2023 Guide Audit Summary

fpPathfinder constantly strives to provide informative checklists and flowcharts that help advisors be more diligent in their planning process. This is why we take steps to ensure each guide is as clear and accurate as possible.

Led by Guide Editor Chris Granger, CFP®, fpPathfinder's guide audit team reviewed every guide in the fpPathfinder library (yes, all 116 of them) and identified 13 guides to update. Learn more about the detailed process our team of financial professionals and fact-checkers use to make sure members have the most up-to-date information by reading this blog post.

Check out the list below to see if your favorite guide has been updated.

List Of Updated Guides

1. Will I Be Enrolled Automatically In Medicare?
   1. Changes Made:
      1. Updated the language to more accurately describe when coverage for Part A and Part B begins.
2. Do I Need To Start Making Estimated Federal Income Tax Payments?
   1. Changes Made: 
      1. Removed any references to “allowances”, as the ability to change allowances is no longer applicable in a W-4.
3. Issues To Consider As A New Client
   1. Changes Made: 
      1. Changed the “Long-Term Planning Issues” section to “Estate Planning Issues” and improved the language in two of the questions to ensure that a planning point was triggered when answering “Yes” (previously the question logic was flawed).   
4. What Issues Should I Consider Before The End Of The Year?
   1. Changes Made:
      1. Under “Tax Planning Issues”, we altered the language in the question regarding charitable planning to ensure it applies to more readers.
5. Will A Distribution From My Roth IRA Be Tax & Penalty-Free?
   1. Changes Made: 
      1. We added an example of an “exception” to the 10% penalty rule to clarify and remove confusion. 
6. What Issues Should I Consider When Paying Off My Student Loans? 
   1. Changes Made:
      1. We added language to clarify (and remind) about consolidating student loans and/or certifying them by the end of 2023 in order to qualify for the one-time adjustment.
7. Can I Make A Deductible Contribution To My HSA? 
   1. Changes Made: We added clarifications about “in-network coverage” regarding the required deductibles and out-of-pocket maximums for an HSA-eligible plan.
8. What Issues Should I Consider If I Get A Promotion Or Raise At Work? 
   1. Changes Made: 
      1. We tweaked the language of the question under “Other Issues” to more effectively flag a planning point regarding credit cards. 
9. What Issues Should I Consider When Having (Or Adopting) A Child? 
   1. Changes Made: 
      1. We added language to a question regarding distributions from a retirement plan to cover costs related to having or adopting a child. The language clarifies that the distribution can be repaid for up to 3 years. 
10. What Documents Do I Need To Keep On File? 
    1. Changes Made: 
       1. We added an example (IRS Form 5498) that emphasizes the importance of tracking contributions, withdrawals, and cost basis within IRAs. 
11. Issues To Consider In Client Annual Review Meeting
    1. Changes Made: 
       1. We improved language regarding FDIC-insured bank accounts to better clarify the rules. 
       2. We changed the “Long-Term Planning Issues” section to “Estate Planning Issues” to better reflect the associated questions. We also changed one of the questions in this section to better fit with the planning focus. 
12. Will I Have To Pay Tax On The Sale Of My Investment? 
    1. Changes Made:
       1. We improved the language in a box to better clarify the distinction between paying federal and state income tax liabilities regarding the sale of one’s investment. 
13. What Issues Should I Consider If I Experience A Sudden Wealth Event? 
    1. Changes Made:
       1. We added some language to better clarify that capital gains may trigger the 3.8% NIIT, as well as a future increase to Medicare Part B and D premiums.

Our Purpose

All of us at fpPathfinder are here to facilitate more diligent communication between you and your clients about financial planning topics. To support you, our team creates checklists, flowcharts, and summary guides so you can navigate client communications with confidence. The process our team follows speaks to the purposeful craftsmanship with which we approach every guide. 

If you are an fpPathfinder member, you already understand how important the updates are. It’s wonderful to have what you need at your fingertips. You’ll never wonder if you’re looking at the most current, relevant information, and you can proceed with confidence.

Not yet an fpPathfinder member? We can help you with that. You can visit the Become A Member page to explore Premier, Deluxe, and Essentials membership and select the one that moves you closer to your goals. If you’d like a more personalized experience, register for a live demo with the fpPathfinder team. Bring your questions and we’ll be happy to answer them on the spot.