The Planner Newsletter


January/February 2014

Chair Message


When it comes to delivering personal financial planning services, it’s only natural that CPAs are viewed as the most trusted advisers. With the start of 2014, we are ringing in the new PFP standards, which elevates longstanding professional principles to authoritative, enforceable guidance for PFP. The Statement on Standards in Personal Financial Planning Services was issued this month and becomes effective on July 1, 2014. The Statement ensures that your clients receive the information they need to make sound financial decisions and that you meet the standard of care expected of a member holding out as a trusted adviser in providing these services.

Above all, the statement encompasses the highest levels of integrity, professionalism, objectivity and competence. It effectively aligns the AICPA Code of Professional Conduct and regulations from state boards of accountancy to the delivery of PFP services so you can best serve the public interest in an area that is growing rapidly.

To help members understand the statement’s depth and put it into practice, the PFP Division has prepared the Standards in Personal Financial Planning Services: Compliance Toolkit, which includes engagement letter templates, checklists, whitepapers, answers to frequently asked questions and more. For more information refer to the article, What You Need to Know About the New PFP Standards, in this issue and visit

Dirk Edwards, CPA/PFS, JD, MBA
Chair, Responsibilities in Personal Financial Planning Services Task Force


In This Issue (also available in pdf format):

View upcoming PFP webcasts and conferences.

View Planner archives

Editorial Advisory Board:
Kelly Allen, CPA, Kelly Allen & Associates, Inc., San Bernardino, CA; Lyle K. Benson, Jr., CPA/PFS, CFP®, L.K. Benson & Company, Baltimore, MD; Clark M. Blackman II , MA, CPA/PFS, CFA, CFP®, Alpha Wealth Strategies, Kingwood, TX; Randi K. Grant, CPA/PFS, CFP®, Berkowitz Dick Pollack & Brant Certified Public Accountants & Consultants, LLP, Miami, FL; Deena B. Katz, CFP®, Associate Professor, Texas Tech University, Lubbock, TX; Marsha G. LePhew, CPA/PFS, CFP®, ChFC, LePhew Financial Services, Inc., Rock Hill, SC; Susan McAndrew, CPA, AICPA, Gainesville, FL; Michael McConnell, CPA/PFS, CFP®, CliftonLarsonAllen LLP, Minneapolis, MN; Lawrence W. McKoy, CPA/PFS, CFP®, Dixon Hughes Goodman, LLP, Glen Allen, VA; Leslie D. Michael, CPA/PFS, CFP®, Michael Associates, LLC, Indianapolis, IN; Andrea R. Millar, CPA/PFS, AICPA, Durham, NC; Theodore J. Sarenski, CPA/PFS, CFP®, Blue Ocean Strategic Capital, LLC, Syracuse, NY; Michele L. Schaff, CPA/PFS, MPA, AIFA, Ardor Financial Group, Northfield, IL; Kenneth J. Strauss, CPA/PFS, CFP®, Berkowitz Dick Pollack & Brant Certified Public Accountants & Consultants, LLP, Fort Lauderdale, FL; Dale Walters, CPA/PFS, CFP®, Keats, Connelly & Associates, Phoenix, AZ; James D. Warring, CPA/PFS, CFP®, EagleStone Wealth Advisors, Inc., Rockville, MD; Jimmy J. Williams, CPA/PFS, CFP®, Compass Capital Management, LLC, McAlester, OK.