May 2023: Serving Business Owners
COVER STORY
More Good than Bad for Small Businesses in Recent Tax Legislation
By Randy Gardner, J.D., L.L.M., CFP®, CPA, RLP, AEP, and Julie Welch, CFP®, CPA/PFS, AEP
Recent legislative changes have made tax season and setting up retirement plans easier for a lot of businesses.
PRACTICE MANAGEMENT
Five Critical Functions for Cultivating the Next Generation
By Michael Rose
Transparency is key if you want to nurture an environment of mutual trust in your practice.
FEATURE
A Field of Dreams: How NIL Changed the Game for Student Athletes
By Dan Johnson
Planners who serve—or seek to serve—clients with athletic aspirations should become familiar with how name, image, and likeness rule changes affect the way these young people are compensated.
FPA NEXT GENERATION PLANNER
Lead Article
Plan for the Client You Have, Not the Clients You’ve Had
By David Haughton, J.D.
Featured Article
Strategies for Next-Gen Advisers to Connect with the Next-Gen of Clients
By Philipp Hecker
My Career Path
Lynn Ballou Looks Back on Building the Career You Want
Tips for the NexGen Community
The FPA Community Weighs in on Serving Clients
Planning a STUDY GROUP? Check out suggested questions and other resources to make your study group a success!
COLUMNS
Succession Planning
5×W vs. 2×Revenue: Five Questions for Better Valuations
By David DeVoe
Trade the outdated valuation rule of thumb for a more inquisitive approach to succession planning.
Longevity
Advising Business Owners on Health-Related Financial Risks
By Chris Heye, Ph.D.
Business owners have a duty to others that makes planning for health risks a business priority.
Health Insurance
How to Include Healthcare Costs in Small Business Owners’ Financial Plans
By Christine Simone
Sole proprietors or small employers have options for health coverage.
Risk Management
Human Risk Management for Small Businesses
By HanNa Lim, Ph.D., CFP®, and Joseph Ji, Ph.D.
Employees are an asset and a risk for small business owners.
RESEARCH
The Arithmetic of Roth Conversions
By Edward F. McQuarrie and James A. DiLellio
Does paying the required tax outside a Roth conversion eventually pay off for any investor if the planning horizon is long enough?
Earn one CFP CE® credit by reading this month's Journal and access past exams for additional credits.
DEPARTMENTS
STARTING THOUGHTS
Financial 9-1-1
OBSERVER
The Small Biz Owner's Economy, Retirement Preparedness, and 'The Social Security Challenge'
Stat Bank
JFP ACADEMICS
Upcoming Research
IN CASE YOU MISSED IT
The Value of Registered Investment Advisers During the COVID-19 Financial Market Crash—Evidence from 13F Filings and Twitter
By Yuanshan Cheng, Ph.D., CFP®, CFA; Tao Guo, Ph.D., CFP®, CFA; Philip Gibson, Ph.D., CFP®; and Janine Sam, Ph.D., CFP®
Did the frequency and message of tweets have a correlation to RIA performance during the pandemic? This paper looks at how RIAs that didn’t panic sell fared during the market downturn.
