Don't let perception create business limitations for you | 4 ideas for estate planning | Advisers should ask clients these charitable planning questions
November 15, 2019
FPA SmartBrief
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Don't let perception create business limitations for you
Perceptions help us determine what's possible, and they sometimes can also impose limitations when it comes to taking business risks that could pay off big, writes Daniel C. Finley, president and co-founder of Advisor Solutions. He offers an outline for living "beyond any business limitations you might have set up for yourself."
FPA Practice Management Blog (11/12) 
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Fixed Income Views: Keep Calm and Carry On
In this issue, our fixed income team takes an in-depth look at each sector of the bond market. See why we continue to forecast a more resilient market than many predict.
Practice Management
4 ideas for estate planning
Clients can strengthen their estate plans by taking such key steps as reviewing beneficiary designations, making sure they have sufficient life insurance, using trusts effectively and giving to charities. 
Forbes (11/6) 
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Advisers should ask clients these charitable planning questions
The holidays can be a good time for financial advisers to discuss charitable planning with clients and their families, writes Ken Nopar of the American Endowment Foundation. He lists 20 questions advisers should ask clients that cover topics such as their motivation for giving and charitable legacies.
WealthManagement (11/8) 
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Include digital assets in estate planning
The growth of digital assets makes it important to include them in estate planning, according to attorney Jennifer Zegel. The assets must first be identified, and then estate planning documents should be updated to authorize or restrict access, she writes.
Financial Advisor online (11/12) 
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The right questions can help advisers avoid miscommunication
Different interpretations of facts can lead to miscommunications between financial advisers and clients or prospects, writes author and sales coach Dan Solin. He suggests focusing on asking questions to determine what people need rather than trying to convey information.
Advisor Perspectives (11/12) 
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Policy Watch
Rep. Chabot says SECURE Act can bolster small businesses
The many retirement-related provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 open the door to small business providing the retirement plans they need to order to attract the best workers, according to Rep. Steve Chabot, R-Ohio. "On behalf of small business owners and the millions of workers they support, I urge the Senate to make passage of the SECURE Act a priority," he says.
The Hill (11/13) 
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State tax laws on trusts highlighted by court case
A recent US Supreme Court ruling prohibiting North Carolina from taxing undistributed trust income because a beneficiary lives there offers a good reminder of the importance of state tax laws regarding trusts, experts say. "Many times our clients focus on one specific issue without completely understanding all the other consequences" of trust taxation, says financial planner Larry Pon, who recommends working with an estate-planning attorney who is well versed in trust law and tax law.
Financial Advisor online (11/11) 
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FINRA to test broker-dealers for Reg BI readiness
The Financial Industry Regulatory Authority will work with the Securities and Exchange Commission to establish Regulation Best Interest preparedness exams for broker-dealers, FINRA CEO Robert Cook says. "We just want to make sure we understand what some of the challenges that firms are facing at this stage and where they might be needing more guidance," he says.
ThinkAdvisor (free registration) (11/12) 
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FINRA weighs restriction on beneficiary role of brokers
The Financial Industry Regulatory Authority wants input on a proposal that would limit the ability of a person associated with a broker-dealer to be named a client's beneficiary, executor or trustee. The rule would require a registered person to give notice of such an arrangement to the broker-dealer, which would then decide whether to allow it.
ThinkAdvisor (free registration) (11/12) 
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Industry Report
What millennials are getting right about retirement
Millennials have proven adept at adapting to changes in the retirement landscape, writes financial planner Eric Brotman. He highlights several things he thinks this generation is doing right, including cutting spending, being more willing to change jobs and delaying big purchases, such as a home.
Forbes (11/12) 
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Commentary: Retirement security will get a boost during next 50 years
Retirement in 50 years is likely to be more secure than it is currently, writes Alicia Munnell, director of the Center for Retirement Research at Boston College. She highlights three areas she believes will be a focus over the next half century: filling in retirement coverage gaps, making long-term-care insurance more affordable and making it easier to tap home equity for retirement income.
MarketWatch (11/11) 
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Report: Lack of planning, financial literacy among top adviser concerns
Clients' inadequate retirement savings was a top concern of financial planners who were surveyed for Financial Planning's Financial Wellness Report. Lack of financial literacy was another major client concern cited by advisers.
Financial Planning online (11/11) 
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FPA News
Stay compliant and get up to speed on new standards and regulations
The FPA Member Advocacy Council (MAC) recently released the MAC Regulatory Compliance Toolkit to help FPA members adhere to CFP Board's new Code of Ethics and Standards of Conduct and the SEC Regulation Best Interest Rule. Check out the toolkit now, and often as more resources and tools will be added.
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Make financial planning accessible to everyone with MoneyGuide
Three in five Americans live paycheck to paycheck and only one in four have a written financial plan according to Charles Schwab's 2018 Modern Wealth Index. The reality is that many Americans spend more time and effort planning a vacation than planning for the longest vacation of their lives, retirement. Demonstrate value and engage clients faster with deconstructed planning with MoneyGuide financial planning software. FPA members can save $300 off the annual retail price. Learn more.
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