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PFP News

 

Member-Exclusive News, Resources and Events

 

June 7, 2017

In This Issue

Leg/Reg: Fiduciary Rule Effective June 9

Leg/Reg: AICPA Submits Recommendations for 2017-2018 Guidance Priority List

Video Podcast: Generation-Skipping Transfer (GST) Tax Planning

Bob Veres E-Column: Achieving Absolute Engagement

Article: Coming Trends in Services to Individuals

T3 Technology Hub Newsletter: Essentials of a CRM Solution

Maximize Your Membership: Overview Page & Videos

Upcoming Free Webcast: Working Effectively with Clients in Emotional Situations

CPA/PFS Corner: PFS Exam Review Options Still Available

Other News: Podcast: Tax Reform and Life Insurance; Podcast: Assets Transferred to FLP are Included in Estate; Bob Veres Inside Information: June Recap and Setting and Achieving; Bob Veres E-Column: The Other Side of the Equation; Newsletter: The Ultimate Guide to Decanting Trusts; Apply to Volunteer on a PFP Committee

 

 

PFP News & Resources

 

 

Please note: Due to the Advanced Personal Financial Planning Conference taking place next week as a part of ENGAGE, there will not be a PFP Section newsletter.  We will resume publication on Wednesday, June 21. 

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Leg/Reg: Fiduciary Rule Effective June 9

 

The U.S. Department of Labor Fiduciary Rule will take effect this Friday, June 9.  The rule mandates that advisers delivering investment advice on retirement assets adhere to the Impartial Conduct Standards (including the “best interest” standard) during the transition period ending January 1, 2018, when the full impact of the rule is currently scheduled to take effect.  During the transition period, firms and individuals are given time to prepare for certain new disclosure requirements.  Due to the high standards to which AICPA members are already held, the new rule should have minimal impact on members who provide personal financial planning advice and adhere to the SSPFPS and Code of Professional Conduct.  To provide further clarification, access this resource page with helpful podcasts and a white paper to help you understand the rule.  An additional illustration tool to further help members is being finalized and will be available in a matter of days.

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Leg/Reg: AICPA Submits Recommendations for 2017-2018 Guidance Priority List

 

On May 30, the AICPA submitted recommendations on the 2017-2018 Guidance priority list (Notice 2017-28).  The suggestions encourage the Department of the Treasury and the Internal Revenue Service to continue pursuing tax simplification and consider the following as part of the process:

 

Use the simplest approach to accomplish a policy goal

Provide safe harbor alternatives

Offer clear and consistent definitions

And more

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Video Podcast: Generation-Skipping Transfer (GST) Tax Planning

 

In this video, Bob Keebler, CPA/PFS, provides an overview of generation-skipping transfer (GST) tax planning. Topics covered include:

 

History of GST

Types of GST transfers

Skip persons, generational assignment, double skips, direct skips, and trusts

Lifetime GST exemption and GST annual exclusion

Taxable trust distributions and exceptions

Taxable trust terminations

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Bob Veres E-Column: Achieving Absolute Engagement

 

In this e-column, Bob Veres shares insights from Julie Littlechild’s book, The Pursuit of Absolute Engagement.  The formula for absolute engagement, you’ll learn, has three components: 1) you work with clients that energize you 2) you do the kind of work you want to be doing every day and 3) you play the role you want to play on the team. Access other editions of media reviews, Inside Information and e-columns.

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Article: Coming Trends in Services to Individuals

 

Gone are the days when clients went to their CPA to only have their tax returns prepared. In an age where time is at a premium, clients are looking for one stop shopping for their financial needs. Taking a holistic view of the services your firm offers can help boost success and your firm’s longevity, as well as help retain and delight clients.  Learn more in this article from expert Lyle Benson, CPA/PFS.

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T3 Technology Hub News: Essentials of a CRM Solution

 

T3 Technology News is designed to provide you with insight and all the latest news on technology for financial advisors plus in-depth reporting on financial services technology. The latest edition of the T3 newsletter is available which includes the following articles:

 

Five Essentials of a Working CRM Solution for Advisors

Using Two Factor Authentication with MS Office 365 Business Edition

Quick Takes: Truelytics, a Business Intelligence Application for RIAs

T3 Press Release Roundup: Latest News from Major FinTech Companies

 

To receive the newsletter directly, subscribe here

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Maximize Your Membership: Overview Page & Videos

 

Make sure you are making the most of your PFP Section membership.  Consider bookmarking this page which will provide simple and easy links to some of the following resources to help you:

 

Overview videos from the PFP Section including an online tutorial of benefits

Links to our most popular content like Broadridge Advisor and the Learning Library

A comprehensive grid showing all member benefits

And much more

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Upcoming Free Webcast: Working Effectively with Clients in Emotional Situations

 

When you are faced with an emotional client - whether it’s anger, sadness, or otherwise - equipping yourself with techniques to effectively work through the situation can create a deeper and more meaningful client relationship. In this webcast taking place on August 16 at 1pm ET, CPA financial planners Jean-Luc Bourdon and Ted Sarenski, will share tools, techniques, and resources to help you work effectively with clients. You will learn:

 

Effective listening techniques

How to check your emotional reaction

How to help clients move through their emotions so you can work together effectively

Tips to build rapport and empathy

 

(Note: This webcast does not offer CPE credit)

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CPA/PFS Corner

 

 

Last call for the in-person PFP Boot Camp class at the ENGAGE conference in Las Vegas next Sunday and Monday, or take the self-study PFP Boot Camp course available on-demand.  Practice questions are available as you register now for the PFS Exam in July.  Go to aicpa.org/PFS for more information.

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Other News

 

 

Podcast: Tax Reform and Life Insurance
In this podcast, Bob Keebler, CPA/PFS, interviews Larry Brody on two tax reform proposals, including the Trump Administration’s 2016 proposal and the House Republican Blueprint and what the impact of each would be on life insurance strategies and planning, with particular regard to how estate tax, GST and gift taxes, and carryover basis at death are handled.  For more information on tax reform, visit the AICPA Tax Reform Resource Center.

Podcast: Assets Transferred to FLP are Included in Estate
In Estate of Powell v. Commissioner, 148 T.C. No. 18 (May 18, 2017), the Tax Court, in a reviewed decision, held that assets transferred to a family limited partnership were included in the decedent's gross estate. Bob Keebler, CPA/PFS, reports. The text of the Tax Court's opinion can be found here and the podcast here, courtesy of Leimberg Information Services, Inc.

Bob Veres Inside Information: June Recap and Setting and Achieving
The latest article in Inside Information* from Bob Veres features Setting and Achieving, which introduces the neuroscience of defining what you want and succeeding at it. Bob’s June articles are compiled into his latest comprehensive Inside Information edition.  *Access to Inside Information is a benefit of PFP/PFS membership, which is an individual membership. If your colleagues would like access to this newsletter service, they can either purchase directly from Bob Veres or sign up for PFP membership.

Bob Veres E-Column: The Other Side of the Equation
In this e-column, Bob Veres considers the client viewpoint on advisory fees.  Based on comments clients have made to their advisors, it is clear that there are missing ingredients in the fee discussion.  Bob shares that advisors are constantly talking about how a fiduciary standard involves disclosing what we charge with clarity, but articulating the value we provide in return can be very murky—and different for every firm.  How can advisors segment and disclose services as accurately as they disclose fees?  Bob thinks advisors have to break down the financial planning relationship into parts. Access other editions of media reviews, Inside Information and e-columns.

Newsletter: The Ultimate Guide to Decanting Trusts
For many years, practitioners have struggled to find ways to change the terms of an irrevocable trust.  However, through common law and through the decanting statutes that have been enacted in many jurisdictions, it is now possible to modify an irrevocable trust.  Read commentary from Pete Melcher, Bob Keebler, CPA/PFS, and Steve Oshins in this issue of the Leimberg Information Services, Inc. newsletter.

Apply to Volunteer on a PFP Committee
The AICPA has many volunteers who serve on the various personal financial planning committees and task forces. If you are interested in participating on a committee or task force, please log on to volunteer central at volunteers.aicpa.org and complete the volunteer application. Please make sure to load a resume or CV when you complete the application. The PFP Committees include the PFP Executive Committee and the PFS Credential Committee.  In addition, there are numerous task forces set up every year to work on special projects identified by the committees. If you have questions, please contact us at financialplanning@aicpa.org . Our volunteers are what make the AICPA the great organization it is, so please consider serving on one of our committees or task forces. The application period is open through July 10, 2017.

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Events

 

PFP Section-hosted webcast recordings and materials are available as part of your PFP/PFS membership and are posted to aicpa.org/pfp/library if you would like to listen again or if you are not able to attend the live event.

Conference recordings are available at no charge to conference attendees or for purchase to those who weren’t able to attend. Recordings from past conferences are available at aicpaconference
materials.com
.

Upcoming PFP Section-Hosted Webcasts:

Watch PFP News for registration links for upcoming events!

Evaluating Existing Variable Annuities
June 28 from 1-2:15pm ET
Discounted CPE.

Taking a Fresh Look at Reverse Mortgages
July 19 from 1-2:15pm ET
Discounted CPE.

Financial Planning and Tax Implications of Retirement Plans
July 26th from 1-2:45pm ET
Discounted CPE.

Working Effectively with Emotional Clients
August 16 from 1-2:15pm ET
Free (no CPE).

Advising "Sandwich Generation" Clients on Balancing Support for Parents and Children
August 30 from 1-2:15pm ET
Discounted CPE.


Other Upcoming Webcasts:

Small Firm Update
June 8 from 2:00-3:00 pm ET
Free (no CPE).

Upcoming Conferences:

Next Week! Advanced PFP Conference (ENGAGE)
June 12-14, 2017
Discounted CPE.

Building a Personal Financial Planning Services Business*
(ENGAGE pre-conference workshop)
June 10-11, 2017

George Kinder’s Seven Stages of Money Maturity Workshop*
(ENGAGE pre-conference workshop)
June 10-11, 2017

PFP Bootcamp*
(ENGAGE pre-conference workshop)
June 10-11, 2017

Planning for the $5-12 Million Dollar Estate*
(ENGAGE pre-conference workshop)
June 11, 2017

*To register for the ENGAGE conference and a bundle workshop, click here to start the registration wizard; once you enter your personal information, you will be directed to the next page where you can choose your registration pass. Hit next to add on a workshop of your choice.

2018 Personal Financial Planning Summit
January 7- 10
Registration coming soon.

 

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Email the PFP Team: financialplanning@aicpa.org Visit our home page: aicpa.org/pfp

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