A good CPA financial planner will review your entire
financial life, including your current investments, insurance policies and
employment benefits. The planner can
help you budget, manage debt, plan for both death and taxes and find the right
insurance, as well as help you with your investments. This individual may manage money for you, or
makes recommendations for you to carry out.
The CPA financial planner will be acting as a fiduciary by
putting your interests first, disclosing any conflicts of interests that may
affect his or her decisions, and how the planner will be compensated, typically
by fee based on time spent on the engagement.Know that all financial advisors are not financial planners as this term is often widely used by stock brokers, insurance salespersons and others. Not all CPAs are financial planners, most are not. Only CPAs who have specialized training and planning experience can call themselves CPA financial planners. The American Institute of CPAs grants the designation of Personal Financial Specialist (PFS) to those CPAs demonstrating their knowledge and expertise in personal financial planning, who earn this designation by having specific experience, education and fulfill an examination requirement.
Most importantly, a good financial planner will not be
trying to sell you a financial product where he or she will be earning a
commission. It is possible that a
planning engagement may disclose the need for a specific product (e.g.,
additional life insurance), but should never be the focus of the engagement.
I provide financial planning services for individuals and
business owners. My services are
outlined in a written engagement letter, along with my responsibilities as well
as the client’s, and my fee. There is no
charge for an initial consultation.
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