Wealth management

Nominations are open for CPA Wealth Provider's Second Annual Financial Planning Awards in the following three categories:

The Certified Financial Planner Board of Standards has turned over the setting and promotion of financial planning standards abroad to a newly established nonprofit standards-setting body, so that it can focus its efforts on promoting and setting planning standards in the U.S.

Social Security and Supplemental Security Income recipients will see a 2.7 percent bump in their benefits starting in 2005 under a cost of living adjustment announced Tuesday.

Business Transitions LLC, a provider of online buy/sell forums for CPA and financial services practices, has added a new service to its financial services practice succession planning Web sites aimed at sole practitioners.

529 ASSETS REACH $43 BILLION: Assets in 529 college savings plans totaled an estimated $43 billion at the end of the second quarter, up 7.4 percent over assets in the first quarter, according to a report from the College Savings Foundation. The quarterly asset total marks a 66.9 percent increase from the second quarter of 2003's total of $25.8 billion, according to data developed by research and consulting firm Financial Research Corp.

Federal Reserve Chairman Alan Greenspan sounded the death knell, again, for the Baby Boom generation's hopes for some external help during their retirement.

For most taxpayers, bonus first-year depreciation ends Dec. 31, 2004.

The College for Financial Planning has unveiled a new planning designation that it says is aimed at advisors working with high-net-worth clients, bringing the number of planning designations that it offers to six.

In an effort to strengthen its wealth management practice, Wachovia Corp., the nation's fifth-largest bank, agreed to acquire wealth advisory firm Tanager Financial Services Inc.

While half of them will need it at some point in their lifetime, when it comes to long-term care, most Americans get a failing grade, according to a survey conducted by MetLife.

Fund research provider Morningstar Inc. said it is under investigation by the Securities and Exchange Commission related to incorrect total return data that Morningstar published earlier this year for a single mutual fund.

The Certified Financial Planner Board of Standards Inc. has named Sarah Ball Teslik, executive director of the Council of Institutional Investors, as its new chief executive.

PORTFOLIOS FEELING FED CHANGES: A recent CFA Institute study found that interest rate changes enacted by the Federal Reserve could affect clients’ investment portfolios.

The Internal Revenue Service has issued final regulations on the exclusion allowed for gain on the sale of a principal residence. The final regs modify the rules contained in temporary regulations with respect to partial home-sale exclusions. They also provide special rules for military and foreign-service personnel.

by Lance Wallach

NEWKIRK INTRODUCES NEW RETIREMENT PAYOUT ESTIMATORS: Financial services application services provider Newkirk has rolled out two new retirement payout estimators for retirement plan providers.

by Bob Rywick

by Lance Wallach

Genworth Completes Hochman & Baker Integration: Genworth Financial, a global insurance and financial services concern, said that it has completed the integration of Hochman & Baker Securities into Terra Securities Corp., its broker/dealer unit.

Washington — The House approved separate bills in late July that would extend a tax break for small businesses and would expand eligibility for the Form 1040 EZ tax form.