With the change in client needs and expectations, the evolution of technology, the increasingly competitive landscape, and now valid fears over the drastic change in retirement and investment portfolio values because of the COVID-19 pandemic impact on the financial markets, it is critical that as a CPA offering tax, retirement, estate, risk management and investment planning services, you call yourself a CPA financial planner. You are your clients’ go-to adviser. You’re needed. You’re the most trusted. It’s time your clients understand what you do.
The Facts About Personal Financial Planning
A recent AICPA study gathered input from high-income and high-net-worth consumers on various personal financial planning topics. The study revealed that “personal financial planning” is the term those surveyed use to refer to tax, retirement, estate, risk management and investment planning. Here are a few more facts from this study to consider:
- Two out of three survey participants sought advice from a CPA on tax and financial planning topics.
- “Financial planner” is the term three out of four survey respondents use when describing the professional that provides these services.
Opportunities for CPA Financial Planners
The demand for financial planning services has never been higher. And the opportunities have never been greater. Here’s proof:
- The U.S. Bureau of Labor Statistics projects a 15 percent growth in the need for personal financial advisers over the next 10 years. The average growth rate for all occupations is 7 percent.
- An IBIS World 2018 study reported that personal financial planning is projected to grow two times faster than tax compliance services alone.
- According to a Pew Research Center study, about 10,000 baby boomers will turn 65 every day over the next 10 years. Boomers will seek advice as they deal with the increased complexities associated with retirement, and over $30 trillion will transfer to the next generation over the next two decades.
CPA Financial Planner Marketing Toolkit
Here are some valuable tools to help you communicate with your clients and prospects about the value of working with a CPA financial planner including:
- A client-facing brochure that outlines the advantages of working with a CPA financial planner
- An informational PowerPoint presentation to share with civic organizations, professional groups or the general public — for CPA financial planners and CPA/PFS professionals
- A series of ads suitable for a range of print publications, including newspapers, magazines and newsletters
CPA Financial Planner Resources
The AICPA offers a wealth of valuable tools and resources for CPA financial planners, including client-facing content, practice guides, authoritative guidance, newsletters, podcasts, checklists and more through the PFP Section.
All of these resources are designed to help you build deeper, longer-lasting relationships with clients through all life-stages and to expand your current personal financial planning practice. If you’re not yet a member of the PFP Section, learn more about joining here.
To demonstrate even greater expertise, you can also explore the Personal Financial Specialist (PFS) credential, which allows CPAs to demonstrate knowledge and expertise in personal financial planning.
CPA Financial Planners Tell Their Stories
Hear your peers’ thoughts and experiences on this practice area, the rewards of being a CPA financial planner and the future of financial planning.