Wealth management news

Practice Management

How to Evaluate 529 Plans

There's a bewildering array of these powerful college savings plans; here are some tips on how to pick one.
Practice

How to Maximize Social Security Survivor Benefits

The Social Security "survivor benefit" is complex, and shrewd calculations and analysis are necessary to get the full amount you're entitled to.
Practice

Bonds: The Forgotten Stepchild

A CPA and CFP explains why bonds seem to be the forgotten category – and makes a case for their proper use.
Practice

Teach Clients to Be Tax Smart Year-Round

Tired of hearing clients complain about this year's tax bill? Now is the time to step up and do something about it.
Practice

AICPA Issues Practice Standards for CPAs on Personal Financial Planning Services

The American Institute of CPAs (AICPA) earlier this month released additional guidance, "Statement on Standards in Personal Financial Planning Services," that ensures the profession’s “rigorous code of professional conduct” applies to all CPA financial planners.
Practice

New Kid on the Block: The ‘MyRA’

A new type of retirement account, "MyRA," which President Obama proposed during his 2014 State of the Union address on January 28 and authorized the creation of yesterday, is intended to encourage retirement savings by workers who currently aren’t participating in an employer-sponsored retirement plan.
Practice

Bramwell’s Lunch Beat: Honesty Is the Best Policy

Here are “Bramwell’s Lunch Beat” menu items for January 21.
Wealth management

Bramwell's Lunch Beat: Hip-Hop Channels Suze Orman

Here are "Bramwell's Lunch Beat" menu items for December 3.
Practice

The Importance of Being the Sole Advisor

In a perfect world, our clients would choose one advisor to manage all their financial matters. But it’s a fact of life that many clients spread their money around and work with multiple advisors. According to Aite Group, only one of every three clients turns over all of their assets to a single wealth manager.
Practice

Beating the Irrational Fears of Investing by Building Trust

There’s an irrational fear of investing that has been building momentum across our country since 2008. A recent study from Nationwide¹ found consumers fear investing even more than death, with other fears such as healthcare coverage, unemployment and the lack of economic stability following in close pursuit.
Practice

Why You Need to Segment Your Clients

Every business in the world runs into the same problem: limited resources. The choices businesses make in applying those resources are paramount to determining the level of success you can reach in your business.
Practice

Effectively Communicating with Clients

Of all the elements a CPA or financial advisor needs to consider in order to operate a successful wealth management practice, an effective client communication strategy ranks at the top of the list. Regular communication is critical to the long-term success of your firm, but it has to be done right.
Practice

Know Before You Roll - Options for an Old 401(k)

According to an investigation by the U.S. Government Accountability Office (GAO), “Retirement plan providers are offering misleading or even false information about 401(k) rollovers that can cost participants thousands of dollars in additional fees.”
Practice

Beware of the Drama Triangle in Client Relationships

It's possible that at the times we find ourselves operating at our best, we are not actually helping clients solve problems, but instead helping them achieve their ideal outcomes. The best relationships we have with clients are characterized not by transactional problem-solving relationships, but rather by holistic relationship where we know what really matters to the client in business and in life.
Practice

What Gives the Next Generation an E.D.G.E.?

The implication to today’s senior leaders is clear: to be the best version of itself in the future, the firm must start today by understanding, nurturing and involving their next generation. The firms that get this right will be the benefactors of growth, sustainability and meaning.
Practice

Key Considerations When Buying a Firm

Thinking of buying a firm but not sure where to start? That question is being contemplated more and more every day with more mergers, acquisitions and consolidation taking place across the accounting and wealth management industry today.
Practice

When it Comes to Retirement: How Much Is Enough?

A recent study from the Employee Benefit Research Institute (EBRI) shows that people are not confident they will have enough saved for retirement. The March 2013 Retirement Confidence Survey revealed that 49 percent of those polled indicate they are "not very confident" or "not at all confident" they will have enough income in retirement.
Practice

How to Nurture Young Talent in Your Firm

There once was a time when young CPAs got in line at a firm and “waited their turn” to become partner. Today, a number of factors are challenging this apprenticeship model. According to the AICPA’s 2012 PCPS Succession Survey, less than half of multi-owner practices have succession plans in place, and 42 percent point to a lack of confidence in the leadership ability of junior partners as the single largest succession issue.
Education & Careers

Coaching Clients on the Rising Cost of College

Only the cost of fuel oil and gasoline has risen more than the cost of college tuition over the past 10 years, rising a staggering 88 percent since 2003.As higher education tuition costs continue to rise, saving for college is becoming increasingly difficult for many American families.
Practice

Wealth Management for Women: Creating a Women’s Circle

Female clients of wealth management firms often have different circumstances behind their financial planning needs. Some are breadwinners and business owners, while others are at-home family caregivers. Some worry about paying college tuition, caring for an elderly family member and managing household finances. Nearly all put their families’ needs ahead of their own.

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