Although Certified Public Accountants (CPAs) are often associated with taxes and tax planning, CPAs with knowledge can expand their value to their clients in many more ways. Why is this important to the client? Because CPAs acting as financial planners may offer superior advice in areas such as estate planning, retirement planning, risk management, and investments while understanding the complexities of the tax exposure decisions may have. This is an enormous value add.
CPAs with good qualities have the ability to communicate complex financial concepts in easy-to-understand language, have an analytical and detail-oriented mindset, and are required to stay ahead with the most updated and current life-long learning credentials. The client at all times knows that they are not getting just sound advice, but also vetted tax advice in the most comprehensive way. A strong CPA in the financial planning area will thoroughly review their clients tax returns because it’s a snapshot of their income streams. It’s the financial planner who will quarterback your relationship by reviewing the whole picture, from taxes to investments, insurance and estate planning in a more broad and long-term way.