Since 2007, the Medicare Modernization Act of 2003 has required high-income Medicare enrollees to pay an Income-Related Monthly Adjustment Amount surcharge, or IRMAA, on their Medicare Part B premiums. This lifts the premium from covering just 25% of costs up to as high as 80% of results, and increased Part B premiums by as much as 219% in 2017 alone. To read the full article in FinancialPlanning, click: The Value of Medicare Surtax Planning.
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Refocus and Prioritize The author contends that almost every business owner or manager is an absentee owner or manager, regardless the amount of time they spend at their business.
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While valuation may generally be part art and part science, rebutting and/or defending a valuation introduces additional types of art and science. The stakes are often higher because interested parties are affected by the contested valuation’s outcome, and the narrative can become more nuanced due to conflicting views on a variety of issues. This article endeavors to cut through the clutter and provide practical tips to address some common themes that arise in rebutting and/or defending a valuation report in a contested situation.
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FINRA will hold off on raising fees for its member firms despite “revenue challenges,” according to an unusual glimpse the regulator gave into its projected 2018 budget. Projected revenue of $822 million for 2018 is relatively flat when compared to 2013, the last year that FINRA raised fees, the regulator says in its newly released budgetary summary. FINRA derives about half of its total revenue from industry fees. To read the full article in FinancialPlanning, click: Rare FINRA Disclosure Predicts Budget Shortfall in 2018.
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As competition in the advisor tech space tightens, discount brokerages are expanding their platform’s offerings to appeal to a wider range of advisors. One of the more compelling new tools is automated portfolio management software that allows advisors to create recommendations digitally without the time and expense of consulting with an expert. To read the full article in FinancialPlanning, click: A New Tool to Help Slash Portfolio Management Costs.
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Sexual harassment is not primarily about attraction—it is about power. Give more power to women, the reasoning goes, and sexual harassment gradually dies out. Unfortunately, this logic is not borne out in the real world. Just look at Fidelity. To read the full article in FinancialPlanning, click: Four Ways to Help Rid Wealth Management of Sexual Harassment.
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What it is, How it Can Help You, How to Get Started The author discusses the purpose and value of signature content.
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My Testimonial Experience Prior to Taking the Witness Stand One unintended consequence of writing unimpeachably neutral expert reports is that often nobody wants to hear what you have left to say. After having spent nearly two years working as an expert witness, authoring an uncounted number of expert reports, subpoenas, discovery requests, deposition questions, and cross-examination questions, I had yet to testify in a single trial or deposition. Getting a chance to testify had become my Red Ryder, carbine action two-hundred shot range model air rifle. With each case that settled, I couldn’t help but to feel like the forensic…
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An Army veteran and former air traffic controller who recently was still piloting his own plane to work, Richard Salmen has become the CFP Board’s new chairman. With his choice, the board has returned a working financial planner to lead the nation’s largest and most powerful planning nonprofit. To read the full article in FinancialPlanning, click: High-Flying Army Vet Becomes CFP Board Chairman.
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Client confidence has climbed and that rosier outlook for the economy and the stock market is propelling robust flows into equities and retirement accounts, advisors say. Allocations to stocks strengthened sharply, according to the latest Retirement Advisor Confidence Index—Financial Planning’s monthly survey of wealth managers—and helped to support further improvement in business conditions for the investment industry. To read the full article in FinancialPlanning, click: Rosier Client Confidence Drives Heavy Inflows into Stocks.
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Northwestern Mutual, the parent of No. 5 IBD Northwestern Mutual Investment Services, took a majority stake in consulting firm ClientWise, the two firms announced this week. The partnership will give Northwestern’s advisors access to coaching and digital tools while providing ClientWise with capital. To read the full article in FinancialPlanning, click: Citing “Societal Need” for Planning, Northwestern Mutual Makes M&A Play.
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The Business Valuation Bench Book by William J. Morrison and Jay E. Fishman In this article, Ed Mendlowitz provides readers a review of William J. Morrison and Jay E. Fishman’s The Business Valuation Bench Book; a book geared to judges.
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To Market When You’re Busy Marketing requires a continuous effort and presence. In this article, the author shares a marketing alternative that appraisal practitioners should pursue when they are unable to network in person.
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Qualified charitable distributions can offer a tax-saving opportunity, and they may be more advantageous to consider under the new tax law. QCDs, which are available only for certain clients, count toward required minimum distributions and are excluded from income. To read the full article in InvestmentNews, click: Why Aren’t Clients Using QCDs? Help Them!
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After strong gains in revenue, client growth and AUM over the last six months of 2017, RIAs say they’re feeling confident about the economic outlook and plan to capitalize on recent growth, according to a survey from TD Ameritrade Institutional. Nearly nine out of 10 RIAs surveyed netted new client assets in the past six months and almost half expect AUM to grow at an even faster rate in 2018. They also reported double-digit growth in both revenue (15%) and new clients (16%) over the same period. To read the full article in FinancialPlanning, click: RIAs Bullish on Asset Growth.
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Firms largely ban texting, even for logistical purposes, amid guidance from FINRA that all business communications must be “retained, retrievable, and supervised.” Securities America this week became the first of the top 10 largest IBDs to announce a program allowing its advisors to text clients. To read the full article in FinancialPlanning, click: IBDs in Slow-Footed Race to Let Advisors Text Clients.
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Debunking Myths and Getting the Numbers Right The author discusses various methods used to trace property; techniques that are used in connection with marital dissolutions.
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For Financial Reporting Purposes In this article, the author revisits the Market Participant Acquisition Premium (MPAP) issued by The Appraisal Foundation and reiterates the findings regarding what is a premium and what that means.
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Want to be an industry leader in AUM growth rate? Start consolidating—but also be prepared for hurdles ahead. Major acquirers and a platform provider of services for a large number of advisory firms sharply outperformed the five-year compound annual AUM growth rate of 11.7% for all RIAs, according to a new report by Cerulli Associates. To read the full article in FinancialPlanning, click: How to Achieve Eye-Popping Annual AUM Growth.
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Help Clients Plan for the New Pass-Through Tax Deduction The new tax law includes a 20% deduction for some pass-through business income, but the specifics will vary depending on a client’s circumstances. The rules are fairly straightforward for clients with taxable income under certain thresholds: $157,500 for individuals and $315,000 for joint filers. To read the full article in ThinkAdvisor, click: The New 20% Pass-Through Tax Deduction: An Advisor’s Guide.