Fifty-four percent of women say they are very concerned about retirement, compared with just 34% of men, a survey finds. Women face several obstacles in retirement, such as living longer and having less money in their accounts than men do. Advisers have an opportunity to add value for this demographic segment. PFP/PFS Section members can access the Women's Resource Center in Broadridge Advisor for hundreds of ready-to-go, client-friendly materials on talking with women about planning topics.
Are Your Clients Prepared for Long-term Care? Lack of knowledge surrounding the importance of long-term care expenses can have a major impact on one's retirement. This free resource will help empower CPAs and financial professionals with tools, resources and knowledge to help minimize LTC exposure for their clients. Free download >
A bill that would repeal the Department of Labor's fiduciary rule passed the House Financial Services Committee last week in a 34-26 vote. The bill, sponsored by Rep. Ann Wagner, R-Mo., would establish a best-interest standard and empower the Securities and Exchange Commission to enforce it.
Uncertainty surrounds the tax reform framework recently unveiled by Republican leaders, making it difficult to assess exactly how it would affect clients and advisers. The reform framework calls for eliminating the alternative minimum tax and the estate tax, but it would also limit itemized deductions.
There is no one-size-fits-all savings plan for retirement. Leonard Wright, CPA/PFS, shares best practices for helping your clients get started on a retirement plan that will set them up to enjoy their golden years.
The net unrealized appreciation distribution strategy may be the best approach for managing company stock held in a client's 401(k) plan, provided that certain conditions are met. Using this tactic, a client could transfer shares from a 401(k) to a taxable account and have embedded appreciation in the stock treated as long-term capital gains rather than ordinary income. Volume 2 of the Adviser's Guide to Financial and Estate Planning, available to PFP/PFS Section members, has more information about NUA.
Social Security benefits will climb 2% next year, marking the largest cost of living adjustment since 2012. However, the rising cost of Medicare premiums could cancel out the increase for many retirees.
Roth individual retirement accounts present several advantages, including the possibility of qualified distributions that are tax free, and they can be powerful estate planning tools for high net worth clients. However, it's important to weigh the costs involved before performing a Roth conversion. Take your knowledge of Roth conversions deeper by using these decision charts and tables (available to PFP/PFS Section members).
Recent wildfires and hurricanes drive home the point that critical documents must be protected. Storing original documents in a watertight safe or safe deposit box can help, as can creating digital copies, says Leonard Wright, CPA, co-author of the Disasters and Financial Planning guide.
At the beginning of the month, the Securities and Exchange Commission stopped accepting amendments to Form ADV until firms fill out the new version of the form. For some firms, that could mean making hundreds of new disclosures.
A demanding approach to mentoring doesn't work for everyone. But some employees may respond better to mentors who challenge them. Looking to grow the next generation of firm leaders? Hear what thought leaders have to say on this topic in the G2 panel at the AICPA PFP Summit in January 2018.
Video: Advising Clients on Financial Considerations When They Receive a Cancer Diagnosis
In this video, Martin Shenkman covers one of the toughest conversations you might have with a client -- the one following a cancer diagnosis. Topics include how to take a comprehensive proactive planning approach and strategies to consider when planning after the diagnosis.
Bob Veres Media Reviews: When 80 Becomes the New 60
Bob Veres Media Reviews are designed to save you hours of reading time each month. Read Bob's write-ups of articles in October's Financial Planning magazine, including those rated with high relevance like "When 80 Becomes the New 60" by Kimberly Foss and "The Right Way to Split an IRA" by Ed Slott. Access other editions of media reviews, Inside Information and e-columns.
Personal Financial Planning Section
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estate, tax, retirement, risk management and/or investment planning advice to individuals, families and
About the CPA/PFS Credential:
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
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