This milestone episode celebrates 30 years of professional growth and client success, highlighting the dynamic evolution of the financial planning profession and the firm’s commitment to innovation and excellence.

Five Key Takeaways:

1. The Evolution of a Career in Financial Planning:
   Growth and succession is vital for a long-lasting impact. Lyle Benson introduces his son Chris. Chris Benson shares his journey from aspiring engineer to CPA financial planner, highlighting the pivotal moments that shaped his career, including his transition from a large CPA firm to the family firm.
2. The Critical Role of Tax Planning:
   Tax returns form the foundation of the firm’s financial planning process. Tax strategy is woven into every aspect of wealth management, creating a seamless, cyclical approach to client service.
3. Fixed Fees vs. AUM Model:
   The firm operates on a fixed-fee model, aligning services with client value while minimizing conflicts of interest, offering an alternative to traditional AUM-based fees.
4. Technology Transforming the Profession:
   Advances in technology, such as digital systems and portfolio management tools, have revolutionized client service and firm efficiency. AI is seen as an augmentation tool rather than a replacement for human advisors.
5. The Value of Community and Professional Networks:
   Active involvement in organizations like the AICPA and peer study groups has provided invaluable support, resources, and growth opportunities for both Chris and the firm.

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.

• Innovative Technology for Integrated Tax and Financial Planning
• Building a financial planning and tax business
• Investment advisory business models
• Build your tax and financial planning advisory services
• PFP/PFS Drop-in Session - February 26, 2025, at 3pm ET
• Listen to other episodes in the Deeper CPA Financial Planner Connections podcast series.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

In this episode, Cary Sinnet and Mark Gochnour explore how effective communication builds trust and sets financial planners apart. Mark introduces the 4S Framework—a powerful tool for connecting with clients and simplifying complex concepts.

Key Takeaways

1. Why Communication Matters:
   • Builds trust, fosters engagement, and differentiates you from competitors.
   • Avoid overloading clients with technical jargon or unnecessary details.
2. 4S Framework for Communication:
   • Scripts: Prepare and practice concise responses to common questions.
   • Stories: Share personal anecdotes to build emotional connections.
   • Sketches: Use visual aids to explain concepts and engage clients.
   • Supplements: Provide tangible materials to reinforce discussions.
3. Actionable Insights:
   • Tailor your language to clients’ needs and practice regularly.
   • Join workshops at the AICPA PFP Summit in January to refine your storytelling and communication skills.

Access resources and events related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.

• AICPA PFP Summit: January 26–29, 2025, at Dimensional’s Charlotte office.
• Explore communication resources at aicpa.org/pfp.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

Mark Astrinos and David Oransky discuss Bitcoin's role in modern investing, addressing its speculative nature, practical uses, and potential as a long-term store of value. They explore how advisors and clients can approach Bitcoin thoughtfully, balancing skepticism with understanding.

Key Topics Covered:

1. Foundations of Investing:
   • Saving vs. investing and the speculative nature of all assets.
   • Bitcoin’s similarities to "digital gold" and its unique network benefits.
2. Bitcoin’s Role in Portfolios:
   • How Bitcoin compares to traditional assets like stocks, bonds, and gold.
   • Its potential as an inflation hedge and long-term store of value.
3. Practical Applications:
   • Bitcoin enables global, permissionless transactions and portable wealth.
   • Its scarcity-driven dynamics make it appealing amid fiat currency concerns.
4. ETFs and Adoption:
   • Bitcoin ETFs simplify access for investors and advisors.
   • Direct ownership offers unique benefits but requires technical knowledge.

Key Takeaways:

• Advisors should educate themselves about Bitcoin’s potential as a legitimate asset class.
• Even a small allocation to Bitcoin may offer diversification and inflation protection.
• Start with reputable resources like Fidelity and BlackRock or AICPA's PFP Division materials.

Resources Available:

A three part deep dive into bitcoin is available:

• Why you need to take Bitcoin seriously - part 1
• Why you need to take Bitcoin seriously - part 2
• Why you need to take Bitcoin seriously - part 3.

A video with slides

• Understanding Bitcoin.

Jim Sullivan from Pay4Care.org discusses significant changes to Medicare’s prescription drug coverage in 2025, particularly regarding the Medicare Part D plans and Medicare Advantage plans with drug coverage.

• Jim discusses key 2025 changes to Medicare Part D, including a new $2,000 out-of-pocket maximum for prescription drug costs.
• Beneficiaries can now opt for the Medicare Prescription Payment Plan, allowing them to spread out deductible payments monthly to ease early-year costs.
• The Open Enrollment Period (Oct 15 - Dec 7) is a vital time for beneficiaries to review their plans, as many premiums, copays, and formularies will change, and some plans will be discontinued.
• Clients should be proactive since plans may automatically transfer them to a different plan if theirs is terminated, potentially impacting drug coverage and costs.
• Jim urges advisors to support clients in ensuring their coverage meets their healthcare needs, prioritizing both affordability and the quality of care provided.

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.

Learn more on the latest proposals and regulations by accessing The Medicare & You Handbook. You can also access Jim Sullivan’s Guide to Retirement & Elder Planning: Healthcare Coverage Planning-6th Ed on the AICPA website. A deep dive for advisors can be found in the Health Transitions Guide: Vol. 3 .

In this episode of the AICPA Personal Financial Planning Podcast, Cary Sinnett interviews Dr. Carolyn McClanahan, a physician and financial planner, on the importance of addressing healthcare in financial planning. They discuss how health and financial wellbeing are deeply intertwined, especially when planning for long-term care, aging, and unpredictable health events. Dr. McClanahan emphasizes the importance of having early conversations about healthcare plans, estate directives, and the costs of care to ensure families are prepared.

• How can financial planners integrate health-related conversations into their planning process, especially when clients are reluctant to discuss their health?
• What steps should families take to prepare financially and emotionally for potential long-term care needs, particularly when care costs can vary significantly between home care and assisted living?
• Why is it essential to have conversations about healthcare directives and long-term care preferences early, while everyone is still healthy?
• How can families plan for the financial impact of a loved one’s health event, especially when the timing and severity of such events are unpredictable?
• What role do tools like long-term care insurance, reverse mortgages, and hybrid life insurance policies play in safeguarding a family’s financial future in the face of rising healthcare costs?

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.

• Podcast: The importance of addressing long-term care planning
• Guide: Guide to Retirement & Elder Planning: Healthcare Coverage Planning
• Podcast: Taxes and financing retirement healthcare

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

In this episode of "Deeper CPA Financial Planning Connections," Lyle Benson interviews Marianela Collada, CEO of Tobias Financial Advisors, about her career journey, the growth of her firm, and her role on the PFP Executive Committee.

Marianela discusses her experience working with high-net-worth clients, the importance of estate and tax planning, and her approach to growing the firm's team and capabilities. She emphasizes the significance of proactive planning, developing new leaders within the firm, and her optimism for the future of the financial planning profession.

• How does proactive estate and tax planning benefit clients with a net worth between $7.5 million and $60 million?
• What strategies can financial planners use to provide personalized services to clients who are not ultra-wealthy but still require comprehensive planning?
• How can effective business succession planning enhance continuity and client service in a financial advisory firm?
• What are the benefits of incorporating a team-based approach in financial planning to address diverse client needs?
• How does integrating technology improve the efficiency and accuracy of financial planning processes for clients?

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.

• Vol. 2 - The Adviser’s Guide to Financial & Estate Planning – 15th Ed

• Helping clients preserve family unity in the wealth transfer process

• PFP Section: Your partner in navigating financial planning

• Listen to other episodes in the Deeper CPA Financial Planner Connections podcast series.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

Expert Bob Keebler, CPA PFS, breaks down the final regulations of SECURE Act 2.0. Difficult RMD questions are answered and complexities explained.

• What is the difference between RMD rules for an IRA owner who dies before their required beginning date (RBD) versus after their RBD under the SECURE Act?

• Who qualifies as an Eligible Designated Beneficiary (EDB), and how are they treated differently under the SECURE Act when it comes to distributions?

• What is the significance of the 327 Election for surviving spouses with a significant age gap, and how does it impact the timing of distributions?

• How does the SECURE Act's treatment of Roth IRAs differ from traditional IRAs regarding post-mortem distributions and the 10-year rule?

• What tax penalties are introduced starting in 2025 for failure to comply with the new RMD rules, and how can financial planners develop strategies to minimize these penalties?

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.

• Guide to Financial & Estate Planning - Volume 2
• Guide to Financial & Estate Planning - Volume 2 Excerpt
• Guide to Financial & Estate Planning - Volume 3
• Guide to Financial & Estate Planning - Volume 3 Excerpt

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

In this podcast, Kelley Long, a CPA financial planner, discusses two overlooked 401(k) scenarios that can lead to unexpected taxes or penalties:

• when someone leaves their job with an outstanding 401(k) loan, and
• when an employee's contributions are refunded due to plan testing failure.

Kelley explains how to avoid penalties by making loan payments into a rollover IRA before the tax return deadline and highlights the importance of identifying whether a 401(k) plan is safe harbor to prevent contribution limits for highly compensated employees.

Questions answered:

1. What happens if I leave my job with a 401(k) loan?
2. How can I avoid early distribution penalties after leaving my job?
3. What is a "return of contributions" in a 401(k) plan?
4. How does being a highly compensated employee affect 401(k) contributions?
5. What is a safe harbor 401(k) plan, and why is it important?

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.

• Guide to Practical Retirement Planning
• Building business owner wealth with tax advantaged plans

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.