Personal Financial Planning Feed

financial planning estate

The AICPA provides information, tools, advocacy and guidance for CPAs who specialize in providing estate, tax, retirement, risk management and investment planning advice.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

3 retirement questions your clients are asking amid COVID-19

Shutterstock_1694685292There are a lot of unknowns related to the COVID-19 crisis. Your clients may be feeling stressed and even uncertain about their financial future, and are likely asking questions:

  • When will things stabilize?
  • When will the market volatility be behind us?
  • How will my retirement goals be impacted by everything going on?

Although no one has all the answers, as a CPA financial planner, you have a strong relationship with your clients, vast knowledge of tax and planning strategies and you offer objective advice that is in your clients’ best interest.

Continue reading "3 retirement questions your clients are asking amid COVID-19" »

Fraud is harder on emotions than finances for aging clients

Shutterstock_397734877Financial abuse and fraud that targets elderly clients can do more than devastate their savings and ruin their credit. The AICPA’s recent Personal Financial Planning (PFP) Trends Survey found that falling victim to fraud is much more likely to have an emotional impact on the elderly than a financial one.

Of the many types of fraud or elder abuse CPA financial planners have seen perpetrated on their older clients over the past five years, phone and internet scams top the list. The next most common issue is the inability to say “no” to relatives and identity theft.

Continue reading "Fraud is harder on emotions than finances for aging clients" »

What the emergency Fed rate cut means for your finances

GettyImages-171573445As a result of increasing fears about the impact the coronavirus may have on the U.S. economy, the Federal Reserve announced an emergency cut to the target range for the federal funds rate of 0.5%. The new target rate is now 1% to 1.25%. This reflects the largest rate decrease in more than a decade and the first emergency cut since 2008.

Most Americans are primarily focused on the health and wellbeing of themselves and their loved ones during this time of uncertainty, and rightfully so. But it’s important not to overlook how the Federal Reserve announcement may impact their financial wellbeing.

Neal Stern, CPA, member of the AICPA’s National CPA Financial Literacy Commission, spoke with AICPA Insights about what the rate cut means for Americans’ finances.

Continue reading "What the emergency Fed rate cut means for your finances" »

Americans start 2020s with financial satisfaction at a record high

Shutterstock_1038717496Americans’ financial well-being roared into the 2020s. For the seventh time in the last two and a half years, the average American’s financial satisfaction hit an all-time high, according to the AICPA’s quarterly Personal Financial Satisfaction index (PFSi). With all these positive records, you may wonder what it means for you.

First, a little background: The PFSi is a quarterly economic indicator that measures the financial standing of the average American. It’s calculated as the difference between two sub-indexes: The Personal Financial Pleasure Index, which measures the growth of assets and opportunities, and the Personal Financial Pain Index, which calculates the loss of assets and opportunities. Most recently, the Pleasure Index (74.9) greatly outweighed the Pain Index (34.7), bringing the Q4 2019 PFSi to a positive reading of 40.2, the highest reading in the index’s 26-year history.

Continue reading "Americans start 2020s with financial satisfaction at a record high" »

Life transitions trigger an opportunity for deeper client service

GettyImages-516896270It’s no secret that a phone call can change a life’s trajectory. Two decades ago, I received a call that not only had a deep impact on my family, but also sent me down a career path to help my clients navigate critical life transitions — unexpected and otherwise.

Unexpected events and major life transitions offer a critical opportunity to assist clients.

Over 20 years ago, my mom called and asked if I had talked with my dad that day. He had recently suffered some health issues but was doing well, so I assured her that he was probably out for coffee with friends. The day did not end well. I soon discovered that my dad had passed out while driving due to adjustments in medications and died in a one-car accident. He was only 64.

Continue reading "Life transitions trigger an opportunity for deeper client service" »

Subscribe

Subscribe in a reader

Enter your Email:
Preview

CPA Letter Daily