Think of the best relationship you have with a male client. He’s been with you for many years and you consider yourself “old friends.” How is your relationship with his wife? If your answer is anything other than “spectacular,” you should read the following carefully: There’s a 70 percent chance your client’s wife will fire you within a year after the death of her spouse.
One of the most important traits of a successful business owner is knowing “why” – why you do what you do. In a service-based business like ours, knowing your “why” is essential to helping clients feel confident that you are giving them excellent advice and to knowing you care about them and their families.
The new budget plan that President Obama will unveil on April 10 includes an unprecedented tax whammy for retirement savers: A new $3 million cap on IRA assets and other tax-preferred retirement accounts.
Recommending a financial advisor to a client is one of the most important recommendations you can make. Customers will trust your recommendation; therefore, there is a potential your future with that customer could be impacted.
Ask your clients this one simple question and open the clients to a new perspective. In general, clients only see us providing the service that they currently receive. They know they want something more, but they don't know whether we provide it.
People want to age with dignity, and they want to be assured that they can be independent and free from being a burden to others in their retirement. The key for many to securing a dignified retirement is working a few additional years.
You've heard the horror stories of lottery winners who blow through their winnings without seeking financial advice and end up worse off than ever. That probably won't happen to Virginia lottery winner Randy Latham.
Christopher Street Financial, a New York-based wealth management firm, was founded in 1981 when Bob Casaletto, a gay man who worked at Merrill Lynch, realized that the financial needs of people in his community weren't being met.
Earlier in the year, the Tax Court allowed a taxpayer to use a formula clause to determine the value of a business interest for gift tax purposes (TC Memo 2012-88). But the IRS refuses to knuckle under to the court.
Most CPAs and wealth management providers would love to find a way to grow their businesses in a sustainable manner. One solution we don’t often think about is right in front of our noses – especially now, as cold and flu season has arrived.
Ever wonder what separates the most successful CPAs and financial advisors from the pack? Many industry-leading firms attribute their success to their ability to get the most out of year-end planning meetings and tax-season meetings with their clients.
Personal financial planning is nothing less than taking total personal responsibility for one’s life and to make and honor important promises to the people one loves. 1st Global Chairman and CEO Tony Batman shares how, during an epic battle against Stage 3 cancer, having a complete financial plan in place helped save his life.
In the face of rising competition, a stagnant economy and increasing demands from clients, successful CPA firms of the future will have to leverage their value and expertise to position themselves as the premier strategic partner for financial solutions.
Plan sponsors typically rely on financial advisors or retirement plan consultants to benchmark their plans and evaluate plan providers. So it is vital for advisors who serve the retirement plan marketplace to have an in-depth understanding of what must be reviewed.
While small business owners typically use defined-contribution plans with an elective deferral feature to provide retirement benefits to employees, defined-benefit plans may be ideal for small-business owners over 50 who are interested in saving a substantial amount of money for retirement in a short time period.