by CBI Lobbyist Jeff Boeyink - Partner, LS2 Group This week marked the beginning of the 2018 Session of the 87th Iowa General Assembly and the clear highlight was delivery of the Condition of the State Address by Governor Kim Reynolds, the first woman in Iowa history to ever have the opportunity to give this annual address. It also marked the introduction of a new leader in the Iowa Senate, with Janet Petersen beginning her first Session as head of the Senate Democrat minority caucus. In fact, she took her first opportunity on the floor to deliver a blistering speech regarding the policy agenda of Senate Republicans in 2017 and to continue the conversation regarding sexual harassment that dominated much of the interim. House and Senate Republican leaders have pledged to attempt to conclude the 2018 Session within 90 days (state law sets a soft close after 100 days)—which would put us in early April. Lastly, this week also marked the delivery of Governor Reynolds first state budget and spending priorities, with the Governor recommending an overall spending increase at a modest 2.3%. |
by Lisa M. Smith, President & CEO IBA Securities - Division of Broker Dealer Financial Services Corp. The Future is Fiduciary - This rule applies to Wealth Management, Bank Investment Centers, and any bank offering retirement accounts.
Acting as a fiduciary carries a greater level of responsibility. Fiduciaries are bound to act in their clients' best interests. The regulatory framework around fiduciary status has been the subject of much attention and uncertainty in recent years. Adhering to a fiduciary standard gives your investment recommendations a greater weight and level of accountability. This standard requires you to take into account your clients' entire financial circumstances, making holistic wealth management services even more important. The new DOL Fiduciary Rule makes one a fiduciary when a recommendation is made with respect to rollovers, transfers, or distributions from a Qualified Retirement Plan (including 401ks) or IRA -- which is collectively known as "retirement asset movement" -- and is paid a fee or other compensation as a result. In addition, the DOL Fiduciary Rule also includes existing retirement accounts for which you are advising. The retirement asset movement must be in the client's best interest. The advice regarding retirement asset movement and reasons why it is in the clients' best interest will need to be documented and maintained. As a result, one needs a number of processes and resources in place by June 9, 2017, when the rule goes into effect.
CBI held it's first-ever Legislative Reception at the Iowa Taproom in downtown Des Moines on Wednesday. The reception brought together over 50 Iowa community bankers with over 30 Senators and Congresspeople in Iowa's General Assembly. Among those legislators attending were Speaker of the House Linda Upmeyer, Senate Majority Leader Bill Dix, Senators Michael Breitbach, Randy Feenstra, Tim Kraayenbrink, Tom Shipley, Jack Whitver, Brad Zaun, Charles Schneider, Craig Johnson, Dan Zumbach, Dennis Guth, and Bill Dotzler. Also in attendance were Representatives Brian Best, Chris Hall, Dave Maxwell, David Kerr, Gary Carlson, Jerry Kearns, John Landon, Louie Zumbach, Mike Sexton and Walt Rogers, as well as State Auditor Mary Mosiman. Thank you to the following CBI Endorsed, Associate and Affiliate Members for sponsoring the event: SHAZAM, ICBA Securities/Vining Sparks, United Bankers' Bank, Midwest Independent Bank and Bankers' Bank.
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