Financial planning

According to Leon LaBrecque, founder and managing partner of LJPR, LLC, a firm handling more than $300 million in assets, “Engineers who are frozen regarding their finances need to know that the financial planning process, at its core, is identical to the five steps they use for their Engineering Design Process. Once they understand this, they are on their way to building their ideal retirement plan.”

LONG-TERM PLANNERS EARN 40 PERCENT MORE

There are some classes of software that simply don't change much from year to year, and retirement planning software is one of them."

It has been said repeatedly that the one aspect most investors can really count on is that markets are cyclical.

The Treasury Department is advising Social Security check recipients who live in hurricane- and other disaster-prone areas to switch to direct deposit as hurricane season gets underway along the Gulf Coast and Eastern seaboard states and severe weather continues to impact other regions of the country.

A nanny who worked for a wealthy business owner was driving her employer's children to school, talking on her cell phone, when she ran a red light and crashed into another car, killing a family of three. State law stipulated that in such cases both the driver and the vehicle owner were liable. Both the business owner and his wife were named on the car's registration - as they were on all of their personal and professional assets. Due to the lack of protection planning, the accident ultimately put all of the business owner's assets in jeopardy.

POLL: INVESTORS PREPARING FOR LONG RECESSION

Award-winning author and financial planner Jonathan Pond told a crowd of more than 500 small firm principals and sole practitioners that while the current recession is life-changing for many, conditions will improve despite the media’s best efforts to portray the current climate as “hopeless.”

Do your clients have life insurance or annuity policies? If so, they - and you - may be in trouble.

The Internal Revenue Service now has a new interest in sports and entertainment - and not just as a spectator.

NEW PFP WEB RESOURCE

Given the current economic situation, conducting a financial planning practice isn't getting easier. With the financial uncertainty of the past several years, investors have become uncomfortable with the "business as usual" planning approach.To some extent, this is good news for planners, as it provides the opportunity to perform more in-depth planning for many clients, as well as providing clients with a more proactive approach to investing and planning. With investor goals undergoing frequent revisions, and the means to achieve those goals also increasingly unstable, clients are increasingly willing to allow you to play a more active part in monitoring their investments on an ongoing basis and suggesting changes when appropriate, not just at an annual or bi-annual planning session.

PCAOB STARTS REGISTERING BROKER/DEALER AUDITORSThe Public Company Accounting Oversight Board has issued guidance on the recent requirement for registration of auditors of privately held broker/dealers.

As the economy worsens and unemployment continues to rise, many people who have stayed invested may be asking themselves if they made a mistake by not selling out and remaining in cash.Conversely, those who have cashed out and have been sitting on the sidelines are patting themselves on the back for a job well done. However, at some point they will need to figure out how and when to get back in the market.

SENIORS LACK ECONOMIC SECURITYThree out of four senior households are said to lack the economic security needed to sustain them through their lives, according to a new study from the Senior Economic Security Index, a research project developed by the Institute on Assets and Social Policy at Brandeis University and Demos, a national public policy and research organization. The study pointed out that 87 percent of all senior households are financially vulnerable when it comes to their ability to meet essential expenses and to cover projected costs over their lifetimes.

A growing number of Baby Boomers, America's largest generation, are considering retirement in the midst of what many are calling the worst economic environment since the Great Depression. This year alone, Americans have seen the value of their 401(k) and other retirement plans decline by over $2 trillion.If Boomers are planning to use these assets to retire in the lifestyles they envision, advisors owe them some straight talk before they retire.

MILLIONAIRES' WORTH PLUNGES 30%U.S. households worth $1 million or more have seen their assets decline 30 percent during the financial crisis, according to a new report.

If you took an early distribution from your retirement plan, here are the top 10 things you need to know, according to the Internal Revenue Service:

Investors of all ages, and especially Baby Boomers, are increasingly turning to their CPAs to help them grapple with the financial planning challenges they will face leading up to and during retirement.CPAs are often the first financial advisor that investors experience, and with whom they build trust. Since the CPA firm also understands important aspects of their clients' financial picture, a solid foundation already exists for offering the goal-planning and investment advice that today's investors are increasingly seeking.

RENEWAL TO BE REQUIRED ON SOME PFP DESIGNATIONSThe College for Financial Planning plans to implement renewal requirements for some its professional designations.