Current PFP News 


PFP Boot Camp Options Updated for 2017

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AICPA

PFP News

 

Member-Exclusive News, Resources and Events

 

March 15, 2017

In This Issue

Leg/Reg: DOL Issues Interim Policy for Fiduciary Rule Enforcement

Broadridge (formerly known as Forefield) Alert: Deadline for Making 2016 IRA Contributions

Bob Veres Media Reviews: Taboo IRA Investments and Coordinating the Elder Care Players

What the Updated PFP Body of Knowledge Means for You

Attend the 2017 Bob Veres Insiders Forum Conference - Early Bird Rate Expires Soon

Scholarship to Attend the Advanced Estate Planning Conference

CPA/PFS Corner: PFP Boot Camp Options Updated for 2017

Other News: New Elder Planning Resources: Long-Term Care and Elder Financial Abuse; CPA Financial Planner Resources and Videos; Article: Social Security and Divorce: What Clients Need to Know; Bob Veres Media Reviews: The New Era of Estate Planning; Apply to Volunteer on a PFP Committee

 

 

PFP News & Resources

 

Leg/Reg: DOL Issues Interim Policy for Fiduciary Rule Enforcement

 

With continued uncertainty surrounding a possible delay in the Labor Department’s fiduciary rule, the agency has issued a temporary policy clarifying how it will handle enforcement.  Read this article (page 2) for more information on how the DOL plans to implement the temporary enforcement policy, which is a result of the 60-day delay.  Currently, the agency is weighing the many comments it is receiving during the open comment period (ends on March 15).  Because of the high standards to which AICPA members are already held, the new DOL rule should not have a significant impact on AICPA members who provide personal financial planning services, outside of additional documentation which may be required (specifically a Best Interest Contract) for registered investment advisers and those who sell commission-generating products if the rule takes effect as written.

PFP Section members have access to a number of resources which explore the many effects of the U.S. Department of Labor’s Fiduciary Rule on advisors and consumers, including imposing a fiduciary standard of care on all advice related to retirement assets. For all CPAs who provide planning advice to individuals, the AICPA’s Statement on Standards in Personal Financial Planning Services serves as a framework for delivering these services in the highest professional manner.  Stay tuned to future issues of AICPA PFP News where we will keep you informed and updated on any changes and developments regarding this rule.  The fiduciary guide, Prudent Practices for Investment Advisors, created by fi360 and technically reviewed by the AICPA’s fiduciary task force, led by Clark M. Blackman II, CPA/PFS, can serve as a guide to RIAs and others offering investment management services.

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Broadridge (formerly known as Forefield) Alert: Deadline for Making 2016 IRA Contributions

 

There’s still time to contribute to an IRA for 2016.  Taxpayers have until their tax return due date (not including extensions) to contribute up to $5,500 to an IRA for 2016 ($6,500 if they were age 50 by December 31, 2016). For most taxpayers, the contribution deadline for 2016 is April 18, 2017. Use this new Client Alert to help you inform your clients that there's still time to make IRA contributions for 2016.  To access the alert, log in to Broadridge and then click on Advisor Education, then Advisor Alerts on the left side of your screen.

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Bob Veres Media Reviews: Taboo IRA Investments and Cash Flow Analysis Conundrums

 

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-ups of articles in March’s Financial Planning magazine, including those rated with high relevance:

 

“RIAs to Benefit from Tech Tools” by Joel Bruckenstein

“Coordinating the Players” (elder care) by Martin Shenkman

“Taboo IRA Investments” by Ed Slott

“The Mystery of Alpha” by Michael Kitces

 

Also read Bob’s write-up of the high-relevance article in March’s Financial Advisor magazine:

 

“Clean Shares Could Shake Up Investment, Advice Industries” by Christopher Robbins”

 

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

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What the Updated PFP Body of Knowledge Means for You

 

Recently, the AICPA PFP division released the updated Personal Financial Planning Body of Knowledge, which outlines the knowledge that CPA financial planners should know to competently practice in personal financial planning.  A significant change reflected in the updated version is the emphasis on integration between all areas within PFP, particularly tax planning.  The organization has been modified to emphasize the importance of the planning process across all areas of PFP.  PFS Committee Chair Susan Tillery, CPA/PFS, explains the importance of the changes and the implications for you and your practice in this article

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Attend the 2017 Bob Veres Insiders Forum Conference - Early Bird Rate Expires Soon

 

With a program theme of “The New Profession”, you won’t want to miss the 2017 Insider’s ForumRegister today for the event, taking place September 6-8 at the Omni hotel in Nashville.  The early-bird registration rate is good through March 24th.  Additionally, as a PFP Section member, you qualify for a $150 discount.  Enter code 2017INSIDER at checkout.

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Scholarship to Attend the Advanced Estate Planning Conference

 

The P. Thomas Austin Personal Financial Planning Division Scholarship covers the registration fee and travel expenses of an emerging* CPA to attend the 2017 Advanced Estate Planning Conference (June 12-14 in Las Vegas). In addition, there will be networking opportunities with seasoned estate planners available throughout the conference. Learn more about the requirements and complete an application by May 1, 2017 to be considered. *For purposes of this scholarship, an emerging CPA is a practitioner with 10 years or less experience as a CPA.

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CPA/PFS Corner

 

 

PFP Boot Camp Options Updated for 2017
Refresh your knowledge in estate, retirement, tax, investment and insurance planning at the newly updated 2017 PFP Boot Camp. Registration is now open for two different options - online or in-person at the AICPA Advanced Personal Financial Planning Conference in June (also called Engage). These sessions systematically cover the entire PFP Body of Knowledge, preparing you for the PFS exam (if that is your goal) and each is filled with practical examples and applications that you can use in your practice immediately.

 

Online class:  Held each Monday in May (1st, 8th, 15th, and 22nd)

In-person class at PFP Conference:  4 sessions held on June 11-12; 3 sessions online May 1st and 8th

 

For more information on this or summer PFS exam (Jul1 1-31) information, visit www.aicpa.org/PFSexam.

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Other News

 

 

New Elder Planning Resources: Long-Term Care and Elder Financial Abuse
With 10,000 baby boomers retiring every day for the next 10 years, your client population is likely already facing complicated decisions related to aging.  As their go-to trusted adviser, it is important to stay updated and informed on the latest elder planning issues and topics.  As a PFP Section member and/or PFS credential holder, you have access to a resource page filled with podcasts, articles, videos and more to help equip you on elder planning topics.  New additions to the page include How to Discuss Long-Term Care Options with Clients and Elder Financial Abuse: How CPAs can Help- Part 3.

CPA Financial Planner Resources and Videos
You, as a CPA financial planner, are the most trusted and can be the “go-to” adviser to your clients seeking services in tax, retirement, estate, charitable and life-transition planning.   In fact, the opportunity to provide those services has never been greater.  Make sure you are taking advantage of specific resources to help you:

 

Position yourself to the public and clients about your services (Marketing Toolkit)

Stay updated on the latest technical information through resources like PFP Practice Guides and Online Learning

Register your firm with your state securities regulator if you determine that you are providing investment advice

 

Also, view these videos about what CPAs have to say about financial planning and be sure to share them in your networks.

Article: Social Security and Divorce: What Clients Need to Know
In this article, divorce expert Tracy Stewart, CPA/PFS, and social security expert Ted Sarenski, CPA/PFS, explain the impact of divorce on Social Security benefits and how CPA financial planners can help their clients with this tricky situation.  For more information on how to help your clients who are going through a divorce, access this podcast series

Bob Veres Media Reviews: The New Era of Estate Planning
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-ups of articles in March’s Investment Advisor magazine, including those rated with high relevance like “The New Era of Estate Planning” by Nancy Hermann and “The Valuation Conundrum” by Mark Tibergien.  Access other editions of media reviews, Inside Information and e-columns.

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 are the PFP Executive Committee and 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 from until July 10, 2017.

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Events

 

PFP Section-sponsored 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!

Advising Clients on Planning for Education

April 26 from 1-2:15pm ET
Free with CPE.

Life Insurance Policy Review: What CPAs Need to Know When Serving Individual Clients
May 16 from 1-2:15pm ET
Discounted CPE.

Evaluating Existing Variable Annuities
June 29 from 1-2:15pm ET
Discounted CPE.

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


Upcoming Conferences:

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, individual workshops, or bundle, click here to start the registration wizard; once you enter your personal information, you will be directed to the next page where you can select the event or combination of events you wish to attend.

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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