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And the consequences for incorrect tax advice can include legal and financial penalties if a client were to be harmed by the wrong advice – which is often not covered by the firm’s E&O insurance –creating an expensive liability when tax advice goes wrong. Might be a source of tax-free income ( unless the IRS says otherwise )!
Also in industry news this week: According to a recent survey, advisors are putting an increasing share of client assets into model portfolios, allowing for customization and time savings that advisors appear to be using to provide more comprehensive planning services RIA M&A deal volume saw an annual record in 2024 as a lower cost of capital, (..)
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0
The IPO market has also seen a resurgence, with 13 IPOs each aiming to raise $100 million or more filed in January 2025 alone , marking the highest number of sizable IPO filings in a single month since early 2022. Develop Comprehensive Tax Strategies: Optimize taxplanning, transfer pricing, and international tax considerations.
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the Cost Of Living Adjustment (COLA) for Social Security beneficiaries will be 8.7% for 2023, the largest COLA since 1981. Why accounting firms have become hot acquisition targets for RIAs.
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that the North American Securities Administrators Association (NASAA) released the latest edition its annual survey outlining the state of state-registered RIAs, showing that the number of state-registered firms and their assets (..)
In late 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, introducing several significant changes to retirement planning. This shift has led financial advisors to explore new strategies for mitigating the resulting tax-planning challenges.
Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that Congress appears poised to pass “SECURE Act 2.0”, a series of measures that will have significant impacts on the world of retirement planning. And notably, while no single change in SECURE 2.0
We start with several articles on retirement planning: Data showing where American retirees currently stand, from their average net worth to how they spend each hour of the day How, according to a recent study, delaying Social Security benefits typically leads to greater lifetime wealth than claiming benefits early in order to reduce portfolio withdrawals (..)
those that offer both digital robo-advice and human touch) are growing faster than almost everyone else, with 24% of net new cashflows despite the low aggregate number of firms with this business model. Likewise, while CRM usage has slipped by about 5%, the overall number of advisors who use a CRM still remains at a dominant 92%.
Combined with growing advisor (and consumer) interest in comprehensive financial planning services, the number of ways advisors can add value for their clients has expanded greatly. Luckily, advisors have a large number of ways to add value to their clients’ lives (more than 101 in fact!) TaxPlanning.
Which suggests that while firms might be tempted to zero in on compensation when it comes to retaining advisors, focusing on these other factors (which do not necessarily involve hard dollar expenses) could pay off in the form of increased advisor (and client) retention over time.
Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that the passage of “SECURE Act 2.0” has brought a wide range of changes to the world of retirement planning. In fact, while no single change in SECURE 2.0 In fact, while no single change in SECURE 2.0
As 2022 comes to a close, I am once again so thankful to all of you, the ever-growing number of readers who continue to regularly visit this Nerd’s Eye View Blog (and share the content with your friends and colleagues, which we greatly appreciate!). Executive Summary.
In today’s AI-powered business environment, accounting is no longer just about crunching numbers. Cloud-based accounting software offers a seamless, efficient, and secure way to manage your finances. Success Story: A growing tech startup engaged virtual CFO services to navigate their financial planning and budgeting.
The CTA and the disclosure obligations it imposes upon reporting companies is designed to help safeguard national security and provide US law enforcement agencies with an additional tool to fight financial crimes, such as money laundering, trafficking, tax fraud, and other illicit activities.
How firms can best leverage their internal data to improve the number of client referrals they receive. We also have a number of articles on retirement planning: While weak stock and bond market performance has challenged advisors and their clients this year, these trends have likely increased the ‘safe’ withdrawal rate for new retirees.
The CTA and the disclosure obligations it imposes upon reporting companies is designed to help safeguard national security and provide US law enforcement agencies with an additional tool to fight financial crimes, such as money laundering, trafficking, tax fraud, and other illicit activities.
And one of the flyers that came out said that I did estate planning, and taxplanning, and business succession planning, and all these things I didn’t know anything about. And so, ultimately, I… Michael: Not actually that deep on your business succession planning experience as a 20-year-old.
And so, that’s how this actually started was, at first, I knew I wanted to just get a deeper dive into our numbers, into our business, our process, and, so, I engaged in the CFO solutions services. So, we do look at clients from the complexity of what type of planning they have. ” That’s what we did.
And that’s what they get for the fact that they have to be part of the calls, they have to facilitate interaction with the insurance company or any transactions, because it’s a securities business, you don’t have a securities license now. There was no repapering of accounts, clients didn’t get new account numbers.
Number one is just the fact that we have multiple fee structures. So, that’s number one. So, obviously, those are kind of round numbers that they just input. All right, those are very good numbers. Now, that number is really hard to quantify for a couple of reasons. Michael: Sure, sure.
Estate planning is commonly a big point of discussion, as well. And for most advisors that takes us down a road of taxplanning and lots of different types of trusts and family limited partnerships and GRATs and IDGTs and all the different strategies that are out there, or at least as long as Congress lets us keep playing those games. .”
Paper-based processes became obsolete and secure access to standalone applications posed technical challenges. The truth of the matter is that COVID-19 is exposing gaps in current financial planning across the region. For example, Lee noted that before the pandemic, the hospitality business was forecasted around the number of flights.
And the four pillars are the financial plan, risk management, so just checking all their what-if scenarios that something…a husband dies, wife dies, long-term care, disability. And then we look at estate planning. And then in the fall, we look at taxplanning. And so, that can move the numbers, as well.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0 Executive Summary.
While the final submitted text has not been released, some experts suggest that the DoL likely made few changes to its initial proposal, despite significant opposition from broker-dealers that could lead to the judicial system deciding the rule’s ultimate fate.
RAMPULLA: I went to Drexel part time while I was at Vanguard, did that commute down to Philadelphia from the suburbs, you know, three times a week for a number of years. I was employee number one in London. So there’s the, “Hey, I’ll work with you and we’ll develop goals and a plan how to get there.”
Or at least the top, pick a number, 30, 40%. I don’t remember the number. SEIDES: No, you’re right about the securities. SEIDES: It wasn’t a question of security prices going down, it’s a question of like, can you transact? So you’re talking about an average of a large number.
While the final submitted text has not been released, some experts suggest that the DoL likely made few changes to its initial proposal, despite significant opposition from broker-dealers that could lead to the judicial system deciding the rule’s ultimate fate.
This month's edition kicks off with the news that FP Alpha has released its tax return extraction and analysis module as a standalone product, while RightCapital has separately launched its own tax return extraction tool bundled within its platform – with both announcements coming on the heels of Holistiplan implementing a significant price increase, (..)
From there, we have several articles on taxplanning: How advisors can add value for their clients by managing their exposure to mutual fund capital gains distributions. A new research study suggests that delaying taxes in retirement is often not the optimal course of action. While SECURE 2.0
We also have a number of articles on retirement planning: How advisors can incorporate Social Security benefits into a client’s retirement asset allocation. The end of the year is often a busy time for financial advisors, as they help clients with year-end taxplanning, taking the proper RMDs, and other time-sensitive tasks.
Moreover, S-corps and pass-through companies are facing tax increases too…. Elimination of pass-through tax deductions. If you are a high-income S-corp, partnership, or sole proprietor, the proposed taxplan will eliminate your Qualified Business Income Deduction , commonly referred to as the pass-through deduction.
If you look at the, if you look at the filing and you look at the size of the company and the revenue, the entire yearly revenue numbers would be a bad quarter right? So then we decided, look, look, maybe we should put all of these businesses together and create a securities division. We now had the securities business.
Former President Donald Trump was against the potential taxplans, contending that they discriminated against U.S. The Center for Secure and Trusted Machine Learning, part of the Viterbi School of Engineering at the University of Southern California (USC), will back research that examines methods to secure and safeguard privacy in ML.
In a note to me, Hauser summed up the case against Zients: ‘Biden at his best has picked battles with corporate America, from the taxplan funding the IRA to appointing regulators like Rohit Chopra, Gary Gensler, and Lina Khan to take on predatory behavior. Still, WHO says it doesn’t see a need to distinguish between them.
With Republicans appearing to have secured a sweep of the White House and both chambers of Congress, the most immediate question for many financial advisors and their clients is what impact the election results will have on the scheduled expiration of the Tax Cuts & Jobs Act (TCJA) at the end of 2025. Read More.
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