AICPA Personal Financial Planning (PFP)

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.  

SECURE 1.0 eliminated life expectancy distributions apart from eligible designated beneficiaries. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS provides a refresher of how the rules work and client examples to illustrate what needs to happen to maximize IRA wealth transfers. He shares: What happens in 90% of cases How the 10-year works before and after the required beginning date How to manage the 10-year rule from a mathematical perspective when RMDs are required Why every client scenario needs to be customized 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 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.  

Portability allows a surviving spouse to add the exemption of the first spouse to die to their exemption for estate tax purposes. This happens automatically on a timely filed estate tax return unless intentionally electing out of portability. The nuances come in when you need to file an extension to give more time to see which strategy works best or when filing an estate tax return wasn’t necessary at the time of the first to die. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, discusses: The four ways that you can carry out portability for your clients When it makes sense to extend the 706 return to buy more time What your surviving spouse client can do if within 5 years of their spouse passing away How to file for 9100-3 relief, if needed 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 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.  

Dave Stolz started out as a music major and shifted to business and being a CPA along the way. His journey deeper into financial planning began when he lost his dad. This tragedy shifted his perspective on life and took him in a new direction. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews Dave to learn how he created his financial planning practice and much more. Dave answers the following questions: How did you create the successful financial planning firm you have today? What did you do to shift tax clients to personal financial planning clients? What’s most enjoyable in your day-to-day work? How did you end up specializing in divorce planning and writing a book? How are you designing a succession plan that is best for you, your colleagues, and your clients? What are your thoughts on PFS and the future of the CPA financial planning profession? 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.  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. You can attend in person or online.  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 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.  

Bob Keebler, CPA/PFS, discusses the techniques that make the most sense when you have a client who wants to maximize the wealth transfer of their large IRA. Bob walks you through the considerations in the following areas in this episode of the PFP Section podcast.  The payout rules Roth conversions CRTs IRA relocation  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 as a reference library to research issues related to financial and estate planning.  Find Bob Keebler’s latest Roth conversion decision chart in 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.  

As financial planners, we have deep technical knowledge. It’s a gift to take that expertise and deliver it in a way that simplifies concepts and ties back to what is most meaningful for your clients. In this episode of the PFP Section podcast, Andrea Millar, CPA/PFS, interviews Christine Moriarty to get her take on how to reduce overwhelm for clients. They discuss: How to be a thinking partner with your clients How to get clients to open up and share their biggest concerns and hidden agendas What can help clients be willing to share their values, goals, and desires What are some ways to reduce overwhelm when it comes to money management and taking steps forward  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 relevant episodes such as:  Deeper CPA Financial Planner Connections with Dr. Haesun Moon Understanding the Human Side of Life Transitions with Susan Bradley How to Guide Clients Towards Their Preferred Futures with Dr. Moon 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 are approached by clients or other advisors who think it makes sense to move money from an IRA to a life insurance policy, take a look before you throw out the idea. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares situations and considerations where this strategy may be prudent. He discusses: Why it works best for clients with a federal and state estate tax Other factors that make this worthwhile such as tax arbitrage and getting the life insurance out of the estate The importance of the policy being designed correctly and shopping around to get the best ROI Client examples to illustrate when this strategy works  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. Review Bob Keebler’s latest decision charts in the Proactive Planning Toolkit, including the Roth conversion decision chart.  Listen to Susan Bruno’s podcast series on life insurance with other experts.  Gain more expertise with the AICPA’s Risk Management and Insurance Planning 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 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.