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Headlines you need to know this week   —   July 24, 2018

Congress eyes changes to retirement savings policy
Congress is reviewing several bills that could result in big changes for retirement savings. Among the proposals: plans to encourage savings for an emergency, and a policy that would allow individuals over age 70 ½ to contribute to an individual retirement account. Other bills focus on 401(k) plans, including policies to encourage small employers to use auto-enrollment to raise deferral rates above 10% and requirements that would help savers understand how much annuity income their savings could support.
Industry sees growth with fewer advisors
While advisors are managing twice as many assets today compared with 2010, the pool of advisors is shrinking. A recent study found that advisors are managing about $21 trillion in assets, up from $11 trillion in 2010. Yet the number of advisors has fallen to about 300,000 today, down from a peak of 340,000 in 2005. The fact that fewer younger individuals are entering the industry is contributing to the decline, the report stated.
Cryptocurrency added to CFA exam
Fintech is growing in importance. Next year, the exam for a certified financial analyst (CFA) will include questions about cryptocurrencies and blockchain. The CFA Institute announced that the topics will be added in 2019 as part of a new section on Fintech in Investment Management. This year, more than 200,000 individuals registered to take the exam in June. Less than half passed the level II exam in 2017, the report stated.

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