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40% of Americans are Comfortable Seeking Financial Advice From AI

As technology continues to change the investment landscape, a new Merrill Edge report has found that nearly 40% of mass affluent Americans are comfortable consulting artificial intelligence for financial advice.  But that’s not all… To read the full article in FinancialPlanning, click: 40% of Americans are Comfortable Seeking Financial Advice From AI. ...

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Enough About Social Security: For Some, Pensions Are the More Immediate Issue

With the Social Security Administration’s recent update on its long-term financial health, advisors and their clients now have a new time frame for the anticipated depletion of the retirement program trust fund. Unless Congress acts, the trust fund is expected to run out of money in late 2034, at which point Social Security will be able to cover just 77% of retirement benefits. To read the full article in F ...

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Lease Accounting Standards: Are Multinationals Sitting on a “Leaseberg” of Huge Proportions?

New lease accounting standards come into force at the start of next year which will fundamentally change how companies can report off-balance sheet financing.  How will the new rules affect finance leaders? To read the full article in Accountancy Age, click: Lease Accounting Standards: Are Multinationals Sitting on a “Leaseberg” of Huge Proportions? ...

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Kitces: Three Strategies for Managing Big Capital Gains

Many long-term investors have amassed substantial capital gains since the market bottomed out in March 2009.  While great-looking on paper, such gains have real tax implications for engaging in even routine investment adjustments. To read the full article in FinancialPlanning, click: Kitces: Three Strategies for Managing Big Capital Gains. ...

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Lack of Communication Killing Family Wealth

Lack of communication and trust has depleted 60 percent of family fortunes, according to a recent white paper from BNY Mellon's Pershing entitled "Parent Trap: Avoiding Common Multigenerational Wealth Planning Pitfalls."  On the other hand, poor financial planning accounts for three percent of bankrupted family wealth. To read the full article in Financial Advisor, click: Lack of Communication Killing Famil ...

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How to Avoid Misunderstandings in Multicultural Workplaces

Global companies have long expected talent from all over the world to work together, whether remotely or in the same location.  McKinsey research has shown that a diverse workforce is in the best interest of businesses.  The varied approaches workers with different characteristics and backgrounds bring to creativity, problem-solving, and leadership drive innovation and growth more effectively. To read the f ...

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Is it Possible to Create Tax-Free Income for Life? Tax Strategy Scan

Clients can use tax-free, non-alternative minimum tax municipal bonds to create a source of tax-free income, an advisor on CNBC writes.  While long-term investors will be better off building a portfolio of equities and bonds than having a 100% bond portfolio, muni bonds are a good alternative to annuities and other fixed-income vehicles, according to the expert.  Clients who invest in annuities will incur t ...

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Will #MeToo Come to Wealth Management Next?

Influential figures such as Hollywood powerbroker Harvey Weinstein and casino mogul Steve Wynn have had their careers ended amid allegations of sexual misconduct.  And several members of the House of Representatives have resigned in recent months over accusations that they too had engaged in misconduct.  Wealth management is not immune from these problems. To read the full article in FinancialPlanning, clic ...

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How We Will Learn to Love Big Data in 2018

Leading futurist and keynote speaker Ross Dawson, who regularly consults to accounting, finance, and banking bodies, spoke with Chris Sheedy about the single greatest opportunity that the future holds for accountants. To read the full article in ICAS, click: How We Will Learn to Love Big Data in 2018. ...

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New IFRS Conceptual Framework Revises Foundational Reporting Concepts

In completing the comprehensive project to change the conceptual framework, the International Accounting Standards Board (IASB) confirmed the objective of IFRS financial reporting as providing financial information that is useful to investors and others when deciding whether to provide resources to a company. To read the full article in the Journal of Accountancy, click: New IFRS Conceptual Framework Revise ...

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$3.8M Ponzi Scheme Funded Spa Treatment, Maids, Church Tithes: SEC

The owner of a retirement planning firm cheated dozens of investors out of $3.8 million in two related scams that included a Ponzi scheme and fraudulent stock offerings targeting elderly retirees, the SEC says. To read the full article in FinancialPlanning, click: $3.8M Ponzi Scheme Funded Spa Treatment, Maids, Church Tithes: SEC. ...

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Federal Spending Bill Includes Tax Provisions

The Consolidated Appropriations Act, 2018, H.R. 1625, which is the $1.3 trillion spending bill that Congress passed, contains a few tax-related provisions, including funding for the IRS and technical corrections to various recent pieces of tax legislation.  It also amends the centralized partnership audit regime and changes the Sec. 199A deduction for farmers who sell grain to agricultural cooperatives. To ...

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Twelve States Where Home Purchasing Power is on the Rise

The demand for housing has been outpacing supply since early 2015, according to the National Association of Realtors, putting upward pressure on home prices and creating affordability challenges for potential homebuyers already badgered by tight inventory.  However, consumer conditions vary geographically, meaning some states provide less stressful home-buying environments than others. To read the full arti ...

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What Wealthfront’s Reported Valuation Drop Means for Indie Robo Advisors

Despite several projections about the future strength of digital advice, executives took to social media to express doubts that wealth management disruptors would remain standing—undone instead by private equity investor demands, tepid growth and evolved competition. To read the full article in FinancialPlanning, click: What Wealthfront’s Reported Valuation Drop Means for Indie Robo Advisors. ...

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Microsoft Office: Excel’s Versatile CONVERT Function

Q. We receive Excel-based reports from our European operations with the daily temperatures of our electrical generators and other equipment recorded in Celsius; what's the best way to convert these data to Fahrenheit in Excel? To read the full article in the Journal of Accountancy, click: Microsoft Office: Excel's Versatile CONVERT Function. ...

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The Vital Tax Planning Tool Few Advisors Know

There’s an acronym few financial advisors are familiar with—but they absolutely should get to know.  DAPTs, the abbreviation for self-settled domestic asset protection trusts, can play an important role in planning for both income and estate taxes. To read the full article in FinancialPlanning, click: The Vital Tax Planning Tool Few Advisors Know. ...

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As Planners Outgrow Their Roots, Hard Choices Lie Ahead

As the financial planning industry nears a fee-only, fiduciary world, we are finally outgrowing our profession’s roots—and for the better.  In the process, though, independent broker-dealers will face some important choices about their future business models. To read the full article in FinancialPlanning, click: As Planners Outgrow Their Roots, Hard Choices Lie Ahead. ...

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The Power of Saying No

Saying yes is killing your productivity.  Chances are, you’ve agreed to take on a request from a colleague or client only to soon regret it because: you’re already on the edge in terms of capacity or stress; you have no time to recharge; it has a domino effect, making you late for remaining appointments and depleting your energy in the process.  Sound familiar?  If so, you need to say no more often. To read ...

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How to Compensate Partners to Keep Your Firm on Track

If your firm is considering making any changes to your existing partner compensation plan, from a minor tweak to a major overhaul, there are some basic concepts that you should keep in mind. To read the full article in FinancialPlanning, click: How to Compensate Partners to Keep Your Firm on Track. ...

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