Moving from Tax Preparer to Financial Planner 


    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.

    Resources

    From Client Tax Returns to Value-Added Planning: A Guide for CPAs
    For those CPAs who have not yet formalized their PFP services, a new, free whitepaper available from the AICPA explores how you can leverage your tax knowledge to counsel your clients in retirement, estate, risk management and investment planning, as well as tax planning. This whitepaper, authored by AICPA PFP Division Senior Technical Manager, Andrea Millar, CPA/PFS, addresses why CPAs should consider expanding into financial planning services, the main types of PFP services, using the tax return to assess what types of PFP services a tax client might need, as well as fee structures and business models. Learn how you can add new revenue streams, deepen client relationships and become less dependent on busy season!

    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.

    NEW!  Personal Financial Outlook
    This checklist was adapted from the Personal Financial Report Card and can be used as a starting point to summarize a client’s financial situation and identify important issues and opportunities for planning. Include this checklist in your tax organizers or have new clients fill it out prior to working on a planning engagement.

    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:

    Watch Video Recordings from the 2011 Pre-Conference Session.

         

    Step 1: Understanding
    the Value of Financial Planning

    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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    PowerPoint

    Step 2: Moving from
    Tax Compliance to Tax Planning for Individuals

    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) 

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    PowerPoint

     
     
    IRAs, Roth IRAs and Pensions (May 23, 1:00 to 2:30 p.m. ET with Robert Keebler)

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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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    Investment Partnerships and REITs (June 6, 1:00 to 2:30 p.m. ET with Robert Keebler)

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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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    Step 3: Moving from Tax Planner to Holistic Financial Planner

    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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    PowerPoint


    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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    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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    The Practical Side of Retirement Planning (June 19, 1:00 to 2:30 p.m. ET with Ted Sarenski)

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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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    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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    Comprehensive Planning Case Study (July 10, 1:00 to 2:30 p.m. ET with Susan & Tom Tillery)

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    Step 4: Implementing PFP Services: Step-by-Step Plans for Success

    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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    Part 4 will be taught at a workshop preceding the Advanced PFP Conference

     





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