AICPA Personal Financial Planning (PFP)

If you have a client who is considering surrendering a life insurance policy or allowing it to lapse, it is important to first understand the value of the policy and determine if it can be sold for more than its cash value. In this episode of the PFP Section podcast, Susan Bruno, CPA/PFS, and Jamie Mendelsohn, with Ashar Group, discuss: Why you can’t default to the surrender value as the FMV of the policy What makes a policy worth more than its cash value What is most relevant to potential buyers of these policies How has the pandemic impacted the life insurance marketplace Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Use the keep or sell quiz on Ashar Group’s website. Listen to part one, part two, and part three of this life insurance series. Access Susan’s tool to review life insurance policies with clients. Gain more expertise with the AICPA’s risk management and insurance certificate. Use the personal finance scorecard to begin planning conversations with clients. 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.

Susan Tillery, CPA/PFS and Dave Stolz, CPA/PFS wish you a happy and prosperous New Year and share what is on their minds as they head into 2022 in this episode of the PFP Section podcast.  As they serve in the last months of their successful tenures as chairs of the PFP Executive Committee and PFS Credential Committee, they share their vision for the CPA financial planning profession and the important milestones that have been achieved in alignment to this vision over the last few years. They discuss what volunteering has meant to them professionally and personally and the many ways you can get involved to build relationships with your peers and forward the mission of CPA financial planners. Susan and Dave learn they are on the same page with what they are focusing on with their clients in 2022 and it may inspire you to do the same! Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.   Attend 2022 Best Planning Ideas for Your Clients and Your Business with a panel of CPA financial planners virtually on January 19th (free with CPE for PFP/PFS members). Learn about the CPA exclusive PFS credential and the new pathway for experienced CPAs. Find out about CPA evolution and the new exam that will launch in 2024. Access the resources available to you as a PFP Section member and PFS credential holder.   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.

Lyle Benson credits much of his career as a CPA financial planner to his interactions with colleagues across the country. He wanted CPAs in all stages of their career to be able to benefit from hearing how fellow CPA financial planners have gotten to where they are now, how they work with clients, and what it has meant for their lives. In episode two of this PFP Section podcast series, Lyle interviews Michael Goodman, CPA/PFS. They discuss: How Michael brought his love for business and working with people to where he is today How he made the conscious decision to go from a lifestyle practice to an enterprise Why just doing it, making mistakes, and learning along the way has been a key to success What he did to keep a wonderful culture and a team that feels valued during the pandemic What the AICPA PFP community has meant for him, what sets CPA financial planners apart, and his predictions for the future Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.   Find the 1st episode in this series featuring Lyle Benson as the interviewee. Attend 2022 Best Planning Ideas for Your Clients and Your Business with Lyle, Michael, and others virtually on January 19th (free with CPE for PFP/PFS members). Find resources to help you help your clients through the AICPA’s PFP Section. Learn about the CPA exclusive PFS credential.   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.

Life insurance can be much more than a death benefit. If properly designed, funded, and managed, it can provide an incredible opportunity to grow and distribute assets tax free. In this episode of the PFP Section podcast, Susan Bruno, CPA/PFS, and Michael Fontanini, with Lion Street, share: Who the ideal clients are for this strategy Why this is an excellent way to supplement retirement income Using this approach as an asset location tool How to know if this technique beats investing money directly into the market Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.   Listen to part one and part two of this life insurance series. Access Susan’s tool to review life insurance policies with clients. Gain more expertise with the AICPA’s risk management and insurance certificate. Use the personal finance scorecard to begin planning conversations with clients.   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.

You don’t have to be an expert in all of the tools and technical strategies to have meaningful philanthropic conversations with your clients. It’s about knowing how to artfully communicate and bring value to your clients. In this episode of the PFP Section podcast, Jonathan Gassman, CPA/PFS, and Richard Peck, with the New Hampshire Community Foundation, share: How to incorporate philanthropic planning in your communications with clients Why engaging with other advisors can deepen bonds with clients The arc of philanthropy and determining where clients are How to get involved personally and building firm culture through giving to your community Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Use the personal finance scorecard to deepen conversations with clients. Help clients see other areas for value added planning with the analysis of a tax return for PFP opportunities checklist. Access the 4-volume guide to financial and estate planning written by Steve Siegel and Sid Kess. 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.

Getting couples to align their goals and priorities with their personal finances is often easier said than done. This is when the power skills in the non-technical side of personal financial planning become crucial to use. In this episode of the PFP Section podcast, Christine Moriarty, answers the following questions. How and when do you start the conversation? Does sharing life have to mean sharing money? What if couples’ goals around money are different? How do you support couples to reach agreements about money? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  How emotions affect financial decisions The new approach to retirement planning six-part series How to have transformative conversations 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.

In the past, guaranteed universal life (GUL) was priced well and easy to understand. This permanent life insurance was attractive because the premiums were certain, the policy often went to age 120, and risks were low. In this episode of the PFP Section podcast, Marc Minker interviews experts Susan Bruno and Martin Flaxman to understand the changes he is seeing in practice. They discuss: Why carriers are withdrawing from offering GUL and what is pushing up the prices. Why it will now require more analysis to know which type of product is best for your clients. What are the other product options and how can you simplify decisions in the face of complexity? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Listen to part one of this life insurance series and access a tool that Susan uses to bring clarity and peace of mind to planning. Find other insurance resources from the AICPA PFP Section. Learn about the risk management and insurance learning certificate. 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.

In the first of this new podcast series, Lyle Benson, CPA/PFS, shares the purpose behind this series as well as his story that led him to where he is now in his tax and financial planning firm. In this episode of the PFP Section podcast, Lyle answers questions such as:   What is his definition of success? What types of clients does he work with and what services does he provide? What is his why for doing what he does and what do his clients value most about his work for them? How did he go from beginning his business to where he is now and who does he credit for his progression? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Visit the PFP Section for resources to help you help your clients. Learn about the CPA exclusive PFS credential. Find resources to add financial planning to your tax practice. 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.

In the first of this four-part life insurance series, expert Susan Bruno, CPA/PFS, gives a fantastic review of the basics. This episode of the PFP Section podcast will give you what you need to know to educate your clients and make them aware of their options.  Susan provides an overview of the following: The difference in term, whole life, and universal life insurance A tool that she uses with her clients to do an annual review as part of their comprehensive financial plan Important requests to make when clients are transferring or selling insurance from one trust to another How to bring the serving agent or broker into conversations to best serve your clients Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Download Susan’s tool that you can use to do annual reviews with your clients. Find other insurance resources from the AICPA PFP Section. 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.

Recorded on November 8th, 2021, Bob Keebler, CPA/PFS, reports on the latest with the Build Back Better Act. In this episode of the PFP Section podcast, Bob shares: What is in and what is out of the latest iteration of the House bill What must happen for the House to move forward with a vote What to expect with the Senate version of the bill and related vote Planning to consider for clients based on what we know now Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Register to attend Game changing retirement proposals: What to do for clients now. Keep an eye on the Proactive Planning Toolkit audio learning and PFP News to stay up to date as we learn more. 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.