The National Association of Personal Financial Advisors (NAPFA) hosts conferences bi-annually. In October, SFG’s Clarissa and Alyssa had the opportunity to attend the conference in Philadelphia, PA. They got to enjoy keynote speakers, networking opportunities, and a wide variety of educational programs. Some key themes and takeaways from the conference are outlined below:

IRA PLANNING

• IRA planning has become increasingly important thanks to the Tax Cuts and Jobs Act (TCJA). One tool many advisors are encouraging their charitable clients to use is the Qualified Charitable Distribution (QCD). A QCD donates all or a portion of your Required Minimum Distribution, up to $100,000, to a qualified charity. Since the donation goes straight to the charity, it is not recognized as income on page 1 of your 1040.
• Reviewing and revising beneficiaries is also an important piece of planning for IRAs. Beneficiaries should be reviewed and updated periodically to ensure that your IRA is distributed according to your wishes upon your death. Your IRA will be distributed according to your beneficiary designations, regardless of what your will or trust says.

TECHNOLOGY

• Artificial Intelligence (AI) is gradually changing the world that we know today. Dr. Jennifer Golbeck, a computer scientist and professor at the University of Maryland, talked to NAPFA attendees about how AI can change various industries. She gave a TED talk in 2013 about how your social media “likes” reveal more than you think about yourself. 
• Eric Rosenbach, former Chief of Staff to Secretary of Defense Ashton Carter and current co-director of the Harvard Kennedy School’s Belfer Center for Science and International Affairs, gave a presentation on cybercrimes. He said cyber risks are a huge threat to investors and it is important that individuals and financial advisory firms are doing all they can to protect their data. At Schultz Financial Group, we take extra precautions to ensure that our and our clients’ data stay safe.
• Eric Rosenbach believes that financial technology — “fintech” — will evolve and change how we interact with insurance, payments, investing, and currency.

LEGACY PLANNING

• In addition to traditional estate plans, clients are increasingly becoming more concerned about legacy plans. Legacy planning is preserving your familial vision, mission, and values for future generations. Legacy plans are a vehicle for passing down more than monetary wealth.
• An ethical will is a vehicle for intentional communication and may include letters of wishes to trustees or heirs.
• Legacy plans or ethical wills can be incorporated into formal estate plans as supporting documents.

There were other sessions on taxes, estate planning, navigating divorces, risk tolerance, and effective listening. Clarissa and Alyssa came back from Philly with a wealth of knowledge that they have been implementing into SFG processes and procedures.

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