Advisor News Insight

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INDUSTRY NEWS

 

IRA Planning

Trust Divides IRA Among Individuals and Charity

In PLR 202506004, the IRS ruled on the Income Tax Treatment of IRA benefits payable to a trust. (IRS, 02/07/2025)

View ruling

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Medicare & HSAs

How does Medicare enrollment affect HSA eligibility?

The complex rules for Medicare and health savings accounts lead to many client questions. Here are answers to some of the most common ones. (Kelley C. Long, CPA/PFS, Personal Financial Coach and Consultant, Journal of Accountancy, 02/01/2025)

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Medicare’s tricky rules on HSAs after age 65

As this article discusses, individuals who enroll in Medicare Part A are not allowed to continue funding their HSA, and anyone postponing Medicare enrollment must be diligent about how applying for Social Security or Medicare after age 65 impacts HSA contribution amounts. (Kelley C. Long, CPA/PFS, Personal Financial Coach and Consultant, Journal of Accountancy, 05/16/2023)

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Retirement Planning

Morningstar’s Retirement Income Research: Reevaluating the 4% Withdrawal Rule

Morningstar’s research concluded that 3.3% was a more realistic estimate of a safe starting withdrawal rate in 2021 -- assuming a balanced portfolio, fixed real withdrawals over a 30-year retirement, and a 90% probability of success. That number has fluctuated in the years since.... [T]hese are conservative estimates for fixed withdrawal rates, and retirees can also use flexible withdrawal systems to enlarge their starting and lifetime withdrawals. (Amy C. Arnott, CFA, Christine Benz, Director of Personal Finance and Retirement Planning, and Jason Kephart, Director of Multi-Asset Ratings, Morningstar, Inc., 02/11/2025)

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Morningstar’s: What’s a Safe Retirement Spending Rate for 2025

Starting safe withdrawal rates have declined, but staying flexible and enlarging guaranteed income can help boost lifetime payouts. Flexible portfolio spending strategies help enlarge lifetime spending relative to static spending systems. The Report examines how such strategies can work hand in hand with other ways of enlarging lifetime income: specifically, delaying social Security, setting up a laddered portfolio of Treasury Inflation Protected Securities, or purchasing an annuity. Employing such strategies helps enlarge lifetime income. Moreover, seeking out stable sources of in-retirement cash flows can help offset the cash flow volatility inherent in flexible spending systems. (Christine Benz, Director of Personal Finance and Retirement Planning, Morningstar, Inc., 12/11/2024)

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The Big Retirement Risk Most Advisors’ Models Miss

You’re a financial advisor, and you’ve recommended a “conservative” portfolio for your 65 year old client, by every measure of traditional retirement planning a prudent strategy. But what if your client lives well past 100? How well will that strategy hold up? (Michael S. Fischer, Contributing Writer, ThinkAdvisor, 2/19/2025)

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A new white paper from Dunham & Associates Investment Counsel, “Is Our Industry Prepared for Retirees’ Longer Lifespans?,” examines what it says could be a critical flaw in traditional retirement planning.

Download White Paper

 

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Social Security Planning

“How Much More Will I Get?”: Calculating The Impact Of WEP and GPOs Repeal ON Social Security Benefits

While it may take a while for the adjustments to take place, advisors can still help their clients plan for the effect of WEP and GPO’s repeal by estimating how much the client will be receiving in Social Security benefits once the new law is implemented. But the challenge in making such an estimate is the fact that SSA doesn’t clearly show many individuals what their full benefits would be without the reduction for WEP or GPO. While future retirees can find non-reduced benefit estimates on their Social Security statements or online accounts, those already receiving benefits don’t have access to this information – making it necessary to find a different way to predict how much their payments will increase once the law is fully implemented. (Ben Henry-Moreland, Senior Financial Planning Nerd, kitces.com and Joe Elsasser, Founder and President, Covisum®, 02/12/2025)

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Social Security Announces Expedited Retroactive Payments and Higher Monthly Benefits for Millions – Actions Support the Social Security Fairness Act

The Social Security Administration (SSA) announced it is immediately beginning to pay retroactive benefits and will increase monthly benefit payments to people whose benefits have been affected by the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These provisions reduced or eliminated the Social Security benefits for over 3.2 million people. Many beneficiaries will be due a retroactive payment because the WEP and GPO offset no longer apply as of January 2024. Most people will receive their one-time retroactive payment by the end of March, which will be deposited into their bank account on record with Social Security. (SSA, 02/25/2025)

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SSA Answers Social Security Fairness Act Questions

The SSA answered more questions about implementing the Social Security Fairness Act, which repeals the Windfall Elimination Provision (WEP) and government Pension Offset (GPO). For instance, SSA explained that if you never applied for retirement, spousal or survivors’ benefits because of WEP or GPO, “you may need to file an application” and that the date of the application “might affect when your benefits begin and your benefit amount.” (SSA, 02/03/2025)

Read more

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Practice Management

63 brokers suspended, 4 banned in CE cheating scheme

There has been an unusually high number of disciplinary actions filed by FINRA over a curious kind of advisor misconduct: cheating to get continuing education credits. (Brian Wallheimer, Editor-in-chief, FinancialPlanning, 11/26/2024)

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Cheating For CE Credits Is On The Rise

A rash of cheating reported to FINA raises the question: Are continuing education requirements really that bad? (Emile Hallez, Editor, InvestmentNews, 06/03/2024)

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ASSUMED FEDERAL RATES (AFRs)

 

§7520 Rate for March is: 5.40%

Assumed Federal Rates
 

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FINANCIAL FACTS

 

Financial Advisor Industry Statistics
(Top Findings)

  • There are more than 283,000 financial advisors in the US.
  • 35% of the population uses financial advisory services.
  • The personal financial advisor market is projected to have 13% job growth.
  • 80% of the financial advisors are white.
  • California hires the maximum number of personal financial advisors.
  • The financial advisory services market will be $146.8 Bn by 2032.
  • By 2024, the assets under management by financial advisors would be $62.62 Tn.
  • 60% of financial advisors work for private companies.

Source: Upmetrics, 03/16/2024)

 

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USEFUL FINANCIAL WEBSITE

Academy of Insurance
 

Exciting News: B.E.S.T. Partners with
Academy of Insurance
to Expand CE Offerings for P&C Agents!

At Broker Educational Sales & Training, Inc. (B.E.S.T.), we are committed to delivering high-quality continuing education (CE) programs that empower insurance and financial professionals to stay ahead in an evolving industry. That’s why we are thrilled to announce our new partnership with the Academy of Insurance (ijacademy.com)—a trusted leader in insurance education programs for Property & Casualty (P&C) insurance agents.

Through this collaboration, B.E.S.T. will now offer comprehensive CE courses tailored specifically for P&C insurance agents. This partnership enhances our ability to provide industry-leading education, ensuring that P&C agents have access to engaging, relevant, and compliance-driven content to maintain their licenses and elevate their expertise.

 

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RECOMMENDED READING

 

Last Bucket List: Kickstart a CREATIVE Estate Plan
Worthy of Your LIFE

Whether you’re just starting out, keep putting it off, or looking to add life to some emotionless plans now gathering dust… Welcome! Take this ray of inspiration—and share it with your family’s foot-dragger, too.

Everyone needs an estate plan. We just needed a warmer welcome.

Last Bucket List...

 

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ADVISOR TOOLS

 

Free 2025 Federal Income Tax and
Social Security & Medicare Reference Guides

Our free Federal Income Tax and Social Security & Medicare Reference guides are indispensable resources. The Federal Income Tax Guide keeps you updated on tax rates and regulations, ensuring you provide your clients with the latest insights. Meanwhile, the Social Security & Medicare Reference Guide equips you with comprehensive information to navigate these critical topics, enhancing your advisory services and benefiting your clients’ financial well-being. (No business or personal information required for download.)

 

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Financial / Insurance Calculators & Websites

Discover a wealth of online calculators and informational websites tailored to your needs. Our extensive resources cover essential areas such as financial planning, retirement calculations, investment analysis, and insurance needs assessment, empowering you to provide comprehensive guidance and services to your clients.

 

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STATE REQUIREMENT UPDATES

 

Stay Up-to-Date on Your
State Insurance CE Requirements

Easily access vital information about state insurance license renewal dates, continuing education (CE) requirements, and more by visiting our State Requirements page. Stay informed and streamline your compliance process with this valuable resource.

 

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FEATURED COURSE(S)

 

IAR CE Credits

Guide to Social Security Benefits and Ethical Practices

Meet Your Mandatory IAR CE Requirements

Course Spotlight: “Guide to Social Security Benefits and Ethical Practices”

  • Course Summary: The Guide to Social Security and Ethical Practices is a comprehensive 12-hour continuing education (CE) course specifically designed for Registered Investment Advisers (IARs). This course is approved to meet all 12 hours of the mandatory IAR CE requirements, consisting of 6 hours in Products and Practices and 6 hours in Ethics and Professional Responsibility.
  • IAR CE Credit Hours:
    • 12 hours (split-course)
      • 6 hours of Products and Practices
      • 6 hours of Ethics and Professional Responsibility
  • Formats: Online and Self-Study
  • Audience: Financial and Insurance Professionals
 
 

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B.E.S.T. CE PROGRAMS

 

Take Our Online or Self-Study Courses at
Your Own Pace and Take Advantage of
Affordable Prices

As a nationally approved provider by the State Insurance, CFP®, IWI, and IAR Boards, we offer courses that cover a wide range of topics relevant to your practice. Enroll in our online or self-study CE courses and reap the benefits of:

  • Convenience: You can take our courses from anywhere, at any time.
  • Affordable pricing: Prices start at $13.95.
  • High-Quality: Created by a top-notch expert in the financial planning field.
  • Up-to-Date course content: We regularly update our courses to ensure that you’re learning from the most current information.

Start learning today! Click on the button below to learn more about our online or self-study CE courses.

Note: California, Florida and Texas are the only states available for online CE courses.

 

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Meet Your 2-hour CFP® Ethics Requirement

Also approved for 2 CE credit hours of IWI (CIMA®/CPWA®/RMA®) and IAR Ethics.

Date: Thursday, March 20, 2025  |  Time: 2:00PM - 4:00PM ET  |  Cost: See below*

2-hour live webinar presentation: Ethic CE CFP Boards Revised Code and Standards Ethics for CFP Professionals (Course#: 277681) - No exam required.

This webinar is approved by the Certified Financial Planner Board of Standards, Inc. and fulfills the requirement for CFP Board approved Ethics CE. It is designed to educate CFP® professionals on CFP Board’s new Code of Ethics and Standards of Conduct. This webinar presentation does NOT include state insurance CE credit.

*Cost per license type:

  • CFP® credit ONLY: $61.50
  • IWI credit ONLY: $59.00
  • IAR credit ONLY: $65.00
  • CFP® credit PLUS IWI credit: $86.50
  • CFP® credit PLUS IAR credit: $92.50
  • IWI credit PLUS IAR credit: $90.00
  • CFP® credit PLUS IWI credit PLUS IAR credit: $117.50

NOTE: Additional fee includes CFP Board fee of $1.25 per credit hour/per student. If you add IAR CE credits, there is also an additional IAR’s governing board filing fee of $3.00 per credit hour/per student. (IAR CE credits are approved in the states that have adopted the NASAA Model Regulations.)


Registering includes the following three web pages: (each may open in a separate window)

  1. Payment: Enter your payment information. A detailed breakdown of costs and fees will appear before you confirm your payment.
  2. Attendee Registration: Fill out the Attendee Registration form to provide your contact details and any other information necessary to receive your CE credit.
  3. GoToWebinar Registration: Enter your First Name, Last Name and Email Address, then click the ‘Register’ button to complete registration for the live webinar.

NOTE: Do not close any of your web pages / browsers
until you are completely done registering. (SEE ABOVE.)

 
 
 

CFP®: This program fulfills the requirement of CFP Board approved Ethics CE. This program is designed to educate CFP® professionals on CFP Board’s new Code of Ethics and Standards of Conduct, which is effective July 1, 2024.

IWI: Investments & Wealth Institute® (IWI) has accepted this CFP® Ethics webinar for 2 hours of CE credit towards the IWI certifications. (CIMA®, CPWA® and RMA®)

NASAA (IAR) Disclaimer: “NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are my/our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.”

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Meet Your 6-hr or 12-hr IAR CE Requirement—Online and On Your Schedule!

B.E.S.T. offers two comprehensive courses to help you meet your IAR CE requirements:

  • 6-Hour Ethics and Professional Responsibility Course
  • 12-Hour Guide to Social Security and Ethical Practices Course
    (6 hours Products & Practices + 6 hours Ethics)

Ethics for Financial and Insurance Professionals (6-hour)

Course #: C27297 | 6 CE Credit Hours | Starting at $47.95*

This course is specifically designed to fulfill the 6-hour Ethics and Professional Responsibility CE requirement for Investment Adviser Representatives (IARs).

What’s Included in the Course:

  • 6 CE credit hours focused on Ethics and Professional Responsibility
    • *$18 Governing Board Fee included in the cost

Online Exam:

  • 60-question online exam
  • To pass, achieve a 70% or higher score (Up to 3 retakes allowed by NASAA).

Bonus Credits:

  • 6 CE credit hours for CFP® certification
  • 6 CE credit hours for IWI certifications (CIMA® / CPWA® / RMA®)

Ready to Enroll?

Ensure your compliance with minimal time commitment, all online, and at a competitive price. Don’t miss out—Start Today and meet your IAR CE requirements with confidence!

 
 
 

Guide to Social Security and Ethical Practices (12-Hour - split course)

Course #1: C26873 | Course #2: C26874 | 12 CE Credit Hours | Starting at $69.95*

This in-depth course is designed to equip financial advisors with essential knowledge on Social Security programs, rules, and regulations, guiding you through the complexities that impact your aging Baby Boomer clients, their spouses, and dependents. Gain the expertise you need to better serve your clients while fulfilling your IAR CE requirements.

What’s Included in the Online Course:

  • 12 CE Credit Hours Total:
    • 6 CE credit hours on Products and Practices
    • 6 CE credit hours on Ethics and Professional Responsibility
      • *$36.00 Governing Board Fee included in the course cost.

Online Exam:

  • 120-question online exam
  • To pass, achieve a 70% or higher score (Up to 3 retakes allowed by NASAA).

Bonus Credits:

  • 10 CE credit hours for CFP® certification
  • 10 CE credit hours for IWI certifications (CIMA® / CPWA® / RMA®)

Why Choose This Course?

  • Comprehensive and up-to-date content designed to meet all your IAR CE needs.
  • Flexible online format allows you to complete the course at your own pace.
  • Competitive pricing that includes all required fees.
  • Equip yourself with practical knowledge to guide your clients through the complexities of Social Security while maintaining high ethical standards.

Get Started Today

Don’t miss the chance to stay compliant while expanding your expertise. Sign up now and fulfill your IAR CE requirements in one go!

 
 
 

NOTE: Additional fee includes IAR’s governing board filing fee of $3.00 per credit hour/per student. If you add CFP CE credits, there is also an additional CFP Board fee of $1.25 per credit hour/per student. (IAR CE credits are only available for states that have adopted the NASAA Model Regulations.)

NASAA (IAR) Disclaimer: “NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are my/our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.”

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Please note that this newsletter comprises information gathered from various web-based sources, and B.E.S.T. does not assert authorship of the material unless explicitly mentioned. The articles contained herein are copyrighted by their respective publishers. While we have taken measures to verify the functionality of all included links, we cannot guarantee their continuous operation, as publishers may relocate or remove content.

It is important to understand that B.E.S.T. neither endorses nor assumes any responsibility or liability for the accuracy, content, completeness, legality, or reliability of the material linked to in this newsletter. The opinions expressed within this newsletter belong solely to the author and do not necessarily represent the viewpoints of B.E.S.T.

Readers are strongly encouraged to rely on the information provided herein ONLY AFTER conducting their independent review of its accuracy, completeness, effectiveness, and timeliness.


THIS NEWSLETTER SERVES SOLELY FOR INFORMATIONAL PURPOSES AND
DOES NOT CONSTITUTE INVESTMENT, TAX, ACCOUNTING, OR LEGAL ADVICE.

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B.E.S.T. INFORMATION / SERVICES

 

B.E.S.T. Links

 
 

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Resources

Access a robust suite of resources at your fingertips, encompassing calculators, informative websites, quick-reference guides for taxes, Social Security, and Medicare, as well as monthly newsletters and recorded webinars. Gain a wealth of knowledge and stay up-to-date with ease through our comprehensive offerings.

 

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