The AICPA’s PFP membership section brings you resources to start or grow your business to cover your client’s personal financial planning needs that are in higher demand than ever before.
Has your firm struggled with how to efficiently add or expand into personal financial planning or wealth management services?
Are you concerned that you will lose some of your clients to a firm who is offering traditional CPA services and personal financial planning?
Is it difficult to answer your clients’ questions efficiently in this area?
Do your partners not understand the value that adding these services can bring to your business?
If any of the above questions resonate with you, the PFP Practice Portal can help. Below is an overview of the main components that are addressed within the practice portal.
As a CPA financial planner, you face a confusing array of compliance guidelines. Here, you will find valuable information on:
Determining when you cross the line between providing financial planning advice “solely incidental” to your practice and providing investment advice that is not “solely incidental”
The securities regulations to consider when providing investment services
Selecting the right business model for your firm
The registration and compliance entailed within that business model
Resources available to you as you start and grow your firm
Because personal financial planning firms vary greatly in size and in their business approach, it is important to understand that there is no "one size fits all" technology solution. On the contrary, the technology needs of a firm will be dictated by a wide variety of factors including the firm's business model, size, client profile and goals. Although arriving at the proper technologies for your firm can be difficult, failing to leverage technology is not an option. This section of the practice portal helps you navigate through the technology needs necessary to run an efficient PFP Practice.
Professional Responsibilities in Personal Financial Planning offer general guidance on what constitutes good practice for those members who provide PFP services. They provide a valuable framework for addressing the issues that a member should consider when providing such services.
Forefield Advisor is an education and client communication tool that enables financial advisors to deliver current, concise and compliant resources to their clients. The content is written by attorneys, CPAs and other subject matter experts. Forefield Advisor provides access to more than 3,000 resources made up of over 2,300 articles, 200 illustrations and tables, 200 interactive calculators, and over 400 presentations. Resources are continuously updated to reflect current legislation and industry trends.
The purpose of the Education section of the PFP Practice Portal is to help you navigate resources available in financial planning based on your needs. Stay ahead of the learning curve with conferences, courses, web seminars, and a variety of other tools.
Personal Financial Specialist
The AICPA has established a credential for CPAs who specialize in personal financial planning ( PFP). The Personal Financial Specialist (PFS) credential is granted exclusively to CPAs with considerable PFP experience who want to demonstrate their knowledge, skill, and experience by earning this credential. Here aspiring and experienced professionals will find information on how to attain the credential including education courses in each financial planning discipline and an exam review course. A key part of the PFS Exam will include a case study designed to give you feedback on your client communication skills.
Here you will find information on how to join your CPA financial planner peers in varying forums to discuss current issues and share knowledge.