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Federal Student Loan Debt is a major issue that affects 43 million adult Americans. Many of them, like borrower Nicole Nelson, a native of Illinois, sought the advice of her loan servicer, Great Lakes Educational Loan Services. In a recent article by MarketWatch, the company allegedly deceived her by steering her towards repayment plans that benefit them, not her.

On June 2019, the federal appellate court unanimously decided that a loan servicer could not allegedly and deliberately misrepresent repayment options and use federal laws to shield the servicer from state rules barring deceptive business practices. The case highlights how the Education Department rarely holds servicers accountable. Due to these weak state consumer-protection laws in student-loan litigation, clients might end up with costly repayment options.

If you’re the type that cozies up to a good business book, below we outline an essential Fall reading list – put together by Financial Advisors for Financial Advisors. Our recurring series the “Advisor Spotlight” asks Vanderbilt Advisors to share books that have helped shape or influence their practice over the years. Below are just a few of our favorites:

Automation has given rise to Robo-Advising, a new technology that uses algorithms to aid in investment decisions, including those related to impact investing. What is an algorithm, and what does it offer to the Financial Advice Industry? An algorithm is a process or set of rules to be followed in calculations or other problem-solving operations, usually done by a computer. In Financial Services, a Robo-Advising algorithm is mainly used for non-complicated portfolio management. Clients can choose from a wide range of companies and services with a lower minimum initial investment than most traditional Financial Advisors. The account fee is low-cost to zero, which attracts a large group of clients who typically find an advisor’s fee as a cost-prohibitive barrier. As this technology becomes increasingly popular, there have been talks about the replacement of the human Financial Advisor.