As I write this month's editor's letter, I do so from a temporary workspace in midtown Manhattan after Hurricane Sandy damaged our building downtown. My staff and I also finish this issue just a few days after the presidential election.
With the end of one political struggle, another begins. Some uncertainty has vanished with the re-election of Barack Obama as president. Yet, with his second term comes the problems that haven't vanished, including a sluggish economic recovery, a huge deficit, a still high unemployment rate and of course, the fiscal cliff.
It is the latter that is of the most immediate concern to the Administration, House Republicans, the financial services industry, the political pundits and the rest of the American people. The fiscal cliff, which is $600 billion in automatic spending cuts and tax increases, is looming and will be the most immediate threat to economic stability and growth. We will see if the President and Congress can work together, find common ground and reach a compromise.
The President's Affordable Care Act, better known as ObamaCare, will move forward. But, the other major piece of legislation that the financial services community will continue to watch is the Dodd-Frank Wall Street Reform and Consumer Protection Act. The question now is whether the pace of the rulemaking and implementation of that law will speed up.
This month, our stories in Wealth Industry and our quarterly Equities Insight take a look at the impact of the elections on investments. But we also announce our highly anticipated list of "Top 40 Advisors Under 40."
We had many challenges putting this issue together as a result of this hurricane but we are the lucky ones. None of our family members were hurt nor did we suffer any property damage. We cannot say the same for so many of our neighbors in New York, New Jersey and the rest of the region. I know the financial advisory community will be reaching out and finding ways to be of service to clients and others who may be suffering from this natural disaster.
Our hearts and prayers are with those still reeling from the devastating effects of Hurricane Sandy.