News from the Reference Desk Category: Business

Financial Advisors and the Dept. of Labor’s New Fiduciary Rule

As of June 9, 2017, a new Fiduciary Rule put forth by the Department of Labor will go into effect, potentially changing the level of accountability for many financial advisors currently not officially considered a “fiduciary.” The new rule expands the “investment advice fiduciary” definition under the Employee Retirement Income Security Act of 1974 (ERISA). Essentially, the Department of Labor’s definition of a fiduciary demands that advisors act in the best interests of their clients, and to put their clients’ interests above their own. It leaves no room for advisors to conceal any potential conflict of interest, and states that all fees and commissions must be clearly disclosed in dollar form to clients. The definition has been expanded to include any professional making a recommendation or solicitation — and not simply giving ongoing advice. Previously, only advisors who were charging a fee for service (either hourly or as a percentage of account holdings) on retirement plans were considered fiduciaries.

Read HERE for a more detailed explanation.

Two New Databases for Small Business Owners and Entrepreneurs

MPPL has recently added two new and exciting databases from Gale focused on resources ideal for entrepreneurs and small business owners: Business Insights: Global and Small Business Resource Center. Available as part of our Web Resources and accessible to anyone inside the library (and remotely at home for MPPL cardholders), these two powerful resources offer information and help around everything from writing a business plan, market research and industry reports to company information, funding sources and management strategies. If you’re someone working to start your own business or simply looking for ways to enhance your current one, take a moment to explore these rich and user-friendly tools!

Many New Web Resources

This week MPPL rolled out a number of new web resources from Gale.

  • Gale General OneFile is an article database. You can search it directly here, or search it with our other article databases in Article Finder.
  • Gale Business Insights: Global is designed for professionals, entrepreneurs, students, and general researchers, delivering comprehensive international business intelligence, compiled into a logical, usable context.
  • Gale Small Business Resource Center covers all major areas of starting and operating a business: financing, management, marketing, human resources, franchising, accounting, taxes and more. Startups, established businesses, and business students alike can find answers from its mobile responsive experience.

SCORE Mentoring at MPPL

Do you own a local business or are thinking of starting one? Well, if you don’t already know about SCORE—you should! The SCORE Association, a resource partner of the Small Business Administration (SBA), is a national not-for-profit organization with 320+ chapters and 11,000+ volunteer mentors throughout the United States. SCORE volunteer mentors are successful current and former executives and business owners representing many skill areas and industries. They can help you with questions like: How do I start a business? Where can I obtain funding for my business? How can I grow my existing business? How can I manage my cash flow? How can I use social media in my marketing efforts?

SCORE mentors work with you one on one to help you with your business challenges,  advising clients about options for loans and other types of business financing. SCORE and the SBA do not provide financing directly, but often they can help point you in the right direction in where to look.

Free mentoring is now available by appointment  at Mount Prospect Public Library the first and third Wednesdays of every month. You can find more information and register for a mentoring session here at MPPL at https://chicago.score.org/content/find-mentor-224. Just search using the MP zip code 60056. Feel free to contact Business Reference Librarian Joe Collier with any questions!

Minority Entrepreneurship Program Launched in Illinois

In August, Governor Bruce Rauner announced that applications for the Advancing the Development of Minority Entrepreneurship (ADME) program are now being accepted. ADME will identify high-potential minority entrepreneurs and provide them with resources to start and grow their business. Governor Rauner announced the program in February. It is run by the Illinois Department of Commerce with collaboration from Intersect Illinois. Program participants will be selected through a competitive application process, including the Entrepreneurial Profile 10 assessment, a research based talent assessment designed specifically to measure and help develop an individual’s innate entrepreneurial talent created and administered by Gallup. ADME pairs the EP10’s predictive power with resources and support to help minority entrepreneurs thrive. Selected applicants will receive access to education and training, capital, an entrepreneurial support system, connections to Illinois’ business community and other tools.

The Illinois Department of Commerce will develop and administer ADME’s training and facilitate investment opportunities through the Department’s Advantage Illinois program and community partners. Intersect Illinois, in addition to hosting the ADME website, will manage applications and assist with program marketing. The first year of the program will focus on minority communities, including women and veterans, in Chicago, Peoria and Rockford with the goal of expanding statewide. ADME is part of the Rauner Administration’s commitment to support minority and women-owned businesses and increase diversity in businesses and within the Illinois economy. Applications are available online at www.admeillinois.org and will close October 23, 2016.