Earning your PFS credential helps you give clients what they want most
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Earning your PFS credential helps you give clients what they want most

1 year ago · 2 min read

The current environment can feel unsettling. From an unexpected health crisis to a significant increase in market volatility, clients are likely feeling uneasy. Couple the current crisis with changing client needs and wants, the demand for objective, sound personal finance advice is greater than ever. Clients are looking for a primary point of contact to help ensure they are making smart financial decisions now and that they are planning strategically for their future, so they can achieve their goals and dreams.

Why CPA/PFS?

As a CPA financial planner, you are best positioned to meet this increased demand. The CPA/PFS credential lets clients and prospects know that you:

  • Specialize in providing tax, retirement, estate, risk management and investment advice to individuals, families and business owners

  • Provide objective advice and are held to high ethics and standards

  • Bring a deep tax knowledge and business acumen to the table

  • Coordinate all aspects of personal finance

The CPA/PFS is based on a professional body of knowledge and allows you to set yourself apart from other financial planners as it is the only credential for CPA financial planners that recognizes the values that CPAs bring to client relationships.

Why now?

According to a Pew Research Center study, about 10,000 baby boomers are turning 65 every day and this will continue for the next decade. Over the next 20 years, $30 trillion in wealth will transfer from one hand to another. But even more pressing, is the current climate which leads clients and prospects to question and explore their financial well-being. Whether it is paying for college, saving for retirement or caring for a loved one, clients are looking for help.

In a 2018 study conducted by the OSR Group, high-net-worth respondents indicated that credentials are very important when selecting a financial professional. And as a CPA/PFS, you come to the table with everything they want and trust like objectivity and tax knowledge, including a financial planning credential.

What’s the process?

There are multiple ways to earn the CPA/PFS credential. Study for the comprehensive exam using the Fundamentals of PFP and take the exam in one sitting. You can also choose to learn in smaller bites and prove your knowledge by completing the PFP Certificate program. Or, take the path to the PFS with the new Experienced CPA Pathway.

In addition to the exam requirement, for the standard and certificate method, you’ll need to have 3,000 hours of PFP-related experience within the past 5 years (1,000 can be in tax compliance) and 75 hours of PFP-related continuing education. For the experienced pathway method, you’ll need to have 7,500 hours of PFP-related experience within the past 7 years (2,000 can be in tax compliance) and 105 hours of PFP-related continuing education. Learn more about earning the CPA/PFS credential today.

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