STUDY SAYS FEE-ONLY ADVISORS BOOSTING CLIENT REVENUEFee-only financial advisors are increasing client numbers, revenue and profits at impressive rates, according to a new benchmarking study issued by the National Association of Personal Financial Advisors and produced by CPA and business advisory firm Moss Adams LLP.

Did you know that your clients could be held liable for their employees' missed investment opportunities? Through a number of recent class-action lawsuits over the mismanagement of pension plans, corporate fiduciary responsibility has been brought to center stage.The fallout from these cases has put employers across the nation at risk by exposing their fiduciary responsibility.

If a company's plan permits, pension annuity payments may be provided for a certain period of time - as long as it is not longer than the period under the Uniform Lifetime Table for the participant's age as of his birthday in the same year in which the annuity starting date occurs.The period does not change upon the death of the employee, even if the remaining period certain is longer or shorter than the beneficiary's single life expectancy. The same is true if the annuity also includes a life annuity or a joint and last survivor annuity.

CPA advisors continue to debate what pricing and compensation strategies best fit their culture. Advisory firms seek to find the specific method that charges clients fairly and allows them to pay simply, and in which the firm receives adequate compensation for all its services, combined with the perfect compensation structure to incentivize the best employees. In today's world, advisors speak of improvements, but not perfection.At the core of the issue is the balance between individual performance and success, and that of the overall firm. "Overly rewarding individual performance sometimes encourages hoarding of clients that limits the firm's ability to grow," says Rebecca Pomering, CPA and principal at Moss Adams Consulting Services, in Seattle, who leads the firm's compensation consulting practice. "To achieve a long-term strategy of institutionalizing the client relationship, most firms have to make dramatic changes to their compensation plans."

If you're like most Baby Boomers, you're used to being in control. When situations turn sour, you assess the situation and take action. Laid off from your job? You take the bull by the horns and find another one - or maybe even start your own business. Child's grades dropping? You meet with his teachers and maybe hire a tutor.So it's more than difficult for most Boomers to imagine a day when they may not control their destiny. That day happens when they experience a dramatic decline in health, and they run short of money to pay for the care that they desire.

As part of its broader initiative to improve financial reporting for insurance accounting, the Financial Accounting Standards Board is seeking constituent comment and perspective on the potential bifurcation of insurance and reinsurance contracts into insurance components and financing components.FASB said that the invitation to comment aligns with the standards-setter's concerns about a potential lack of transparency in the financials of both policyholders and reinsurance companies.

The Securities and Exchange Commission requested that the Public Company Accounting Oversight Board delay issuing guidance related to backdating stock options.According to The Wall Street Journal, the PCAOB had planned to issue an alert to accounting firms about the front-burner topic, which would have advised auditors about grant issues they should examine in audits.

Don't expect many heavy pronouncements from the Financial Accounting Standards Board during the second half of 2006, but behind the scenes there will be a lot of progress and a good number of lesser documents on technical implementation.The only final statement on accounting standards projected for the remainder of the year is on post-retirement benefit obligations, including pensions. A comment period on the proposed standard ended in May; roundtable discussions were scheduled for the end of June.

Congressional investigators have uncovered a new breed of tax chiselers - deadbeat charities that shortchange the government and their own employees by failing to pay millions of dollars in payroll taxes.As tax-exempt organizations, or EOs, charities are excused from income tax liability, but are required to withhold and pay employment taxes for their workers. With one in 12 U.S. civilian workers now employed by exempt organizations, even a small percentage of non-compliance by charities can add up to a significant drain for federal tax collectors.

The Securities and Exchange Commission announced that securities lawyer Andrew N. Vollmer will serve as its deputy general counsel.Vollmer, 52, is a partner in the international law firm of Wilmer Cutler Pickering Hale and Dorr LLP, and has represented corporate clients in SEC investigations and proceedings. He currently serves as vice chair of the firm's Securities Department, and previously served as one of two partners managing the London office.

The Financial Accounting Standards Board and the International Accounting Standards Board have published the first draft chapters of a document laying out their views for an enhanced conceptual framework.

Yale University officials said that they have received three subpoenas as federal regulators have launched a probe into the Ivy League school's accounting practices surrounding its government research grants.According to published reports, Yale received the subpoenas from the Department of Health and Human Services, the Department of Defense and the National Science Foundation. The subpoenas cover some 47 grants valued at roughly $45 million.

James Lockhart, director of the Office of Federal Housing Enterprise Oversight, said that mortgage finance concerns Fannie Mae and Freddie Mac should each be allowed to prop up the U.S. home mortgage market in periods of financial malaise.In an interview with The Wall Street Journal, Lockhart said the companies, whose combined mortgage portfolio is roughly $1.4 trillion, creates a serious risk if they fail to control their interest-rate risks, but nevertheless both have a role for their portfolios, albeit on a smaller scale, to ensure monies available for home loans.

The Securities and Exchange Commission is looking into the relationship between the former First Union Corp. and KPMG, according to published reports.

Lori Schock, the deputy director of the Securities and Exchange Commission's Office of Investor Education, has been named the division's acting director.

The Board of the International Federation of Accountants has approved the reappointment of John Kellas as chairman of the International Auditing and Assurance Standards Board.

Just over a year after his acquittal on charges of overseeing a $2.7 billion accounting fraud as the head of health care company HealthSouth Corp., Richard Scrushy was found guilty on charges of bribery, conspiracy and mail fraud.

The Securities and Exchange Commission has won the court battle over the first billion-dollar financial fraud it ever tackled, a case filed against the former chief financial officer of Waste Management Inc. back in March 2002.

Defense contractor Raytheon Co. and two of its former top executives have settled improper accounting charges brought by the Securities and Exchange Commission.

Securities giant Morgan Stanley will pay a $10 million fine to the Se curities and Exchange Commission after failing to maintain safeguards to prevent the misuse of inside information.