AICPA Personal Financial Planning (PFP)

On July 14, 2023, the IRS released notice 2023-54 which provides for relief for RMDs in two circumstances. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares what you need to know, including: If your client mistakenly took a required minimum distribution in 2023 based on SECURE but they could have waited until 2024 based on SECURE 2.0, they have until September 30th to repatriate the RMD without penalty. Relief via IRS notice 2022-53 has been extended into 2023. Beneficiaries subject to the 10-year rule will not need to take RMDs until the IRS releases final regulations providing more clarity on what is required.  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. Share the update with your clients with this Broadridge Advisor Alert, included with AICPA PFP Section membership. Learn more on the latest proposals and regulations in the audio section of the Proactive Planning Toolkit. 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.                                                                                                                                                                                        

If you believe it is a good idea to hold even a small amount of Bitcoin, the next step is to educate your clients and decide on the strategy that will have the best chance for success.  In this episode of the PFP Section podcast, David Oransky, CPA/PFS, shares how he approaches this with his clients. Mark Astrinos, CPA/PFS, poses the following questions to David: How to you respond to criticism of Bitcoin from other advisors? What is your approach with clients to include Bitcoin in their portfolio? How do you explain that Bitcoin is money versus a traditional investment that produces cashflow? Why are retirees most at risk if Bitcoin is successful long term (and they haven’t allocated a portion of their portfolio to Bitcoin)? How do you assuage fears given the volatility of Bitcoin? Should advisors be worried about compliance regulation or lack thereof?  Where can listeners go to learn more? For more resources related to this episode: Tune in to the first episode and second episode in this series. Listen to David’s in-depth webcast on Bitcoin and access the related slides. Check out the various books to learn more that David mentions at the end of this episode. 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.  

If you have clients who are contemplating Roth conversions who may also want to take advantage of clean vehicle credits and ACA premium credits, make sure to run the numbers so that you minimize their tax bill. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews Martin James, CPA/PFS, so that you can learn more about these scenarios. They discuss: ·        How the clean vehicle energy and ACA premium credits work ·        How you can save your clients from missing out on thousands of dollars in clean energy vehicle credits ·        What to think about with early retirees who want to pay the least amount of insurance premiums before Medicare kicks in   Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit https://pfplanning.libsyn.com/pfp to access show notes with direct links.   ·        The Adviser’s Guide to Financial & Estate Planning ·        The Proactive Planning Toolkit   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.

Ellen Bruno is a CPA/PFS who has taken a career path that puts her in the seat of serving financial planners who are registered investment advisers. Her experience has always tied closely to money management beginning with her first role out of university with PwC. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, guides Ellen to share how she created her remote firm with 11 employees and words of wisdom about compliance in the RIA world. Ellen answers the following questions: What made you take the leap of faith to begin your own firm 18 years ago? How have you been successful running a business with 11 employees that is 100% remote? What advice do you have for CPAs contemplating providing investment advisory services and intimated by the compliance area? What should CPAs watch out for who are shifting from traditional practice to becoming an RIA? How do you guide CPA RIAs who are fearful of having an SEC audit? What do you see for the future of CPA financial planners in the RIA world? 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 this series.  Be on the look out for the Building Your PFP Business workshop registration link coming to ENGAGE 2024.  If you are contemplating adding investment advisory services to your practice or if you want to make sure you’re not crossing the line and need to register, read the CPA’s Guide to Investment Advisory Business Models. Ellen consulted on the writing of this guide.  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 part 2 of this series, you’ll learn about the history of money and how that relates to the likelihood of Bitcoin becoming the future of money. In this episode of the PFP Section podcast, David Oransky, CPA/PFS, shares his knowledge based on his deep dive into understanding Bitcoin. Mark Astrinos, CPA/PFS, poses the following questions to David: What is the history of money? Compare and contrast Gold and Bitcoin. What gives Bitcoin its value and what makes it the perfect money? What will it take to get people to take Bitcoin seriously? How do we assuage concerns of not being centralized or regulated?  How does Bitcoin benefit humanity? For more resources related to this episode: Tune in to the first episode in this series.  Listen to David’s in-depth webcast on Bitcoin and access the related slides. 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.  

David Oransky, CPA/PFS, believes that if you don’t allocate a small allocation of your assets to Bitcoin as a hedge, you may be exposing yourself and your clients to a significant risk. In this episode of the PFP Section podcast, Mark Astrinos, CPA/PFS, interviews David Oransky, CPA/PFS, to get his wisdom on what we should know about Bitcoin. David takes a conservative approach to planning, so he was skeptical at first and was not an early adopter. However, after a deep dive to learn more, he discovered that his preconceived notions didn’t pan out. David answers the following questions: How do you explain what Bitcoin is to CPAs and other advisors? How do you talk to your clients in a way that they understand and what is their response? Tell us your journey that got you to the point of trusting Bitcoin. Why do CPA financial planners and other advisors need to care about this and pay attention now? What is the risk to waiting? Why do you think it’s important that your retiree clients have a small portion of their wealth allocated to Bitcoin? How does Bitcoin play into the larger issues we’re facing now like US and global debt at an all-time high, the banking crisis, inflation, and geopolitical concerns? How is Bitcoin different than other cryptocurrencies?  What is your prediction for the future of Bitcoin? For more resources related to this episode, listen to David’s in-depth webcast on Bitcoin and access the related slides. 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.  

There has never been a better time to focus on tax planning services to give clients high value. Integrating this with financial planning and investment management is even better. In this episode of the PFP Section podcast, Andrea Millar, RLP®, CPA/PFS, interviews Debbie Taylor, CPA/PFS, JD, to get her take on how to deliver the services that will make the largest impact for clients while also giving you high satisfaction. They discuss: What’s so important about identifying a target market/niche? How should advisors think about the services they offer and how to position these to clients? What are the downsides to not including investment management in your offerings? What are the services that should be delivered to pre-retirees? What are the “Five Tax Gotchas?” 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. Use the Guide to Financial & Estate Planning to guide the advanced planning conversations with clients. Register for the August 1st webcast with Steve Siegel to get a head start on planning ahead of the sunset. Free CPE is included for PFP Section members.  Find resources to build your tax and financial planning advisory services. 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.  

Clark Blackman started out in tax, moved into financial planning, and eventually honed his expertise in investment advice. He was very likely the first CPA who had a client pay their fees based on assets under management rather than hourly or retainer fees. His experience in large CPA firms paved the way to finally open his own wealth management firm in 2006 where he now works alongside his wife and son. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews Clark to learn more about his journey and nuggets of wisdom. Clark answers the following questions: How did you create the successful wealth management firm you have today? Why do you believe the AUM model is the best for your clients? What makes CPAs so well qualified to provide these services? What is most rewarding about your work with clients and how do you structure your day to have as much time for clients as possible? How has volunteering for the AICPA PFP Division enhanced your life and what do you recommend to others who want to have a good volunteer experience? What does the future of the CPA financial planning profession hold and what should we be worried about down the road? 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 this series.  Read the beautifully and simply written AICPA Statement on Standards in Personal Financial Planning Services. These standards came to life under Clark’s leadership as chair of the AICPA PFP Executive Committee. They lay out a framework for CPAs to provide financial planning advice in the highest professional manner.  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.  

Services like tax compliance and investment management are becoming commoditized. In this episode of the PFP Section podcast, Andrea Millar, RLP®, CPA/PFS, interviews Debbie Taylor, CPA/PFS, JD, to get her take on how to deliver the services that will make the largest impact for clients. They discuss: How do advisors add value beyond basic tax compliance and investment management? What is the breadth of services that clients expect?   Are those services actually being delivered?   What is the “client value ladder”? How can technology advancements help with adding value? 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. Use the AICPA’s Personal Finance Scorecard to broaden conversations with clients.  Read the Technology for a Tax and Financial Planning Services Business Guide.  Learn about the ratings of financial planning technology in the annual T3 survey results.  Review the technology possibilities in the Financial Advisor Tech Solutions Map. 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.

The decision to wait until 70 to collect Social Security compared with starting as soon as possible is not as straight forward as it may seem. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS interviews expert Ted Sarenski, CPA/PFS to gain more insight into how to guide clients forward. They discuss: What are the factors that need to be considered when making this decision The straightforward scenarios and when things get more complex Weighing the importance of winning the Social Security game or enjoying a comfortable retirement  How do CPA financial planners’ approach recommendations to be consistent and give their clients the best advice  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. Read Ted’s Guide to Social Security Planning.  Hear Ted’s recent webcast on this topic.  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.