The SEC is going after the hottest investment product around

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mary jo white

Jonathan Ernst/Reuters

U.S. Securities and Exchange Commission Chair Mary Jo White testifies about Wall Street reform before a Senate Banking Committee hearing on Capitol Hill in Washington September 9, 2014.

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The SEC is going after the hottest investment product (Reuters)

The SEC is going after exchange-traded funds.

Last Friday, SEC Chair Mary Jo White noted that recent events have called for "enhanced attention" to the hottest investment product around, reports Lisa Lambert.

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"Despite the popularity and broad success of these funds, their history is not without some turbulence," White said at an asset manager meeting hosted by the ICI. "Further regulatory steps beyond additional disclosures may be needed."

Millennials have an entirely different approach to investing than their parents (Business Insider)

Millennials focus on short-term needs and prefer to stick with lower-risk investments, reports Rachel Butt, citing a recent report by Sameer Aurora, the head of client strategy for UBS Wealth Management Americas, which analyzed the investment habits of Americans between 21 and 36 years old.

"Even though they have a longer investment window, millennials hold almost twice as much cash in their portfolios as baby boomers," Aurora told Business Insider in a phone interview. "The inference we can draw is that they're more focused on the short term and present time as opposed to building wealth in the long run."

Senior citizens aren't replacing enough of their pre-retirement incomes (Bankrate.com)

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A new Bankrate.com study found that senior citizens in 47 states and the District of Columbia are not replacing enough of their pre-retirement income. Generally speaking, financial experts believe that retirees need at least 70% of the income they earned during their working years.

The report notes that the median income for those who are 65 and up is about 60% of the median income of 45 to 64 year olds. Interestingly, the largest retirement income gaps are in the northern half of the country, with Massachusetts as number one.

"These numbers help illustrate how under-prepared many Americans are for retirement," said Greg McBride, CFA, Bankrate.com's chief financial analyst. "It's especially important for millennials to save aggressively because they face the biggest retirement savings burden of any generation in American history."

China's moving forward with reforms inch by inch (Advisor Perspectives)

Day-to-day data coming out of China is exciting to follow, but sometimes it's important to look at the long-term reforms going on. Ryan Rutkowski of Matthews Asia specifically points to the electric power sector, which the government wants to overhaul.

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"Power sector reform can be interpreted in a couple of ways. In the short term, the government is motivated to reform an ailing industrial sector, which accounts for three-quarters of energy consumption," he wrote. "But in the long run, moving to market prices will be a more efficient outcome for power plants and industrial customers alike. ... In the end, this is a comforting reminder that even in a slowing economy the Chinese government is still looking for opportunities to make long-term reforms."

Raymond James just scooped up a $280 million Chicago advisor (InvestmentNews)

Alan Lazzara, an advisor who focused on high-net-worth individuals and families in or near retirement, will be joining Raymond James, reports Christine Idzelis. Previously he was at William Blair & Co., where he brought in over $1.7 million in annual fees and commissions.

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