MARKET MELTDOWN: The CPA View on Financial Planning after the “The Panic of ’08″
Personal Financial Planning Issues and Opportunities
Preview Edition
FREE DOWNLOAD: Click here, 12 pages PDF.
In a new survey of CPAs taken in the days following the stock market meltdown Sept. 15, the vast majority of respondents expressed profound concern over the situation. But they also expressed cautious optimism based on prior moves they had made that anticipated a financial calamity.
Highlights:
- 58% of CPAs are “very concerned” by events.
- 81% say investors’ biggest problem remains “under-funded retirement accounts.”
- 77% believe CPA firms enjoy vast opportunity in financial planning services.
- 52% are already getting involved in offering advanced tax and estate planning services.
FREE DOWNLOAD: Click here, 12 pages, PDF.
Rule 1: Don’t rely on Social Security.
What’s your best financial planning advice?
Sound off here.
by Rick Telberg
At Large
Lehman. Merrill. AIG. Bear. Legendary names all.
And the story of each adds to the uncertainties that CPAs are facing with clients every day.
Looking to help clients financially prepare for the future, CPAs are counseling restraint. But, first of all: don’t count on Social Security.
“Due to the lack of certainty, Social Security benefits should not be assumed in the financial plan,” said Gary Manion of Olney, Md. READ MORE →
… at the local Chamber of commerce, then you’re probably looking in the wrong place.
Involvement by growth-oriented small business owners has dropped 53% since 2005, according to Warrilow researchers. The better bet: Trade and industry associations.
NEW SURVEY LAUNCHED: Personal Financial Planning – Issues and Opportunities for CPAs
Man, we couldn’t have picked a better time — or maybe worse time? — to launch a new study into the CPA financial planning environment.
First question: “How concerned are you?”
The survey was just launched today. Join the survey here; get the results.
UPDATED — With early comments… READ MORE →
When does Tax Season 2009 begin? Earlier than you might think.
Tax practitioners already looking ahead to the next busy season didn’t necessarily like how things went last season. So they are preparing new strategies and planning to implement them earlier, in order to minimize stress in this increasingly hectic aspect of their careers.
Headed into next tax season, practitioners’ top concerns, according to our CPA Trendlines research, are the following:
- Late or unprepared clients
- Staffing
- Erroneous forms
- Technology or software problems
- The economy
But a new issue is looming: new and changing tax codes and regulations. This year’s economic stimulus and housing bailout legislation contains a number of new issues for tax practitioners. And the next president and Congress could have additional ideas – quite possibly at the last minute. READ MORE →
Tax season checklist. Already?!
Yes. Now is the time to start planning for next tax season. In this month’s Accounting Technology, associate editor Alexandra DeFelice covers the waterfront. She includes this handy sidebar, listing six items to consider in going, well, if not exactly “paperless,” then at least “paper-less.”
Going Paper-Less
- Scan source documents the start of the process instead of waiting to scan returns.
- Dual or triple monitor can serve as the “paper” staff is used to holding.
- Save returns to PDF instead of printing copies.
- Client portals offered by some tax software vendors and third parties help accountants and clients share and store documents online.
- Workflow software can serve as an electronic routing sheet and provide a common view of the stage of all of the firm’s returns.
- Use extensions as a time to experiment and to train staff on new technologies and procedures.
Alexandra rounds up a great cast of characters for the article, including:
- Jorge Olavarrieta, group product manager for Intuit’s Lacerte product
- Jon Zion, president of eastern U.S. operations for Robert Half International
- Jay Malik, an enrolled agent, Certified QuickBooks ProAdvisor and owner of Easton, Pa.-based Uncle Sam Tax & Accounting Corp.
- SurePrep CEO David Wyle
- James Baltimore, Xpitax’s tax compliance director
- Liz Vuozzo, manager at the Fuoco Group
- and yours truly. (She even mentions our blog post, “Planning for Busy Season 2009.”).
Happy reading in Accounting Technology at WebCPA here….
What are you known for?
Great businesses start with great positioning. Think: Coke is “the real thing.” Avis, “We try harder.” New York Times, “all the news that’s fit to print.”
What do you do if you’re a firm of women accountants of a certain age? How do you compete against bigger firms with fresher faces?
Here’s how, from Betty, an accountant in Cincinnati, Ohio, who tells the story of a big client win at the Betty’s Head blog. It’s a fun and useful story…
One of my staff and I sat in front of a roomful of white haired gentlemen and charmed them into hiring us. We were explaining to them that one of the reasons they should hire us is because every person in our firm is over the age of 35 and would be able to focus on their work instead of worrying about their fantasy football pics or their MySpace page. One of them joked and said, “Oh, so you’re the senior citizen accounting firm.†To which I countered, “Actually, we like to think of ourselves as the Hot Chick accounting firm.†They all laughed and at that point, I think their decision was made. It might also have had something to do with the fact that we are respected specialists in their industry, are just 15 minutes away, and the other firms were out of town and not as focused on affordable housing, but I really think it was the flirting. I do well with older men.
What’s your story? Drop us a line here.
