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TOPICS / PERSONAL FINANCIAL PLANNING

Proposed Statement on Standards in Personal Financial Planning

This spring, following a two-year drafting process involving practitioners from across the AICPA, the AICPA Personal Financial Planning Executive Committee issued an exposure draft for public comment on a Proposed Statement on Standards in Personal Financial Planning Practice. The proposed statement addresses the responsibilities of AICPA members when providing personal

Make your community more financially literate

Ninety-four percent of Americans say they have financial concerns of some sort, according to a 2012 Harris Interactive Survey conducted on behalf of the AICPA. These concerns range from the rising cost of gas to lack of emergency savings to retirement planning. Since launching in 2004, the award-winning 360 Degrees

A wealth of opportunity

Much has been written in recent years about wealth management services that call for practitioners, including CPAs, to have personal financial planning certification and to come under investment-adviser or other regulations. Much less attention has been paid to PFP services that don’t require specialization or additional licensing. One of these

Daily money management

As Americans enter old age in rapidly increasing numbers, more accountants will run into situations like the one a Virginia CPA encountered last year. The CPA spent five hours rummaging through the home of a 94-year-old client, trying to find the paperwork needed to complete the man’s 2010 tax return.

Help clients choose the right charities

Many nonprofits operate with tight resources, and some are struggling to survive in the slow economy. Here are ways to determine if the charities your clients support are effectively governed, accountable and fiscally responsible. —By Betsy Brill (betsy@stratphilanthropy.com), MBA, founder and president, and Susan Winer (susan@stratphilanthropy.com), senior vice president–Business, both

Estate Planning Action Steps

CPAs should play a more significant role than they often do in facilitating, implementing and monitoring client estate plans. National Estate Planning Awareness Week, Oct. 17–23, is an ideal time to encourage clients to address planning.   To download a sample client letter on estate planning, click here. Here are

Fund Advisers Face New Registration, Reporting Regs

The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010 marked the onset of major changes for financial advisers. The SEC in June followed through with rulemaking responsibilities under the new law by releasing final rules that include new registration and reporting requirements for advisers

Advising Financially Stressed Clients

Tax and financial advisers should be prepared to discuss a range of possibilities for their clients who are facing financial difficulties and help make the best choices given their circumstances and goals. Should they consider bankruptcy? If they want to avoid bankruptcy, how can they best reduce their debt? Which

PFP Services Guidelines

CPAs providing personal financial planning services to individual clients in estate, retirement, tax, investment and/or insurance planning need to ensure they are meeting their professional responsibilities. The AICPA Statement on Responsibilities in Personal Financial Planning Practice (SOR) provides guidance that can help protect against unforeseen risks of litigation. Here are

AICPA Comments on SEC Proposed Rule for Family Offices

The definition of a family office’s “family clients” must be inclusive enough to encompass all of the clients and arrangements that are typically present in a single-family office, the AICPA said. The suggestion was among comments submitted by the Institute on Tuesday on a proposed SEC rule defining family offices, part of

The Generation-Skipping Transfer Tax: A Quick Guide

Sooner or later, every estate planner comes face to face with the generation-skipping transfer tax (GSTT). Many practitioners do not feel up to the challenge because this particular tax has a reputation for being as treacherous as the sea. But after you boil down all the complications, you’re left with

Excerpts From the Personal Financial Planning Round Table

Editor’s note: These are Web-exclusive excerpts from the JofA‘s round table discussion with members of the AICPA’s Personal Financial Planning Section. Also read “Lessons Learned From the Financial Crisis,” Oct. 09.   PARTICIPANTS’ PERSPECTIVES ON GETTING INTO PERSONAL FINANCIAL PLANNING   Lyle Benson: We’re all living examples of CPAs who made the

Lessons Learned From the Financial Crisis

Since the onset of the economic crisis last fall, many CPAs who are personal financial planning specialists have been working overtime to reassure clients overwhelmed with fear about the future and safety of their investments and to reassess and reorient investment portfolios when necessary. Members of the AICPA’s Personal Financial

New Exam Options Offer Pathways to PFS Credential

An examination leading to the AICPA’s Personal Financial Specialist (PFS) credential is now available in hundreds of cities nationwide, along with a live, interactive online offering of the exam’s case-study component. Together, these features of the new PFS Pathway program are intended to allow CPAs anywhere to obtain the PFS

Estate Planning: Time for a Tuneup

A CPA is in an excellent position to help clients address the issues of estate planning. CPAs are usually aware of the scope of their clients’ assets and often know something about family relationships, recent marriages, children, grandchildren and other key facts. They see their clients annually in connection with

Social Security for Two

CPA financial planners are often confronted with the question, “When should I start collecting Social Security benefits?” For married couples, the question should be asked in the plural. Current financial needs and expected life span may be paramount considerations for a single person. However, the implications of when to begin

Quick Points on Prenups

Premarital agreements (also known as prenuptial agreements, or “prenups” for short) involve elements of estate planning and divorce law. And because such agreements can center on finances and taxes, accountants should be aware of how they operate. WHEN A PRENUP MAY BE NEEDEDPrenups aren’t just for rich people—they are for

AICPA and InvestmentNews Offer Online Discussion Forum for Financial Advisers

The AICPA and InvestmentNews have launched “Ask the CPA,” an online discussion forum on advising clients in times of economic crisis. InvestmentNews readers may post their questions at www.investmentnews.com/community. CPAs holding the Institute’s personal financial specialist (CPA/PFS) credential will respond. The forum will run through December 31, 2008. “This is an

Does Private Equity Belong in Your Client’s Portfolio?

Faced with a slumping stock market and low-yield bond portfolios, some fund managers maybe tempted by the higher potential yields of private equity. Before leading clients to this option, advisers should ask some hard questions: R Do you understand the deal? Is the specific industry one you believe you can

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Smart Strategies in Data Security and Risk Management

In an increasingly digital profession, data security has become one of the most critical challenges facing finance and accounting professionals today. Stay up to date with practical guidance to help you mitigate these risks and strengthen your security posture.