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Four Ways to Jump-Start the Career You Really Want

If you are on a quest to find the career of your dreams, look no further.  Take control of your career with these four tips from Mark Astrinos, CPA, PFS, who shares how he built a career in financial planning as a CPA and emphasizes the need to follow your passion.  Be sure to check out this new hub with free guidance, tools and resources to learn more about how you can start or expand your services to indi ...

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Don’t Get Ripped Off! What You Need to Know About Elder Financial Fraud

Elder financial fraud happens "at an alarming rate" and is often perpetrated by relatives, said Ted Sarenski, CPA, PFS.  Protect against elder financial fraud by safeguarding assets, following scam alerts, and monitoring accounts. To read the full article in The Lifeline Blog, click: Don’t Get Ripped Off!  What You Need to Know About Elder Financial Fraud. ...

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Interested in Working with Millennials? Start with ETFs

Advisors failing to embrace ETFs will miss out on the next generation of clients.  While only 42% of millennial investors say their portfolios currently hold an ETF, 91% say the funds are their investment vehicles of choice, according to Schwab’s annual ETF investor study. To read the full article in FinancialPlanning, click: Interested in Working with Millennials?  Start with ETFs. ...

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Beware of Hidden Taxes in Retirement: Retirement Scan

Retirees may face a more complicated tax situation than when they were still working.  For example, a portion of their Social Security benefits may be taxed at the federal level if their combined income, which is their adjusted gross income, plus any non-taxable interest and 50% of their benefits, exceeds a certain limit.  Their retirement benefits may also be subject to state income taxes.  Those who reach ...

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What Can be Done About Bullies at Work?

Ted, a senior VP at a large media company, was famous for publicly deriding and humiliating others.  Working for him was like walking on eggshells, as he could fly into a rage over the most trivial matters.  He would also impose deadlines designed to set his staff up for failure.  To top off his bullying behavior, he expected his staff to work 24/7, leading many to complain about stress-related problems.  T ...

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The Ultra Rich are Turning to This Key Tax-Cutting Tool

Many of the biggest beneficiaries of President Donald Trump’s tax overhaul have not even been born yet.  The new law doubles the amount that can be passed to heirs without worrying about estate and gift taxes, to about $22 million for a married couple.  But the thresholds are in place only until 2025, and the ultra-rich are turning to a key tool—the dynasty trust—to secure the financial futures of their gra ...

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Advisor Gets Prison for $4.7M Fraud of NFL Star

When an NFL-athlete client heard about the alleged fraud of star quarterback Vince Young in 2012, former advisor Kenneth Ray Cleveland used it to his advantage.  “Saw that, but it is like I said this morning in my text message, you get the credit for your financial success,” Cleveland wrote in a 2012 e-mail to former Indianapolis Colts defensive tackle Cory Redding.  “Dare I say Vince Young is every bit as ...

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Social Security COLA Could Exceed 3% Next Year, Report Says

The Social Security cost-of-living adjustment could be more than 3% next year, but seniors are grappling with increases in household expenditures that are even higher, according to a report. To read the full article in Think Advisor, click: Social Security COLA Could Exceed 3% Next Year, Report Says. ...

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An Amazon for Financial Services? The Race is On.

Technology is rapidly changing the way advisors meet clients, so much so that the relationship may look completely unrecognizable in just a few years.  And that transformation opens up several key opportunities for innovators. To read the full article in FinancialPlanning, click: An Amazon for Financial Services?  The Race is On. ...

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Mortgage Advice it Might be Best to Ignore

One rule of thumb that’s commonly incorporated into financial plans assumes clients will have paid off their mortgage before entering retirement. Not only does it ease cash-flow concerns for initial retirement years, but it can also create a sense of calm as clients become debt free. To read the full article in FinancialPlanning, click: Mortgage Advice it Might be Best to Ignore. ...

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Four Skills Accountants Need to Succeed in a Tech-enabled Future

New duties will require plenty of understanding and good communication.  Many experts expect accountants' work and duties to change fundamentally in the coming years.  Technology will allow for a more complete audit that uses all available data rather than samples.  And the scrutinizing of anomalies will provide opportunities for auditors to provide more useful information to clients. To read the full artic ...

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The Worst Retirement Advice I Ever Gave

Five years ago, I made the biggest mistake of my career.  I gave some untimely advice to a new client and quickly realized the full impact our work can have on our clients’ lives—not just on their wallets. To read the full article in FinancialPlanning, click: The Worst Retirement Advice I Ever Gave. ...

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Virtual Reality in Wealth Management? It’s Happening.

When Bill Martin recently donned a pair of virtual reality goggles at Fidelity Investments’ client advisory council meeting in Boston, he was skeptical about whether the technology would be of any use for financial advisors.  But after a tour through the virtual world, Martin, chief investment officer at Wichita, Kansas-based INTRUST Bank, returned like Neo in "The Matrix," ready to see how deep the rabbit ...

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Public vs. Private Blockchains: What CPAs Should Know

If you or your organization is interested in adopting blockchain technology, you need to know the difference between public and private blockchains.  One might be a better option than the other.  This blog post can help you decide. To read the full article in AICPA Insights, click: Public vs. Private Blockchains: What CPAs Should Know. ...

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How Advisors Can Beat the Fee Compression Race

Triggered by the growing demand for greater value, the financial services industry is creating new categories of products and services that never existed, expanding access in ways that were never expected, providing greater transparency and simplicity—and driving down costs to unprecedented lows. To read the full article in FinancialPlanning, click: How Advisors Can Beat the Fee Compression Race. ...

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Which Independent Broker-Dealers Have the Highest Percentage of Women Advisors?

Women financial advisors stand a long way from equal footing with men in terms of hiring and pay—and independent broker-dealers are no exception to the industry-wide disparities. The average share of female registered representatives out of the total headcounts of the largest IBDs amounts to an estimated 17%, according to data submitted by firms for Financial Planning’s 33rd annual FP50 survey. To read the ...

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Sec. 965 Transition Tax Penalty Relief Issued

The IRS announced relief from late-payment penalties and that it will allow late elections for taxpayers subject to the new Sec. 965 transition tax on deemed repatriated foreign earnings, which was enacted by P.L. 115-97, known as the Tax Cuts and Jobs Act of 2017. To read the full article in The Tax Adviser, click: Sec. 965 Transition Tax Penalty Relief Issued. ...

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Is Diversity the Key to the Succession Plan Challenge?

Some wealth management firms are finding that solutions to two of the industry’s big stumbling blocks—succession planning and diversity—may be intertwined.  Indeed, a link between the two emerged when firms began to diversify their advisor staffs, according to executives. To read the full article in FinancialPlanning, click: Is Diversity the Key to the Succession Plan Challenge? ...

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Despite Fast Growth, Mobile Wealth Management Stumbles

For the future of financial advice, the writing isn’t on the wall, it’s on the mobile phone screen, says Christopher P. Van Slyke, financial planner and founder of wealth management firm, WorthPointe.  Van Slyke, who's based in Jackson Hole, Wyoming, says the tipping point for him was when he saw that the local bank, Bank of Jackson Hole, was touting its app in a community paper. To read the full article in ...

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A Mixed Outlook for the U.S. Economy

Business economists have grown a little less optimistic about the outlook for the U.S. economy as a result of U.S. trade policies.  The National Association of Business Economists reports that its survey of 45 professional economic forecasters now projects a median 2.8% growth in real GDP from Q4 2017 to Q4 2018, down from 2.9% three months ago. To read the full article in Think Advisor, click: A Mixed Outl ...

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