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Weekend Reading For Financial Planners (March 23-24)

Nerd's Eye View

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the SEC has recently been cracking down on firms for recordkeeping failures related to electronic communications, including their use of text messaging with prospects and clients.

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Offering Tax Preparation As A Solo Advisor: How To Attain Designations And Create A Schedule By Next Tax Season

Nerd's Eye View

In other words, by clearing space during tax season to focus full-time on tax preparation, it was possible for Ben to contain tax prep work to a reasonable number of hours. Furthermore, similarly structuring the client service calendar for the remainder of the year to focus on specific topics at set times (e.g.,

Taxes 246
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How Long to Keep Important Financial Records

MazumaBusinessAccounting

Whether you’re keeping the record for one month or 10 years, record-keeping best practices dictate you should store documents electronically (go paperless when you can), and always backup your files by saving them in the cloud. For electronic documents, store them in a password-protected folder on your desktop or another secure location.

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Average Net Worth By Age: Where Do You Stand?

Clever Girl Finance

This is very important for retirement, and knowing what your target net worth by age should be will help you better understand how to reach your personal financial goals. Also, keep in mind certain types of assets depreciate over time, like cars and electronics. The information here is just to guide you, not to set any rules.

Budgeting 119
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Don't get an "F" on FBAR

Brown Advisory

In 2014, an 87-year-old, retired specialty-glass importer faced more than $2 million in penalties for failing to disclose a $7 million Swiss account which dated back to the 1960s. The FBAR must be filed electronically through the BSA’s E-Filing System, and is due by April 15th, with an automatic six-month extension to October 15th.

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Everybody Needs Accountability

The Better Letter

” According to long-time umpire Joe West (now retired), “[t]hree ways you can miss a call: lack of concentration, lack of positioning, lack of timing.” percent, and he retired following 30 years as an MLB umpire after the season. They use radar and electronics for everything else. ” Casey was right.

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How to Invest $1 Million Dollars in Today’s Market (Without Blowing It)

Good Financial Cents

Track your retirement. Did you know you might be able to actually retire with $1 million? While it’s better if you have some time to invest the money instead of using it for retirement, retiring with this much is a reality for many people. You may be wondering if you can actually retire with $2 million dollars!

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