In this episode of the AICPA Personal Financial Planning Podcast, host Cary Sinnett welcomes Dr. Ross Riskin, Chief Learning Officer at the Investments & Wealth Institute and author of Guide to Education Planning. They dive deep into education planning strategies, including the benefits and complexities of tools like 529 plans, the importance of multi-generational funding conversations, and how to align education savings with broader financial goals.

Here are five key takeaways from the conversation between Cary Sinnett and Dr. Ross Riskin:

1. The Value of Education Planning
   • Education planning remains highly valuable as it bridges generations, connects with next-gen clients, and addresses a significant knowledge gap among financial advisors. It also integrates with broader legacy and wealth transfer strategies.
2. Importance of Multi-Savings Vehicles
   • Financial planning for education isn't "one size fits all." Utilizing a combination of tools like 529 plans, brokerage accounts, and Coverdell accounts helps optimize funding, flexibility, and tax efficiency based on client priorities and state-specific tax benefits.
3. Proactive Conversations Across Generations
   • Successful advisors include grandparents, parents, and even extended family in funding discussions early on. Understanding their contributions and intentions (e.g., lump sums vs. future pledges) is critical for accurate projections and family alignment.
4. Strategies for Leftover 529 Plan Funds
   • Excess funds can be strategically used by transferring beneficiaries, repaying student loans (up to $10,000 per person), or rolling into Roth IRAs for beneficiaries to support retirement planning.
5. Financial Aid and Investment Oversight
   • Advisors must understand financial aid policies, tax considerations, and investment flexibility within 529 plans, especially during distribution years. Monitoring allocations ensures funds are managed efficiently to preserve capital in high-interest environments.

Show Notes: Conclusion

Dr. Ross Riskin reminds us that effective education planning requires proactive conversations, personalized strategies, and leveraging tools like 529 plans for tax efficiency, legacy planning, and beyond. For more resources:

• Explore the AICPA PFP Section: aicpa.org/pfp.
• Get your copy of Guide to Education Planning to build your expertise.

Thank you for listening! Don’t forget to follow the podcast for future episodes featuring expert insights on tax, estate, investment, and financial planning.

This milestone episode celebrates 30 years of professional growth and client success, highlighting the dynamic evolution of the financial planning profession and the firm’s commitment to innovation and excellence.

Five Key Takeaways:

1. The Evolution of a Career in Financial Planning:
   Growth and succession is vital for a long-lasting impact. Lyle Benson introduces his son Chris. Chris Benson shares his journey from aspiring engineer to CPA financial planner, highlighting the pivotal moments that shaped his career, including his transition from a large CPA firm to the family firm.
2. The Critical Role of Tax Planning:
   Tax returns form the foundation of the firm’s financial planning process. Tax strategy is woven into every aspect of wealth management, creating a seamless, cyclical approach to client service.
3. Fixed Fees vs. AUM Model:
   The firm operates on a fixed-fee model, aligning services with client value while minimizing conflicts of interest, offering an alternative to traditional AUM-based fees.
4. Technology Transforming the Profession:
   Advances in technology, such as digital systems and portfolio management tools, have revolutionized client service and firm efficiency. AI is seen as an augmentation tool rather than a replacement for human advisors.
5. The Value of Community and Professional Networks:
   Active involvement in organizations like the AICPA and peer study groups has provided invaluable support, resources, and growth opportunities for both Chris and the firm.

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.

• Innovative Technology for Integrated Tax and Financial Planning
• Building a financial planning and tax business
• Investment advisory business models
• Build your tax and financial planning advisory services
• PFP/PFS Drop-in Session - February 26, 2025, at 3pm ET
• Listen to other episodes in the Deeper CPA Financial Planner Connections podcast series.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

In this episode, Cary Sinnet and Mark Gochnour explore how effective communication builds trust and sets financial planners apart. Mark introduces the 4S Framework—a powerful tool for connecting with clients and simplifying complex concepts.

Key Takeaways

1. Why Communication Matters:
   • Builds trust, fosters engagement, and differentiates you from competitors.
   • Avoid overloading clients with technical jargon or unnecessary details.
2. 4S Framework for Communication:
   • Scripts: Prepare and practice concise responses to common questions.
   • Stories: Share personal anecdotes to build emotional connections.
   • Sketches: Use visual aids to explain concepts and engage clients.
   • Supplements: Provide tangible materials to reinforce discussions.
3. Actionable Insights:
   • Tailor your language to clients’ needs and practice regularly.
   • Join workshops at the AICPA PFP Summit in January to refine your storytelling and communication skills.

Access resources and events related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.

• AICPA PFP Summit: January 26–29, 2025, at Dimensional’s Charlotte office.
• Explore communication resources at aicpa.org/pfp.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.