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When it comes to personal finances and investing, affluent women are hard working, smart, and self-driven, according to Women & Co., Citigroup’s resource program dedicated to helping women achieve their financial goals. The survey, Women and Affluence 2008: A Generational Study, reveals that affluent women are knowledgeable about investing, confident about their retirement, often the primary decision maker, and influencing the next generation of women to do the same. Lisa Caputo, founder and CEO of Women & Co. says that the study is part of the ongoing dialogue with women. “This survey is the latest example of how we listen to women and continue to learn about their distinct financial needs, attitudes, and perspectives. The results indicate that today’s affluent women have far surpassed their mothers in financial acumen, and decision making responsibility. Despite a lack of female financial role models, affluent women empowered themselves and are committed to being a positive financial role model for their daughters.” In fact, according to the survey, women stated they talk to their daughters more about money than any other topic. Why? The research shows that women are embracing their role as CFO (Chief Financial Officer) of the household and encouraging their daughters to do the same. Some key findings from the study include:

Treasury Secretary Henry Paulson said the department's Troubled Asset Relief Program would begin to focus more on relieving tight consumer credit markets and shift away from the original plans to buy mortgage-backed securities.

The House Committee on Oversight and Government Reform held hearings on the role of hedge funds in the financial crisis and whether they should be more strictly regulated.

H.D. Vest Financial Services is offering remote check scanning and depositing services to its network of financial planning advisors.

I haven’t known a month’s financial confidence in my whole adult life.

The American Institute of CPAs will be one of the sponsors of CollegeWeekLive, a virtual job fair for college students scheduled for November 12-13.

“The best defense in these interesting economic times is to do nothing out of panic.” So says Brent Neiser, a certified financial planner and director with the National Endowment for Financial Education. “People react emotionally without information about situations that apply to them.” Neiser believes that with the financial markets looking like a roller coaster, many investors are now considering cutting their losses and racing to the sidelines. And then they will wait until the market hits bottom and starts to go in the other direction. I have heard the same tactic being employed by many of my friends. Of course, the reply from me usually is, when will you know when you hit bottom?” Neiser warns that unless you actually must have the money for a child’s college tuition or to purchase a “must do” big ticket item like replacing a car that has died on you, he feels the best bet is to continue investing in your 401(k) plan, at least up to the company match threshold. “That’s free money. Take it unless you absolutely can’t afford to.” Neiser also advises that keeping about three to six months of ready cash to cover expected circumstances is a good idea. “You don’t want to be selling investments as the market is going down just to pay the mortgage or put food on the table.” That’s why he recommends putting cash in a money market to even a checking account to keep the cushion safe from market swings. In other words, keeping yourself liquid, and not to make any major changes in your portfolio. As to credit card debt, Neiser believes that while it may be important to pay yourself first, as the old adage goes, why would you continue paying 18 percent interest rates on unsecured debt while you earn just two percent on your savings? “Pay off your plastic and get rid of them.” He also feels that this is the perfect time to check how you are protecting your assets through automobile, home, life, disability, and health insurance policies. He points out that it might be better taking higher deductibles and putting the savings from lower insurance premiums into a dedicated “insurance deductibles” savings account. Even if nothing happens, you at least have an account with money in it. And should something unforeseen happen, you have money to help cover the increased deductible. For more tips, you might want to visit www.smartaboutmoney.org. Also, to learn more about the National Endowment for Financial Education and how they can help people acquire the knowledge and skills necessary to take control of their financial destiny, visit www.nefe.org.

A tax attorney predicts that small businesses and high-net-worth individuals will need tax-planning advice to help protect their assets from anticipated changes in tax law.

The American Accounting Association has launched AAACommons, an online social network and member community.

Learn what practitioners should be focusing on in their upcoming year-end and general tax planning with both individual and corporate clients in this free webcast.

The Securities and Exchange Commission and the North American Securities Administrators Association said they would waive for nine months the initial set-up and annual renewal fees paid by investment adviser firms to join their registration system.

“As the economic slump deepens, more companies are expected to join General Motors in suspending matches of contributions to their employees' 401(k) retirement accounts. “GM last week became only the latest on a list of well-known companies trying to conserve cash to weather the downturn by halting 401(k) account matches. Also among them are Goodyear, Frontier Airlines, commercial real estate firm Cushman & Wakefield, broadcast group Entercom and rental car agency Dollar Thrifty Automotive Group. “ The above was from USA Today of October 28, 2008 and indicates a very interesting new, possible growing trend that will probably increase and become especially attractive to companies hardest hit in these tough economic times. The ramifications, if this becomes widespread, are extremely significant, and this is true even on the firm level, whether it involves business clients currently matching 401(k) employee contributions or individuals saving for retirement. Beside costs and retirement savings, there is the obvious concern of the impact on attracting and retaining talent, and the need for development of special compensation packages for key employees. It also indicates that businesses will be making some very tough decisions as a result of this extended, and continued financial and economic crisis. Some firms are already creating internal financial crisis teams. This is a time to be proactive and respond, not a time to wait and react. What is your firm doing?

The College for Financial Planning plans to significantly expand its scholarship program to further support financial professionals facing the turbulent economic market.

As the turmoil continued to wreak havoc with the markets and Congress mulled the mammoth $700 billion bailout package for Wall Street, five high-profile CPA financial planners holding the American Institute of CPAs' Personal Financial Specialist credential advised concerned investors to take a calm approach to savings and investments amid the present financial crisis.While their individual investment strategies may differ slightly, all agreed that clients should not lock in market losses through panic selling.

The Deloitte Foundation has announced the regional winners of the Deloitte Tax Case Study Competition, an interscholastic competition that brought together nearly 60 teams from colleges and universities in 11 cities across the country in October to tackle complex tax case studies.

AARP Financial, a registered investment adviser and a subsidiary of AARP, has provided proactive steps that people can take to help protect their nest egg amidst a financial market that is in turmoil. According to Mac Hisey, president of the company, he has been hearing from many AARP members who are expressing the fact that it is a rough time for people who are planning for retirement. “The natural instinct is to pull all your money out of the market and put it under your mattress. This is not a time to abandon your retirement plans or take drastic measures," He says that the financial advisors at AARP Financial can provide investment guidance and help make the most of retirement investments. In fact, in order to guide people through challenging economic times, the company has prepared the following tips: 1) Don't Make Rash Decisions. It’s clear that one needs to have a financial plan that can be followed no matter what the market swings are. Keep in mind that emotions shouldn’t be driving investment decisions. 2) Revisit Reasons for Investing. In volatile markets, sometimes the best course of action may simply be no action. That’s why it’s important to maintain a long-term time horizon. Only make changes when it is absolutely necessary. 3) Establish an Emergency Fund. It’s prudent to keep at least six months of living expenses that are easily accessible; they can be in a savings or money market fund account. The idea is to be able to meet unexpected financial obligations. 4) Make Saving Automatic. Clearly, the best way to ride the volatile economy is to make investing automatic. For example, establish an automatic investing plan by regularly deducting a set amount from the paycheck or checking account and transferring it to a retirement savings account. 5) Review Fees and Expenses. This needs a review on what is being paid on financial products and services such as mutual funds, credit cards, interest rates, and bank transaction charges. Switching to a lower cost product may save some money. 6) Resist Impulse Purchases. Watch that discretionary spending and pretty much avoid incurring debt on any impulse purchases regardless of the "deal." Instead, put that money in a savings or investing account. 7) Have a Plan. Better late than never to put a retirement plan in place. This helps determine whether the right path is being followed. Again, a plan, not emotions, should drive investment decisions. 8) Consult an Expert. Financial advisors are specially trained to help people manage their finances. Discuss all concerns. 9) Get Informed. Research shows that many people struggle with fundamental financial terms and concepts. Take steps to get the needed information. 10) Don't be Afraid to Ask for Help. For example, AARP Financial's salaried financial advisors provide personalized investment advice. They can be reached at 1-888-778-6187.

The Texas Society of CPAs has provided five tips that CPAs can pass along to their clients to calm their financial worries.

Deloitte Financial Advisory Services has elected a new CEO and U.S. chairman.

A certain advisor had a 35-year relationship with his client/friend. He helped him with businesses, financial plans, estate plans, and the like. When the client died, and then subsequently his wife, the family advisor was called to the home by the daughter to discuss the next steps regarding the estate. He asked the daughter what she wanted to do with the vast collection of art and antiques. The daughter, who had just lost both parents and was herself in the middle of a divorce, said she trusted the advisor and ended with “Can you handle this?” The advisor called a local auction house and was pleased to see the auction results yielded more than $500,000, with one piece of furniture in particular selling for $68,000. When he reported this to the daughter, she said, “That was Mom’s favorite piece.” Well, eight months later the daughter’s aunt called the advisor to say that the piece of furniture that sold for $68,000 was subsequently sold in a New York auction for $725,000. Does the advisor see a lawyer calling him? This story is related by Michael Mendelsohn who a few months ago launched The Briddge Group to meet the growing demand for art succession planning advocates. He created it in partnership with some of the nation’s foremost art, legal, and financial experts. Mendelsohn says that “Collectors and their advisors need an advocate who knows how to lift art and collectibles out of the estate planning process and treat them with the special handling every collection deserves.” He also listed the top 10 art succession planning mistakes made by financial and legal advisors: 1. Failure to understand the effect a large art inheritance will have on your clients’ children and future generations. 2. Assuming that if a piece is “undeclared” and passed quietly to an heir (the empty hook approach), it can avoid taxation—that approach can actually cause serious tax problems. 3. Failure to understand the difference between clients who accumulate common objects and clients who are collectors. 4. Neglecting to collect proper documentation, including cost basis, proper title, provenance, and current opinion of valuation for each piece in a collection. 5. Failure to take advantage of current tax laws which allow a collector to reduce current income tax, eliminate capital gains, and estate taxation on art assets. 6. Failure to leverage/arbitrage your clients’ art holdings for the benefit of their favorite charities. 7. Failure to develop a plan to protect art assets from creditors’ claims. 8. Failure to understand the art headlines in the press—those big auctions often mean panic selling, a huge reduction in value, and/or a lost legacy. 9. Confusing estate planning with art succession planning. There are different rules and different opportunities for art assets. 10. Failure to use a team approach when planning for their clients’ art assets—collectors and their advisors need specialized advocates. For more information, contact Annette@briddgegroup.com

Two-thirds of certified financial planners have seen an increase in potential clients as economic turbulence has increased in the past several weeks, according to a new survey.