PERSONAL FINANCIAL PLANNING

Be the Flywheel to Increase Revenue

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“This will be the largest transfer of wealth the nation has ever seen in such a short period of time.”

By Rory Henry, CFP®, BFA

Henry

Rory Henry is a Director at Arrowroot Family Office and host of the Wealth Management Forward podcast. He can be reached to discuss ways to integrate financial planning into your practice through the CPA Partnership program at (310) 566-5865 or at rory@arrowrootfamilyoffice.com.

The financial advice business is undergoing significant change, particularly in the accounting and wealth management sectors. The arrival of private equity firms, combined with the rise of M&A and rapid advancements in technology, has shifted the landscape considerably. While these changes are unsettling to some practitioners, I view them as opportunities.

MORE: Four Core Principles for Elite Wealth Management | Why You Need a Team of Experts | Why a Virtual Family Office? Why Now? | Is Your Client’s Umbrella Big Enough? | Your Client’s Instincts Are Wrong | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting
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In many ways, a CPA is a flywheel at the center of the financial advisory engine. All the other providers and advisors rotate around the CPA, and together they build momentum as the firm expands its offerings and as the advice engine gains speed and confidence.

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Transferring Business Interests to Optimize Estate Taxes

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couple sitting across desk from advisorStrategic estate planning could save your clients millions.

By Anthony Venette, CPA/ABV

We stand at the precipice of the largest wealth transfer in American history. Millions of business owners are struggling to write the next chapter of their companies and their legacies. Prudent gift and estate tax planning can be the difference between creating generational wealth and squandering it. Gifting privately held business interests to a child or children can be an effective and tax-efficient way to maximize wealth transfer and achieve legacy planning goals.  

MORE: Enhance Wealth by Mitigating Taxes | Your Client’s Instincts Are Wrong | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting | Cashing Out: Your Business Clients’ Five Big Issues
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That being said, many business owners are unaware of the benefits of gifting interests in their businesses rather than cash. Here are four important reasons why gifting business interests can be advantageous: 

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IRS Processing Returns as Fast as It Gets Them

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data tableRefund numbers up 20+ percent, but average amounts still down.

By Beth Bellor
CPA Trendlines Research

Has the Internal Revenue Service been bingeing NASCAR videos? The agency put the pedal to the metal in processing individual income tax returns, with an incredible current rate of 99.8 percent.

MORE: Only 39% of Tax Returns Filed by Pros | Tax Season Opens with Refunds Up 85%
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As of Feb. 17, the latest data available, the IRS had received 36.9 million individual income tax returns, up 2.6 percent from the same period in 2022, and processed 36.8 million of them, up 9.9 percent.
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Where to Next? We Have Apps for That.

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Use these apps to plan your next vacation on the cheap.

By Beth Ziesenis
App of the Week

Has going back to work after the holidays already got you in the mood to take off work? The last Tuesday of January is National Plan for Vacation Day, so it’s a perfect time to plan the perfect trip.

MORE APPS of the WEEK:  Make Your Computer a Clean Slate | Recycle and Repurpose Old Devices | Enlist AI for More Productive Meetings | Keep Teams on Task with Project Management Apps | Apps to Put Your Affairs in Order | App of the Week: Celebrate Black Business Month | App of the Week: Cheap Flights | Help Your Clients Save Money | Time to Upgrade Your Spreadsheets | App of the Week: Secretly Stash Cash | Easy Apps for Increasing Client Engagement with Video | App of the Week: Grow Your Business Knowledge and Career Skill Sets | App of the Week: Upgrade Your Resume | App of the Week: End Procrastination | 
SEE ALL: Apps of the Week here |
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Actually, those of us with wanderlust probably spend a fair amount of time on travel apps, specifically hoping to find that too-good-to-be-true dream trip. Here are two of my favorites.

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The Life Insurance That Your Firm Needs

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https://cpatrendlines.com/2020/04/06/accountants-are-emergency-responders-who-will-help-us-recover-from-the-covid-19-crisis/

Guarantee funding when your business needs it the most.

By Russ Alan Prince
Your $5 Million High-Net-Worth Practice

There are times because of death when key people in a company are lost. Key person life insurance provides funds to a business to address the financial losses that can occur when a key person dies.

MORE: Why You Need a Team of Experts | Why a Virtual Family Office? Why Now? | Is Your Client’s Umbrella Big Enough? | Your Client’s Instincts Are Wrong | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Revenue losses can be offset, and money can be tapped to help ensure the business remains viable and doesn’t fail – for example, to find a replacement or train someone to take the job of the key person who died.

This is almost always the most cost-effective approach. Additionally, key person life insurance pretty much guarantees the money required will be available when needed.

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