CPAs: Don’t Let Your Clients Put Their Lives on Hold

Filed under: The Advisor's Blog

Multi Generation Family Sitting On Sofa With Newborn Baby

Multi Generation Family Sitting On Sofa With Newborn Baby

A recent study by the AICPA uncovered the depth to which our finances tend to influence other aspects of our lives. Alarmingly, 51 percent of survey respondents said that in the past year, they have put off major life decisions for financial reasons. Respondent reported being forced to delay certain goals, such as:

  • Buying a home (22 percent)
  • Pursuing a higher education (24 percent)
  • Marriage (12 percent)
  • Having children (13 percent)
  • Having a medical procedure (19 percent)
  • Retiring (18 percent)

Even more disturbingly, all of these numbers are up from 2007 levels, when a similar survey was performed. Just 31 percent of respondents reported having to delay major life decisions in 2007, with numbers also lower in every category listed above.

Why are people putting their lives on hold? According to the survey, respondents listed a variety of reasons, including:

  • Lack of savings (60 percent)
  • Worried about the overall economy (50 percent)
  • Difficulty paying household bills (39 percent)
  • Difficulty paying medical expenses (29 percent)
  • Strained budget due to caring for elderly parents or other relatives (29 percent)
  • Trying to pay down credit card debt (28 percent)
  • Concerns about job security (27 percent)
  • Experiencing difficulty making mortgage payments (25 percent)

As a CPA, you are in the unique position of being intimately familiar with your clients’ financial lives, and yet many may simply view you as a tax consultant. But with proper financial planning, your clients can avoid having to delay important moments in their lives. When you partner with a financial advisor, you can help your clients craft a plan that allows them greater security and enjoyment of life.

In turn, your clients will view you as their most trusted advisor. Client loyalty, retention, and referrals will grow – along with your practice. Everybody wins when you offer personal financial planning services!


Investment Advisory Services offered through John P. Dubots Capital Management, LLC, CA License # 0822926