A survey found that most women prioritize planning for retirement and their family’s future, but more than seven in 10 believe they are not doing a very good job. Running out of money in retirement is a big worry for 70% of women, but only 20% of them have come up with a plan to deal with this challenge. The Women’s Resource Center, found in Broadridge Advisor, contains dozens of client articles, illustrations, and other resources to share with female clients, who often face unique financial challenges and circumstances. To read the full article in Plan Adviser, click: Women Fear…
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The surprise split of Amazon CEO Jeff Bezos and his wife MacKenzie puts advisors on alert: Are you prepared with appropriate retirement and tax advice if your clients divorce? It’s unlikely that Bezos will have to crack open his Amazon 401(k) or IRA to get through this event. But for your average client, that’s exactly where most of their wealth may be. To read the full article in Financial Planning, click: Tax Traps for Divorcing Clients.
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Accountants should focus on providing niche areas of service such as business valuation and retirement planning and move away from tasks including bookkeeping and financial reporting because automation and technological advances will take over much of their work. Dominic Diongson, deputy editor for AccountingWEB, explains. To read the full article in AccountingWEB, click: CPAs Should Shift to Niche Services as Automation Takes Over.
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Nerd’s Eye View, which provides commentary on financial planning news and developments, points out that a growing body of research shows our brains are not quite the logical, rational decision-making machines we think they are – or at least, wish they could be. Instead, our brains take shortcuts; we substitute easier questions for difficult ones, often without realizing it, and respond accordingly with our words and our actions. This can be especially problematic in the world of financial planning, where we often ask clients to make difficult decisions with limited information. As a result, questions like “what is…