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Headlines you need to know this week   —   March 20, 2018

SEC chief says fiduciary rule a priority
At a recent conference in Washington, Securities and Exchange Commission Chair Jay Clayton said developing a fiduciary standard for brokers and advisors is a priority at the agency. He said there is a need for a uniform standard for financial professionals working with retail investors.
Millennials represent the largest group of homebuyers
Millennials represent the biggest group of homebuyers (35%), outpacing boomers (31%) and Generation X (26%), according to new data from the National Association of Realtors. Coming up with a down payment is an obstacle to buying a home, cited by 46% of Millennials in another survey. The Department of Labor notes that housing is the largest expense for the average American — taking up 30% to 38% of all income.
Succession planning is a challenge for advice industry: Report
A recent study by Cerulli Associates found that there is an increasing awareness of the importance of having succession planning among advisors. At the same time, 28% of advisors within 10 years of retirement are still unsure about their succession plan. Cerulli noted that the advisor industry is aging. Advisors age 55 or older manage 36.9% of assets and comprise nearly 40% of headcount. Filling the pipeline with talent is a challenge for broker dealers and independent firms, the report noted.

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