The National Association of Personal Financial Advisors (NAPFA) hosts conferences bi-annually. In May 2018, SFG’s Clarissa and Alyssa had the opportunity to attend the conference in Phoenix, AZ. They enjoyed keynote speakers, networking opportunities, and a wide variety of educational programs. Some key themes and takeaways from the conference are below:

Taxes

• The Tax Cuts and Jobs Act was a hot topic. CPAs and Financial Planners dug into the tax code to understand how changes are affecting our clients, and we learned about various ways to plan for retirement plans, investments, and charitable contributions.
• Individuals can make a Qualified Charitable Distribution to minimize the taxation of their Required Minimum Distribution.
• With a changing tax environment, it is even more important for CPAs and Financial Planners to work together to strategize for clients. This planning is especially important regarding IRA contributions, deductions, and Roth conversions.

Economic Environment

• Quantitative easing and lower interest rates have helped performance of many assets over time. As quantitative easing unwinds and as the Fed raises rates, we may see an increase in inflation.
• Active management allows fund managers to alter their investment strategy as the environment around them shifts.
• There are many debates on when we are due for a market correction. Even with the uncertainty, the economy is expanding at a moderate rate. Unemployment is low, the GDP is growing, and inflation is near 2 percent.
• Keynote speaker and economist Dr. LeVaughn Henry felt that the economy will continue to grow, but at a slower rate than we have seen recently.

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. A few workshops guided us through different ways we can preserve your story and how we can assist in planning for a future many generations down the road.
• Legacy plans can be incorporated into formal estate plans as supporting documents.
• Legacy plans are a vehicle for passing down more than monetary wealth.
• Various workshops discussed the concept of health investments. It is important for individuals to invest in their health so they have the longevity to enjoy their wealth.

Estate Planning

• Financial Planners and attorneys shared their experiences and tips on how to best help clients navigate their way through divorce planning.
• The rate of couples divorcing after age 50 is increasing. This is often referred to as “Gray Divorce” and brings a host of planning challenges.

Stay tuned for future blog posts that will expand on these key takeaways!

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