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CPAs as financial planners

CPAs play a vital role in helping individuals arrange their financial affairs. CPAs can assist clients in identifying financial objectives and give advice on strategies for retirement, tax and estate planning, and budgeting. Additionally, CPAs can help individuals identify financially sound options to achieve goals such as buying a home, paying for a college education, or paying off consumer debt.

CPAs tailor personal financial planning services to their clients' particular needs. Typically, the process of financial planning includes collecting all financial data; calculating present net worth; analyzing income and expenses; projecting future income and expenses; identifying and prioritizing objectives; developing a financial plan to achieve those objectives; and monitoring the progress of the plan and updating it when necessary. 

CPAs work with individuals to prepare and implement specific financial plans related to retirement planning, starting a savings plan, financing a college education, and estate planning. In addition, CPAs can offer individuals valuable financial advice on real property and other assets, insurance, budgeting, record keeping, and income taxes. 

As estate planners, CPAs can assist both individuals and business owners in developing appropriate estate plans for building and reserving assets during their lifetimes and for reducing the impact of estate in inheritance taxes.