AICPA Personal Financial Planning (PFP)

In this episode of the AICPA Personal Financial Planning Podcast, host Cary Sinnett welcomes Dr. Ross Riskin, Chief Learning Officer at the Investments & Wealth Institute and author of Guide to Education Planning. They dive deep into education planning strategies, including the benefits and complexities of tools like 529 plans, the importance of multi-generational funding conversations, and how to align education savings with broader financial goals. Here are five key takeaways from the conversation between Cary Sinnett and Dr. Ross Riskin: The Value of Education Planning Education planning remains highly valuable as it bridges generations, connects with next-gen clients, and addresses a significant knowledge gap among financial advisors. It also integrates with broader legacy and wealth transfer strategies. Importance of Multi-Savings Vehicles Financial planning for education isn't "one size fits all." Utilizing a combination of tools like 529 plans, brokerage accounts, and Coverdell accounts helps optimize funding, flexibility, and tax efficiency based on client priorities and state-specific tax benefits. Proactive Conversations Across Generations Successful advisors include grandparents, parents, and even extended family in funding discussions early on. Understanding their contributions and intentions (e.g., lump sums vs. future pledges) is critical for accurate projections and family alignment. Strategies for Leftover 529 Plan Funds Excess funds can be strategically used by transferring beneficiaries, repaying student loans (up to $10,000 per person), or rolling into Roth IRAs for beneficiaries to support retirement planning. Financial Aid and Investment Oversight Advisors must understand financial aid policies, tax considerations, and investment flexibility within 529 plans, especially during distribution years. Monitoring allocations ensures funds are managed efficiently to preserve capital in high-interest environments. Show Notes: Conclusion Dr. Ross Riskin reminds us that effective education planning requires proactive conversations, personalized strategies, and leveraging tools like 529 plans for tax efficiency, legacy planning, and beyond. For more resources: Explore the AICPA PFP Section: aicpa.org/pfp. Get your copy of Guide to Education Planning to build your expertise. Thank you for listening! Don’t forget to follow the podcast for future episodes featuring expert insights on tax, estate, investment, and financial planning.  

This milestone episode celebrates 30 years of professional growth and client success, highlighting the dynamic evolution of the financial planning profession and the firm’s commitment to innovation and excellence. Five Key Takeaways: The Evolution of a Career in Financial Planning: Growth and succession is vital for a long-lasting impact. Lyle Benson introduces his son Chris. Chris Benson shares his journey from aspiring engineer to CPA financial planner, highlighting the pivotal moments that shaped his career, including his transition from a large CPA firm to the family firm. The Critical Role of Tax Planning: Tax returns form the foundation of the firm’s financial planning process. Tax strategy is woven into every aspect of wealth management, creating a seamless, cyclical approach to client service. Fixed Fees vs. AUM Model: The firm operates on a fixed-fee model, aligning services with client value while minimizing conflicts of interest, offering an alternative to traditional AUM-based fees. Technology Transforming the Profession: Advances in technology, such as digital systems and portfolio management tools, have revolutionized client service and firm efficiency. AI is seen as an augmentation tool rather than a replacement for human advisors. The Value of Community and Professional Networks: Active involvement in organizations like the AICPA and peer study groups has provided invaluable support, resources, and growth opportunities for both Chris and the firm. Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Innovative Technology for Integrated Tax and Financial Planning Building a financial planning and tax business Investment advisory business models Build your tax and financial planning advisory services PFP/PFS Drop-in Session - February 26, 2025, at 3pm ET Listen to other episodes in the Deeper CPA Financial Planner Connections podcast series. This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

Mark Gochnour, Head of Global Client Services at Dimensional Fund Advisors, shares insights on the art of effective communication in financial planning. He introduces the transformative 4S Framework—scripts, stories, sketches, and supplements—to foster deeper connections with clients. The discussion emphasizes the importance of avoiding jargon and shaping conversations to enhance understanding. Mark also highlights storytelling as a powerful tool to build trust and engagement, making financial concepts relatable and memorable.

Mark Astrinos and David Oransky discuss Bitcoin's role in modern investing, addressing its speculative nature, practical uses, and potential as a long-term store of value. They explore how advisors and clients can approach Bitcoin thoughtfully, balancing skepticism with understanding. Key Topics Covered: Foundations of Investing: Saving vs. investing and the speculative nature of all assets. Bitcoin’s similarities to "digital gold" and its unique network benefits. Bitcoin’s Role in Portfolios: How Bitcoin compares to traditional assets like stocks, bonds, and gold. Its potential as an inflation hedge and long-term store of value. Practical Applications: Bitcoin enables global, permissionless transactions and portable wealth. Its scarcity-driven dynamics make it appealing amid fiat currency concerns. ETFs and Adoption: Bitcoin ETFs simplify access for investors and advisors. Direct ownership offers unique benefits but requires technical knowledge. Key Takeaways: Advisors should educate themselves about Bitcoin’s potential as a legitimate asset class. Even a small allocation to Bitcoin may offer diversification and inflation protection. Start with reputable resources like Fidelity and BlackRock or AICPA's PFP Division materials. Resources Available: A three part deep dive into bitcoin is available: Why you need to take Bitcoin seriously - part 1 Why you need to take Bitcoin seriously - part 2  Why you need to take Bitcoin seriously - part 3. A video with slides Understanding Bitcoin.  This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com  

Jim Sullivan from Pay4Care.org discusses significant changes to Medicare’s prescription drug coverage in 2025, particularly regarding the Medicare Part D plans and Medicare Advantage plans with drug coverage. Jim discusses key 2025 changes to Medicare Part D, including a new $2,000 out-of-pocket maximum for prescription drug costs. Beneficiaries can now opt for the Medicare Prescription Payment Plan, allowing them to spread out deductible payments monthly to ease early-year costs. The Open Enrollment Period (Oct 15 - Dec 7) is a vital time for beneficiaries to review their plans, as many premiums, copays, and formularies will change, and some plans will be discontinued. Clients should be proactive since plans may automatically transfer them to a different plan if theirs is terminated, potentially impacting drug coverage and costs. Jim urges advisors to support clients in ensuring their coverage meets their healthcare needs, prioritizing both affordability and the quality of care provided. Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Learn more on the latest proposals and regulations by accessing The Medicare & You Handbook. You can also access Jim Sullivan’s Guide to Retirement & Elder Planning: Healthcare Coverage Planning-6th Ed on the AICPA website. A deep dive for advisors can be found in the Health Transitions Guide: Vol. 3. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com

In this episode of the AICPA Personal Financial Planning Podcast, Cary Sinnett interviews Dr. Carolyn McClanahan, a physician and financial planner, on the importance of addressing healthcare in financial planning. They discuss how health and financial wellbeing are deeply intertwined, especially when planning for long-term care, aging, and unpredictable health events. Dr. McClanahan emphasizes the importance of having early conversations about healthcare plans, estate directives, and the costs of care to ensure families are prepared. How can financial planners integrate health-related conversations into their planning process, especially when clients are reluctant to discuss their health? What steps should families take to prepare financially and emotionally for potential long-term care needs, particularly when care costs can vary significantly between home care and assisted living? Why is it essential to have conversations about healthcare directives and long-term care preferences early, while everyone is still healthy? How can families plan for the financial impact of a loved one’s health event, especially when the timing and severity of such events are unpredictable? What role do tools like long-term care insurance, reverse mortgages, and hybrid life insurance policies play in safeguarding a family’s financial future in the face of rising healthcare costs? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Podcast: The importance of addressing long-term care planning Guide: Guide to Retirement & Elder Planning: Healthcare Coverage Planning Podcast: Taxes and financing retirement healthcare This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.    

In this episode of "Deeper CPA Financial Planning Connections," Lyle Benson interviews Marianela Collada, CEO of Tobias Financial Advisors, about her career journey, the growth of her firm, and her role on the PFP Executive Committee. Marianela discusses her experience working with high-net-worth clients, the importance of estate and tax planning, and her approach to growing the firm's team and capabilities. She emphasizes the significance of proactive planning, developing new leaders within the firm, and her optimism for the future of the financial planning profession. How does proactive estate and tax planning benefit clients with a net worth between $7.5 million and $60 million? What strategies can financial planners use to provide personalized services to clients who are not ultra-wealthy but still require comprehensive planning? How can effective business succession planning enhance continuity and client service in a financial advisory firm? What are the benefits of incorporating a team-based approach in financial planning to address diverse client needs? How does integrating technology improve the efficiency and accuracy of financial planning processes for clients? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Vol. 2 - The Adviser’s Guide to Financial & Estate Planning – 15th Ed Helping clients preserve family unity in the wealth transfer process PFP Section: Your partner in navigating financial planning Listen to other episodes in the Deeper CPA Financial Planner Connections podcast series. This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.  

Expert Bob Keebler, CPA PFS, breaks down the final regulations of SECURE Act 2.0. Difficult RMD questions are answered and complexities explained. What is the difference between RMD rules for an IRA owner who dies before their required beginning date (RBD) versus after their RBD under the SECURE Act? Who qualifies as an Eligible Designated Beneficiary (EDB), and how are they treated differently under the SECURE Act when it comes to distributions? What is the significance of the 327 Election for surviving spouses with a significant age gap, and how does it impact the timing of distributions? How does the SECURE Act's treatment of Roth IRAs differ from traditional IRAs regarding post-mortem distributions and the 10-year rule? What tax penalties are introduced starting in 2025 for failure to comply with the new RMD rules, and how can financial planners develop strategies to minimize these penalties? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Guide to Financial & Estate Planning - Volume 2 Guide to Financial & Estate Planning - Volume 2 Excerpt Guide to Financial & Estate Planning - Volume 3 Guide to Financial & Estate Planning - Volume 3 Excerpt This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.  

In this podcast, Kelley Long, a CPA financial planner, discusses two overlooked 401(k) scenarios that can lead to unexpected taxes or penalties:  when someone leaves their job with an outstanding 401(k) loan, and when an employee's contributions are refunded due to plan testing failure. Kelley explains how to avoid penalties by making loan payments into a rollover IRA before the tax return deadline and highlights the importance of identifying whether a 401(k) plan is safe harbor to prevent contribution limits for highly compensated employees. Questions answered: What happens if I leave my job with a 401(k) loan? How can I avoid early distribution penalties after leaving my job? What is a "return of contributions" in a 401(k) plan? How does being a highly compensated employee affect 401(k) contributions? What is a safe harbor 401(k) plan, and why is it important? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.  Guide to Practical Retirement Planning Building business owner wealth with tax advantaged plans This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.  

Lyle Benson and his guests discuss how the upcoming AICPA Personal Financial Planning (PFP) Summit scheduled for January 2025 in Charlotte, North Carolina promotes the importance of networking and deepening our peer relationships. This 9th annual PFP Summit is an example of how connecting with other leaders through deep discussions on mutually beneficial topics can benefit both individuals and the CPA financial planning profession. Lyle’s conversation with guests includes these topics (and more) and how PFP Summit addresses them: Finding an environment where professionals can engage deeply with a blending expert presentations with participant discussions. Combining both larger interactive group discussions with informal and smaller gatherings that together can solidify long-term professional relationships. Prioritizing the on-going development of community that builds on the initial “study group on steroids,” experience and extends during the year with other formal and informal activities, such as the PFP Summit Presents virtual follow-up meetings. Carving out time to address broader themes providing challenges and opportunities in financial planning, such as leadership, succession planning, and emerging issues like artificial intelligence. The podcast highlights the PFP Summit’s unique approach to professional development and community building; looking forward to the new opportunities the 2025 event will offer. Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in the Deeper CPA Financial Planner Connections podcast series. Register for the 2025 PFP Summit to be held in Charlotte, NC on January 26-29, 2025, with a current early bird registration discount.  Attendance is limited to 120 people to encourage networking and interaction. This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.