Be part of the profession's most important conversations
Spend Shame to Spend Success
Dr. Preston D. Cherry, AFC®, CFT-I™, CFP®
The money psychology of spending can tremendously affect our financial and life well-being. Harmful emotional and behavioral practices such as impulse, frivolous, and unaccounted-for spending can derail and delay life aspirations and financial goals. These increased levels of uncertainty increase the "fear narrative" around spending. The "YOLO" (you only live once) approach to spending is a pendulum swing from the restrictive "savings-plan narrative" and thus the adoption of the "spending-plan narrative." Another narrative is the "badge-of-honor" narrative, such as the potentially increased future life and financial well-being from the trade-off of near-zero utility from tangible good consumption. We discuss how to modify the YOLO narrative, reduce the fear narrative, reframe the saving narrative, and stop the spend shaming derived from the badge of honor narrative to form a relatable life-stage-centric spending plan.
1 CFP® CE Credit Approved
_____________________________________________________
The Federal Estate Tax Exemption: Use It or Lose It
Monica Rhee, JD, LLM Director, Advanced Designs, Pacific Life
The estate and gift tax exemption rises to $12.92M per individual in 2023 per the Tax Cuts and Jobs Act of 2017 which temporarily doubled the federal estate and gift tax exemption. This presentation will discuss the opportunity to transfer at least an extra $5 million (indexed for inflation) for individuals and at least $10 million (indexed for inflation) for married couples. This presentation will also explore how wealthy individuals can take advantage of the temporarily increased federal estate tax exemption before 2026, to include using a Spousal Lifetime Access Trust (SLAT) and the role of life insurance.
1 CFP® CE Credit Approved
_____________________________________________________
Secure Act 2.0
Jeffrey Levine, CPA/PFS, CFP®, AIF, CWS, MSALead Financial Planning Nerd, Kitces.com, Director of Advanced Planning, Buckingham Wealth Partners
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72, to provisions meant to encourage increased participation in workplace retirement plans. And now, Congress has given financial advisors and their clients another year-end development related to retirement planning, dubbed “SECURE 2.0”.
While no single change in SECURE 2.0 rises to the magnitude of the “Death of the Stretch” from the original SECURE Act, there are more total impactful changes in the new legislation. These include raising the RMD age again, allowing transfers of 529 account assets to Roth IRAs (with some significant restrictions), and adjusting the amount of allowed ‘catch-up’ contributions. The legislation also introduces new account types including SEP and SIMPLE Roth IRAs, as well as a “Starter” 401(k) plan. And for current retirees, key measures include reducing the penalties for missed Required Minimum Distributions (RMDs) and indexing the allowed amount of Qualified Charitable Distributions (QCDs) for inflation.
1 CFP® CE Credit Approved
_____________________________________________________
Dimensional’s Economic Insights & Framework for Navigating Turbulent Markets
Apollo Lupescu PhD, Vice President, Dimensional Fund Advisors
For description: Dr. Lupescu will share his insights on how current events affect the stock and bond market going forward. In addition to sharing his market and economic insights, he will focus on how advisors can effectively communicate this information to clients through the Dimensional 4S Framework. This framework emphasizes how stories, scripts, sketches, and supplements can be customized in ways that appeal to each client’s perspective.
1 CFP® CE Credit Approved
_____________________________________________________
5 Must-Knows About Retirement Spending
Christine Benz, Director of Personal Finance, Morningstar, Inc.
One of the most difficult questions in retirement planning is how much retirees can safely spend without prematurely depleting their assets. Morningstar's director of personal finance and retirement planning Christine Benz will discuss key factors to bear in mind as you develop a safe and livable in-retirement spending rate for your clients. She will also share Morningstar's research about safe spending rates, which incorporates a forward-looking outlook for equity and bond returns and inflation over the next 30 years. She'll discuss the interplay between in-retirement spending and asset allocation. Finally, she'll share research on several strategies that vary portfolio withdrawals with portfolio performance, including an assessment of the implications for starting and lifetime withdrawals, annual cash-flow volatility, and legacies/bequests.
1 CFP® CE Credit Approved
_____________________________________________________
How to Understand, Listen & Coach Clients: Practical EQ & Communication Skills
Barbara Kay, MA, LPC, RCC
Learn highly practical client communication and coaching techniques for any situation. This presentation will teach: - How to recognize and adapt to client needs.
- Practical communication techniques for any conversation
- Client stress reactions & how to help clients under stress
- 5 step process for de-escalating and moving clients forward
- How to read & adapt to any client in 2 minutes
1 CFP® CE Credit Approved
_____________________________________________________