Good to Know The Security and Exchange Commission’s Regulation Best Interest (Reg BI) is aimed squarely at protecting the best interests of retail investors. A common issue that arises is exactly when Reg BI applies. The short answer is that Reg BI applies when a retail customer receives and subsequently uses a recommendation from a…

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CFP® Board Updates On May 4, the CFP Board announced the July 2020 CFP Board Exam has been postponed to September. This was in response to the ongoing Covid-19 pandemic. The new pertinent dates are: Examination Period: September 22-29, 2020 Registration Opens: Already in Progress Registration Deadline: September 8, 2020 Early Bird Discount ($725 rate)…

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Good to Know THE TREASURY DEPARTMENT PROVIDES MORE THAN SBA LOANS FOR BUSINESS WORKING CAPITAL SBA loans and the Paycheck Protection Program dominated the business headlines over the last few months. But several less-heralded provisions of the CARES Act go beyond recent headlines to shore up cash flows of struggling businesses, too. How? Liberalization of…

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“Honesty is the best policy.” -Sir Edwin Sandys, 1599 CFP Board reported automatic interim suspensions on several participants’ right to use the CFP® mark in its April 14, 2020, press release. The CFP Board suspensions were based upon investment license revocations by the State of California and FINRA. Assuming the allegations made by CFP Board are proven, a number of recently-disciplined CFP® certificants…

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COVID19, Market Volatility and Staying Calm The author had a Trust client that I will call Mr. B, a decorated former Marine. He built a highly successful business after he left the Marine Corps and eventually sold the business at a favorable valuation. While most of the author’s trust clients were highly stressed by the…

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CFP® Board Updates On June 30, 2020, the CFP Board will begin enforcement of the new Code of Ethics and Standards of Conduct. This will coincide with the expected begin date of the new Procedural Rules. For those who are not familiar, the Procedural Rules replace the current Disciplinary Rules and Procedures and the Appeal…

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CFP Board COVID19 Updates The most recent CFP Board guidance for those planning to take the CFP Board Exam in 2020 follows: “MARCH 2020 CFP® EXAM COVID-19 impacted hundreds of candidates planning to sit for the March 2020 exam. Some early test site closures were announced early in the March 10-17 testing window, followed by…

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Eligible Designated Beneficiary What exactly does it mean to be an “eligible designated beneficiary” of a Traditional IRA? Here is the short answer – an eligible designated beneficiary is exempt from the now-infamous stretch IRA killer known as the 10-year distribution rule. For IRA owners dying in or after 2020, the 10-year distribution rule kills…

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Good to Know Once upon a time in a land not so far away, it was possible to defer (stretch) IRA retirement distributions over multiple generations at the death of an IRA owner. That idyllic time was before 2019 and the land in question is these United States of America. During that pre-2020 period, it…

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CFP Board Updates On March 2, 2020, the CFP Board notified all professionals that the compensation search function had been removed from the “Find Your CFP® Professional” tool on the letsmakeaplan.org website. The key decision point, according to the CFP Board, was that based on the new Code and Standards, all CFP® professionals are expected…

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