With imminent changes to Medicare Part D on the way, advisers should review clients' elections to help them make informed decisions, writes Jim Sullivan, CPA/PFS. Starting in 2019, changes will take effect aimed at closing the coverage gap for clients who spend more than the initial coverage limit but less than the threshold for catastrophic coverage. Talk to your clients about Medicare Part D using ready-to-go, client-friendly materials in Broadridge Advisor (included with PFP/PFS Section membership) and listen to Jim in this podcast.
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 advisors with tools, resource and knowledge to help minimize LTC exposure for their clients. Free download->
The accounting profession will undergo rapid change in the coming years, and CPAs will have to focus on becoming more integral parts of their clients' lives. CPAs can consider becoming more involved in the personal financial planning sphere and may find it helpful to collaborate with other financial professionals when doing so.
The Securities and Exchange Commission has introduced a three-pronged strategic plan focused on investors, innovation and performance for fiscal years 2018 through 2022. The plan includes broadening the use of risk analytics and data analytics and updating disclosure practices.
New Jersey is expected to make a proposed fiduciary rule for financial professionals available for public comment. The rule focuses on the behavior of financial advisers rather than merely requiring them to disclose conflicts.
Advisers can reference celebrities who died without a will, such as Prince and Aretha Franklin, to illustrate the importance of estate plans to clients who don't think they need one. Advisers should emphasize the fact that an estate plan has more to do with how clients wish to be remembered than with the amount of money they have. Are your clients in need of estate planning guidance? Make sure you are at the top of your game by reading The Adviser's Guide to Financial and Estate Planning, which has been updated for the new tax law (PFP/PFS Section members have free access).
October is Cybersecurity Awareness Month This fall, develop your cybersecurity fluency and gain confidence to make strategic decisions regarding cybersecurity risk. Attend in-person, tune into a webcast, or study at your own pace to learn what you can do to help protect your clients and your organization from cyber threats. View events
Premiums for Medicare Part B, which covers doctor fees and outpatient services, will rise to $135.50 per month next year, an increase of $1.50. Meanwhile, the annual deductible for Part B will increase by $2, and the inpatient deduction for Medicare Part A will increase by $24.
Clients may face several threats to their financial well-being, including illness and injury, legal risks, and market volatility. This broad range of threats makes holistic planning a good way for advisers to provide value and deepen relationships with clients.
Social Security beneficiaries will receive a cost-of-living adjustment of 2.8% in 2019, the second-largest COLA in the past decade. That equates to a $39 boost for the average recipient, raising monthly payments to an average of $1,461.
Making a qualified charitable distribution directly from an individual retirement account has become more beneficial since the passage of the Tax Cuts and Jobs Act. Find out how some taxpayers can use QCDs to contribute to charity in a tax-advantaged manner while continuing to take their full standard deduction.
AICPA Chair Eric Hansen, CPA, CGMA, shares his insights on the top issues facing small firms, touching on such topics as culture, succession planning and changes to the tax code. Want more practice management ideas? Check out Bob Veres' Inside Information (included with PFP/PFS Section membership), which includes thought-provoking content each month.
Planning & tax considerations when transacting in virtual currencies podcast
Your clients may be curious about cryptocurrency, and may come to you for guidance on navigating this nuanced asset. In this podcast, "crypto" enthusiasts and practitioners share valuable insights and planning considerations that you should be aware of when advising individual or business owner clients. Listen on iTunes or Podomatic and be sure to subscribe to our channel so that you don't miss an episode!
Broadridge Alerts: Medicare open enrollment, cybersecurity awareness month
Medicare open enrollment begins on Oct. 15. This client alert explains the importance of reviewing current Medicare plans and highlights the changes to Medicare benefits for 2019. Also, October is National Cybersecurity Awareness Month, the perfect time to talk to your clients about the importance of staying safe online. This new alert links to a client concept piece and more resources on how to advise clients on the increasingly important topic of online security.
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
owners through experience, education, examination, and a resulting credential.
AICPA Personal Financial Planning Section Resources