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CCH SFS BUYS INTELLITAX

FAIR VALUE JUDGMENT: CLOUDY?

It's hard to believe we can write another column about pensions and the bad GAAP applied to them, but here we are again, beating the same old drum. In addition, there is a new drum in the Pension Protection Act of 2006.While we're putting this column together, the market is continuing its sliding and bouncing, and the government is doling out money left and right (and in between) to bail out insurers, mega-banks, regional banks, investment banks, depositors, money funds, brokerage houses, and who knows what else.

Government officials now expect 401(k) plan sponsors to conduct periodic due diligence reviews. With respect to their 401(k) or other retirement plans, the problem is that most sponsors (owners) do not have the in-house resources to do so.This is not something that 401(k) plans historically did. On the heels of the recent mutual fund scandals, though, Labor Department officials indicated that sponsors had a duty to periodically investigate plans and benchmark funds and fees.

PLANNERS GET NEW CLIENTSTwo thirds of certified financial planners have seen an increase in potential clients as economic turbulence has increased in the past several weeks, according to a recent survey.

Let's face it - the economy is in bad shape. Investment houses are going out of business, banks are failing, and many investments have lost an incredible amount of value.If anything good has come out of this financial mess, it might be that it underscores the fact that financial planning and investment strategies almost always have some element of risk, and that the process has to be a dynamic one, with strategies changing as needs and risk aversion on the part of the investor change.

COUGAR MOUNTAIN INTRODUCES E-COMMERCE SOFTWARE

'Ready, fire, aim" is not a strategy most firms follow in good times, much less in uncertain times.

Firms today are facing succession-planning issues at an unheard-of pace. Blame it on the Baby Boomers and the overall demographics of the accounting profession and the population in general.Over the past year I have worked with several managing partners in helping them transition from one set of leaders to another. The question I often get is, "When is the time right?" Managing partners decide to pass the baton to the next generation at different times. Some decide it's time when they are in their early or mid-50s, since they want to do other things in life. Others will hold on until the last possible moment. Some never make a transition.

FIRMS NEED MORE WOMEN PARTNERS