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October 16, 2012
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  Top Story 
  • Presidential candidates outline positions on tax reform
    President Barack Obama and former Gov. Mitt Romney have released general information on their plans to reform the U.S. tax system, but more details are needed to better understand their intentions, writes Annette Nellen, CPA. Their policies, unclear at this point, would affect corporations, individuals, the process for tax reform itself and state taxes. The Tax Insider (10/11) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • Advisers feel confident for themselves but not for their clients
    Advisers feel confident about their own practices, but they worry about the economy and whether their clients -- especially the millennial generation -- will be able to meet their financial goals, according to the Schwab Advisor Services' 12th semiannual Independent Advisor Outlook study. They worry about troubles in Europe, low interest rates and discord in Washington. More than half of those surveyed predict that the Standard & Poor's 500 index will rise in the next six months. AdvisorOne (10/9) LinkedInFacebookTwitterEmail this Story
  • Wealthy clients are losing faith in their advisers, survey finds
    The mass affluent, millionaires and the super rich are losing confidence in their advisers, according to a survey by Spectrem Group. More than one-quarter of clients across all three segments feel they can invest better than their advisers. Other sources of dissatisfaction include poor understanding of clients' life needs, a lack of face-to-face meetings and low-quality financial plans and newsletters. AdvisorOne (10/11), (10/10) LinkedInFacebookTwitterEmail this Story
  • Other News
  Estate & Elder Planning 
  Retirement, Investment & Insurance Planning 
  • Investors should consider asset mix against the specter of inflation
    The economy may be headed for a period of slow growth and rising inflation. For that reason, this article says, investors should focus on assets that perform well in an inflation environment, including commodities, foreign currencies, gold and Treasury Inflation-Protected Securities. Stocks and bonds, by contrast, don't perform as well in such an environment. Advisor Perspectives (10/11) LinkedInFacebookTwitterEmail this Story
  • Other News
  Tax Topix 
  • Other News
  You and Your Practice 
  • How to review tax issues when structuring an inside buyout
    An inside buyout is a good exit option for businesses interested in succession planning, as it is flexible and can be structured in different formats. Tax issues should be considered because they can have a material impact on the gain realized in the eventual sale. Different outcomes may occur through an asset sale, a stock transaction or opting for an S or C corporation status. Business owners and their advisers must weigh tax consequences, tax cliff or not, when considering a sale. For more information on buyout structures and their tax implications for your clients, register for a Journal of Accountancy webcast on Oct. 30. Journal of Accountancy (10/2012) LinkedInFacebookTwitterEmail this Story
  • Should advisers break the 150-client optimal number?
    Psychological research involving a phenomenon called "Dunbar's number" finds that 150 is the optimal number of relationships one can maintain, both on social media and in business, including financial planning. The research suggests that when a client base reaches this number, an adviser would be better off investing in skills or internal projects rather than seeking additional clients. Nerd's Eye View blog (10/10) LinkedInFacebookTwitterEmail this Story
  • Other News
  • Web seminar: Winding to a Close: What Planning Can be Done for the Clients that Didn't Act Earlier
    This Web seminar (Thursday from 1 to 2 p.m. ET) is being held in recognition of National Estate Planning Awareness Week and will explore last-minute planning options that may be utilized near year-end for clients who did not heed warnings to act sooner. It may become impractical at some date to set up dynasty trusts in Alaska, Delaware, South Dakota or Nevada because of the time issues near year-end. Valuations may be impossible to conclude in time for a transfer. What steps can practitioners take to help last-minute clients take advantage of what might be the most significant planning year in the history of the estate tax? PFP/PFS and Tax members have the option to register for free (without CPE). This webinar is available for purchase (with CPE) for all (discounted for PFP/PFS and Tax members). LinkedInFacebookTwitterEmail this Story

  • Free consumer Web seminar: Plan Now for 2013: Tax, Gift and Estate Planning Tips
    This year presents an unprecedented opportunity for consumers to turn their focus to their personal financial plan (or lack thereof), including retirement, estate, tax, investment and insurance planning. With so many unknowns in 2013 compounded by an election year, now is the opportune time to take advantage of many financial planning avenues to avoid missing crucial opportunities to protect your nest egg and increase your net worth. Register and invite your clients to this consumer-focused Web seminar on Thursday from 1 to 2 p.m. ET. LinkedInFacebookTwitterEmail this Story

  • Web seminar: The Domestic Asset Protection Trust: Combining It With Double LLC
    Asset protection has become one of the hottest areas of practice for estate planners, and the Domestic Asset Protection Trust has become one of the leading asset-protection vehicles. In a Web seminar Oct. 23 from 1 to 2:15 p.m. ET, Steve Oshins, Esq., AEP (Distinguished) will describe this technique and the use of charging orders for additional creditor protection and how they can be combined to create a nearly insurmountable wall using a special design where the Domestic Asset Protection Trust is combined with two LLCs. This webinar is free for PFP Section members, inclusive of PFS credential holders without CPE. Discounted CPE is available for PFP Section members, inclusive of PFS credential holders, and Tax Section members. This seminar is available for purchase to all. Register now. LinkedInFacebookTwitterEmail this Story

  • Super early bird discount expires Saturday for PFP Conference and 2-day workshops
    Save $100 when you register by Oct. 20 for the Advanced PFP Conference and optional 2-day preconference workshops being held in January at the Aria Resort in Las Vegas. Learn more and register for the Advanced Personal Financial Planning Conference (Jan. 21 to 23), Implementing PFP Services: Step-by-Step Plans for Success (Jan. 19 and 20), and the PFS Exam Review Class (Jan. 19 and 20). PFP/PFS members save an additional $100 off the super early bird AICPA member price. Not a PFP member? Join the PFP Section today and save $50 on your first year of membership when you enter promo code CPALDPFP at checkout. LinkedInFacebookTwitterEmail this Story

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Action may not always bring happiness; but there is no happiness without action."
--Benjamin Disraeli,
British politician

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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.
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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