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MAJOR INVESTOR EDUCATION CONFERENCE PLANNED - 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 Organiza...
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AMERICAN SAVER ASSETS - 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...
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IDENTITY THEFT WARNING UPDATED - From Federal Reserve: The federal bank, credit union, and thrift regulatory agencies announced publication of a revised identity theft brochure--You Have the Power to Stop Identity Theft--to assist consumers in preventing and resolving identity theft. The updated brochure focuses primarily on Internet "phishing" by describing how phishing works, offering ways to protect against identity theft, and detailing steps to follow for victims of identity theft. The brochure includes contact information for three major credit bureaus, where to report suspicious e-mails, and where to access additional information. The brochure is attached and is available to download from the websites of the Board of Governors of...
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HEDGE ETHICS CODE - From CFA Institute: Kurt Schacht, CFA, managing director of the CFA Institute Centre made the following statement: "For all their panache in recent years, many hedge funds have had a rough road in 2008.  The Madoff scandal drives home the point investors should never settle for perceived strength.  The CFA Institute Centre has long called for a hedge fund industry code of conduct.  That is why we created the Asset Manager Code of Professional Conduct and have been working with the industry to develop several sets of best practices and ensure appropriate regulation." Schacht added: "Investors are tired of hearing the hedge fund industry say they...
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FINANCIAL EDUCATION FOR THE MILITARY - From FINRA: John Gannon, president of the FINRA Investor Education Foundation, told Military Money Radio in a recent interview that the financial confidence of military servicemembers and their families is his organization's Number #1 priority. The FINRA Foundation is providing military families with the tools and education they need to stay financially sound by avoiding debt and credit problems and staying away from predatory lenders. "Financial readiness is very important in today's economy," Gannon said. "We can give servicemembers high-quality, easily accessible information and tools that can help them understand the basic principles of money management, saving and investing." The Foundation strongly believes in these efforts to...
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BE STRONG: OPEN ACCOUNT STATEMENTS - Especially in a down market, investors may be tempted to try and avoid the trauma of seeing the reduced value of their holdings by not opening their statements for their brokerage, mutual fund, or 401(k) or other retirement plan accounts. It has even been suggested that avoiding looking at your statements may be a good way to respond to turbulent financial times. This advice may be comforting but ignoring your statements can blind you to problems in your accounts. No one can protect your accounts like you can, and so you need to open your statements and see what is going on in your account. A new investor podcast from FINRA explains why it is important to continue to pay attention to your account statements ...
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MARKET DOWNTURN PHISHING SCAMS - According to the Federal Trade Commission (FTC), the upheaval in the financial marketplace may spur scam artists to "phish" for your personal information. If the recent changes in the financial marketplace have you confused, you're not alone.  Phishers (pronounced "fishers") may send attention-getting emails that look like they're coming from the financial institution that recently acquired your bank, savings and loan, or mortgage. Their intent is to collect or capture your personal information, like your credit card numbers, bank account information, Social Security number, passwords, or other sensitive information ...
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INVESTOR ALERT: MONEY MARKET FUNDS GUARANTEE - The Financial Industry Regulatory Authority (FINRA) wants to make sure the investing public understands the U.S. Treasury Department's Temporary Guarantee Program for Money Market Funds. The Treasury Department's program, which opened Sept. 29, protects money held in participating money market funds as of Sept. 19 if those money market funds "break the buck." A money market fund breaks the buck when its net asset value (NAV) falls below $1.00 per share. Investors cannot sign up for the guarantee program on their own   ...
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PREYING ON MARKET FEARS - The North American Securities Administrators Association (NASAA) cautioned Main Street investors against making sudden and uninformed decisions amid the ongoing market volatility and unprecedented turmoil on Wall Street.  "We know from past experience that con artists follow the headlines to prey on the worries and fears of everyday investors," said NASAA President and Colorado Securities Commissioner Fred Joseph. "With the current economic situation, state securities regulators are concerned that scammers are gearing up to promote various investment schemes with promises of big returns. If history is any guide, these investments will be worth less than the paper on which they are printed." NASAA also offered several tips for investors ...
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SCAM WARNING FOR IKE VICTIMS - While natural disasters elicit financial donations and support from people across the country it also, unfortunately, creates an opportunity for con artists - those who may try to swindle you out of your money or scam you by offering fraudulent services. Do not give out your personal information or money to anyone without proper identification or proof they can do what they say they can. If someone approaches you and cannot provide appropriate identification, go to a disaster assistance site and ask for help. TomorrowsMoney.org recommends that you get copies of all financial transactions and commitments in writing and keep a small notebook to write down the names and contact information of people with whom you speak during this critical time of recovery and rebuilding ...
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