Actions are down but fines up at FINRA; how to add health care planning to your RIA's services; understanding the QBI deduction
Financial Planning
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REGULATION AND COMPLIANCE: FINRA's steady decline in enforcement actions in recent years suggests a "kinder, gentler" stance toward the industry the watchdog agency is charged with policing. Still, a corresponding increase in fines imposed on firms demonstrates that the consequences of running afoul of the law are still high.?
Those are two key findings that Adam Pollet , a securities enforcement partner in the Washington, D.C. offices of Eversheds Sutherland , noted in his firm's latest study of FINRA sanctions.
PRACTICE MANAGEMENT: “As a financial advisor, I hear firsthand how anxious clients are about meeting health care costs in retirement,” writes Roch Monnig, CFP? of Burney Wealth Management . “I'm not alone. In a survey, financial planning professionals ranked health care costs? as clients' second-largest area of concern, coming in only after asset growth.
“But what is the best way for advisors to get health care planning services to their clients? Here are the choices our RIA, one consisting of 38 team members managing assets of clients across the U.S., considered to achieve that end — and what we eventually decided on.”
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TAX: A significant but complicated tax deduction for business owners that could expire at the end of next year has delivered savings for some — especially the wealthiest owners. Its impact on jobs and economic growth is murkier.
The Section 199A deduction for the qualified business income of pass-through entities is one of many key sunsetting provisions of the Tax Cuts and Jobs Act that financial advisors, tax professionals and their clients will be watching closely after this year's election. The exemption of up to 20% of that income for certain pass-through owners has yielded tens of millions of claims amounting to tens of billions of dollars in savings each year. But hundreds of thousands of eligible taxpayers who could have reaped savings haven't claimed the deduction.
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