CPA/PFS Perspectives: 2014 Advanced PFP Conference Recap

Transcription

1 CPA/PFS Perspectives: 2014 Advanced PFP Conference Recap 1

2 Introduction About the PFP Section & PFS Credential The AICPA PFP Section provides information, resources, advocacy and guidance for CPAs who specialize in providing estate, tax, retirement, risk management and investment planning advice to individuals and their closely held entities The CPA/Personal Financial Specialist (PFS) credential distinguishes CPAs as subject-matter experts who have demonstrated their financial planning knowledge through experience, education and testing 2

3 Quarterly Series Many webcasts and podcasts deal with the technical aspects of various topics. This series addresses the decisions, motivations, concerns and practical implementation aspects of topics that CPA financial planners face. A panel of experienced CPA Personal Financial Specialists (PFS) will discuss these topics and share their experiences. 3

4 Today s Topic: Advanced PFP Conference Your clients are looking for financial guidance in a world of complexity and uncertainty. The conference sessions allow you to take steps to deepen client relationships with key strategies, updates and techniques. Today CPA/PFS credential attendees will share some of the practical ideas from the conference that will make a difference in their practice. 4

5 Advanced PFP Conference Highlights Held January 20-22, 2014 Over 45 session choices in 4 tracks for focused learning: Wealth Management and Tax Investment Management Retirement / Elder Planning Practice Management and Technology Additional pre-conference sessions included: Implementing PFP Services: Step-by-Step Plans for Success What the Sophisticated CPA, Lawyer and Financial Planner Need to Know About Planning for IRAs 5

6 Introduction Moderator Panelists Marc Minker, Doug Duerr Karen Goodfriend Ted Sarenski Scott Sprinkle CPA/PFS (CBIZ MHM, LLC) CPA/PFS (Duerr & Duerr, LLP / U.S. Wealth Management, LLC) CPA/PFS (KK Wealth Advisors LLC) CPA/PFS (Blue Ocean Strategic Capital, LLC) CPA/PFS (Sprinkle & Associates LLC) 6

7 Best Planning Ideas Panel A popular session at the conference with a panel of conference speakers who highlighted some of the best ideas presented: Stephen Akers, Bob Keebler, Michael Kitces, Ted Sarenski We will discuss some of the practical thoughts from this and other sessions covering: Income & Estate Tax Planning DOMA Changes Retirement General Topics Investments Implementing PFP Services 7

8 Income and Estate Tax Planning Best Planning Ideas Panel A selection of some related conference sessions: Update 2014: Advanced Income and Estate Tax Strategies for High Net Worth (Bob Keebler) Advanced Income and Estate Tax Strategies for the Mass Affluent (Michael Kitces) Estate Planning for Digital Assets (Gerry Beyer) 8

9 Retirement Best Planning Ideas Panel A selection of some related conference sessions: Conversations on the Edge of Retirement (James Shambo and Bob Veres) Social Security: What You Need to Know (Ted Sarenski) Guide to Retirement: Separating Fact From Myth (S. Catherine Roy) Retirement Income Strategies (David Blanchett) Physical and Mental Aspects of Aging: Impact on Retirement and Planning (Michael Finke) 9

10 Investments Best Planning Ideas Panel Additional related conference session: The Effect of Attention, Emotions and Biases on Investment Decisions (Terrence Thomas Odean) 10

11 DOMA Changes Best Planning Ideas Panel Additional related conference session: Sea-Change: Planning Opportunities for Same-Sex Married Couples (Thomas Tillery) 11

12 General Topics A selection of various conference sessions: Leaders Eat Last: Why Some Teams Come Together and Others Don t (Simon Sinek) The Six Dimensions of Excellent Client Service (Julie Littlechild and Bob Veres) Breaking Barriers to Increase Business (Bill Grimes) Technology Security Issues for Financial Advisers (Bill Winterberg) 12

13 Implementing PFP Services Two days (pre-conference) of panel sessions and roundtable discussions Learn from experts every step of the way Explore six personal financial planning business models and hear insights from successful CPAs who have built their practices to provide the highest value for their clients Hear from compliance, technology and practice management experts who will provide the step-by-step guidance you need to be most successful in providing these services 13

14 Conference Recordings and Next Year Conference recordings are available at: Attendees can access the recordings for free with the promo code from your conference brochure. Missed the conference? Individual sessions can be purchased. Join us at the 2015 Advanced PFP Conference January 19-21, 2015 in Las Vegas early bird discounts apply Pre-conference sessions to help you get started offering PFP services 14

15 Additional Information 15

16 Release of Statement on Standards in Personal Financial Planning Services Objective: to provide process-based guidance to AICPA members who provide PFP services when planning, developing, presenting, implementing, monitoring, and updating a financial plan to protect both the public and the CPA planner Applies to: the delivery of PFP services, not services covered by other AICPA standards Compliance Toolkit : Flowchart to determine when this applies Checklists, engagement letters, FAQs, educational PowerPoint Available free to PFP Section and CPA/PFS credential holders and for purchase by non-members aicpa.org/sspfps 16

17 PFP Section Resources (aicpa.org/pfp) Planning After ATRA and Net Investment Income Tax Toolkit The CPA s Guide to Financial & Estate Planning Volumes 1-4 Forefield Advisor (aicpa.org/pfp/forefield) Statement on Standards in PFP Services: Compliance Toolkit (aicpa.org/sspfps) PFP Practice Center (aicpa.org/pfp/practicecenter) Webcast and conference events For the full calendar of upcoming PFP Section events, visit and click on CPE & Events. Extensive suite of CPA practice guides, including: The CPA s Guide to Social Security Planning The CPA s Guide to Financing Retirement Healthcare The CPA s Guide to Investment Advisory Business Models The CPA s Guide to Technology in a PFP Practice and more Member communications PFP News, Planner, Inside Information, Financial Planning Digest 17

18 Forefield Advisor Resource Centers Alerts, resources, tools, and other client-ready materials are conveniently organized into these new resource centers (aicpa.org/pfp/forefield) 18

19 CPA/PFS News and Events - aicpa.org/pfp/pfs Education Opportunities In-depth self-study CPE courses - estate, retirement, tax, investments, insurance, and PFP process Exam Review Opportunities In-person 2½ day Personal Financial Planning Boot Camp - Denver in May, 2014 and Columbus, OH in November, 2014 On-line virtual study class - Rebroadcast of the PFP Boot Camp - Offered May and November, 2014 Self-study PFS exam review course - Study at your own pace with practice questions and case studies 2014 PFS Exam Summer: June 19 July 31, 2014 Fall/winter: December 15, 2014 January 26, 2015 Discounts, sponsorships and volume pricing available 19

20 Questions? Contact the AICPA Member Service Center at the PFP Division Team at 20