Nobel Learning Communities, Inc. Acquires Leading Private K-12 Online and Distance Learning School

Laurel Springs School Accelerates Company’s Entry into One of the Fastest-Growing Segments of the Education Market

WEST CHESTER, Pa., Sept. 9 /PRNewswire-FirstCall/ — Nobel Learning Communities, Inc. (Nasdaq: NLCI), a leading operator of private preschools, elementary schools, and middle schools, today announced that it has acquired all of the outstanding shares of Laurel Springs School (”LSS”) based in Ojai, California. Laurel Springs School is a leading college preparatory private school offering online and distance learning programs and teacher services for students in grades K-12.

George H. Bernstein, President and CEO of Nobel Learning Communities, said, “The Laurel Springs School represents a natural and exciting extension of our nationwide network of schools into the fast growing online and distance learning market, and we are delighted to welcome their students, teachers and administrators to Nobel Learning Communities. The acquisition of Laurel Springs extends our school and curricular platform to span the full breadth of the K-12 segment, with the ability to utilize multiple modalities to deliver our curriculum and educational experiences. This transaction also expands our direction and opportunities, and provides us an entry into the international marketplace. Our geographical reach will now extend to all 50 states, as well as the more than 40 countries LSS already serves.

Perhaps most importantly, this acquisition gives us a more scalable growth business with lower capital requirements than traditional brick and mortar schools. Nobel Learning is now one of the only education companies in the world with the tools and expertise to create integrated brick, brick and click, and click models within the K-12 school segment, enhancing the educational experience for our existing traditional school students and creating unique blended model opportunities for online students. With their strong curriculum and their history of delivering affordable, high-quality private education, Laurel Springs School’s is built on a philosophy and culture which are consistent with the strategy and goals of Nobel Learning Communities.”

Founded in 1991, the Laurel Springs School became one of the first schools in the United States to successfully develop an online curriculum. In 2000 LSS gained recognition as one of the first distance learning programs to be accredited by the Western Association of Schools and Colleges (WASC) and its courses were approved by the National Collegiate Athletic Association (NCAA) and University of California. Today, the school offers a robust K-12 program, including Honors AP courses, a Gifted and Talented program, superb teacher services, a chapter of the National Honor Society, virtual clubs, online symposiums and a strong college preparatory program with an impressive record of achievement, placing their graduates in prestigious colleges and universities. Each year, students receive an average of $1,000,000 in college scholarships. Laurel Springs serves more than 2,000 students in all 50 states and 40 countries and has already graduated more than 4,000 students. In 1996, then President Bill Clinton wrote of Laurel Springs: “Schools like yours are leading the way to empower tomorrow’s leaders with the knowledge and skills they need to make their full impact on the world.”

Marilyn Mosley Gordanier, M.Ed., author, speaker, life-long educator and founder of Laurel Springs School, commented, “We are pleased and excited to join Nobel Learning Communities. Nobel Learning’s reputation for providing an outstanding educational experience for students and a value for parents is an ideal partner to accelerate the growth of Laurel Springs School. Both Nobel Learning and Laurel Springs have consistently produced academic outcomes for their students that rank among the most successful educational institutions of their kind. In addition, we share a common educational philosophy that honors each child’s unique learning style and an interest in preparing our students with skills needed to succeed in the 21(st) century. With our combined resources, including administrators, principals, and educators, Nobel Learning will accelerate Laurel Springs’ vision to expand distance learning to include the global educational community.”

Nobel Learning used its existing cash resources and credit facility to pay the purchase price of approximately $12 million. LSS generated revenue of approximately $8 million over the prior twelve months. LSS is expected to be dilutive to Fiscal 2010 Company earnings, including the impact of anticipated costs of the transaction.

About Nobel Learning Communities

Nobel Learning Communities, Inc. is a national network of over 180 nonsectarian private schools, including preschools, elementary schools, and middle schools in 15 states and the District of Columbia. Nobel Learning Communities provides high quality private education, with small class sizes, caring and skilled teachers, and attention to individual learning styles. Nobel Learning Communities also offers an array of supplemental educational services, including before- and after-school programs, the Camp Zone(R) summer program, learning support programs, and specialty high schools. For more information on Nobel Learning Communities, please visit www.NobelLearning.com. For more information on Laurel Springs, please visit www.LaurelSprings.com.

Forward-looking Statements:

Except for historical information contained in this press release, the information in this press release consists of forward looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Potential risks and uncertainties include changes in market demand, market conditions, competitive conditions including tuition price sensitivity, execution of growth strategy, changes in labor force reducing demand or need for private schools and the acceptance of newly developed and converted schools. Other risks and uncertainties are discussed in the Company’s filings with the SEC. These statements are based only on management’s knowledge and expectations on the date of this press release. The Company will not necessarily update these statements or other information in this press release based on future events or circumstances.

SOURCE Nobel Learning Communities, Inc.

Eaton Vance Tax-Managed Diversified Equity Income Fund August 2009 Distribution

BOSTON, Aug. 31 /PRNewswire-FirstCall/ — Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY) today announced important information concerning its distribution declared in August 2009. This press release is issued as required by the Fund’s managed distribution plan (Plan) and an exemptive order received from the U.S. Securities and Exchange Commission. The Board of Trustees has approved the implementation of the Plan to make quarterly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the August distribution. It is not determinative of the tax character of the Fund’s distributions for the 2009 calendar year. Shareholders should note that the Fund’s total regular distribution amount is subject to change as a result of market conditions or other factors.

The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Distribution Period: August 2009

Distribution Amount per Common Share: $0.4625

The following table sets forth an estimate of the sources of the Fund’s August distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.

Eaton Vance Tax-Managed Diversified Equity Income Fund
——————————————————
% of the
Cumulative       Cumulative
% of       Distributions    Distributions
Current       Current     for the Fiscal   for the Fiscal
Source         Distribution  Distribution  Year-to-Date(1) Year to Date(1)
——         ————  ————  ————— —————
Net Investment
Income          $0.0264         5.7%         $0.1850           10.0%

Net Realized
Short-Term
Capital Gains   $0.0000         0.0%         $0.0000            0.0%

Net Realized
Long-Term
Capital Gains   $0.0000         0.0%         $0.0000            0.0%

Return of
Capital or
Other Capital
Source(s)       $0.4361        94.3%         $1.6650           90.0%

Total per
common share    $0.4625       100.0%         $1.8500          100.0%

(1) The Fund’s fiscal year is November 1, 2008 to October 31, 2009

IMPORTANT DISCLOSURE: You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Set forth in the table below is information relating to the Fund’s performance based on its net asset value (NAV) for certain periods.

Average annual total return at NAV for the period from
inception through July 31, 2009(1)                             -0.90%

Annualized current distribution rate expressed as a
percentage of NAV as of July 31, 2009(2)                       14.48%

Cumulative total return at NAV for the fiscal year through
July 31, 2009(3)                                               13.37%

Cumulative fiscal year to date distribution rate as a
percentage of NAV as of July 31, 2009(4)                      10.86%

(1)Average annual total return at NAV represents the simple arithmetic
average of the annual NAV total returns of the Fund for the period from
inception (11/30/2006) through July 31, 2009.

(2)The annualized current distribution rate is the cumulative distribution
rate annualized as a percentage of the Fund’s NAV as of July 31, 2009.

(3)Cumulative total return at NAV is the percentage change in the Fund’s
NAV for the period from the beginning of its fiscal year to July 31,
2009 including distributions paid and assuming reinvestment of those
distributions.

(4)Cumulative fiscal year distribution rate for the period from the
beginning of its fiscal year to July 31, 2009 measured on the dollar
value of distributions in the year-to-date period as a percentage of
the Fund’s NAV as of  July 31, 2009.

The Funds are managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $143.7 billion in assets as of July 31, 2009, offering individuals and institutions a broad array of investment products and wealth management solutions. The Company’s long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today’s most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.

SOURCE Eaton Vance Management

Stockholders Approve the Acquisition of Assets of ACM Managed Dollar Income Fund, Inc. by AllianceBernstein Global High Income Fund, Inc.

NEW YORK, Aug. 21 /PRNewswire-FirstCall/ — At a Special Meeting of Stockholders of ACM Managed Dollar Income Fund, Inc. (”ACM Managed Dollar” – NYSE: ADF) held today, the stockholders of ACM Managed Dollar approved the acquisition of the assets and the assumption of the liabilities of ACM Managed Dollar by AllianceBernstein Global High Income Fund, Inc. (”AllianceBernstein Global High Income” – NYSE: AWF) (the “Acquisition”).

It is anticipated that the Acquisition will occur in the third quarter of 2009. As a result of the Acquisition, each holder of ACM Managed Dollar common stock will receive shares of AllianceBernstein Global High Income common stock having an aggregate net asset value (”NAV”) equal to the aggregate NAV of the stockholder’s shares in ACM Managed Dollar. Common stockholders will receive cash in lieu of any AllianceBernstein Global High Income fractional shares.

There may be a final distribution of income and/or capital gains for ACM Managed Dollar and/or AllianceBernstein Global High Income made prior to the Acquisition.

ACM Managed Dollar and AllianceBernstein Global High Income are diversified, closed-end U.S.-registered management investment companies. Both Funds are advised by AllianceBernstein L.P. As of August 20, 2009, the total net assets of ACM Managed Dollar and AllianceBernstein Global High Income were $109,853,444 and $944,144,189, respectively.

SOURCE AllianceBernstein Global High Income Fund, Inc.

Banco Santander Chile Announces Second Quarter 2009 Earnings

SANTIAGO, Chile, July 30 /PRNewswire-FirstCall/ — Banco Santander Chile (NYSE: SAN; SSE: Bsantander) announced today its unaudited results for the second quarter of 2009. These results are reported on a consolidated basis in accordance with Chilean GAAP(1, 2) in nominal Chilean pesos.

In 2Q09, net income attributable to shareholders totaled Ch$107,391 million (Ch$0.57 per share and US$1.12/ADR). These results represent an increase of 40.1% compared to 1Q09 (from now on QoQ) and 4.1% compared to restated 2Q08 figures (from now on YoY). Compared to historical figures (not adjusted for the new accounting standards), net income attributable to shareholders increased 36.9% YoY in 2Q09.

With these results the Bank’s ROAE in the quarter reached 28.7%. The Bank currently has the highest ROE among the banks operating in Chile. This strong profitability was achieved despite having one of the highest levels of capitalization in the Chilean financial system. As of June 30, 2009, the BIS ratio reached 15.1%. In April 2009, the Bank paid its annual dividend of Ch$1.13/share, equivalent to 65% of 2008 earnings attributable to shareholders (not restated for IFRS). At the record date, in Chile, the dividend yield was 6.3%.

Core revenues, that is, net interest income plus fee income, was up 16.4% QoQ and 2.9% YoY in 2Q09 despite the challenging operating environment faced by the Bank. Net interest income increased 21.0% QoQ and 2.9% YoY. The Bank’s net interest margin reached 6.0% compared to 4.8% in 1Q09 and 6.2% in 2Q08. Lower deflation in the quarter, lower funding costs and rising spreads boosted this expansion. Net fee income increased 2.5% QoQ and 3.0% YoY in the same period. The Bank designed different strategies to promote fee growth in the quarter despite lower economic growth and regulatory changes. Notable was the sequential growth of fee income from key products such as: (i) asset management fees which were up 22.0% QoQ, (ii) insurance brokerage 41.8% QoQ and (iii) fees from brokerage which rose 39.8% QoQ. This more than offset the contraction in fees from checking accounts and lines of credit that were negatively affected by recent regulatory changes.

In 2Q09, the Bank’s net provision expense increased 5.6% QoQ and 36.3% YoY. The evolution of net provision expense is directly related to negative effects of the economic downturn on asset quality. This higher provision expense resulted in an increase in coverage ratios. The coverage of past due loans (PDLs, all installments and lines of credit more than 90 days overdue) reached 172.8% as of June 2009 and improved from 166.2% as of March 2009 and June 2008. As of June 2009, the coverage of non-performing loans (NPLs, all loans with at least one installment over due > 90 days) reached 75.7% compared to 71.6% as of March 2009.

Despite the weakening of asset quality in 2Q09, there have been signs that the velocity of deterioration has subsided. In 2Q09, the Bank continued to focus loan growth in low risk segments in order to contain asset quality. At the same time, commercial executives continued to dedicate an important percentage of their time to asset quality issues and recoveries. As a result of these measures, the growth rate of early non-performance (<90 days) has evolved positively, total charge-offs decreased 6.8% QoQ, loan loss recoveries increased 20.9% QoQ while NPLs have decreased 9.6% since their peak in April 2009.

The Bank continued to effectively control costs in the quarter. In 2Q09, the efficiency ratio reached a record low of 31.5% compared to 34.5% in 1Q09 and 37.0% in 2Q08. YoY operating expenses decreased 5.7%, driven by a 6.8% decrease in personnel expenses and a 1.8% fall in administrative expenses. With this positive evolution of costs, the Bank consolidated its position as one of the most efficient banks in the Emerging Markets.

In summary, net operating income increased 36.2% QoQ and 10.8% YoY in 2Q09. The strategy of focusing on selective loan growth, improving the funding mix, higher spreads, increasing product usage and controlling costs, offset the negative effects of rising credit risks.

The Bank continued with its approach to selective loan growth, given the more difficult economic environment. On the retail side, total loans to individuals decreased 0.4% QoQ and increased 4.3% YoY. Following our strategy of growing selectively, loan volumes to the mid-upper income segments continued to expand at a rapid pace in the quarter. Lending to middle-upper income segments increased 4.0% QoQ and 19.5% YoY and represented 58.7% of total lending to individuals as of June 09 (compared to 52.2% in June 08). In the rest of the segments loan volumes continued to descend on a QoQ basis mainly due to credit risk reasons and our strict focus on profitability over market share concerns.

The Bank also continued to focus on maintaining healthy liquidity and a strong funding base in the quarter. In the period, short-term rates fell sharply as the central bank loosened its monetary policy. However, customer funds, that is, demand and time deposits and mutual funds, remained stable QoQ and YoY. The Bank let its more expensive time deposits to expire and funneled those funds to mutual funds, which is a more profitable product. As a consequence, total customer deposits decreased 2.9% QoQ and mutual funds under management increased 8.4% QoQ. The loan to deposit ratio improved to 94.3% from 96.5% in 1Q09 and 93.2% as of 2Q08.

In the first half of 2009 (1H09), net income attributable to shareholders totaled Ch$184,043 million (Ch$0.98/share and US$1.90/ADR). The ROAE reached 24.5% and the efficiency ratio reached 32.9% in the period. Core revenues were up 2.0% compared to 1H08, while operating expenses decreased 1.8%. This was partially offset by the 41.7% rise in provision expense. As a consequence, net operating income grew 1.7%. Net income attributable to shareholders decreased 2.7% YoY due to the higher effective tax rate.

Net income attributable to shareholders increased 19.4% in 1H09 compared to non-restated 1H08 net income.

Institutional Background

As per the latest public records published by the Superintendency of Banks of Chile for June 2009, Banco Santander Chile was the largest bank in terms of loans and deposits. The Bank has the highest credit ratings among all Latin American companies, with an A+ rating from Standard and Poor’s, A+ by Fitch and A1 by Moody’s, which are the same ratings assigned to the Republic of Chile. The stock is traded on the New York Stock Exchange (NYSE: SAN) and the Santiago Stock Exchange (SSE: Bsantander). The Bank’s main shareholder is Santander, which controls 76.91% of Banco Santander Chile.

Banco Santander, S.A., (SAN.MC, STD.N), headquartered in Madrid, engages primarily in commercial banking with complementary activities in global wholesale banking, cards, asset management and insurance. Santander had over EUR 1.168 trillion in funds under management at the close of 2008, from more than 80 million customers served through 13,390 offices — more branches than any other international bank. Founded in 1857, Santander is the largest financial group in Spain and Latin America and has a significant presence in Western Europe and in the United Kingdom. In 2008, Santander registered EUR 8,876 million in attributable net profit, an increase of 9% from 2007, excluding capital gains.

In Latin America, Santander manages over US$200 billion in business volumes (loans, deposits, mutual funds, pension funds and managed funds) through 6,089 branches. In 2008, Santander reported EUR 2,945 million in net attributable income in Latin America, up 10% from the previous year.

(1) Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward-looking statements made by Banco Santander Chile involve material risks and uncertainties and are subject to change based on various important factors which may be beyond the Bank’s control. Accordingly, the Bank’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Bank’s filings with the Securities and Exchange Commission. The Bank does not undertake to publicly update or revise the forward-looking statements even if experience or future changes make it clear that the projected results expressed or implied therein will not be realized.

(2) In 2009, banks in Chile adopted accounting standards in line with international standards (IFRS) and historical figures in the rest of this report have been re-stated to make them comparable. All figures and variation presented below are based on 2Q08 and 1H08 figures that have been restated in line with new accounting standards adopted in 2009.

Website: www.santander.cl

SOURCE Banco Santander Chile

Newt Gingrich at Press Club: How Much Time Will the President Spend Tonight Talking About Job Creation?

Gingrich: “America can’t work if Americans are not working”

WASHINGTON, July 22 /PRNewswire-USNewswire/ — American Solutions General Chairman Speaker Newt Gingrich held a press conference at the National Press Club today to call on the President and Congress to make creating jobs their top priority instead of imposing new job-killing health care and energy taxes.

“The first question is what should our priorities be. Unfortunately, the current the governing system has said the priority ought to be let’s have a gigantic energy tax which would kill jobs. Let’s pass a health bill that has a huge cost which would kill jobs. They have every priority except jobs,” Gingrich said at the press conference. “I think it will be fascinating this evening to see how much time the President spends explaining job creation and the economy before he moves on to his newest priority, which is unfortunately not creating jobs.”

In wake of the Federal Reserve’s recent report that we are nearing a 10% national unemployment rate, American Solutions launched today a “Jobs Here – Jobs Now – Jobs First” agenda that contains four positive solutions to help small business create new jobs now.

The four solutions are a 2 year, 50% payroll tax cut, cutting the corporate tax rate to 12.5% to match Ireland, abolishing the capital gains tax to match China, and ending the death tax.

“The first goal of government should be getting Americans back to work because America can’t work if Americans are not working,” Gingrich said. “Small businesses might not be able to give a pay raise in this economy, but they can give a take home pay raise with a 2 year, 50 percent payroll tax cut.”

He later went on to add, “I’m saying we need to have a stimulus but the stimulus ought to be small business, real workers and the economy. Liberals say we need to have a stimulus and the stimulus somehow is big politicians paying off big businesses through big bureaucracies.”

To learn more about the “Jobs Here – Jobs Now – Jobs First” agenda, visit www.AmericanSolutions.com.

SOURCE American Solutions for Winning the Future

Deep Budget Cuts Will Add to Unemployment Rolls at Wrong Time

HARRISBURG, Pa., July 9 /PRNewswire/ — A state budget based entirely on cuts will accelerate Pennsylvania’s job losses and delay any economic recovery in the state when the recession is over, according to a labor economist with the Keystone Research Center.

State House leaders recently announced their intention to produce a no tax-increase budget that will make $1.7 billion in additional cuts to Senate Bill 850, a bare-bones budget passed by the Senate in May. At a minimum this budget would result in 6,000 state employee layoffs, hospital closures, a more than a billion dollar cut in education funding, and higher local property taxes. The Hospital and HealthSystem Association of Pennsylvania estimates that Medicaid cuts contained in Senate Bill 850 would put 13,000 hospital employees across the state out of a job.

Still, some lawmakers want to resolve the current budget crisis with deep cuts to essential services, including education, health care, and public safety. Governor Rendell and other legislators favor a modest increase in the personal income tax, along with other targeted revenue measures, the use of budget reserves, and cuts to discretionary programs.

Keystone Research Center labor economist Mark Price explained that both tax increases and state spending cuts have an impact on the economy, but budget cuts do more harm than raising taxes during a severe recession. Price has a full analysis online: http://66.147.242.158/~papolicy/?p=1267.

Nobel Prize-winning economist Joseph Stiglitz and others have found that tax increases, especially on higher-income earners, are less damaging to the economy than spending cuts.

Price said that is because every dollar in state budget cuts reduces a full dollar of economic activity. Individuals, especially higher-income earners, save a portion of their income, so tax increases remove less than a full dollar of economic activity. As a result, tax increases do not hit the economy dollar-for-dollar like budget cuts do.

“Basic economic principles underlie Governor Ed Rendell’s proposal to balance the state’s budget in part through an increase in the state’s personal income tax,” Price said. “The alternative course of significant cuts in state spending would increase the unemployment rolls at exactly the wrong time.”

“Pennsylvania’s unemployment rate remains about a percentage point lower than the national rate — an advantage that translates into 60,000 jobs,” Price added. “A budget agreement that relies solely on spending cuts would jeopardize that Pennsylvania advantage.”

Additionally, because state income taxes can be subtracted from federal taxable income, taxpayers who itemize deductions can receive as much as a 35 cent reduction in federal taxes for each dollar increase in state income taxes. This would make a tax increase even less harmful to employment than deep spending cuts.

Pennsylvania could target its income tax increase to higher-income earners, through a differentially higher tax on investment income (such as dividends, capital gains, and net profits), Price noted. This can be done in Pennsylvania without a constitutional change because each component of investment income is a separate “class” of income and thus may be subject to a different tax rate under the state’s constitutional uniformity clause.

Price also noted that state spending financed through bonds — in effect, through future state revenues — can be especially stimulating to the state economy in the short run, one reason that bond-financed water and sewer infrastructure and the state’s $650 million Alternative Energy Investment Fund are so well timed.

Read a full analysis online: http://66.147.242.158/~papolicy/?p=1267. This analysis is provided to Pennsylvania reporters as part of the Keystone Research Center’s ongoing tracking of the health of the Pennsylvania economy. The Keystone Research Center is a nonprofit, nonpartisan research organization that promotes a more prosperous and equitable Pennsylvania economy.

SOURCE Keystone Research Center

Recession Changes Investing, Spending Patterns of High Net Worth Individuals

Wealthier Americans Making Changes in Both Their Investment and Social Behaviors: AICPA Survey

NEW YORK, June 22 /PRNewswire/ — U.S. economic woes and stock market volatility have prompted changes in the investment and social behaviors of high-net-worth Americans, according to a new survey of CPA Personal Financial Specialists conducted by the American Institute of Certified Public Accountants.

Lyle K. Benson, Jr., CPA/PFS, founder of L.K. Benson & Company, Baltimore, Md., said the behavioral changes in wealthier Americans illustrate the need for a greater emphasis in financial planning. “We are reassessing our clients’ risk tolerance and when necessary reallocating their current portfolio assets,” Benson said.

CPA Personal Financial Specialists are advising clients to rebalance their portfolios, reassess their tax planning and control their expenses and cash flow. What that means for individual choices about asset classes and portfolio decisions depends on what the individual’s investment goals are, what their risk tolerance is and how much of their net worth is available for investment, according to Benson.

Eighty percent of CPA financial advisors surveyed are strongly recommending their clients move toward a mix of growth and income securities, according to the survey. Sixty-five percent are also recommending more fixed-income securities. A significant number of CPA financial planners – 40 percent – are strongly recommending that their clients hold larger cash positions. Thirty percent are recommending commodities such as gold and precious metals.

“Now more than ever, our clients are seeking our financial expertise to guide them through these uncertain economic times,” said Benson.

In anticipation of future tax increases, 67 percent of CPA financial advisers said their clients are accelerating capital gains, according to the survey. Half of clients are increasing contributions to qualified retirement plans, such as 401(k)s and IRAs. In terms of wealth transfer, nearly 60 percent of CPA financial planners are recommending paying medical and / or education bills directly for family members and 50 percent of CPA financial planners are recommending gifting devalued assets.

Sixty-four percent of personal financial specialists foresee a small increase in the benchmark Standard & Poor’s 500 over the next six months. Slightly more than half, 53 percent expect a small increase in bond yields, while 62 percent anticipate a small decrease or no change in commercial real estate values.

Clients are saying that they’re dining out less frequently and ordering less expensive wines and premium liquor brands. Many are having items repaired, rather than purchasing new ones and they’re taking fewer or less expensive vacations.

Ninety-one percent of the CPA financial planner survey respondents serve individual clients with a net worth valued up to $5 million.

CPAs holding the Personal Financial Specialist credential are experienced professionals who are in the best position to help their clients to stay on track with their financial plans even when the economy takes unexpected turns. PFS credential holders have the education and expertise to help people develop financial plans that anticipate and protect against downturns. During the last six months, 57 percent of CPA/PFS clients are reviewing their portfolios more frequently, according to the survey.

Methodology / Background Information

The survey was conducted April 22 to June 4 via an online questionnaire emailed to members of the AICPA Financial Planning Membership Section. Of the 529 respondents, 57 percent work with individual clients with a net worth of $1 million to $5 million; 34 percent work with individual clients with a net worth of less than $1 million; three percent of their individual clients have a net worth of over $15 million; five percent have individual clients with an average net worth of $6 million – $10 million; and one percent manage individual clients with a net worth of $11 million – $ 15 million. The average client age range is between 56 to 64 years old, 52 percent. The margin of error was plus or minus four percentage points.

More information and full poll results are available on the AICPA Personal Financial Planning Website at http://pfp.aicpa.org/.

About the AICPA

The American Institute of Certified Public Accountants (www.aicpa.org) is the national, professional association of CPAs, with more than 350,000 CPA members in business and industry, public practice, government, education, student affiliates, and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination.

To further support members and CPAs, the AICPA maintains the Economic Crisis Resource Center (www.aicpa.org/economy). With more than 200 items, the site is the most comprehensive online resource for the CPA profession in this economic environment.

The AICPA maintains offices in New York, N.Y., Washington, D.C., Durham, N.C., Ewing, N.J., and Lewisville, TX.

Media representatives are invited to visit the AICPA Online Media Center at www.aicpa.org/mediacenter.

Akerman Senterfitt Attorneys and Practice Groups Earn Top Recognition From Chambers and Partners in 2009 Chambers USA Guide

MIAMI, June 19 /PRNewswire/ — The 2009 edition of Chambers USA Guide, an annual listing of the leading lawyers and law firms in the United States, has awarded Akerman Senterfitt top rankings in multiple practice areas and markets, and listed 48 Akerman attorneys as leading practitioners in their respective fields. A total of 13 practice groups were ranked, with Corporate M&A, Banking and Finance, and Insurance receiving a coveted No. 1 ranking for Florida, and Akerman’s transportation shipping litigation practice receiving a No. 1 ranking in the U.S. Akerman’s Corporate M&A practice has been ranked No. 1 in Florida since 2004.

Other practices recognized by Chambers include: bankruptcy/restructuring, litigation: general commercial, real estate, real estate: zoning/land use, construction, environment, healthcare, tax, and labor & employment.

“It is truly rewarding that the Chambers USA Guide, which is designed to reflect market opinion through a year’s worth of surveys of clients and peers across the U.S., has once again recognized so many of our attorneys and practices,” said Andrew Smulian, Chairman and CEO of the firm. “This is well deserved recognition of the true commitment to excellence in counsel and representation of our clients through the most demanding of market challenges.”

The Chambers USA Guide is one of a series of Chambers and Partners’ research-based guides to the legal profession. The qualities on which rankings are assessed include technical legal ability, professional conduct, client service, commercial astuteness, diligence, commitment and other qualities most valued by clients.

The shareholders and practice groups recognized in the Chambers USA Guide 2009 are:

Antitrust (Florida)

Ronald B. Ravikoff

Banking & Finance: Transactional (Florida)

Bradley D. Houser

Banking & Finance: Regulatory (Florida)

J. Thomas Cardwell
Russell Hale
Virginia B. Townes

Bankruptcy/Restructuring (Florida)

Francis L. Carter
Jules S. Cohen
Michael I. Goldberg

Construction (Florida)

Kimberly A. Ashby

Construction (Virginia)

Donald G. Gavin
Jeffrey G. Gilmore
Stephen Hurlbut
Owen J. Shean

Corporate/M&A (Florida)

Jonathan L. Awner
Bradley D. Houser
Teddy D. Klinghoffer
Ed Ristaino
Stephen K. Roddenberry
Carl D. Roston

Corporate/M&A: Private Equity (Florida)

Teddy D. Klinghoffer
Carl D. Roston

Environment (Florida)

Silvia Alderman
Michael R. Goldstein
Jason Lichtstein (Up & Coming)

Environment (California)

Gregory McClintock

Healthcare (Florida)

Marshall R. Burack
Kirk S. Davis
Martin R. Dix
Joseph W. Rugg

Insurance (Florida)

Marcy Levine Aldrich
Bruce Culpepper

Labor & Employment (Florida)

James S. Bramnick
Karen M. Buesing
Susan N. Eisenberg
Scott Silverman
Jennifer Taylor (Up & Coming)

Litigation: General Commercial (Florida)

Joseph E. Foster
William P. Heller
Jason Oletsky (Up & Coming)
Ronald B. Ravikoff

Real Estate (Florida)

Theresa M. McLaughlin
Janice L. Russell
Andrew M. Smulian

Real Estate: Zoning/Land Use (Florida)

Cecelia Bonifay
Neisen Kasdin

Tax (Florida)

L. Frank Cordero
Don K. Duffy
Russell B. Hale
Hank H. Raattama Jr.

Tax: Employee Benefits (Florida)

Richard T. Hurt
Peter E. Salomon

Transportation: Shipping Litigation (National, outside New York)

Anthony J. Cuva

About Akerman Senterfitt

Akerman is ranked among the top 100 law firms in the U.S. by The National Law Journal NLJ 250 (2008) in number of lawyers and is one of the largest firms in Florida. With more than 500 lawyers and government affairs professionals, we serve clients from major business centers in Florida, New York, Washington, D.C., California, Virginia, Colorado, and Texas.

Contact:
Pat Tucker
RF|Binder Partners, Inc.
(212) 994-7561
patrick.tucker@rfbinder.com

SOURCE Akerman Senterfitt