When Should CPAs Partner with a Financial Planner?

Filed under: The Advisor's Blog

As a CPA, you are your clients’ most trusted advisor. They trust your expertise and ask for your input on complicated tax decisions, retirement plan contributions, real estate, and all other important financial matters. Your clients regularly put their financial lives in your hands, and ask you to care for their assets as you would care for your own.

handshake2At times, partnering with the right financial advisor can be immensely helpful. The right partnership builds your credibility and makes you an even bigger asset to your clients. Together you can put together a plan for your clients’ futures. You can answer client questions and help them meet their needs, without taking on a role that is uncomfortable or outside your realm of everyday practice.

When is it time to partner with a financial advisor? Whenever clients come to you with the following questions:

What is the best way to save for my child’s college education?
My parents are leaving me a large inheritance. What should I do with the money?
How can I leave a legacy to my own children and grandchildren?
Am I saving enough for retirement? How can I save more?
Can I afford to retire now? Should I wait longer?
My wife and I both work, and we want to retire. But only one of us will have a pension from work. Can we afford to stop working?
How can I get out of debt?
I own a business. How can I plan for leaving that business to my family when I pass?
I’m not sure when I should start receiving Social Security?
I want to grow my portfolio but can not afford any loss of principle.
Should I open and fund an IRA?
We are thinking about relocating. Where should we retire?
I’m retired, but I’m not happy with my retirement income. What can I do?

Many of these questions involve tax planning, the very topic on which you are so well versed! Yet, the answers may also depend heavily upon risky investment planning, a topic that you may not want to touch. It’s easy to see that the answers to these questions require both a tax planning perspective, and an investment perspective.

To partner with the right financial advisor, look for someone who:

  • expresses genuine concern for the future of your clients
  • listens to clients and provides individualized solutions, rather than a cookie-cutter approach
  • is knowledgeable about current market conditions
  • understands the concerns people face when planning for their financial futures
  • is willing to take a team approach, such as working with tax professionals and estate planning attorneys, to best meet their clients’ needs
  • has a reputation as an experienced and knowledgeable professional

Together, you can work with a financial advisor to provide clients with the answers they seek. Your clients will be happier, and you can look forward to a loyal working relationship for many years in the future.


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