The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
Q. Are there real benefits to going to a financial planner who is also an accountant? What should I look for?
— Learning
A. We’re glad to hear you’re paying close attention to what credentials different advisors have to offer.
Financial planners who are certified financial planners, or CFPs, have extensive experience and education in comprehensive financial planning, including the areas of insurance, investment, income tax, retirement and estate planning, said Jodi Cirignano, a certified financial planner with Lassus Wherley in New Providence.
When you choose to work with a CFP who is a licensed certified public accountant, or CPA, you may obtain access to an even broader range of services and subject matter expertise, particularly in the areas of business planning, tax planning and tax preparation, Cirignano said.
“CPAs are trained to integrate the income and estate tax implications of financial decisions into a client’s overall planning, helping client’s optimize their after-tax income and returns,” she said. “Many CPAs also have experience in advising business owners on issues such as personal and business financing, business succession issues and cash-flow management.”
She said earning the CPA credential requires a significant amount of education and experience and a commitment to 120 hours of continuing professional education every three years.
Cirignano said a CFP and CPA practitioner can provide a powerful combination of skills, experience and expertise for clients, but ultimately, you will want to select an advisor based on who is best suited to help you with your unique issues.
“In addition to inquiring about the advisor’s credentials during the interview process, you will want to determine if the advisor’s strengths complement your needs, if they are experienced in working with clients that have similar financial profiles and planning issues, the scope and the cost of their services,” she said.
Be sure to understand how the advisor is paid before you enter into any relationship.
Financial well-being requires ongoing management and planning to build, protect and transfer wealth, Cirignano said.
“Working with the right CFP or CFP/CPA professional who understands your concerns and is well-positioned to address these can provide peace of mind for you and your family,” she said.
[Editor’s Note: You can monitor your financial goals, like building a good credit score, each month on Credit.com.]
Image: elenaleonova
April 11, 2023
Uncategorized
September 13, 2021
Uncategorized
August 4, 2021
Uncategorized