Weekend Reading For Financial Planners (October 19–20)

October 18, 2024 02:00 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that Charles Schwab has revealed changes to its technology offerings in the wake of its merger with TD Ameritrade, bringing over several popular TD tools, including portfolio rebalancing tool iRebal, its Model Market Center model management service, and its trading platform thinkpipes, likely in an effort to keep former TD users (many of whom were accustomed to this software) on the Schwab platform (and to expand offerings for firms already on the Schwab platform) as competition in the RIA custodial platform marketplace heats up.

Also in industry news this week:

43% of wealth management firms are frustrated with the effectiveness of their CRM software, spurred on by challenges with integrations and workflows, according to a recent survey
The Social Security Administration this week announced a 2.5% cost of living adjustment for 2025, a decline from previous years, reflecting a reduced inflation rate

From there, we have several articles on insurance planning:

How changes to Medicare Part D for the upcoming year could lead to lower out-of-pocket spending on prescription drugs for certain clients
5 mistakes individuals make when it comes to Medicare, from underestimating expenses to missing important deadlines, and how advisors can help prevent them
Key opportunities for financial advisors to add value for clients during Medicare's open enrollment period, from evaluating prescription drug plans to discussing the potential benefits and drawbacks of moving between 'original' Medicare and Medicare Advantage plans

We also have a number of articles on client risk tolerance:

Why separating risk tolerance from risk capacity and incorporating both risk tolerance questionnaires and qualitative conversations can provide advisors with more complete insight into their clients' ability and willingness to handle investment risk
Why a client's tolerance for "career risk" is a potentially important factor when creating a financial plan and evaluating alternative scenarios
How individuals' risk tolerance as they move into retirement does not decrease as much as might be expected

We wrap up with 3 final articles, all about setting goals:

A 3-step process that can help clients set more accurate, specific financial goals
How advisors can motivate clients by having them choose "not not serious" goals that can add vibrancy to their financial plans
Why focusing on internal motivation and consistent processes, rather than external, measurable goals, could lead to greater personal and professional satisfaction

Enjoy the 'light' reading!

The Return Of IAR Ethics CE Day And The State Of The (Nerd’s Eye View) Blog

July 8, 2024 07:02 am 0 Comments CATEGORY: Nerd's Eye View

After several turbulent years in both markets and workforces, 2024 appears to be the 'most normal' year of late, with strong market performance, cooling (or at least no longer rising!?) interest rates, and relatively little new tax legislation (yet).

Yet the need for advisor education – and the regulatory requirements to get it (in the form of Continuing Education obligations) – never ends, with the latest focus for most financial advisors being on the ongoing expansion of NASAA's 2020 Model Rule that implemented the first Investment Advisor Representative (IAR) requirements to get 12 hours of Continuing Education (CE), including 6 hours of Products & Practices and 6 hours of Ethics & Personal Responsibility, in order to maintain their IAR registration. This new model rule is enacted on a state-by-state basis and has currently been picked up by 18 states… though, because it applies not only to IARs physically located within those states but to anyone who is required to register as an IAR in one of those states, in reality, the new IAR CE obligation is quite far-reaching (especially with California and Florida IAR CE requirements taking effect this year!).

Given the continuing growth of advicers who fall under these new IAR CE Requirements, the Kitces platform is not only continuing to offer IAR CE (along with all of its other CE types) through its Nerd's Eye View blog articles, but, starting this year, has also expanded IAR CE eligibility to our webinars as well. And to meet the growing demand for the required "Ethics & Professional Responsibility" content in particular, we're also excited to announce the return of our IAR Ethics CE on August 29, 2024! Attending IAR Ethics CE Day allows advicers to fulfill all 6 hours of their required IAR Ethics & Personal Responsibility CE obligations in just 1 day, preventing an end-of-year CE crunch and providing high-quality education from top experts in the field of ethics and compliance (while also satisfying their CFP Ethics and IWI Ethics requirements, too!).

In addition to IAR Ethics CE Day, the ongoing growth of our Kitces Education team has allowed us to offer more frequent live CE webinars (now running the 1st and 3rd Tuesday of every month at 3:00 PM EST), and next month, we'll be rolling out our newest Kitces Course, a master class taught by our own Jeff Levine and Michael Kitces on "Optimizing Tax-Efficient Roth Conversion Strategies And Implementation", which will let advisors practice the skill of determining the 'right' amount to Roth convert, identify which clients should do Roth conversions and when, and also explore ways to explain the strategic components of Roth conversions to clients (who may otherwise resist the upfront tax liability, notwithstanding the long-term tax benefit!). Additionally, the upcoming Kitces Value Summit, coming December 12, 2024, will tackle how real advisors provide and communicate their ongoing value to their clients.

Along with the expanded CE offerings, we've also been reinvesting heavily into making the Kitces platform easier to use. Our major focus this year has been on supporting the growing number of multi-advisor firms buying Group and Enterprise subscriptions… and then needing to manage all of their Kitces Group members! Going forward, our new Group and Enterprise dashboards will make it far easier for firms administering their Kitces membership to add and remove individual advisors and to enroll their advisors into IAR CE (as more states add the requirement) with just a few clicks of a button! (And yes, in the coming year, we will be looking at a broader overhaul and re-design of the entire Kitces Members Section for all advicers to make it easier to navigate – we've heard your feedback!😊)

Of course, CE is not the only part of the advisory landscape that's changed. Our newly released Kitces Research on Advisor Marketing shows that fewer advisors are reporting client referrals as a methodology to attract new prospects (and the growthiest firms are relying on referrals the least!), but that there is no one dominant marketing tactic taking its place. Instead, the firms that are the most successful at marketing don't appear to be engaging in materially different tactics than the rest; they simply have more clarity of the ideal client they're pursuing, and how to communicate with them, such that they're executing the same marketing tactics but getting much better results (which, in turn, leads them to invest time and dollars into their marketing efforts and further compound their growth lead!).

In the meantime, if you (or anyone else you know) wants to join our Team of Nerds, stay tuned for more openings in 2024, including the Managing Editor role (available now!), an Operations Coordinator (coming soon!), and other roles. We'll be listing these roles as they become available on our Kitces Career Opportunities page, or you can sign up for our separate Career Opportunities mailing list (via that Opportunities page) to be notified when new positions open up! And for those who don't want to join the team full-time but would simply like to 'Nerd Out' with us or a bit and share what they do or know with their fellow advicers, remember to check out our "How To Contribute" page to see how you can engage with the Kitces platform as a guest writer, presenter, or podcast guest!

Ultimately, though, the focus remains the same as it always has been – on our mission to "Make Financial Advicers Better, And More Successful" – through our 4 strategic pillars of creating Navigational resources, insightful Education, original Research, and skills Development for financial advicers across the spectrum of experience and firm sizes (and yes… or organizational strategy does spell N-E-R-D😊). We look forward to continuing the journey with you through the rest of 2024!

Kitces MasterClass on Optimizing Roth Conversions

Learn how to analyze a client's cash flow and estimated taxes to implement more effective Roth conversion strategies.

6 Hours CE

LEARN MORE

BUY NOW

Optimizing Roth Conversions For Tax-Efficient Implementation

6 Hours CE Credit (CFP, CPE, IWI, American College, and NASAA for IAR P&P*) **available to all course purchaser*s

Instructors

Michael Kitces, MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL
Jeffrey Levine, CPA/PFS, CFP, CWS, MSA

Every year, countless individuals approach retirement with concerns about their financial security, seeking ways to optimize their savings and minimize potential tax burdens. The challenge is that managing tax liabilities through strategic Roth conversions can be complex due to evolving tax laws and unpredictable market conditions. However, effective Roth conversion strategies can significantly enhance a client's retirement funds when properly executed. By the end of this course, you will be able to:

Navigate the intricate rules governing Roth conversions
Optimize the timing and execution of Roth conversions
Evaluate potential risks and leverage opportunities for tax optimization
Guide clients in implementing Roth conversions to enhance their financial security in retirement

VIEW SYLLABUS

Who This Course Is Right For

This course complexity is based on a financial advisor with 1-5 years of experience in financial planning. The purpose is to have a course designed to bridge the gap between informational knowledge gained from the CFP certification and the practical application with clients. However, the content does cover a broad range of expertise and depth to keep even the most seasoned advisor engaged!

What You Get With Optimizing Roth Conversions For Tax-Efficient Implementation

6 Hours CE

Automatic reporting for CFP, IWI,
American College, and NASAA. Self-reporting for CPA CPE credits.

7 Modules

Over two hours of educational videos from our instructors Michael Kitces and Jeffrey Levine.

Kitces Certificate

Earn a Kitces Course Certificate
to add to your resume.

5 Real-World Case Studies

This course goes beyond just learning concepts to actually practicing them with real-world scenarios to become familiar and experienced before working with clients.

2 Interactive Capstones

Put your learning into practice with interactive capstones to enhance your practical understanding of Roth conversion strategies.

Self-Paced

Learn whenever it’s convenient for you and progress through the material at your convenience, ensuring a flexible learning experience that fits your schedule.

Advisors may receive a full refund for Kitces Courses within 45 days of purchase or prior to completing the course, whichever comes first.
Upon the completion of the course, you will be asked to take a course survey after which you will receive your certificate of completion. The course survey will allow Kitces to continue to serve you effectively. We can't do it without you, and we appreciate your survey participation.

Instructors

Michael Kitces, MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL
Chief Financial Planning Nerd and Founder, Kitces.com
Head of Planning Strategy, Buckingham Wealth Partners

Michael Kitces is the founder and Chief Financial Planning Nerd at Kitces.com. He is also Head of Planning Strategy at Buckingham Wealth Partners, a turnkey wealth management services provider supporting thousands of independent financial advisors. In addition, he is a co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting.

Jeffrey Levine, CPA/PFS, CFP, CWS, MSA
Lead Financial Planning Nerd, Kitces.com
Chief Planning Officer, Buckingham Wealth Partners

Jeffrey Levine,  Lead Financial Planning Nerd at Kitces.com, guides advisors through Form 1040 and its associated items and schedules. Interactive exercises reinforce the lessons from each module, moving advisors from comprehension to application. Jeffrey Levine is a nationally-recognized and award-winning financial advisor, speaker, and educator. He is the Lead Financial Planning Nerd at Kitces.com, home of the popular Nerd’s Eye View blog, and also serves as Chief Planning Officer, Buckingham Wealth Partners.

What Others Have Said About This Course

"For any advisor who is interested in utilizing Roth conversions with their clients and doesn't have much experience or know where to begin, I couldn't recommend this course enough. It is great at teaching the fundamentals and essential knowledge base needed to be confident in advising on Roth accounts and Roth conversions. I enjoyed the course and it reaffirmed many concepts I had a good grasp on, but there were several things I learned for the first time from this course as well. Highly recommend for advisors interested in upping their Roth game who feel they have more to learn."

Scott Schwalich

"I would recommend this course to anyone who would like to dive into the deep end of the Roth Conversion pool and come out a stronger and more capable advisor."

Chris Kiesel

"The Roth Conversion course was a perfect combination of knowledge/instruction and practical application. I really appreciated the number of examples that were given for each topic as well as practical case studies."

Brendan Ercole

"Optimizing Tax-Efficient Roth Conversions is an excellent course! The content and required course work is relevant and immediately applicable. The explanations and rationale provided for the many different strategies for the use of Roth applications were clear, concise and immediately implementable. Regardless of your knowledge base, you will learn and sharpen your skills with the ever evolving tax planning strategies discussed in this course."

JP Hanuszkiewicz

"Even as an advisor with nearly ten years experience, Kitces' course on ROTH conversions broadened my thinking around ROTH conversions and enhanced ROTH conversion conversations with my clients. Thank you for improving the quality of my work and my clients' lives."

Lisa Mesquit

"This course was fantastic. It was thorough and well-structured so that it got more in-depth for realistic planning as you progressed through the course. Michael and Jeff break down real-life scenarios and strategies that you will see with your clients. I cannot recommend this enough for advisors who want to be more educated and well-equipped to decrease their client's lifetime tax liability."

Ryan Brueck

This Kitces Course is normally $397. Advicers who have joined the Kitces Members Section will be able to register at a discounted rate of $297. (Learn more about Premier Membership or how to obtain a Group Discount for multiple advisors in your firm).

Not a Member? Buy Combo for discounts.

Kitces.com Premier Membership includes Kitces Course discounts, free monthly webinars, over 100 Hours of CE on-demand, CFP ethics, and more! - Access to our entire CE Quiz library on demand.
- Access to Exclusive Kitces-written CFP Ethics CE.
- Monthly Live Office Hours session with Michael and the Kitces Team to answer your questions.
- 2/Year New + All Archived Issues Of The Kitces Report.
- Access to Archives of All Educational Webinars.
- Unlimited Access to Members Section Resources including Charts and Spreadsheets.
- IAR reporting add-on (available at checkout).

100% Satisfaction Guarantee. Advisors may receive a full refund for Kitces Courses within 45 days of purchase, or prior to completing the course, whichever comes first. Advisors will have 180 days to complete the course. If the course is not completed within 180 days, the registration will expire and the advisor will need to pay to re-enroll for the course.

Premier Member Discounts

Kitces.com Premier Membership includes Kitces Course discounts, free monthly webinars, over 100 Hours of CE on-demand, CFP ethics, and more!

LEARN ABOUT PREMIER MEMBERSHIP

Group Discounts

Discounts are available for group enrollments. Additional discounts apply with a Kitces Premier Group Membership rates.

SEE GROUP PRICING

FAQS

General Questions

Who is the course designed for?

How long will advisors have access to the course?

Advisors will have 180 days to complete the course. If the course is not completed within 180 days, the registration will expire and the advisor will need to pay to re-enroll for the course.

The content may be modified or deleted if no longer relevant or applicable when considering current industry standards, practices, or legal framework.

I want to buy the course, but why do I have to make a Kitces Account?

Our courses are housed on a Learning Management System (LMS) that is connected to Kitces.com. To purchase any of our courses, you will need to first create a Kitces account to access the catalog of courses and complete your purchase. You can always return to your courses dashboard through the members section of Kitces.com.

I’m a Premier Member. How do I use the Premier coupon?

Visit the course page on Kitces.com and copy your members-only coupon code. Then when you go to our Learning Management System (LMS) and click “Get this course,” you'll be directed to the payment pop-up. When you get to the payment pop-up, click “Got a coupon?” and a field will appear for you to enter the Premier code.

Thanks for purchasing a Kitces Course! The course is housed in a Learning Management System (LMS) that is connected to your Kitces.com account. Login to your Kitces.com account, and from the Members section, click 'Kitces Courses' from the left navigation menu to access your courses.

CE Information

Are the courses CE-eligible? How is CE reported?

The courses are eligible for Continuing Education for CFP, CPE, and American College certifications, as well as most other relevant certifications. Kitces.com will report CE for CFP, IWI, and American College certifications weekly on your behalf. A completion certificate will be emailed to you so you can self-report CPE and other relevant CE.

Will I receive a certificate?

Yes. A completion certificate will be emailed to you for reporting purposes. You will be asked to complete a course survey, after which you will receive your certificate of completion. Completing the course survey will allow Kitces to continue to serve you effectively. We can't do it without you and appreciate your survey participation.

Where do I add my certification number information?

If you didn’t include your certification number information upon signing up for the course, no worries! You can add it easily after signing into your Learner portal and completing the following steps:

1. Hover your mouse over Learner in the top-right menu to see a dropdown appear
2. From the dropdown, select My Info
3. Update the certification fields shown and click Update User

Refunds

What is the refund policy?

Advisors may receive a full refund for Kitces Courses within 45 days of purchase or prior to completing the course, whichever comes first.

Ready to Purchase?

Questions? Email us at [email protected]

Not a Member? Buy Combo for discounts.

Kitces MasterClass on Optimizing Roth Conversions – BETA

Optimizing Roth Conversions For Tax-Efficient Implementation - BETA

6 Hours CE

LEARN MORE

BUY NOW

Optimizing Roth Conversions For Tax-Efficient Implementation - BETA

6 Hours CE Credit (CFP, CPE, IWI, and American College)

Instructors

Michael Kitces, MSFA, MAX, CFP, CLU, ChFC, RHU, REBC, CASL
Jeffrey Levine, CPA/PFS, CFP, CWS, MSA

Navigate the intricate rules governing Roth conversions
Optimize the timing and execution of Roth conversions
Evaluate potential risks and leverage opportunities for tax optimization
Guide clients in implementing Roth conversions to enhance their financial security in retirement

Who This Course Is Right For

What You Get With Optimizing Roth Conversions For Tax-Efficient Implementation

6 Hours CE

Automatic reporting for CFP, IWI,
and American College. Self-reporting for CPA CPE credits.

7 Modules

Over two hours of educational videos from our instructors Michael Kitces and Jeffrey Levine.

Kitces Certificate

Earn a Kitces Course Certificate
to add to your resume.

5 Real-World Case Studies

This course goes beyond just learning concepts to actually practicing them with real-world scenarios to become familiar and experienced before working with clients.

2 Interactive Capstones

Put your learning into practice with interactive capstones to enhance your practical understanding of Roth conversion strategies.

Self-Paced

Learn whenever it’s convenient for you and progress through the material at your convenience, ensuring a flexible learning experience that fits your schedule.

Instructors

Michael Kitces, MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL
Chief Financial Planning Nerd and Founder, Kitces.com
Head of Planning Strategy, Buckingham Wealth Partners

Jeffrey Levine, CPA/PFS, CFP, CWS, MSA
Lead Financial Planning Nerd, Kitces.com
Chief Planning Officer, Buckingham Wealth Partners

Become a Premier Member

Kitces.com Premier Membership includes Kitces Course discounts, free monthly webinars, over 100 Hours of CE on-demand, CFP ethics, and more!

LEARN ABOUT PREMIER MEMBERSHIP

Group Discounts

Discounts are available for group enrollments. Additional discounts apply with a Kitces Premier Group Membership rates.

SEE GROUP PRICING

FAQS

General Questions

Who are the courses designed for?

Kitces Online Courses are designed for advisors who have limited to no experience interacting with clients. Advisors with five or more years of experience may find the course is not suited to their experience level.

How long will advisors have access to the course?

For our standard courses, advisors will have 180 days to complete the course. If the course is not completed within 180 days, the registration will expire and the advisor will need to pay to re-enroll for the course.

The content may be modified or deleted if no longer relevant or applicable when considering current industry standards, practices, or legal framework.

I want to buy the course, but why do I need a Kitces Account?

Our courses are housed on a Learning Management System (LMS) that is connected to Kitces.com. To purchase any of our courses, you will need to first login or create a Kitces account, and then you will be directed to the Learning Management System (LMS) to complete the purchase of your course.

Thanks for purchasing a Kitces Course! After logging into Kitces.com, click on "Courses" from the left navigation menu in the members section to return to your course dashboard.

CE Information

Are the courses CE-eligible? How is CE reported?

The courses are eligible for Continuing Education for CFP, CPE, and American College certifications, as well as most other relevant certifications. Kitces.com will report CE for CFP, IWI, and American College certifications on your behalf on the 1st and 16th of each month. A completion certificate will be emailed to you so you can self-report CPE and other relevant CE.

Will I receive a certificate?

Yes. A completion certificate will be emailed to you for reporting purposes.

Where do I add my certification number information?

1. Hover your mouse over Learner in the top-right menu to see a dropdown appear
2. From the dropdown, select My Info
3. Update the certification fields shown and click Update User

Refunds

What is the refund policy?

Advisors may receive a full refund for Kitces Courses within 45 days of purchase or prior to completing the course, whichever comes first.

Ready to Purchase?

Questions? Email us at [email protected]

Weekend Reading For Financial Planners (June 8-9)

June 7, 2024 02:00 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that recent surveys indicate that consumers continue to trust human financial advisors more than Artificial Intelligence (AI)-powered tools. Nonetheless, respondents (particularly those in younger generations) do not see this as an either-or choice, but rather anticipate benefitting from working with human advisors who leverage AI tools for certain tasks (e.g., detecting fraud or analyzing data) to provide a better client experience!

Also in industry news this week:

Backers announced the new Texas Stock Exchange, which seeks to provide companies with a lower-cost alternative to the NYSE and Nasdaq, which, if successful, could create a more competitive landscape and potentially better execution and reduced trading costs for financial advisors and their clients
The American College of Financial Services is launching a new certification focused on tax planning, offering an opportunity for financial advisors to dig deeper into an increasingly valuable part of the planning process

From there, we have several articles on investment planning:

Why real estate, high-yield corporate bonds, and cryptocurrencies might not offer the diversification benefits one might assume
How exchange funds can potentially help advisors and their clients reduce concentration risk in a tax-efficient manner
Why today's stock market concentration is not necessarily an outlier in historic terms and might not actually be detrimental to client portfolios

We also have a number of articles on the intersection of financial planning and disabilities:

How financial advisors can support clients whose child has a disability, from helping them balance their own financial needs with those of their child to leveraging accounts that do not disqualify individuals with disabilities from receiving government benefits
Why having an ADA-accessible website not only can help financial advisory firms avoid potential legal trouble, but also attract more clients in the process
How advisors can support the estate planning process for clients with a disabled family member, from confirming the clients' goals are communicated clearly to ensuring that any special needs trusts are administered properly

We wrap up with 3 final articles, all about spending time well:

The value of not only considering one's own lifespan and "healthspan", but also those of loved ones when it comes to setting goals and making plans for the future
Best practices for going on a sabbatical that will allow an individual to truly unplug and reflect on their personal and/or professional lives
How engaging in a "depth year" can be a more meaningful alternative to constant accumulation

Enjoy the 'light' reading!

Using A Testamentary Charitable Remainder Unitrust (T-CRUT) To Give Twice To Both Loved Ones And Charitable Organizations

January 31, 2024 07:03 am 0 Comments CATEGORY: Estate Planning

In late 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, introducing several significant changes to retirement planning. Of the many provisions in the bill, the so-called "Death of the Stretch" arguably received the lion's share of consternation from the financial advisor community. Under the new law, non-spouse beneficiaries (with few exceptions) must now withdraw the entirety of an inherited IRA within 10 years of the account owner's passing rather than over their own lifetimes. This shift has led financial advisors to explore new strategies for mitigating the resulting tax-planning challenges. One effective approach is the use of a Testamentary Charitable Remainder UniTrust (T-CRUT). As a non-person entity, the T-CRUT is not subject to the 10-Year Rule and can be designated as the IRA beneficiary while naming the original non-spouse beneficiary as an income recipient of the trust and a charitable organization as the remainder beneficiary. This allows the account to grow on a tax-deferred basis, with income to beneficiaries being taxed when distributions are made.

In this guest post, Kathleen Rehl, a "reFired" financial planner and author of "Moving Forward on Your Own: A Financial Guidebook for Widows", shares her story of how (and why) she used a T-CRUT to create, upon her passing, a steady stream of income for her son, thus preserving the wealth of his legacy over time, avoiding the income tax burden that he would potentially encounter as the sole beneficiary of her IRA, and leaving a portion of that account to various nonprofits she supports.

Notably, her strategy to preserve her son's wealth while meeting her own charitable goals relies on 4 key principles. First is that the underlying vehicle is a Charitable Remainder UniTrust (CRUT), which pays a fixed percentage of the trust's value for either a specified number of years (not to exceed 20) or through the lifetime of the beneficiary. Second is that the CRUT is testamentary (i.e., it is an 'empty basket' that doesn't receive funds until the owner's passing). Third, the IRA assets are directed to the T-CRUT as its funding source upon her passing, and fourth, that, at the end of the specified period, a minimum of 10% of the initial fair market value of the assets placed within the trust is transferred to a qualified charity (or charities) as the final remainder beneficiary.

While such a strategy may not provide the same level of after-tax benefit to her son if he were to inherit her IRA outright (where he would be faced with the temptation to empty the account and spend the proceeds immediately), the T-CRUT strategy ensures her son's financial security through an annual income stream lasting into his retirement as well as leaving a charitable legacy that matches her values. As such, while leaving funds in an IRA may be the better option for those seeking to maximize wealth, using a T-CRUT to preserve wealth for a beneficiary while meeting philanthropic goals can be a very appealing solution.

Ultimately, the key point is that there are a number of tools that financial advisors can use to help their clients' beneficiaries circumvent the tax burden (as well as other potential challenges) associated with inheriting retirement accounts. More importantly, using various tax-efficient "Give It Twice" charitable tools allows financial advisors to help their clients create comprehensive estate plans that can benefit both their loved ones and the causes that are most meaningful to them!

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Announcing More Webinars And IAR CE In 2024 And The State Of The (Nerd’s Eye View) Blog

December 11, 2023 07:03 am 0 Comments CATEGORY: Nerd's Eye View

For most financial advisors, 2023 was a year of rebound and reinvestment, as markets bounced back from the turbulence of 2022, and expanded profit margins allowed advisory firms room to reinvest back into the services and value they're providing clients to make sure their retention stays strong in the future. Here at Kitces.com, we've similarly been in the midst of a reinvestment process in 2023, setting the foundation so that we can give even more back to the Financial Advicer community, as we continue to expand our "Team of Nerds" beyond just myself with more writers and more speakers, and develop and refine our Q-N-R standards to ensure that everything you get from Kitces.com is Quality, Nerdy, and Relevant… a standard for all Kitces content, even if it's not created by Michael.

And in the coming year, we're going to make sure that even more of that Kitces content is eligible for not only the full range of CE credit for CFP, CPA, and the other various professional designations, but also the ever-expanding IAR CE obligation. Which, thanks to the new rollouts in both California and Florida in 2024, will mean nearly half of all financial advisors who are IARs will need to fulfill the new IAR CE requirement in 2024… as once an advicer has half a dozen clients in any of the 17 states or the District of Columbia, they have to comply with the new IAR CE rules. And a lot of advicers have more than 5 clients in Florida!

In practice, this means that we'll be bringing back our popular IAR Ethics CE Day in 2024 (save the date for August 29th!), expanding IAR CE credits to apply to our monthly live webinars (in addition to our written blog content and recorded webinars), increasing the cadence of our webinars from monthly to offering 2 every month (on the 1st and 3rd Tuesday of each month… with the recording still available for those who can't attend live), and continuing to cross-apply our Kitces content for all the other types of CE you may need as well (so you can check all the boxes at once!). Though we are implementing a small $20/year increase (from $169 to $189 per year) in the price of the Members Section to help manage the cost of rising staff salaries in the midst of inflation over the past 2 years, and to further reinvest into our Platform team to make site improvements so our content is faster to load and easier to navigate.

In the meantime, we remain committed to delivering the ongoing cadence of content that you've become accustomed to from Kitces. In 2024 we'll again feature our Marketing Summit (save the date for April 25th!) and our Financial Planning Value Summit, we'll be rolling out 2 new Advicer Research studies (on Marketing and on Productivity, as we wrap up the 2023 study on Wellbeing in the coming weeks), and we'll be building a new Kitces Course on Optimizing Roth Conversions (to complement our course on Optimizing Social Security) to be released in mid-2024.

If you (or anyone you know) wants to join our Team of Nerds, stay tuned for more openings in 2024 as well, as we anticipate hiring a new Associate Financial Planning Nerd, an Operations Associate, a new Director of Product and Platform, and a Director of Advisor Research. We'll be listing these as they become available on our Kitces Career Opportunities page, or you can sign up for our separate Career Opportunities mailing list (via that Opportunities page) to be notified when new positions open up!

Ultimately, though, the focus remains the same as it always has been – on our mission to "Make Financial Advicers Better, and More Successful" – through our 4 strategic pillars of creating Navigational resources, insightful Education, original Research, and skills Development for financial advisors (and yes, our organizational strategy really does spell out N-E-R-D 😊). I hope you'll continue to come along with us on the journey in 2024!

Kitces Courses in Partnership with Holistiplan

Special Offer for Holistiplan Subscribers

Deepen Your Understanding
of Your Clients' 1040s

6 Hours CE

LEARN MORE

BUY NOW

How to Find Planning Opportunities
When Reviewing a Tax Return

6 Hours CE Credit (CFP, EA, CPE, IWI, and American College)

Instructor

Jeffrey Levine, CPA/PFS, CFP, CWS, MSA

How to Find Planning Opportunities When Reviewing a Tax Return uses guided video tutorials and interactive skill-building exercises that take advisors from in-depth comprehension of a client’s tax returns to the practical application of the planning conversation. At the end of the course, advisors will be able to:

Recognize the different sections of Form 1040, including associated pages, schedules, and line items
Gain insight on household financial health and stability, including identifying assets that may not have been readily disclosed to you as a client’s advisor
Create a comprehensive net worth statement using the information from a client’s tax return
Guide tax planning discussions with clients based on data found on Form 1040
Design financial planning strategies by leveraging tax planning, cashflow, and lifestyle factors identified through a focused tax return review

VIEW SYLLABUS

Who This Course Is Right For

The course was created to help advisors who have limited training on how to navigate a client’s tax return and who are looking for deeper insights into how to better spot planning ideas and opportunities. Advisors who have several years analyzing client tax returns may find this course is not suited for their advanced experience level.

What You Get With How To Find Planning Opportunities

6 Hours CE

Automatic reporting for CFP, IWI, EA,
and American College. Self-reporting for CPA CPE credits.

10 Modules

Videos from industry experts guide you
through the 1040.

Kitces Certificate

Earn a Kitces Course Certificate
to add to your resume.

Real-World Case Studies

Practice applying planning strategies
to real-life situations

1 Interactive Capstone

Put your learning into practice.

Self-Paced

Learn whenever it’s convenient for you.

Lead Instructor

Jeffrey Levine, CPA/PFS, CFP, CWS, MSA
Chief Planning Officer, Kitces.com
Director of Advanced Planning, Buckingham Wealth Partners

Jeffrey Levine,  Chief Planning Officer at Kitces.com, guides advisors through Form 1040 and its associated items and schedules. Interactive exercises reinforce the lessons from each module, moving advisors from comprehension to application. Jeffrey Levine is a nationally-recognized and award-winning financial advisor, speaker, and educator. He is the Lead Financial Planning Nerd at Kitces.com, home of the popular Nerd’s Eye View blog, and also serves as Director of Advanced Planning, Buckingham Wealth Partners.

What Others Have Said About This Course

"The Kitces tax course is an excellent tool for financial advisors to improve their knowledge of the personal tax return. As the lead planner in my firm, I will encourage all of my planning associates to take this course."

Sharon G.

"This course connects the dots between financial planning and the client's tax return in a brilliant way. I can't believe how many hidden gems of planning opportunities are sitting right in the return. I want to take the course once a year moving forward to refresh."

Mike A.

"What used to be an intimidating task is now motivating and exciting. I would recommend this course because it includes everything you need to understand the Form 1040 elements, identify opportunities, and build a conversation with clients in various life stages."

Kathryn R.

Special Offer for Holistiplan Subscribers

This Kitces Course is normally $397.
Now just $347 for Holistiplan subscribers.

Take $50 off the price with the coupon code:
Holistiplan50

Offer expires 12/1/2023
Cannot be combined with other discounts

Not a Member?
Buy Premier Membership (standard rate: $169)
with the Course and get a $100 discount!

COURSE + Premier Membership Combo
$466

Premier Member Discounts

Kitces.com Premier Membership includes Kitces Course discounts, free monthly webinars, over 100 Hours of CE on-demand, CFP ethics, and more!

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Group Discounts

Discounts are available for group enrollments. Additional discounts apply with a Kitces Premier Group Membership rates.

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FAQS

General Questions

Who are the courses designed for?

How long will advisors have access to the course?

Advisors will have 180 days to complete the course. If the course is not completed within 180 days, the registration will expire and the advisor will need to pay to re-enroll for the course.

The content may be modified or deleted if no longer relevant or applicable when considering current industry standards, practices, or legal framework.

I want to buy the course, but why do I have make an account?

Our courses are housed on a Learning Management System (LMS) that is separate from Kitces.com. To purchase any of our courses, you will need to first create an account on the LMS, and then click on the picture of the course you wish to purchase. We ask that you make your account under the same email that you use to sign up for Kitces newsletters and/or your Kitces Premier Membership.

I’m a Premier Member. How do I use the Premier coupon?

Simply visit the course page on Kitces.com and click the green button that says “Course Sign Up for Premier Members” to view the coupon code. Then when you go to our Learning Management System (LMS) and click “Get this course,” you’ll sign up (ie. create a new account because the LMS is not connected already to your Kitces.com username/password) and be directed to the payment pop-up. When you get to the payment pop-up, click “Got a coupon?” and a field will appear for you to enter the Premier code.

My username and password aren’t working.

If you’re trying to sign onto the Learning Management System (LMS) for the first time by using your Kitces.com Members Section credentials, you will be unable to do so because this information is not already connected with the LMS. Please create a new username and password if this is your first time signing up for Kitces Courses. If this isn’t your first time signing up for Kitces courses and you’re unable to access your account, please follow these steps to reset your password:

1. Go to the Learning Management System
2. Click Forgot your password? below the Password field.
3. On the Reset password page, type your username or email in the respective field and click Send.
4. An email with further instructions is automatically sent to you. Follow them to set a new password and access your account.

Thanks for purchasing a Kitces Course! The course is housed in a Learning Management System (LMS) that isn’t connected to your Kitces.com username and password or the Members section. When you signed up for the course, you were prompted to create a new account with the LMS by clicking “Sign up.” From there, you entered your payment info and purchased the course. Now, you can begin the course by using that same new username and password to sign into the LMS. Click here to log into your LMS account and begin the course modules.

CE Information

Are the courses CE eligible? How is CE reported?

The courses are eligible for Continuing Education for CFP, EA, CPE, and American College certifications, as well as most other relevant certifications. Kitces.com will report CE for CFP, IWI, EA and American College certifications on your behalf on the 1st and 16th of each month. A completion certificate will be issued so you can self-report CPE and other relevant CE. Once you achieve a passing score of 70% on the Kitces Capstone Interactive Case Study Review at the end of the course, you will be prompted to download your course completion certificate.

Will I receive a certificate?

Yes. You will be asked to complete a course survey after which you will receive your certificate of completion with a passing score of 70% on the Kitces Capstone Interactive Case Study. Completing the course survey will allow Kitces to continue to serve you effectively. We can't do it without you and appreciate your survey participation.

Once you achieve a passing score of 70% on the Kitces Capstone Interactive Case Study Review, you will be prompted to download a course completion certificate. You can also download your certificate by signing into your Learner portal and completing the following steps:

1. Click Home
2. On the vertical panel to the right, click Progress
3. Click Certifications from the horizontal menu bar at the top
4. Click the circle icon below Options to download your certificate

Where do I add my certification number information?

1. Hover your mouse over Learner in the top right menu to see a dropdown appear
2. From the dropdown, select My Info
3. Update the certification fields shown and click Update User

Refunds

What is the refund policy?

Advisors may receive a full refund for Kitces Courses within 45 days of purchase or prior to completing the course, whichever comes first.

Ready to Purchase?

Questions? Email us at [email protected]

Not a Member? Buy Combo for discounts.

COURSE + Premier Membership Combo $466

The Latest In Financial #AdvisorTech (September 2023)

September 4, 2023 07:02 am 0 Comments CATEGORY: Technology & Advisor FinTech

Welcome to the September 2023 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors!

This month's edition kicks off with the news that WiserAdvisor, one of the longest-running lead generation services in the industry, has acquired IndyFin, a startup advisor rating platform that had aspired to be the 'Yelp for Advisors' – which on the one hand provides WiserAdvisor with an opportunity to jump into the business of client reviews and ratings (which has garnered significant interest from multiple AdvisorTech startups hoping to promote such services in the wake of the SEC's new Marketing Rule allowing client testimonials), but on the other hand, raises questions about how much demand there really is for a standalone advisor rating tool, since few advisors are likely to accumulate enough ratings from current or former clients to actually draw in new clients (and advisors with enough clients to get a critical mass of reviews likely have enough clients that they can just rely on client referrals… or don't even need to add new clients anymore?).

From there, the latest highlights also feature a number of other interesting advisor technology announcements, including:

Former United Capital Partners founder/CEO Joe Duran is reportedly exploring the launch of a new RIA 4 years after selling his firm to Goldman Sachs, with a reported emphasis on providing lead generation opportunities for advisors on its platform – which if successful, could provide a new model for boosting organic growth without the high cost of outsourcing to a third-party lead generation service or relying on inorganic growth via mergers & acquisitions.
Onramp Invest, the platform that aimed to solve the challenges of cryptocurrency investing for financial advisors, was acquired by Securitize, a platform specializing in blockchain-based tokenization of private market investments, suggesting that advisors' interest in recommending digital assets for their clients – already limited during previous rallies in the price of Bitcoin and other cryptocurrencies – has declined further amid the price crash and ensuing scandals that have happened in the year-plus since
Wealthtender, a lead generation and advisor rating service, has announced a partnership with custodial account provider UNest to bring its find-an-advisor technology to UNest's customer base of parents opening investment accounts for their children – which, while expanding Wealthtender's footprint in the competitive lead generation market, raises questions about how large of a potential customer base UNest can provide (and whether Wealthtender will be able to secure any larger enterprise partnerships that can help it secure a spot as the "One and only" advisor rating service)

Read the analysis about these announcements in this month's column, and a discussion of more trends in advisor technology, including:

With AI technology proliferating in the financial services industry, regulators are increasingly concerned about possible conflicts of interest if the technology can be manipulated to recommend a company's products and solutions over others (despite being under a technological veneer of 'objectivity'), as highlighted most recently by the SEC issuing proposed regulations for RIAs for evaluating and eliminating conflicts of interest in their technology, and Massachusetts Secretary of State William Galvin sending a request for six companies from different areas of the industry to detail their use of AI in their business practices
Over the last 10–15 years, a number of AdvisorTech providers have gained the majority of market share in certain core categories like financial planning and CRM; but as the most recent Kitces Research on AdvisorTech has found, a new crop of tools has arisen in more recent years that has garnered higher satisfaction ratings than the incumbents, and have been steadily gaining market share – suggesting that the traditional advisor tech stack might eventually be upended and replaced by a new 'next-generation' tech stack that reflects the growing shift of advisors into deeper financial planning and non-AUM fee models

And be certain to read to the end, where we have provided an update to our popular "Financial AdvisorTech Solutions Map" (and also added the changes to our AdvisorTech Directory) as well!

*And for #AdvisorTech companies who want to submit their tech announcements for consideration in future issues, please submit to [email protected]!

Please contact your Firm's Group Admin

Search results for: "levine"

Learn how to analyze a client's cash flow and estimated taxes to implement more effective Roth conversion strategies.

6 Hours CE

Optimizing Roth Conversions For Tax-Efficient Implementation

6 Hours CE Credit (CFP, CPE, IWI, American College, and NASAA for IAR P&P*) *available to all course purchasers

Instructors

Michael Kitces, MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASLJeffrey Levine, CPA/PFS, CFP, CWS, MSA

Who This Course Is Right For

What You Get With Optimizing Roth Conversions For Tax-Efficient Implementation

6 Hours CE

7 Modules

Kitces Certificate

5 Real-World Case Studies

2 Interactive Capstones

Self-Paced

Instructors

Michael Kitces, MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASLChief Financial Planning Nerd and Founder, Kitces.comHead of Planning Strategy, Buckingham Wealth Partners

Jeffrey Levine, CPA/PFS, CFP, CWS, MSA Lead Financial Planning Nerd, Kitces.comChief Planning Officer, Buckingham Wealth Partners

What Others Have Said About This Course

Pricing & Sign-Up Information

Log in to Kitces.com

Log in to Kitces.com

Don't have an account?

Premier Member Discounts

Group Discounts

FAQS

General Questions

Who is the course designed for?

How long will advisors have access to the course?

Sign Up/ Log In

I want to buy the course, but why do I have to make a Kitces Account?

I’m a Premier Member. How do I use the Premier coupon?

I bought the course, but I don’t know how to sign in and get started.

CE Information

Are the courses CE-eligible? How is CE reported?

Will I receive a certificate?

Where do I add my certification number information?

Refunds

What is the refund policy?

Ready to Purchase?

Log in to Kitces.com

Log in to Kitces.com

Don't have an account?

Optimizing Roth Conversions For Tax-Efficient Implementation - BETA

6 Hours CE

Optimizing Roth Conversions For Tax-Efficient Implementation - BETA

6 Hours CE Credit (CFP, CPE, IWI, and American College)

Instructors

Michael Kitces, MSFA, MAX, CFP, CLU, ChFC, RHU, REBC, CASLJeffrey Levine, CPA/PFS, CFP, CWS, MSA

Who This Course Is Right For

What You Get With Optimizing Roth Conversions For Tax-Efficient Implementation

6 Hours CE

7 Modules

Kitces Certificate

5 Real-World Case Studies

2 Interactive Capstones

Self-Paced

Instructors

Michael Kitces, MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASLChief Financial Planning Nerd and Founder, Kitces.comHead of Planning Strategy, Buckingham Wealth Partners

Jeffrey Levine, CPA/PFS, CFP, CWS, MSALead Financial Planning Nerd, Kitces.comChief Planning Officer, Buckingham Wealth Partners

Pricing & Sign-Up Information

Log in to Kitces.com

Don't have an account?

Become a Premier Member

Group Discounts

FAQS

General Questions

Who are the courses designed for?

How long will advisors have access to the course?

Sign Up/ Log In

I want to buy the course, but why do I need a Kitces Account?

I bought the course, but I don’t know how to sign in and get started.

CE Information

Are the courses CE-eligible? How is CE reported?

Will I receive a certificate?

Where do I add my certification number information?

Refunds

What is the refund policy?

Ready to Purchase?

6 Hours CE Credit (CFP, CPE, IWI, American College, and NASAA for IAR P&P*) **available to all course purchaser*s

Michael Kitces, MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL
Jeffrey Levine, CPA/PFS, CFP, CWS, MSA

Michael Kitces, MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL
Chief Financial Planning Nerd and Founder, Kitces.com
Head of Planning Strategy, Buckingham Wealth Partners

Jeffrey Levine, CPA/PFS, CFP, CWS, MSA
Lead Financial Planning Nerd, Kitces.com
Chief Planning Officer, Buckingham Wealth Partners

Michael Kitces, MSFA, MAX, CFP, CLU, ChFC, RHU, REBC, CASL
Jeffrey Levine, CPA/PFS, CFP, CWS, MSA

Michael Kitces, MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL
Chief Financial Planning Nerd and Founder, Kitces.com
Head of Planning Strategy, Buckingham Wealth Partners

Jeffrey Levine, CPA/PFS, CFP, CWS, MSA
Lead Financial Planning Nerd, Kitces.com
Chief Planning Officer, Buckingham Wealth Partners

Deepen Your Understanding
of Your Clients' 1040s

How to Find Planning Opportunities
When Reviewing a Tax Return

Jeffrey Levine, CPA/PFS, CFP, CWS, MSA
Chief Planning Officer, Kitces.com
Director of Advanced Planning, Buckingham Wealth Partners

Take $50 off the price with the coupon code:
Holistiplan50