Wealth Management

Practice

JDJ Resources Corp. Leaders Split from Rothstein Kass

The founders of JDJ Resources Corp. said on Wednesday they have left the Rothstein Kass Family Office Group to launch JDJ Family Office Services, which will provide administrative multifamily office and personal CFO services.
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

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

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

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.
Tax

Minnesota Twins Heirs Go to Bat against IRS in Tax Court

When a truly wealthy person dies - like Minnesota Twins owner Carl Pohlad - the IRS doesn't give up easily on the possibility of collecting more taxes. Pohlad's heirs are now fending off the IRS, which wants more than the taxes already paid.
Practice

Are You the Choice of the Next Generation?

For the majority of firms in the tax, accounting and financial advisory business, your well-worn, trusted client base of baby boomers is preparing to “blow out” and apathy toward younger generations of clients has left you without a “spare.”
Practice

Leading with Advocacy

The Financial Services Institute was founded to give a voice in Washington to Independent Broker Dealers and Independent Financial Advisors, and also to help ensure that all individuals continue to have access to competent and affordable financial advice, products and services delivered by a robust profession of independent financial advisors and independent broker dealer firms.
Practice

The Benefits of Hosting a Client Seminar

Do you value your clients? Are you doing everything you possibly can on their behalf? Do they view your firm as a leader in the community? If you’re not answering yes to all of these questions, then it’s time to start thinking about hosting a client seminar.
Practice

Does It Pay to Diversify?

One way we can help our client investors possibly avoid financial catastrophes and achieve greater returns with less volatility is to encourage them to diversify their portfolios properly. The notion of diversification isn't new but clients don’t always have the knowledge of how to diversify.
Practice

Wealth Advisors Embracing Their Independence

Current events can often dictate wealth advisor behavior, particular when it comes to the prospect of becoming an independent advisor. With financial markets riding high and tax season behind us, many CPA firms that sat on the sidelines are now re-engaged and looking for new ways to boost their bottom lines and explore the growth component our industry: wealth management.

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