Many CPA financial planners added financial planning services to their tax practices because their clients asked questions that went beyond taxes, including educating children, transferring wealth, protecting assets, funding retirement, etc. These CPAs have built their financial planning practices off of their existing tax practices, and take a holistic approach in the delivery of financial planning services to ensure all of their clients’ needs are met, including tax, estate, retirement, investments and insurance. Not only does this expansion of service offerings open up new revenue streams, but also brings CPA financial planners fulfillment as they work to help their clients realize their financial goals.
PFP Practice Center
The PFP Practice Center will help you efficiently add or expand into personal financial planning services, offer value-add services to existing clients and aid you in communicating about personal financial planning topics with your clients through education and guidance on practice development, practice management, technical education, regulatory issues and technology, among other areas. The practice center includes information on the CPA customized version of Fox Financial Planning Network, a resource to help you systematize your financial planning practice through checklists, workflow processes and more.
Analysis of a Tax Return for Personal Financial Planning
This checklist was developed by leading CPA financial planners to help you find personal financial planning opportunities in your tax practice. This checklist will help you analyze and identify key issues to consider as you prepare, review and discuss individual tax returns with your clients.
Roadmap to Developing and Managing a CPA Personal Financial Planning Practice
If you are looking to formalize your PFP services, download a free copy of the Roadmap to Developing and Managing a CPA Personal Financial Planning Practice. The Roadmap is your PFP atlas, with the information you need to plot a route to successfully add personal financial planning as another value-added service to your established practice.
Personal Finance Report (
Practitioner version) | (
Consumer version)
This assessment represents a starting point that can be used to summarize a client’s financial situation. It was developed as an interview tool with new clients and as a way of periodically reviewing client progress: not only does it help identify the important issues, but it also is a great motivational tool, encouraging the client to take actions that will raise the score at the next meeting. One of the most important points that this report card helps emphasize with clients is that a financial planner is much more than an investment adviser! Use the practitioner version during meetings with your clients or hand out the consumer version for clients to work with on their own before or after meeting with you.
The guide will lead you through a range of business processes most frequently encountered when developing and managing a CPA Personal Financial Planning practice, including: organizing your practice and developing procedures, assessing professional liability and managing risk, regulatory requirements, determining fees and costs, engagement documentation and how to market your services and grow your practice.
CPA/PFS Credential Educational Program
The Personal Financial Specialist (PFS) program allows CPAs to demonstrate their knowledge and expertise in PFP. The educational pathway gets CPAs up to speed in the core financial planning disciplines including retirement, estate, investment, risk management/insurance, and tax as well as the responsibilities of CPAs providing PFP services.
| 2012 Web Seminar Series: From Tax Preparer to Financial Planner: The Road Best Traveled (on-demand recordings) |
The following steps will help you transition from tax preparer to financial planner:
Additionally, access the 2011 3-part series. Watch Video Recordings from the 2011 Pre-Conference Session.
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Step 1: Understanding
the Value of Financial Planning
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Overview: Break Into Financial Planning: How CPAs Can Get in the Game (May 16, 2:00 to 3:30 p.m. ET with Lyle Benson, Chris Benson, Michael Goodman and Andrea Millar)
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View Presentation
PowerPoint
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Step 2: Moving from
Tax Compliance to Tax Planning for Individuals
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Overview: The 1040 Diagnostician: Moving from Tax Compliance to Tax Planning for Individuals (May 21, 2:00 to 4:00 p.m. ET with Lyle Benson, Robert Keebler and Julie Welch) |
View Presentation
PowerPoint
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IRAs, Roth IRAs and Pensions (May 23, 1:00 to 2:30 p.m. ET with Robert Keebler) |
Access Library
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Life Insurance, Annuities and Long-Term Healthcare (June 4, 1:00 to 2:30 p.m. ET with Robert Keebler)
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Access Library
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| Investment Partnerships and REITs (June 6, 1:00 to 2:30 p.m. ET with Robert Keebler) |
Access Library
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Taxation of Stocks, Bonds, Convertibles, Options and Warrants (June 11, 1:00 to 2:30 p.m. ET with Robert Keebler)
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Access Library
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Step 3: Moving from Tax Planner to Holistic Financial Planner
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Overview: Expand Your Financial Planning through Your Client’s Tax Return: Moving from Tax Planning to Holistic Financial Planning (June 13, 2:00 to 4:00 p.m. ET with Lyle Benson, Ted Sarenski and Susan Tillery)
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View Presentation
PowerPoint
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Helping Clients Assess and Improve Their Financial Life (June 14, 1:00 to 2:30 ET with Less Antman and Jean-Luc Bourdon)
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Access Library
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The Practical Side of Investment Planning (June 18, 1:00 to 2:30 p.m. ET with Jean-Luc Bourdon, Michael Goodman, and Scott Sprinkle)
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Access Library
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The Practical Side of Retirement Planning (June 19, 1:00 to 2:30 p.m. ET with Ted Sarenski)
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Access Library
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The Practical Side of Estate Planning (June 27, 1:00 to 2:30 p.m. ET with Steve Siegel)
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Access Library
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The Practical Side of Risk Management and Insurance Planning (June 28, 1:00 to 2:30 p.m. ET with Tom Tillery)
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Access Library
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Comprehensive Planning Case Study (July 10, 1:00 to 2:30 p.m. ET with Susan & Tom Tillery)
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Access Library
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Step 4: Implementing PFP Services: Step-by-Step Plans for Success
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Overview: Implementing a PFP Practice: An In-Depth Review of Six Business Models (July 12, 1:00 to 3:05 p.m. ET with Lyle Benson, Steve Levey, Ted Sarenski, Scott Sprinkle, Susan Tillery and Jimmy Williams)
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Access Library
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Part 4 will be taught at a workshop preceding the Advanced PFP Conference
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