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    AICPA

    PFP News

     

    Member-Exclusive News, Resources and Events

     

    April 16, 2014

    In This Issue

    Member Benefit Spotlight: Calculators

    Member Benefit Spotlight: Discounts

    Standards Spotlight: Notable Provisions

    Forefield Alert: An Introduction to Bitcoin and Its Challenges

    Forefield Alert: IRS Releases List of Possible Tax Scams to Watch Out For

    Bob Veres Special Report: Solving the Burnout Crisis

    Bob Veres Media Reviews: Quantifying the High Value of Advisor Advice

    CPA/PFS Corner: May 2014 PFP Boot Camps

    Event Spotlight: Understanding and Applying the New PFP Standards

     

     

    Headlines

     

     

    Congratulations for making it through the first phase of the 2014 tax season! Watch PFP News in the coming weeks for new resources and webcasts scheduled that you may have missed during busy season!

    Member Benefit Spotlight: Calculators

     

    PFP/PFS members have access to several calculators as a part of membership, including:

     

    Updated! The Simple Roth Conversion Calculator (free to PFP/PFS members; view demo from Bob Keebler). This calculator assists the advisor in determining whether performing a basic Roth conversion is an appropriate choice for a given client. It is designed to compare investment growth, given a specific set of assumptions, if the client chooses to convert to a Roth versus remaining in a Traditional IRA.

    Bronze Edition of the Tax Rate Evaluator (free to PFP/PFS members; listen to a podcast from Bob Keebler). The Bronze edition of this calculator helps advisors understand, analyze, and plan for individual clients under the new multi-dimensional tax system.

    Gold Edition of the Tax Rate Evaluator (discounted for PFP/PFS members; compare to the Bronze edition). The Gold Edition is a more robust calculator with additional features.

    Forefield Calculators (free to PFP/PFS members). Forefield offers 70 different decision tools, calculators, and calculator presentations covering everything from sustainable withdrawals to multi-scenario retirement calculators, debt payoff optimization, RMD calculations, and much more!

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    Member Benefit Spotlight: Discounts

     

    PFP/PFS members are eligible for discounts on a variety of AICPA and third-party products and services. Below is a recap of several third party discounts available to our members. For a complete list of discounts (including AICPA conferences and products) and additional information on how to access, visit the PFP Web site.

     

    MoneyGuidePro Financial Planning Software ($300 discount)

    eMoney Advisor products, including 40% off eMoney 360 Pro, 33% off eMoney 360, and 10% off Advisor marketing

    FinaMetrica risk profiling software (10% discount)

    Forefield products, including FREE access to Forefield Advisor ($449 value) as well as 20% discounts on other Forefield products such as newsletters

    Inside Information Newsletter Service from Bob Veres, FREE to PFP/PFS members ($349 value)

    Spectrem Group products, including FREE access to the Affluent Investor Index, 45% discount on other newsletters, and a 20% discount on Spectrem’s Millionaire Corner for CPA/PFS holders only

    Total Rebalance Expert (TRX)® tax efficient rebalancing software (10% discount)

    The Kitces Report (10% discount)

     

    References to the products or services do not imply any form of endorsement, non-endorsement, support or commercial gain by the AICPA.

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    Standards Spotlight: Notable Provisions

     

    CPAs advising clients in estate, retirement, investment, or risk management planning need to understand the new Statement on Standards in Personal Financial Planning Services that was issued in January and goes into effect on July 1, 2014. The following (extracted from a March Journal of Accountancy article) are some key provisions PFP practitioners should note:

     

    Be aware that all AICPA members must adhere to AICPA standards. In addition, state boards of accountancy often adopt AICPA standards, giving them the force and effect of law.

    Understand that the statement applies to the individual, not the firm.

    Recognize that the foundation of the statement begins with the AICPA Code of Professional Conduct.

    Understand that courts will likely hold members to the fiduciary standard of conduct when performing PFP services.

    Use the statement as a road map to help ensure that you and others in your firm are complying with professional responsibilities when providing PFP services.

    Gain clear guidance in key areas fundamental to the delivery of PFP services.

    Read the statement to gain a thorough understanding of when it applies and what it requires. The AICPA has created tools to help PFP practitioners understand and comply with the rules (see information on the compliance toolkit below).

     

    The statement and the tools are available at www.aicpa.org/sspfps. The statement is intended to provide authoritative guidance and establish enforceable standards for members practicing in PFP services. Questions about the new rules can be directed to the AICPA PFP Division staff at financialplanning@aicpa.org.

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    Forefield Alert: An Introduction to Bitcoin and Its Challenges

     

    If you-and more importantly, your clients-are unclear on the five-year-old digital phenomenon known as Bitcoin, Forefield has provided a brief introduction to what it is, how it works, and what's been happening in the Bitcoin world lately. It also cautions clients about some of the potential pitfalls it presents, either as a method of payment or as a highly speculative investment. View this alert.

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    Forefield Alert: IRS Releases List of Possible Tax Scams to Watch Out For

     

    The IRS recently released its annual list of tax scams. The list reminds taxpayers to use caution and avoid becoming victims of fraudulent tax schemes. Forefield’s new video highlights some of the items from the list.

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    Bob Veres Special Report: Solving the Burnout Crisis

     

    This special report addresses the pathology of our age in the financial planning/investment advisory profession. Topics include:

     

    Causes of burnout

    Solutions:

     

    Change your mindset

    Force yourself to take time for yourself

    Change your routine

    Change your environment

    Outsource your workload

    Find someone to take over routine chores

    Learn the joys of mentorship

    Scale back

     

    Attend a webcast on this topic hosted by Bob Veres on April 30 at 4pm ET.

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    Bob Veres Media Reviews

     

    Bob Veres Media Reviews are designed to save you hours of reading time each month -- giving you time for more productive activities.

    Read Bob’s write-up of articles in April’s Investment Advisor magazine, including:

     

    "Getting More Mileage From Your Lead Advisor: The 2013 People and Pay Study" by Eliza De Pardo and Sarah Pelonio

    "The Post-Merger Blues" by Mark Tibergien

    “White, Borzi and Legislators Focus on Fiduciary" by Melanie Waddell

    "The Single Most Important Factor in an Advisory Makeover" by Angie Herbers

    "Newcomers and Natives in the Land of Wealth" by Olivia Mellan

    "How Data Security is Like Personal Hygiene" by Dan Skiles

    "Private Funds: Are You a Knowledgeable Employee?" by Tom Giachetti

     

    Read Bob’s write-ups of articles in April’s Financial Advisor magazine, including:

     

    "Quantifying the High Value of Advisor Advice" by Staff

    "King for a Day" by Roy Diliberto

    "Timely Matters" by David Lawrence [time management]

    "First Look" by Joel Bruckenstein [technology]

    "The Rise of the Robo Advisors" by Eric Rasmussen

    "Indies Ascend" by Dan Jamieson [independent B/D ranking]

    "New World Borders" by Jim Picerno [global investing]

     

    Access other editions of media reviews, Inside Information and e-columns.

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    CPA/PFS Corner

     

    May 2014 PFP Boot Camps

     

    Whether you are preparing for the 2014 PFS exam (offered June 19 - July 31, 2014) or simply refreshing your tax, estate, retirement, investment, and risk management skills, this class will provide a systematic overview of all PFP topics, including the new Statement on Standards in PFP Services. Tom Tillery, an experienced practitioner and instructor, covers the material in an engaging format and includes real-life scenarios and practical guidance.

    Enjoy classroom interaction? Join us for 24 hours of live CPE on May 14-16, 2014 in Denver, CO. PFP Section members can call the Colorado Society of CPAs at 303-773-2877 to register for just $776 including a $100 discount. This qualifies for a $600 sponsorship reimbursement.

    Cannot travel in May? An online virtual group class featuring a video broadcast of the PFP Boot Camp will be held in May (5, 12, 22 and 29). It provides 20 hours of CPE and Tom Tillery will be available to answer questions. PFP Section members can sign up for the full broadcasts for $695, which includes a $200 discount off the list price and additional $100 off the AICPA member price. This qualifies for a $400 sponsorship reimbursement.

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    Other News

     

    Podcast: Aragona Trust Decision on Material Participation

     

    In this 30 minute podcast, Bob Keebler and David Kirk discuss the implications of the Aragona Trust case regarding trustee material participation and its impact on 2013 and 2014 tax returns. Note that while the case cleared up some ambiguity regarding material participation for trusts, it did not provide clear direction or act as a roadmap. However, the decision may create some urgency for the IRS to address material participation through proposed regulations.

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    Event Spotlight

     

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    PFP Standards Webcast Series

     

    To assist our members with understanding the depth of the newly promulgated Statement on Standards in Personal Financial Planning Services, effective July 1, 2014, and put it into practice, a four-part webcast series explores the application and requirements of the standard.

     

    Do the New PFP Standards Apply to You? (April 30, 1-2pm ET)

    Understanding the Requirements of SSPFPS (May 7, 1-2pm ET)

    Practical Applications of SSPFPS (May 14, 1-2pm ET)

    Leveraging SSPFPS to Elevate Your Practice (May 21, 1-2pm ET)

     

    This series, hosted by Clark Blackman and Dirk Edwards, originally aired in January and rebroadcasts will be available in April and May. Note that discounted CPE is available for these rebroadcasts, and free recordings of the original webcasts in this series will be available at aicpa.org/pfp/webseminars after the rebroadcasts air. Register and see additional details in “Events.”

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    PFP Power Hour: Understanding and Applying the New PFP Standards

     

    On May 8th from 3:00-4:00p.m. ET, Dirk Edwards and PFP staff will provide an overview of the newly promulgated Statement on Standards in Personal Financial Planning Services (SSPFPS), which builds on the existing regulatory framework for CPAs who provide estate, retirement, investment, insurance, and tax planning services. In addition, they will feature the SSPFPS compliance toolkit and how members can use it to understand and follow the standards in practice. Anyone may attend this event for free. No CPE. Register now.

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    Events

     

    Event recordings and materials are posted once available to aicpa.org/pfp/webseminars if you would like to listen again or if you are not able to attend the live event.

    Upcoming Free Webcasts:

    Tax Power Hour: Annual Tax Season Debrief
    April 24, 1-2:45pm ET
    Free without optional CPE for PFP/PFS members.

    2014 Taxes: Start Your Money Plan Here
    April 29, 1-2pm ET
    Gina Chironis
    Invite your clients to this consumer-focused webcast.
    Free. No CPE available.

    Tax Planning in a Five Dimensional Tax System: Taking the Quantum Leap Forward for Your Clients
    May 2, 1-2:45p.m. ET
    Bob Keebler
    Free without optional, discounted CPE for PFP/PFS members.

    PFP Power Hour: Understanding and Applying the New PFP Standards
    May 8, 3-4pm ET
    Dirk Edwards
    Free. No CPE available.

    Save the Dates!

    Registration links will be available soon in PFP News.

    Proactive Planning: How Your Peers Are Advising Their Individual Clients in 2014
    Date/Time TBD
    Susan Bruno, Lisa Featherngill, Bob, Keebler, Larry McKoy, Ted Sarenski, Scott Sprinkle
    Free without optional, discounted CPE for PFP/PFS members.

    Diversification Measurement
    May 20, 1-2:45p.m. ET
    Stewart Frank
    Free without optional, discounted CPE for PFP/PFS members.

    Retirement Planning and Issues Related to Aging
    June 10, 1-2:45p.m. ET
    Jean-Luc Bourdon, Lori Luck and Ted Sarenski
    Free without optional, discounted CPE for PFP/PFS members.

    A Qualitative Approach to the 1040
    June 18, 1-2:45p.m. ET
    Michael Kay
    Free without optional, discounted CPE for PFP/PFS members.

    Upcoming For-Fee Rebroadcasts:

    Note that discounted CPE is available for the SSPFPS rebroadcasts, and recordings of the original webcasts in this series will be available at aicpa.org/pfp/webseminars post-rebroadcasts.

    Do the New PFP Standards Apply to You?
    April 30, 1-2pm ET
    Dirk Edwards and Clark Blackman
    Discounted CPE.

    Understanding the Requirements of SSPFPS
    May 7, 1-2pm ET
    Dirk Edwards and Clark Blackman
    Discounted CPE.

    Practical Applications of SSPFPS
    May 14, 1-2pm ET
    Dirk Edwards and Clark Blackman
    Discounted CPE.

    Leveraging SSPFPS to Elevate Your Practice
    May 21, 1-2pm ET
    Dirk Edwards and Clark Blackman
    Discounted CPE.

    Advanced Tax Series: Leading Practices for Structuring the Family Office
    July 23, 1-2:40pm ET
    Discounted CPE.
    Presented by the AICPA Tax Division

    Upcoming Conferences:

    AICPA Conference on Tax Strategies for the High-Income Individual
    May 19-20, 2014
    Aria, Las Vegas
    Attend live or virtually. PFP/PFS members save $100 off the early-bird and AICPA member discounts.

    AICPA Advanced Estate Planning Conference
    July 21-23, 2014
    Swisshotel, Chicago
    Attend live or virtually. PFP/PFS members save $100 off the early-bird and AICPA member discounts.

    AICPA Advanced Personal Financial Planning Conference
    January 19-21, 2015
    Bellagio, Las Vegas
    Attend live or virtually. PFP/PFS members save $100 off the early-bird and AICPA member discounts.

    Implementing PFP Services: Step-by-Step Plans for Success
    January 17-18, 2015
    Bellagio, Las Vegas
    Attend the 2-day session only or bundle with the Advanced PFP Conference. PFP/PFS members save $100 off the AICPA member price.

     

    Contact Us

     

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

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