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Allyson Howard <ah3945@nyu.edu>

Robotics in Finance, Dodd­Frank Rollbacks, and more! Welcome to The Company Q& A­­ our inaugural newsletter in its new format 1 message

Company Q <ahoward0614@hotmail.com> Thu, May 4, 2017 at 10:03 AMReply­To: Company Q <ahoward0614@hotmail.com>To: Allyson <ah3945@nyu.edu>

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MAY ISSUE

Welcome to The Company Q & A! Dear Valued Subscribers, As we approach the third decade of the new millennium, we at Company Q realize thatfinancial professionals would prefer their industry news in a digital format. After months ofcareful preparation and research into our subscribers’ needs and wants, we are excited tointroduce our new digital newsletter. Our newsletter will be conveniently delivered straightto your inbox. We will also maintain a searchable archive of past and current newsletters onour website at companyq.com. Our new format will still provide information on the latestfinancial industry news and events, but we will also be adding a monthly survey and clientprofile, as well as information on new and updated Company Q products. Each month, one of you, our clients and subscribers, may have your business featured in(newsletter title)’s client profile story. Our surveys will ask for your thoughts on importantissues facing the financial industry, and each month will highlight interesting insightsprovided from survey answers from the previous month. In our digital format, customerswill not only be readers, but also active participants. We recognize that your stories are partof our story, and we look forward to working for you and with you going forward. Warm Regards, Company CEO Ima Sample and the Company Q Team

A

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Robotics & ArtificialIntelligence Are QuicklyChanging the FinancialServices Industry

Artificial intelligence (AI) is the theoryand development of computer systemsable to perform tasks that usually requirehuman intelligence. Intelligent automationis a combination of the term artificialintelligence and the term automation,which means “the technique of making anapparatus, process or system runautomatically”. The term “intelligentautomation” is used interchangeably withthe term “robotic process automation”(RPA).

Today’s machines and computers havebeen designed to read and interpret dataautomatically. This ability is onlybecoming faster, more efficient, and morecommon as time goes on. We are living in atime of big data. Because people interactwith computers and machines sofrequently in daily life (use of smartphones, email, credit and debit cards,internet searches, online banking, etc.) weleave a breadcrumb trail of dataeverywhere we go. Computers, with the help of RPA, cancollect, analyze, and detect patterns in thisdata. Once patterns are discovered, theycan be used to make predictions. Fraudprotection on credit cards uses RPA to finddisruptions in a person’s normal creditcard habits. The more data processed by asystem using RPA, the better that systemgets at making predictions, until thesystem can predict outcomes before theyeven happen. The ability to quickly makeaccurate predictions is what makes RPA soapplicable to the financial industry.

As so many processes have alreadybecome automated, finance professionalsmust attract and retain clients by creatinghighly customized customer serviceexperiences. Building real relationshipsand trust with clients is what will keepthem from looking elsewhere if there areany bumps in the market or their personalfinances. That is why RPA can be so valuable—it cantake over the tedious back­office work sofinance professionals can focus on creatingsatisfying service experiences for theirclients. Some of the potential benefits ofRPA in the financial industry include:

Faster fraud detectionBetter client portfolio optimizationLower costs on back­end laborMore efficient use of time and talent

Of course, all of this advancement doescome at a price. According to a recentreport by the World Economic Forum,robotics and AI will lead to 7.1 million lostjobs by the year 2020. with only about 2million new jobs being created by the fieldat the same time. Although this predictionmay seem bleak now, it is important tokeep in mind that the samephenomenon occurs whenever widespreadadoption of new technology takes place. Inall likelihood, more new jobs will becreated by robotics and AI over time, andthe time that is saved on back­endoperations will lead to greater humancreativity and innovation.

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Resources:

Bansal, M. (2017). AI is the New Black ­ MIT Technology Review. Retrieved April 26, 2017, from https://www.technologyreview.

com/s/603748/ai­is­the­new­black/

World Economic Forum (2016). The Future of Jobs [Executive Summary]. Retrieved April 26, 2017 from

http://www3.weforum.org/docs/WEF_FOJ_Executive_Summary_Jobs.pdf

Laurent, P., Chollet, T., & Herzberg, E. (2015). Intelligent automation entering the business world. Inside, 66–73. Retrieved

April 17, 2017 from https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/operations/lu­intelligent­automation­

business­world.pdf

Marous, J. (2015). Robots and AI Invade Banking. Retrieved April 26, 2017, from https://thefinancialbrand.com/52735/robots­

artificial­intelligence­ai­banking/

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FactSet IBCentral:TransformingInformation intoIntelligence

Created to supportand enhance aninvestment banker’sworkflow, FactSetIBCentral is acomprehensivesoftware tool thatallows you identifynew opportunities,make informeddecisions, generate

Research Features:

Daily Monitor tracks the performance of

personalized comp lists, indices, exchange rates and

more.

Company Snapshot helps you analyze thousands

of public and private companies, all with a few clicks

of a mouse.

Instant Access provides up­to­the­minute

historical information, auditable financials, and

mergers & acquisition data for companies across the

globe, including private corporations and equity

firms.

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better ideas, andaccomplish more, allin one softwareprogram that isaccessible anytime,anywhere yourbusiness takes you. FactSet IBCentralstreamlines yourresearch anddevelopment processby providing a single,powerful tool to assistyour workflow atevery stage.

More than 15,000 research reports keep you

informed of the latest industry news and research

findings

Keep track of important players and events with

biographical information and nearly instant

transcription of conference calls.

Development Features:

Idea Screening allows you to generate ideas, build

company lists, or screen for deals or IPOs of interest.

Active Publishing Workstation (APW) helps

you create powerful models, reports, and

presentations in Microsoft Word, Excel, or

Powerpoint with customized data.

Travel Book enables you to create and customize

seven­page company and deal overviews in seconds,

at home or on the go.

Fact Set IBCentral provides world­class support with a

dedicated consultant accessible to you 24 hours a day,

seven days a week. For more information and pricing for

FactSet IBCentral, please contact our sales department at

qsales@companyq.com.

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Dodd­Frank Rollbacks President Trump signed an executive order in

February in an effort to begin rollbacks of Dodd­

Frank regulations. What does the future hold for

finance professionals?

On February 3, 2017, President Trumpsigned an executive order calling a rollback of certain aspects of the Dodd­FrankWall Street Reform and Consumer

It is intended to prevent companiesdeemed “too big to fail” from takingunnecessary financial risks.Finally, Dodd­Frank expanded existing whistleblower

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Protection Act (commonly referred to asDodd­Frank), passed in 2010 as a responseto the financial crisis in 2008. WhileDodd­Frank has been widely criticized forits negative effects on community banksand business lending, supporters believethat any rollbacks would result in anotherfinancial downturn due to an increase inunethical business practices.

A major component of Dodd­Frank wasthe creation of new regulatory agenciesand the consolidation of others taskedwith assessing systemic risk and providingcomprehensive oversight of financialinstitutions. For example, the FinancialStability Oversight Council (FSOC)monitors financial the stability of majorfirms whose collapse could have seriousnegative effects on the U.S. economy. Thecouncil has the authority to break up banksconsidered to be so large as to pose“systemic risk”. The Consumer Protection Bureau (CPB) issupposed to end predatory mortgagelending (the main scapegoat of the 2008­2010 financial collapse) and helpconsumers understand financialpaperwork. It also regulates other types oflending like debit and credit cards andprovides overall better investorprotection. The “Volcker Rule” (Title VI of the Act)restricts investments by banks by limitingspeculative trading and eliminatingproprietary trading.

protection outlined by the Sarbanes­Oxley Act of 2002. Supporters of Dodd­Frank believe that the act provides much­needed regulation of an industry that is fartoo often affected by greed and ethicalmisconduct.

Despite the recent claims asserting thevalue of Dodd­Frank regulations, a 2017study by the George Mason UniversityMercatus Center reports that many ofregulations outlined in Dodd­Frank fail toaddress factors that led to the previousfinancial crisis and that the Act as a wholeputs too much faith in the abilities ofregulatory institutions of the same stripeas those who failed to predict The GreatRecession of 2008. In a 2013 survey of over 200 small banksabout the effects of Dodd­Frankregulations, 90% of respondents statedincreased compliance costs, and a quarterreported that a merger would have tooccur with a larger bank in order to stayafloat because of these increased costs.Although the CFPB has no directsupervisory authority over small banks,71% of those surveyed reported that CFPBregulations have negatively affected theirbusinesses.The majority of these smallbanks have had to make significantcutbacks in their products and servicesdue to increased regulation, which hasalso diminished their ability to developand cultivate customer relationships.

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Figure 1: Change in compliance costs since Dodd­Frank. Source: Peirce, Hester; Robinson, Ian; Stratmann, T. (2014). How Are

Small Banks Faring Under Dodd­Frank?, (14–5), 1–125.

The executive order signed in Februarymay signal the scaling­back of Dodd­Frankprovisions. Rather than actuallydismantling Dodd­Frank, the executiveorder calls for a review to take place over120 days, as well as a delay of thecontroversial “fiduciary rule” whichrequires financial advisers to act in theirclients’ best interests rather than choosinginvestments that would pay the adviserhigher commissions. The “fiduciary rule” was set to go intoeffect in mid­April, but has now beenpushed back to June 9.

While some financial advisers claim tooppose the fiduciary rule because thedecreased income would limit their abilityto advise low­income clients and wouldforce them to limit their product offeringsto consumers, supporters of Dodd­Franksay that the repeal of the fiduciary rule isproof that the deregulation are motivatedmore by greed than any real concern forbusinesses or the economy. Many financial professionals have beenworking on compliance measures formonths using Company Q software. Asnew provisions go into effect, we updateour software keep our customers informedand compliant with all regulation.

Resources:

Investopedia. (2016). Dodd­Frank Wall Street Reform and Consumer Protection Act. Retrieved

from http://www.investopedia.com/terms/d/dodd­frank­financial­regulatory­reform­bill.asp

Peirce, Hester; Robinson, Ian; Stratmann, T. (2014). How Are Small Banks Faring Under Dodd­Frank? Retrieved from

https://www.mercatus.org/publication/how­are­small­banks­faring­under­dodd­frank

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Peirce, H. (2017). Revisiting Dodd­Frank. Mercatus Policy Primer, 1–23. Retrieved from https://www.mercatus.org/

publications/revisiting­dodd­frank

Rushe, Dominic. “Trump Orders Dodd­Frank review ineffort to roll back financial regulation”. The Guardian. February 3, 2017.

Retrieved from https://www.theguardian.com/us­news/2017/feb/03/trump­dodd­frank­act­executive­order­financial­

regulations

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Fixed Income Manager: Another IndispensableFactSet Product

Derivative Solutions—a FactSetCompany­­ now brings dynamicanalytic software to financialinstitutions in the fixed incomemarket.

Fixed Income Manager is the industry’s leading platform for accurate and reliable fixed­income

analysis, portfolio reporting, and risk management. Fixed Income Manager allows financial service

professionals like you to use consistent analytics for comparison across all markets and sectors, and

enables you to analyze prepayment options for any asset type.

You can also examine and evaluate the nature of embedded options in the fixed income markets

with our proven option pricing models, or you may integrate your own.

Fixed Manager even allows you to manage credit risk and conduct scenario analysis based on a wide

range of market variables.

Fixed Income Manager comes with the complete security coverage, unmatched customization, and

outstanding customer service from FactSet that customers have come to expect and rely upon.

For information and pricing options, please contact out sales team at qsales@companyq.com.

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Industry Events of Note:London Fintech Week 2017 The 4th Annual London Fintech Week is an 8­dayevent that will take place July 7­14 2017. It willfeature Fintech startups and innovators andkeynote speakers from around the globe, including

Eileen Burbidge, the British Treasury’sSpecial Envoy for Fintech Richard Crook, Head of Engineering for theRoyal Bank of Scotland Adi Ben­Ari Co­Founder atTallysticks/Applied Blockchain

Conferences and exhibitions will be held at theGrange Tower Bridge Hotel, and other events atCanary Wharf and “Tech City”. Experts areanticipating over 700 conference delegates from 50+countries each day. The Fintech Week Series willkick off Friday, July 7 at 6:30 pm with theBlockchain Hackathon Weekend, a much­

FINTECH WEEK 2017

SCHEDULE

Friday­Sunday:

Blockchain

Hackathon

Saturday: Company

Q Kickoff Party,

8pm

Monday: Money &

Payments +

Showcase

Tuesday: Capital

Markets +

Showcase, London

Fintech Exhibition

Wednesday: FS &

Insurance

Innovation +

Showcase,

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anticipated feature of the week that began in 2014. Ticket prices range between £149 per day to£1,800 for a full conference pass. Early bird pricingof £800 for a full conference pass is available untilMay 30, and there is a special 2­for­1 deal whenpurchasing two full­pass tickets. All conference attendees are encouraged to attendour Company Q Kickoff Party on Saturday, July 8that 8pm which will feature appetizers and a cash barin the Grange Tower Hotel's Grand Ballroom.Please visit our booth Monday through Friday inthe Grange Tower Hotel for information on ourlatest software packages and to enter to win anIPhone 7 and other prizes in our raffle. Hurry nowto purchase tickets, view the full list of keynotespeakers, and much more atwww.fintechweek.com.

International Fintech

Exhibition

Thursday:

Blockchain & Cyber

Security +

Showcase, Fintech

Job Fair

Friday: Partner

Workshop Day

Although this video is from 2014, it provides an idea of what attendees can expect from London

Fintech Week­­ excitement, vitality, and innovation.

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Client ProfileSuzanne Martin loves using her creativity to help clients plan forthe future

SNAPSHOT

Name:SuzanneMartin

Business:HerbstFinancialAssociates

Location ofBusiness:Plainfield, IL

Experience: 19years in the

Q: What do you find most helpful about thesoftware you use for back­end accountmanagement? A: We simply could not run our business efficientlywithout the use of Company Q’s back­endmanagement software. We use it to createcustomized forms, manage accounts, performrebalances, keep in contact with our clients, youname it. It manages the paperwork end of thebusiness so that we can devote more time tobuilding client relationships. Q: What do you think are the most pressing issuesfacing the financial services industry in the next fiveyears? A: Many financial advisors are older, from the baby

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financialindustry

Services:Retirement andlong­terminvestmentplanning, taxes

boomer generation. It is becoming increasinglyimportant for us to be able to reach millennials andmake them understand the importance of planningfor the future financially. Millennials, because ofthe 24/7 access they are used to on the internet,expect businesses to reach them on their terms.Older advisors need to learn how to use socialmedia effectively in order to better communicatewith millennials.

Q: What are your thoughts on the regulatory rollbacks being considered by the Trumpadministration? A: I honestly think that the provisions that are being delayed, such as the “fiduciary rule”,will go into effect as originally planned. After working in the financial services industry for19 years, I can say that there are many advisors out there who do not have the highestethical business practices. The regulations are needed to protect consumers. Most advisors have been planning for theregulatory provisions to go into effect for quite some time. Our firm has spent many hoursof work to ensure that we will be compliant with all upcoming regulatory measures. Q: What is your favorite part about working in the financial services industry? A: Because I am a CPA, most people assume that I do this job because I love numbers andfigures. The fact is, when you work with people, every day is different and exciting. We arehelping people realize their dreams through finding creative solutions that address theclient’s needs and desires. Whether clients are saving for college or planning for retirement, I love being able to usemy creativity to help them on their journey.

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WOULD YOU LIKE TO BEFEATURED OUR MONTHLYCLIENT PROFILE? The Company Q & A wants to hear fromyou, our clients. Whether your business is

KEEP IN TOUCH

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large or small, you possess a unique pointof view on the issues facing the financialservices industry today. Highlight your business and share yourthoughts and insights on industry newsand events by becoming a featured clientin our monthly newsletter. For moreinformation, contact our marketing teamat marketing@companyq.com.

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