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- Lawmakers introduce bill calling for SRO for advisers
House Financial Services Chairman Spencer Bachus, R-Ala., and Rep. Carolyn McCarthy, D-N.Y., introduced legislation to put financial advisers under the supervision of a self-regulatory agency, rather than the Securities and Exchange Commission. The lawmakers said the SEC doesn't have the resources to properly regulate financial advisers. The AICPA expressed its opposition to the bill, urging Congress to keep oversight of investment advisers with the SEC. InvestmentNews (free registration)
(4/25), AdvisorOne
(4/25)     
- FINRA offers lower cost estimate for adviser SRO
The Financial Industry Regulatory Authority says that it would cost between $12 million and $15 million to establish FINRA as a self-regulatory organization for advisers, and between $150 million and $155 million annually to administer the program. That's markedly less than had previously been estimated by the Boston Consulting Group, which projected startup costs of $200 million to $255 million and ongoing costs of up to $510 million a year. InvestmentNews (free registration)
(4/26), Financial-Planning.com
(4/25), AdvisorOne
(4/25), Financial-Planning.com
(4/26)
| Industry News and Trends | | |
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Why Social Security may be better off than some people think: Worries over the future of the Society Security trust fund may be overblown, Michael Kitces writes. For one, the trust fund is used only to cover the difference between Society Security expenses and tax revenue. Second, a reduction in benefits over the next two decades is likely to have only a small effect on many retirees. For individuals who rely on Social Security for only a portion of their retirement, the reduction will amount to roughly 6% of their retirement income. Nerd's Eye View blog
(4/26)
| Estate & Elder Planning | | |
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- 10 steps to improve estate clients' post-mortem planning
Here are 10 steps CPAs should take to prepare a Form 1041, U.S. Income Tax Return for Estates and Trusts, after the death of an estate-planning client. Taking the right steps can minimize tax liabilities for the estate and its beneficiaries. They include choosing a fiscal year, electing to include trust income on the estate's income tax return and managing distributions to lessen tax exposure. Journal of Accountancy
(5/2012)
| Retirement, Investment & Insurance Planning | | |
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- 7 strategies for tax-advantaged investing
This article presents seven investing strategies that can help investors deal with uncertainty while creating the potential for after-tax returns. They include the use of instruments, such as qualified covered calls and private activity bonds, and avoiding capital losses on bonds and short-trading ETFs. Journal of Accountancy
(5/2012)
- Report details advisers' strategies amid low interest rates
A survey-based report indicates that 85% of advisers say low interest rates have affected their ability to help retirement-income clients. Many advisers have reacted to low rates by turning to annuities with living-benefit income riders or dividend-paying stocks, the report found. AdvisorOne
(4/25)
- Financial tips for parents with college-bound students
Parental income can have a big effect on how much financial aid students may receive for college. Here is a list of dos and don'ts for parents whose children will go to college soon or in the future. For example, parents should begin saving as soon as possible and have their children apply for scholarships. They should not put assets in their children's names or expect that their children will receive full rides. Morningstar Advisor
(4/2012)
| Tax Topix | | |
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- Get ready for "taxmageddon"
Staving off the huge tax increases and spending cuts scheduled for early 2013, the combination of which could derail the economy, won't be easy given the polarization of Congress, writes Peter Orszag, former Office of Management and Budget director. InvestmentNews/Bloomberg (free registration)
(4/25)
| You and Your Practice | | |
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- Are you ready to become a trusted business adviser?
CPAs can build their practices by working to become a trusted business adviser for their clients. Expanding to offer new services creates benefits including increased revenue, better client relationships and more referrals. However, it also requires making a shift and engaging clients in deeper conversations about their businesses' financial needs. This article offers six steps CPAs can take to begin to develop into a trusted business adviser. The first is to evaluate current clients before asking questions to uncover their business needs. Journal of Accountancy
(5/2012)
| AICPA PFP News | | |
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PFS Exam Review Web Class starts May 8
In six segments, the PFS Exam Review Web Class will help you understand the technical foundation of the personal financial planning discipline and prepare you for the Personal Financial Specialist Examination. For your convenience, these six segments will be broadcast live two times between May 8 and 23. You have the option to select the time that's most convenient for you. Plus, you'll have access to the archive after the event is broadcast, so you can use these video segments as a reference tool to help you study for the PFS Exam. Watch all six segments live and receive 15 hours of CPE. PFP Section members save $100! Purchase the PFS Exam in the same order and receive a 10% discount. Qualify for a PFS Exam Sponsorship to further offset the cost.
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Final reminder! CPA/PFS Perspectives on Offering Investment Services (May 7)
Register today for this inaugural webinar of a new quarterly series: CPA/PFS Perspectives, to be held 1 to 2:30 p.m. Eastern time May 7. This webinar features a panel of successful CPA Personal Financial Specialists who will discuss the practical aspects of offering investment services. Each panel member brings a different perspective on the topic and will discuss their experiences and answer your questions. This webinar is available free without CPE to PFP/PFS members and available for purchase with CPE for all with discounts for PFP/PFS and Tax Section members.
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Free webinar: Proactive Planning in Preparation for 2013 (May 9)
Register today for the free webinar, Proactive Planning in Preparation for 2013, to be held 1 to 2:30 p.m. Eastern time May 9. In this webinar, expert CPA financial planners will walk you through income and estate-tax changes scheduled for 2013, the effect of President Barack Obama and U.S. Rep. Paul Ryan's budget proposals, and ways that you can help your clients address the unknowns for 2013 and take advantage of planning opportunities now. With so many unknowns in 2013 compounded by an election year, your clients need to take advantage of many financial-planning avenues now to avoid missing crucial opportunities to protect their nest egg and increase their net worth. This webinar is presented by the AICPA PFP Division and is free without CPE or available for purchase with discounts for PFP/PFS and Tax Section members.
| SmartQuote | | |
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 | A sound mind in a sound body is a short but full description of a happy state in this world."
--John Locke,
British philosopher
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| AICPA Personal Financial Planning Section Resources |
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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 investment planning and advice to their individuals and closely held entities.
The PFP Section’s primary objective is to support its members by providing resources that enable them to perform
valuable personal financial planning services in the highest professional manner. Members of this section broaden
their technical expertise, improve their professional competence and receive resources to deliver high-quality,
profitable PFP services. All AICPA members, generally, are eligible to join the PFP Section.
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| About the
PFS Credential |
The
Personal Financial Specialist
credential distinguishes CPAs as having demonstrated that they have the subject matter expertise and experience necessary
to deliver financial planning services of the highest, as well as the CPA's traditional hallmarks of uncompromising
objectivity, integrity and adherence to the AICPA's Code of Professional Conduct. CPA/PFS credential holders demonstrate
their expertise through financial planning education, experience and testing.
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| | Recent Financial Planning Digest Issues:
- Tuesday, April 24, 2012
- Tuesday, April 17, 2012
- Tuesday, April 10, 2012
- Tuesday, April 03, 2012
- Tuesday, March 27, 2012
| | | Lead Editor: Ashley Fletcher Frampton
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