WEALTH MANAGEMENT

Advisory Includes More Than You Might Think

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What do you see when you envision your future?

By Rory Henry
The Holistic Guide to Wealth Management

I work at a virtual family office called Arrowroot Family Office. Over the course of my career I have learned that family (and family dynamics) significantly shapes who we are and how we form relationships in life.

MORE: Wealth Management: Can You Afford Not to Provide It?

Research shows that one of the biggest drivers of family dynamics is the order in which each child is born. Birth order theory, developed by Alfred Adler in the 20th century, suggests that the order in which children are born can have a significant impact on their development and personality.
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Blake Christian: Why You Should Pay Attention to OZ 2.0 | Holistic Guide

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Proper entity structure, timing, and compliance are critical to maximizing the next phase of Opportunity Zone benefits.

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The Break-Through Blueprint for Revolutionizing the CPA Firm Business Model

The Holistic Guide to Wealth Management
With Rory Henry, CFP®, BFA™

A decade ago, federal Opportunity Zones (OZ) were introduced as part of the 2017 Tax Cuts & Jobs Act to encourage long-term investment into economically distressed communities through tax incentives. The first phase of the OZ program expires at the end of 2026, but Blake Christian, CPA, says the program is entering a new phase (OZ 2.0) that could dramatically expand its impact across operating businesses, infrastructure, AI data centers, and rural America.

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While many investors initially focus on the tax deferral aspects of Opportunity Zones, Christian explains that the program delivers three separate benefits.

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Jason Ackerman: Roth Mistakes That Cost Clients the Most | The Concierge CPA

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Existing IRA balances and Form 8606 can make or break the strategy.

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Build a 7-Figure Firm in 4 Hours a Week!

The Concierge CPA
With Jackie Meyer

In this episode, Dr. Jackie Meyer, CPA, welcomes Jason Ackerman, CPA, CFP, CGMA, chief financial officer and co-founder of WealthRabbit, to separate practical Roth IRA guidance from the oversimplified advice circulating online.

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Roth IRAs can provide tax-free growth and qualified withdrawals, but eligibility rules, reporting requirements, and conversion mechanics leave plenty of room for costly mistakes. Meyer and Ackerman examine direct contributions, backdoor Roth strategies, the often-misunderstood five-year rules, and the documentation advisers need to implement these strategies correctly.

A central warning: A backdoor Roth is not a product or a one-click transaction. It is a multistep process that requires advisers to examine the client’s existing IRA balances, properly report nondeductible contributions and conversions, and reconcile Form 8606 with Form 1099-R.

“Messing up the backdoor Roth is probably the one that can hurt the most,” Ackerman says.

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Help Clients Envision Their Future Selves

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Businessman sitting on cloud

Ask the “best hopes” question.

By Rory Henry
The Holistic Guide to Wealth Management

When helping clients plan for retirement, exit their businesses or reach other major financial goals, we tend to default to the numbers. Financial projections, spending needs, drawdown rates and risk tolerance are great navigational aids, but as Lewis Carroll wrote in “Alice in Wonderland,” “If you don’t know where you’re going any road will take you there.” However, a new approach is showing that getting in tune with our future selves is one of the best ways for clients and their advisors to plan for retirement.

MORE: How to Use Values-Based Financial Planning | Life Planning: Going Beyond the Financials | Understand Clients’ Relationship with Money | From Services to Experiences to Transformations | How Behavioral Finance Works | Priority No. 1: Your Mental and Physical Health | Trust Is the Primary Ingredient | How to Prepare Your Clients’ Kids for Their Inheritance | Quantifying the Value of an Advisor | Raise Your Rates to Change Your Clientele | How WealthTech Is Reshaping the Future of Holistic Advice | Profile of a Modern Firm: Putting the Vision into Practice | Tsunami of M&A, PE Is Disrupting the Accounting Profession | Introducing You to a Fulfilling Return on Relationships
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As a result, we must continually adjust our goals, including retirement planning, and that comes by getting well acquainted with our “future selves,” according to UCLA Professor Hal Hershfield. He said that while it’s important for you to consider the goals for yourself when it comes to money and saving, it’s just as important to think carefully about the goals you have for your future self long after you have stopped earning an income.
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Wealth Management: Can You Afford Not to Provide It?

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Advisory begins with conversations.

By Seth Fineberg
The Holistic Guide to Wealth Management.

Today we are cresting the biggest waves of change that I’ve seen in my 20-plus years of covering the accounting profession. I’m talking about the need for CPAs to go beyond simply being the trusted tax guy (or girl) for their clients and to help them manage all aspects of their wealth. This movement has been building for the better part of a decade, but only recently has it gone from “I’ll think about it” to “Can I afford not to get on board?”

Not to sound the alarm bells here, but CPAs must soon choose between riding the financial planning wave or being swept under it.
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