AICPA Personal Financial Planning (PFP)

In part 3 of this PFP Section podcast series, Mackey McNeill, CPA/PFS, shows you how to move your big ideas into an actionable framework for the coming year. You can use this in your own business and for your relevant clients.  Mackey describes how to use two resources, Grow Four Ways, and Cascading Metrics Process, that you can find in the show notes. She walks you through: How she took a client from dwindling cashflow and stagnant sales to routine profitability and sales growth by using a clear structure, process, and accountability What the four ways are to increase sales and the bottom line How to develop an annual plan using cascading metrics tools 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. Download the Grow Four Ways and Cascading Metrics Process tools. To dive deeper on this topic, register for Mackey’s webcast on February 7th, The Prosperity Playbook: A Business Owner’s Journey to Time, Mind, and Money Freedom. Listen to Part 1 and Part 2 of this series. Read the electronic version of The Prosperity Playbook. Access the Take Back Your Time mini course. 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.    

Many CPA financial planners give credit for the career they have created to the relationships they have built within their AICPA PFP community. To spread these stories and pearls of wisdom more broadly, we created the Deeper CPA Financial Planner Connections series in November 2021. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, and Andrea Millar, CPA/PFS, discuss the 7 recurring themes and lessons learned that have played through the many stories shared and what they mean to them, including: Know yourself. Be a constant learner and do what is right for your client. You are the coach to your clients. Get involved. Don’t let others define success for you. CPAs are incredibly well positioned to provide these services to their clients. Be courageous. 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.  Listen to other episodes in this series. Join your AICPA PFP community at the next Advanced PFP Conference @ ENGAGE from June 5th through 8th, 2023. Register for the next Building Your PFP Business workshop in advance of PFP ENGAGE on June 3rd and 4th, 2023. Register for the next PFS Live workshop in advance of PFP ENGAGE on June 3rd and 4th, 2023. 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.

A lot of information is flying around on the importance of SECURE 2.0 and what this means for retirement planning. Get the bottom line of what you need to think about for your clients in this episode of the PFP Section podcast. Bob Keebler, CPA/PFS, interviews retirement expert, Ed Slott, CPA. Ed shares: His take on the bill The issue of needing to take RMDs in years 1-9 when inheriting an IRA from someone who had already begun RMDs was not fixed His concern with what the replacement of the 50% penalty on missed RMDs may mean Nuances with IRS rule 72(t) The importance of thinking about the big picture when deciding whether deferral makes sense And more 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. Save the date for an in-depth webcast with Bob Keebler on February 1st and February 6th from 1:00 to 2:30 pm EST, SECURE 2.0: New retirement planning opportunities for your clients. Access the Proactive Planning Toolkit for decision charts to use with your clients and 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.

As CPAs and financial planners, we are trained in the technical skills to help clients plan for transitions such as a business sale, retirement, divorce, or loss of a spouse. What we may not be as prepared for is the human experience that takes place over the years leading up to, during, and settling into a new way of life. The human side is messy and it’s more challenging to see how it influences choices and decisions. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews life transition expert, Susan Bradley. They discuss: What is the skillset needed for the human side? How does the approach shift in a voluntary versus forced transition? Susan’s thoughts on Lyle’s transition predicament Why it’s important to understand your own personal transition style 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. Join your AICPA PFP community at the next PFP Summit in Austin, TX on January 30th through February 1st, 2023. 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.

Focusing on what you need to know to serve your clients today, Bob Keebler CPA/PFS reviews the changes and their nuances as a result of the passage of SECURE 2.0.  Some of the areas highlighted in this episode of the Personal Financial Planning (PFP) podcast include: Changes in Required Beginning Dates (RBD) Upcoming changes to IRA and qualified plan catch-up contribution amounts Allowance for matching contributions for student loan payments Rules for newly allowed rollovers from 529 plans to Roth accounts How life annuities have been impacted Changes to exceptions for early withdrawals from IRAs and qualified plans. Reduction of excise tax and addition of a correction windows for missed Required Minimum Distributions (RMD.) 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. Guide to Financial and Estate Planning, Volume 2 SECURE 2.0 and retirement provisions SECURE 2.0 Section 605 and syndicated conservation easements SECURE 2.0 Section 337 and Special Needs Trusts 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.

Haesun Moon, Ph.D., is a communication scientist who has a mission to change the world through better conversations. She has created a simple coaching model in which people participate to imagineer and perform their preferred change. Lyle Benson, CPA/PFS, interviews Haesun to understand how her approach can lead to effective financial planning conversations. They discuss: Why guiding clients towards their preferred future may be more powerful than creating goals Haesun’s take on empathy and how to keep conversations real and purposeful How to use the simple coaching model and Dialogic Quadrant tool How to use coaching to co-construct meaning with clients Haesun’s take on the use of questions in coaching What can attendees expect to come away with at Haesun’s session at PFP Summit in January?  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.  Join your AICPA PFP community at the next PFP Summit in Austin, TX on January 30th through February 1st, 2023. 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.

PFP Executive Committee (EC) chair, Brooke Salvini, CPA/PFS, and PFS Credential Committee (CC) chair, Oscar Vives, kick off the new year in this episode of the PFP Section podcast. They answer the following questions: What are their 2023 resolutions that may inspire you? What are the objectives of the PFP EC and PFS CC and how do they support members in financial planning? What were the committee focuses in 2022 and what is their vision going into 2023? How can you get connected with the PFP community and the resources to help you help your clients? 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.  Join your AICPA PFP community at the next PFP Summit in Austin, TX on January 30th through February 1st, 2023. Listen to the Deeper CPA financial planner connections series to hear from other members in the PFP community. Find the resources like Broadridge Advisor, Bob Veres Inside Information, technical and practice guides, and more. Learn about the multiple pathways to the PFS credential. Save the date for the next PFS Live workshop in advance of PFP ENGAGE on June 3rd and 4th, 2023. If you are interested in running a PFS Live for your firm or group, send an email to financialplanning@aicpa.org. Save the date for the next Building Your PFP Business workshop in advance of PFP ENGAGE on June 3rd and 4th, 2023. 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.

Brooke Salvini, CPA/PFS, started out in the CPA profession in the traditional way and eventually made her way back to an early seed that planted her desire for personal finance. In this episode of the PFP Section podcast, Lyle Benson connects with Brooke to share her story and how she made decisions along the way. Brooke answers the following questions: How did you decide to start your hourly advice financial planning firm? What led you to add investment management and how did you figure out how to do it? What did you do to develop your people skills? How have you woven your passions in other areas into your firm? How have you used technology to make your work more enjoyable and your service more valuable? What are you predicting for the future of financial planning? 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.  Listen to other episodes in this series. Join your AICPA PFP community at the next PFP Summit in Austin, TX on January 30th through February 1st, 2023. Save the date for the next Building Your PFP Business workshop in advance of PFP ENGAGE on June 3rd and 4th, 2023. 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.

Rising interest rates may cause bond values to go down and it may be the time to make changes to bond portfolios.  Bob Keebler CPA/PFS and Mark Fichtenbaum CPA review: Options for a bond that has a coupon that is less than market. How to avoid the wash sale rules when selling a bond. Tax implications of selling a bond at a loss. The three types of bonds and how the income from each is taxed for federal, state, and local levels. Definition of a triple exempt bond. Definition of original issue discount and original issue premium and how this impacts taxation of bond income. Three action items when there is a large bond portfolio. 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. Guide to Financial and Estate Planning, Volume 3 Harvesting losses without triggering a wash sale Taxes and investment planning 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.

Mackey McNeil, CPA, PFS, shares how she took back her time in this episode of the PFP Section podcast. Guest:  Mackey McNeill, CPA/PFS Do you long for more flexibility and free time in your schedule? In part 2 of this PFP Section podcast series, Mackey McNeill, CPA/PFS, shares her process for taking back her time.  Mackey fills you in on how she went from having her hands in everything to designing her business so that it could run without her. She takes you through the 5-step step process that you can use to take back your time. Guide: choose the feeling most important to you and ask yourself if what you are doing will give you that feeling. Intention: create an aspirational intention statement that is true to you. Roles: align the roles in your business so that you can do what makes you most fulfilled. Structure: create the foundation that will allow you to fulfill your intention and roles. Test: develop a measure to see if you succeeded in your endeavor.   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. To dive deeper on this topic, register for Mackey’s webcast on February 7th, The Prosperity Playbook: A Business Owner’s Journey to Time, Mind, and Money Freedom. Listen to part 1 of this series. Read the electronic version of The Prosperity Playbook. Pages 75-85 include more on the 5-step process. Access the Take Back Your Time mini course.   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.