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1
Developments in the Financial Advisory World
2
Will Investors Be Better Off Post-Madoff?
3
5 Money Pitfalls to Watch Out For In Divorce
4
2009 Retirement Plan Contribution Limits
5
Do You Want a Bigger Tax Refund?

Developments in the Financial Advisory World

Developments in the Financial Advisory WorldThe Certified Financial Planner Board of Standards periodically modifies the standards that it sets for the individuals that it certifies. In May 2007, the Board announced the adoption of new Standards of Professional Conduct. The standards took effect July 1, 2008 and began to be enforced as of January 1, 2009.

Among several changes made is a new requirement that CFP® certificants giving financial advice must always provide certain disclosures to clients and prospective clients.  Certificants will be required to disclose:

  • a description of the services being provided,

  • any conflicts of interest the CFP® certificant may have, and

  • the costs

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Will Investors Be Better Off Post-Madoff?

Today the House Financial Services Committee will hear testimony from the SEC inspector general on the Madoff scandal. It promises to be the beginning of what Rep. Paul Kanjorski (chairman of the House Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises) is calling “the most substantial rewrite of laws governing U.S. financial markets since the Great Depression.” Wall Street could not have escaped congressional scrutiny after the year that we’ve had even if Madoff had never happened, but the failure of regulators to protect the public from his massive fraud has drawn fresh attention to the shortcomings of existing

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5 Money Pitfalls to Watch Out For In Divorce

If you are going through a divorce you will experience many different emotions; fear, anger, resentment and distrust are just a few. All of these emotions can wreck havoc on your finances. You will be making major financial decisions while your emotions are influencing your choices. The decisions you make during a divorce will impact you for decades, so here are five common mistakes to watch out for during a divorce.

1. Choose your attorney with caution

If you can end the relationship without a legal fight, you will begin your new life with far more money. Legal battles are …

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2009 Retirement Plan Contribution Limits

The IRS has announced the cost of living adjustments applicable to dollar limitations for 401(k), profit sharing, IRAs, and other retirement plans in 2009. The new limits are as follows:

  • 401(k) limit will increase from $15,500 to $16,500.
  • 401(k) “catch-up” limit for individuals age 50 and over will increase from $5,000 to $5,500.
  • Defined contribution plan limit will increase from $46,000 to $49,000.
  • Defined benefit and cash balance plan annual benefit limit will increase from $185,000 to $195,000.
  • Contribution limit for benefit and contribution calculation will increase from $230,000 to $245,000.
  • Highly compensated employee definition will increase from $150,000 to
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Do You Want a Bigger Tax Refund?

Do You Want a Bigger Tax Refund?How much will you get back from the IRS this year? If you don’t know, than it’s a good time to begin your tax planning. Most people don’t plan their taxes and then hope for the best. If you get a larger refund than expected, you’re happy, but if you’re forced to pay taxes, you’ll be disappointed. Tax planning gets rid of these surprises.

The truth is, when your taxes are prepared, you are merely documenting the past. There is not much that can be done to save money, when compared to early tax planning. With tax planning there is …

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