Coronavirus (COVID-19) personal financial planning resources

Coronavirus (COVID-19) personal financial planning resources

Good health for you, your loved ones, and your clients is paramount now and getting your clients comfortable with their finances is likely a close second. It is understandable that even your most well-educated clients who comprehend their long-term plan and its purpose to meet their most cherished goals are feeling a bit unnerved. They are fortunate to have you there to listen to their concerns and to help them feel more at ease that they will meet their goals.

Use these PFP Section, legislative and regulatory updates and other AICPA resources to help you stay current, communicate with your clients and reinforce your role as trusted adviser during this time of uncertainty. 

Also, make sure you know the latest by accessing other topical resource pages dedicated to:

  • PPP loans – including loan forgiveness form and instructions, a loan forgiveness calculator and up-to-date advocacy for clarity
  • Tax news and relief – including summaries, charts and the latest news on filing and compliance
  • And more

On-demand planning strategies and more

For a complete list of COVID-19 podcasts/webcasts, visit the covid-19 learning library. For upcoming PFP Section webcasts, check out the PFP upcoming events page.

Podcast: Part two of the importance of addressing long-term care planning – Brooke Salvini and Brian Gordon

Podcast: The importance of addressing long-term care planning – Brooke Salvini and Brian Gordon

Volume 4 of The Adviser’s Guide to Financial and Estate Planning, 10th Ed. – Steve Siegel and Sid Kess

Volume 3 of The Adviser’s Guide to Financial and Estate Planning, 10th Ed. – Steve Siegel and Sid Kess

Podcast: What’s next? Life after the pandemic – Lyle Benson & Susan Bradley

Volume 2 of The Adviser’s Guide to Financial and Estate Planning, 10th Ed. – Steve Siegel and Sid Kess

Education planning how-to’s in a COVID world – Ross Riskin

How to help clients make good decisions in times of transitionLyle Benson and Susan Bradley

Tips to help your clients identify fraud during COVID-19 Erin Scheithe

Volume 1 of The Adviser’s Guide to Financial and Estate Planning, 10th Ed.  Steve Siegel and Sid Kess

Social Security strategies to help your clients during the pandemic – Ted Sarenski

Webcast: Top Tax Planning Strategies in the Current Environment – Bob Keebler

How Medicare benefits have changed due to our public health emergency – Jim Sullivan

How to help clients with retirement relief provided by CARES – Bob Keebler

How to deepen client relationships during the pandemic – Lyle Benson

How to generate cash flow utilizing NOL relief under the CARES Act – Bob Keebler and Chris Hesse

Webcast: Estate planning amid COVID-19 Martin Shenkman, Jonathan Blattmachr and Robert Keebler

How to help clients who are considering bankruptcy – Bob Keebler and Ken DeGraw

Bond tax planning in today’s environment  Bob Keebler and Mark Fichtenbaum

Webcast: Financial planning guidance for CPAs in the wake of COVID-19 – Martin Shenkman, Susan Bruno, and Lisa Featherngill

To Roth or not to Roth in the current environment – Bob Keebler

Required minimum distributions under the CARES Act – Bob Keebler and Ed Slott

Financial planning during the global pandemic  –  Lyle Benson

Connecting with clients in the current environment Martin Shenkman

Important estate planning considerations amid COVID-19 Martin Shenkman

Webcast: Understanding market implications and bringing calm amid chaos – with  Lyle Benson, Susan Tillery, Scott Sprinkle, Dave Stolz and Sue Stevens

Coronavirus Aid Relief and Economic Security (CARES) Act Bob Keebler and Chris Hesse

Tax planning strategies for estates of recent decedents – Bob Keebler

How to bullet proof your investment portfolio  Bob Keebler and Dave Stolz

Finding (and being) calm amid the chaosSusan Tillery and Dave Stolz

For more COVID-19 podcasts/webcasts, visit the COVID-19 learning library.

Client-facing content

Note that Broadridge client alerts are meant to be general education versus personalized advice and, as with all other resources, it is up to your professional judgment whether these are appropriate for your clients.

Broadridge client alert summarizes IRS Notices 2020-50 and 2020-51 for employers that sponsor plans to help them understand issues related to the adoption and implementation of the provisions.

Broadridge client alert summarizes IRS Notices 2020-50 and 2020-51, which clarify the rules surrounding corona-virus-related distributions and plan loans and the waiver on required minimum distributions.

Broadridge client alert outlines the special provisions for high-deductible health plans and tax-advantaged health savings accounts (HSAs, Archer MSAs, Health FSAs, and HRAs).

Broadridge client alert warns investors about the risks of speculating on a COVID cure.

Broadridge client alert explains why it's important for investors to use relevant benchmarks when assessing portfolio performance.

Broadridge client alert explains how understanding common biases may help investors avoid making questionable decisions in the heat of the financial moment.

Life After the Pandemic – (client letter) created by Lyle Benson, edited by Chris Benson (with inspiration taken from Bob Veres E-Column: Corona-Changes)

Broadridge client alert explains different relief programs available for small businesses.

Broadridge client alert highlights how investors may be able to reap some benefit from a down market.

Broadridge client alert warns clients to beware of coronavirus scams.

Broadridge client alert explains special provisions for coronavirus-related retirement plan distributions and loans, as well as the suspension of certain required minimum distributions for 2020.

Broadridge client alert explains expanded student loan relief through the CARES Act

Broadridge client alert explains the highlights of the CARES Act to clients

PFP Section members can visit Broadridge Advisor for more alerts and content to help clients

Bob Veres compilation of best messages from his subscribers to their clients


Resources for you and your practice

SEC provides FAQs which address funds distributed and the impact to advisers affected by COVID-19

The SEC recently posted questions and answers that address various ways in which advisers affected by COVID-19 may need to take action.  This includes regulatory reporting obligations under the Investment Advisers Act of 1940 (see Question II.4) stating that “if the circumstances leading you to seek a PPP loan or other type of financial assistance constitute material facts relating to your advisory relationship with clients, it is the staff’s view that your firm should provide disclosure of, for example, the nature, amounts and effects of such assistance.” 

The SBA requires a “good faith” certification that “the uncertainty of current economic conditions makes necessary the loan request to support the ongoing operations of the [firm].”

Businesses that, together with their affiliates, accepted funds of less than $2 million will be assumed to have performed the required certification concerning the necessity of their loan requests in good faith, according to guidance posted by the SBA (see question 46). 

Some RIA’s chose to return the loan by the due date of May 18th since they are continuing to accrue fees regardless of the current economic conditions and others have done so due to concerns about disclosure.  We encourage you to seek personalized guidance from your compliance professional to help you make decisions on this matter.