The recent extended tax deadline offered a great opportunity to help your clients get a handle on their 2018 taxes and begin preparation for the 2019 filing, writes Robert A. Westley, CPA/PFS, CFP®, a wealth adviser with Northern Trust in New York City. He looks at some potential strategies and writes that "smart tax planning will undoubtedly be top of mind, and the 2018 Form 1040 is a natural starting point in identifying advantageous tax and financial planning strategies."
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To build the next generation of financial planners, today's professionals need to reach out to younger people so they know what a great career it can be, writes Ana Trujillo Limón, senior editor of the Journal of Financial Planning and the FPA Next Generation Planner. From connecting with high school guidance counselors to becoming a mentor, she offers several ways planners can help create a new wave of financial professionals.
Clients learn "money messages" throughout their lives, and it's an adviser's job to help them evaluate those messages and decide whether they are working, writes David Geller, CEO of JOYN. He shares how advisers can help clients reframe unproductive money messages.
People who are hopeful about their finances experience less financial stress, says Angela Holliday, president of Frost Investment Services. She notes that knowing how to manage money tends to increase optimism and that optimists are more likely to save for major purchases than pessimists.
Finding the ideal clients largely comes down to establishing your niche, and then identifying which ones you want to find and which ones you want to avoid, writes consultant Crystal Lee Butler. Among the client categories to consider are age, marital status and career stage, she writes
Aging and Uber. Yes, they do go together. Research shows that things like ridesharing and robotics will change the world of aging. Deepen client relationships by going beyond the numbers and helping your clients to understand the potential of these new ideas.
Institutional Shareholder Services, a proxy advisory firm, has filed a lawsuit in US court that challenges the legality of Securities and Exchange Commission guidance that requires advisory firms to disclose how they come up with recommendations for clients. The complaint alleges the SEC has failed to follow the proper procedure for rulemaking and has exceeded its statutory authority.
The Securities and Exchange Commission is expected to consider rules next week that would make it more difficult for shareholders with a small number of shares to get proposals on proxy statements, sources say. The rules reportedly would also create obstacles to resubmitting proposals that had received little support.
Twitter will stop accepting political advertising globally, a policy that applies to messages related to a specific campaign and those that address a political issue, CEO Jack Dorsey says. The company will unveil details Nov. 15, and the ban takes effect Nov. 22.
Small-cap fund managers are concerned about whether they can comply with a Securities and Exchange Commission requirement to disclose the liquidity of assets in a portfolio by Dec. 1. "For bonds -- and bond trading is just not as transparent as stock trading -- that's a real nightmare for us, to try and figure out how liquid is this particular bond," says George Young, a partner and portfolio manager at Villere & Co.
Talking about long-term-care planning can be a good way for advisers to connect with clients, says Kristi Rodriguez, vice president for thought leadership at Nationwide Financial. She recommends bringing adult children and parents together for a "cross-generational conversation" and discussing how health savings accounts can be used to pay for long-term care.
For the first time, the federal government's public debt has exceeded $23 trillion, data from the Treasury Department shows. Nearly $17 trillion of that amount is debt held by the public, and the remaining amount is due to loans within government entities.
Just a decade after the creation of the financial planning profession, the first issue of the Journal of the Institute of Certified Financial Planners, known today as the Journal of Financial Planning, was published. Over the years, the Journal, FPA’s flagship publication, has been a trusted source in the financial planning community for dynamic, innovative, thought-provoking content that directly benefits financial planners and their work. Watch this video to learn more about what the Journal means to members of the profession.
New research from FPA and SEI reveals financial planners are at risk
Many financial planners are not anticipating evolving client needs or adequately planning for the future, despite the technology-fueled, rapid reshaping of the financial profession. To help financial planners address these needs, FPA and SEI unveiled new research, "Advisory Firms in 2030: The Innovation Imperative," which offers insights into how the profession is - and isn't - anticipating clients' changing needs and innovation's role in adapting to these changes. View results of the research now. And, read FPA Practice Management blog, Are You Adapting for Your Future Clients?
You just can't beat the person who never gives up.
Babe Ruth, professional baseball player
The Financial Planning Association® (FPA®) is the principal membership organization for CERTIFIED FINANCIAL PLANNER™ professionals and those who support the financial planning process. Working in alliance with the financial planning community, academic leaders and legislative and regulatory bodies, FPA delivers value to members through a variety of programs and services including professional education, business support, advocacy and community. Learn more at