Originally aired 11/04/2010
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CPAs who provide personal financial planning advice are often viewed as clients’ most trusted advisors. Personal financial planning is the process of identifying an individual’s goals, evaluating existing resources and designing the financial strategies that, when implemented, move the individual toward achieving these goals. Personal financial planning encompasses a broad range of services in a variety of interrelated areas, including income tax, risk management, insurance, retirement, investment and wealth transfer planning as well as other more specialized areas.
The Personal Financial Planning Executive Committee has issued the Statements on Responsibilities in PFP Practice (SORs) to provide guidance to the CPA financial planner in applying the highest levels of integrity, professionalism and competence in the delivery of personal financial planning services so as to serve the best interests of the public, regardless of the form of the member’s practice. Originally published in 1993, the Statements were revised in 2004 and again over the last couple of years to ensure they continue to be contemporary and relevant in a dynamic environment.
In this session, you will learn:
The history of the SORs
Who would benefit from using these SORs
The minimum guidelines for professional behavior as a CPA financial planner
How to practically apply these guidelines in practice
De facto standards considerations