4 ways to jump-start the career you really want | SEC chair discusses investment advice rule, budget request | Groups ask court to issue mandate vacating fiduciary rule
June 11, 2018
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AICPA's Personal Financial Planning Section
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4 ways to jump-start the career you really want
If you are on a quest to find the career of your dreams, look no further. Take control of your career with these four tips from Mark Astrinos, CPA/PFS, who shares how he built a career in financial planning as a CPA and emphasizes the need to follow your passion. Be sure to check out this new hub with free guidance, tools and resources to learn more about how you can start or expand your services to individual clients.
AICPA Insights (6/7) 
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Save 20% off CPE and webcasts for your June 30 deadline. Use code CPEDLN18J. Shop Now.
Industry News and Trends
SEC chair discusses investment advice rule, budget request
Securities and Exchange Commission Chairman Jay Clayton did not lay out a timeline for finishing investment advice reform regulations but said the agency is "not going to take forever." Clayton also told lawmakers that the SEC could use a requested $6 million budget increase to hire more Office of Compliance Inspection and Examinations personnel.
InvestmentNews (tiered subscription model) (6/5) 
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Groups ask court to issue mandate vacating fiduciary rule
The National Association of Insurance and Financial Advisors and the American Council of Life Insurers are pressing the 5th US Circuit Court of Appeals to issue a mandate making its decision to vacate the Labor Department's fiduciary rule official. The groups say uncertainty remains in the absence of a mandate.
ThinkAdvisor (free registration) (6/6) 
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Other News
Why cybercriminals are targeting CPAs
Recently, CPA firms have become prime targets for cybercriminals. This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.
Estate & Elder Planning
Planning for older clients in relationships requires extra attention
Some older adults are choosing to live together or remain in long-term relationships without getting married. Advisers can help by drafting legal documents that ensure clients' wishes are carried out with respect to medical decisions and other issues. For more information on estate and client analysis, check out Volume 1, Chapter 2 of the updated Adviser's Guide to Financial and Estate Planning.
WealthManagement (6/5) 
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What to know about elder financial fraud
Elder financial fraud happens "at an alarming rate" and is often perpetrated by relatives, said Ted Sarenski, CPA/PFS. Protect against elder financial fraud by safeguarding assets, following scam alerts and monitoring accounts. For information on elder planning, PFP/PFS Section members can access this resource center filled with articles, videos, podcasts and more.
The Lifeline blog (6/1) 
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Lack of communication erodes family wealth
A lack of trust and insufficient communication can deplete family fortunes, according to a recent report. Advisers can help in several ways, such as by working to connect multiple generations of family members.
Financial Advisor online (6/4) 
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Retirement, Investment & Insurance Planning
Should clients retire with or without a mortgage?
In this article, Lyle Benson, CPA/PFS, Michael Landsberg, CPA, and Robert Keebler, CPA/PFS, weigh in on factors that could affect the decision of whether to pay off a mortgage before retirement. Among other things, help clients consider the interest rate on their loans and whether they will itemize their deductions.
Kiplinger's Retirement Report (6/2018) 
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Social Security COLA could exceed 3% next year, report says
The Social Security cost-of-living adjustment could be more than 3% next year, but seniors are grappling with increases in household expenditures that are even higher, according to a report.
ThinkAdvisor (free registration) (6/5) 
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Other News
Timely Planning Topics
Public vs. private blockchains: What CPAs should know
If you or your organization is interested in adopting blockchain technology, you need to know the difference between public and private blockchains. One might be a better option than the other. This blog post can help you decide.
AICPA Insights (6/6) 
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Looking for ways to improve 401(k) plans
A company called Guideline is offering low-cost 401(k) plans to business owners and applying automation to tasks such as plan administration and compliance testing. Meanwhile, Ted Benna, sometimes known as the father of the 401(k), is calling for changes such as auto enrollment and auto escalation. For ready-to-use materials on retirement plans, use Broadridge Advisor (available to PFP/PFS Section members) to inform your business owner clients.
ThinkAdvisor (free registration) (6/5) 
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Bob Veres Inside Information: A Look at "Robo" Financial Planning Software
The latest edition of Inside Information from Bob Veres includes stories on:
  • How to outsource compliance
  • A look at "robo" financial planning software 
  • Comments to the SEC on its recent proposals
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Family Income Splitting Strategies Video
In this video, expert Steve Siegel discusses tax-advantaged family income splitting strategies for your individual clients, as covered in The Adviser's Guide to Financial and Estate Planning.
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The finest eloquence is that which gets things done ... the worst is that which delays them.
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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 advisors 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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