AUGUST 2024: SERVING BUSINESS OWNERS
COVER STORY
What Beneficial Ownership Means for Small-Biz Clients
By Bobbie Turner
A new reporting rule designed to make it harder for criminals to hide assets could result in stiff penalties for unwary business-owner clients who fail to comply.
Click HERE to access the DIGITAL EDITION
PRACTICE MANAGEMENT
A Framework for Assessing and Developing Your Sales Skills
By J.J. Peller
It’s not about closing deals, it’s about building meaningful relationships with clients.
EXIT PLANNING
Using IRC Section 1042 for Retirement and Exit Planning for Business Owners: A Guide for Financial
By Alberto Toribio del Pilar
If a business owner is contemplating a complete or partial sale of their business, planners can help them evaluate potential tax savings with a Section 1042 ESOP transaction.
CLIENT COMMUNICATION
Aligning Client Goals and Underlying Needs: Practical Implications for Financial Planners
By Brendan Pheasant, CFP®, ChFC
Clients’ stated goals might not get to the heart of what they really need. Planners can help them explore their true motivations.
FPA NEXT GENERATION PLANNER
Forward Thinking
Succession Is a Learning Process for Everyone
By Jake Smail, CFP®
Lead Article
Why Your Succession Track Might Not Work
By Daniel M. Yerger, CFP®, ChFC, AIF
My Career Path
Alison Miller’s Journey from Retail Associate to Senior Wealth Advisor Associate
Planner Poll
The FPA Community Weighs in on Succession Best Practices
Planning a STUDY GROUP? Check out suggested questions and other resources to make your study group a success!
COLUMNS
Estate Planning
The Strategic Role of Revocable Trusts in Business Succession
By Anne Rhodes
Business owners should consider using a revocable trust rather than a will as the main legal vehicle for their estate plan.
Financial Planning Advocacy
Four Policy Priorities to Advance Financial Planning as a Profession
By Lauren Loney, Esq.
FPA members and leaders are taking action to address financial literacy as well as title protection in the United States.
Succession Planning
Internal or External Succession: Choosing the Right Path for Your RIA
By Richard Chen, J.D.
Each strategy has benefits and drawbacks that must be considered.
Investment Planning
Determining the Run Rate of Monthly Inflation
By August Saibeni
There are a few different methods of calculating inflation, which can produce slightly different results.
SPECIAL REPORT
Moving Your Practice from the Head to the Heart
By DonJay Rice
Assisting clients in grief is a skill that can’t be supplanted with AI, and it requires emotional intelligence.
RESEARCH
Customer Trust and Satisfaction with Robo-Adviser Technology
By Steve Senteio, D.B.A, CFP®, and Larry Hughes, Ph.D.
The public is largely unaware how much AI is being used in robo-advisory services. This study examines how customers rate trust and satisfaction with robo-adviser services.
Earn one CFP CE® credit by reading this month's Journal and access past exams for additional credits.
DEPARTMENTS
STARTING THOUGHTS
Helping Planners Help Business Owners
By Danielle Andrus
VOICE
Navigating CFPB’s Proposed Rule on Medical Debt: Implications for Financial Planners
OBSERVER
Medical Debt on Credit Reports, 529 Plan Ignorance, Finding Younger Clients Online
Stat Bank
Q&A
Daniel Pink on Creativity in the Modern Workplace
JFP ACADEMICS
Upcoming Research
IN CASE YOU MISSED IT
Investigating the Efficacy of a Life Settlement to Offset Temporary Life Insurance Premiums in Retirement Age Years: Behavioral Finance Implications
By David F. Smith, Ph.D., CFP®
The dance between life insurance and life settlements is not easy to dissect, especially when one considers the behavioral biases that an investor can exhibit.
