment professionals who steal money from unsuspecting clients. "Anyone, regardless of income, education, or profession, can become a victim when unscrupulous individuals use the growing field of financial advice to line their own pockets," Joseph said. Joseph recommended investors consider five tips to help protect themselves from dishonest advisers ...
SUSTAINABLE RETIREMENT
1/14/2009
From FPA: When voluntary or involuntary retirement arrives, many retirees find that they don't have enough money in their nest egg to sustain their current standard of living. But instead of drastically cutting back expenses, retirees can salvage their retirement by working part time and annuitizing a portion of their portfolio, says an article in the January 2009 issue of the Journal of Financial Planning, published monthly by the Financial Planning Association. In an earlier published paper, Gordon B. Pye, Ph.D., a financial consultant and planner in New York City, explored the problem of people reaching retirement but finding that withdrawing only what is typically considered a "safe," sustainable amount will leave them well short of their living expenses. But Pye found that by using a "retrenchment rule" retirees could postpone a painful reduction and withdraw a significantly higher percentage of the account's value, at least during the early years. Nevertheless, the strategy still runs an uncomfortable risk of having to take very low withdrawals later in retirement. So what can retirees do to reduce that risk of severe retrenchment? ...
MAJOR INVESTOR EDUCATION CONFERENCE PLANNED
1/8/2009
From FINRA/SIFMA/IPT: In the wake of the recent market downturn and tightening of credit, the work of investor education professionals is more important today than ever before. Investor education will be critical to restoring confidence in markets and in helping investors develop a long-term perspective about the benefits of investing. The International Forum for Investor Education (IFIE) and the International Organization of Securities Commissions (IOSCO) have organized an investor education conference taking place 2-3 March 2009 in Washington, D.C. Several members of the Alliance for Investor Education -- including FINRA, SIFMA, and IPT - are involved in the IFIE/IOSCO event ...
AMERICAN SAVER ASSETS
1/8/2009
From ICI: American savers held $16.9 trillion in retirement assets at the end of the second quarter of 2008, accounting for nearly 36 percent of all household financial assets in the United States, the Investment Company Institute reported. The finding is from The U.S. Retirement Market, Second Quarter 2008. The report covers assets held in private-sector pension plans, both defined benefit and defined contribution; government pension plans; annuities; and Individual Retirement Accounts (IRAs). Between March 31, 2008 and June 30, 2008, retirement assets remained largely unchanged from a revised finding of $16.9 trillion in the first quarter. During the second quarter, total return on equities was -2.7 percent, while bonds returned -1.2 percent, according to the Standard & Poor's 500 stock index and the Citigroup Broad Investment Grade Bond Index. At the end of the second quarter, IRAs held $4.5 trillion of retirement market assets; another $4.3 trillion was held in employer-sponsored defined contribution plans, of which $2.9 trillion was held in 401(k) plans. Mutual funds managed 47 percent of IRA assets and 51 percent of defined contribution plan assets ...
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