Help wealth transfers go smoothly | Tax reform bill could pass by August, predicts former Rep. Lazio | The fiduciary rule's fate remains uncertain
March 20, 2017
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Help wealth transfers go smoothly
Family members need to work with various experts and communicate with one another for wealth transfers to be successful. Children should be involved in the process from early on. Educational programs and practical experiences handling wealth can help younger family members understand monetary issues. For more information, PFP/PFS section members can download this guide to financial and estate planning. (U.S.) (3/13) 
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New revenue recognition standard requires careful attention
Learn how to make significant accounting judgments and document them; collaborate with peers for consistent application; make appropriate disclosures; and communicate information related to implementation throughout your organization. Free report>
Industry News and Trends
Tax reform bill could pass by August, predicts former Rep. Lazio
Former congressman Rick Lazio predicts a tax reform bill will go to President Donald Trump before lawmakers take their August recess, despite a full slate of legislative goals facing Congress. Presidential involvement is often key to passing a tax reform package, as policymakers must tackle geographical concerns, partisan differences and other issues, he said. Visit the AICPA's tax reform resource center to keep on top of future legislation and tax law changes.
Accounting Today (3/14) 
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The fiduciary rule's fate remains uncertain
The future of the fiduciary rule crafted under the Obama administration is unclear, with opponents challenging it in court and the current administration considering a delay of its implementation. Now may be a good time for advisers to familiarize themselves with the requirements laid out in the Employee Retirement Income Security Act of 1974.
InvestmentNews (tiered subscription model) (3/14),  Financial Advisor online (3/17),  InvestmentNews (tiered subscription model) (3/14) 
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Grow your Client Relationships. Grow your Firm.
The AICPA Personal Financial Planning (PFP) Section will deepen your client relationships by strengthening your staff's expertise in this growing specialty. You'll get resources and tools to ensure an ideal client experience and maximize your firm's growth potential. We focus on the forward-thinking strategies and opportunities that will help you help clients meet their financial goals. Learn more >>
Retirement, Investment & Insurance Planning
The key elements to giving sound life insurance advice
Follow an established process when giving life insurance advice. The six-step plan outlined in this article involves implementing coverage that meets the client's needs and monitoring the status of both the client and the policy. Considering replacing a life insurance policy? PFP/PFS section members can access this podcast for more information.
InvestmentNews (tiered subscription model) (3/14) 
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Be diligent about trust-owned life insurance
Life insurance policies owned by a trust offer financial planning benefits to clients, but advisers must be sure to evaluate the financial health of the policies themselves on a regular basis. Policies may face various challenges, including the threat of premium hikes and the possibility of inadvertent lapse. (U.S.) (3/16) 
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Morningstar plans to launch line of mutual funds
Morningstar has filed with the Securities and Exchange Commission to sponsor a new line of nine mutual funds within an investment company known as Morningstar Funds Trust. Some observers worry the move could raise objectivity issues for the company's ratings of other funds. (3/14) 
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Tax Topix
12 signs clients' charitable giving could be more effective
Advisers who offer guidance on charitable giving can forge stronger relationships with clients and their families. Here are 12 signs that clients may appreciate this type of assistance.
Accounting Today (3/14) 
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House GOP could lead on tax reform, says former Senate budget chief
Recent events -- including the release of the proposed American Health Care Act earlier this month -- suggest the House may take the lead on tax reform, says former Senate budget director William Hoagland. Still, the country is in "a very uncertain time on tax reform," he said.
ThinkAdvisor (free registration) (3/13) 
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Timely Planning Topics
What Google can't give clients: A holistic approach
Clients now have access to a tremendous amount of information via the internet, but that doesn't mean they know how to put it all together. Advisers provide a holistic approach that considers clients' assets and liabilities, tax implications, insurance, family obligations and other factors. For more information, check out this roadmap to developing a holistic practice and see what your fellow financial planners have to say about their experiences as CPA financial planners. (3/15) 
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Get the backstory behind your clients' attitudes toward money
Clients' attitudes toward money can stem from various influences, such as personal losses early in life, familial advice and how they've earned their money. These factors may influence behavior, so it's critical for advisers to gain a deeper understanding of the personal experiences that shape client thinking. This article suggests questions to ask to learn their financial "backstories." (U.S.) (3/15) 
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You and Your Practice
Congress releases cybersecurity guide for small businesses
The House Small Business Committee has issued anti-cyberhacking guidelines for small businesses, which include suggestions for better data security. While the issue of cybersecurity is more commonly associated with large financial institutions, the committee points out that nearly 60% of small companies go out of business following a hack and 71% of cyberassaults target businesses with fewer than 100 workers.
Financial Advisor online (3/10) 
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How to gain media exposure
Media exposure can offer a number of advantages, including improved credibility and influence. Being active on social media, offering valuable information and being respectful of deadlines can help you work with the press. (3/13) 
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Other News
Broadridge (formerly known as Forefield) Alert: Deadline for Making 2016 IRA Contributions
Use this new Client Alert to help you inform your clients that there's still time to make IRA contributions for 2016. For most taxpayers, the contribution deadline for 2016 is April 18, 2017. To access the alert, log in to Broadridge and then click on Advisor Education, then Advisor Alerts on the left side of your screen.
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Bob Veres Media Reviews: Taboo IRA Investments and Coordinating the Elder Care Players
Read Bob's write-ups of articles appearing in March's Financial Planning magazine, including summaries of such highly relevant pieces as "Coordinating the Players" (an article on elder care) by Martin Shenkman and "Taboo IRA Investments" by Ed Slott.
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About the PFP Section | Join the PFP Section | About the CPA/PFS Credential
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About the PFP Section
The AICPA's Personal Financial Planning Section is the premier provider of information, tools, advocacy and guidance for CPAs who specialize in providing estate, tax, retirement, risk management and/or investment planning advice to individuals, families and business owners.

About the CPA/PFS Credential:
The Personal Financial Specialist program allows CPAs to gain and demonstrate competence and confidence in providing estate, tax, retirement, risk management and/or investment planning advice to individuals, families and business owners through experience, education, examination, and a resulting credential.
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