The AICPA developed the Web-based Personal Financial Planning Competency Model Self-Assessment Tool to help CPAs identify required PFP skills.
In 2005, the AICPA will celebrate its 20th year supporting CPAs as they continue their role in the expanding field of personal financial planning (PFP). In many respects, the CPA profession has had a significant role in shaping and directing the future of PFP services. Looking back over the past two decades much can be said about the impact CPAs have had in the field of personal financial planning services and their ability to adapt to the ever-changing business environment. The emergence of CPAs as financial planners and wealth managers has evolved over the past 20 years to meet the growing financial complexities of individuals in need of personal financial planning.
CPAs AND FINANCIAL PLANNING
Surveys conducted by the AICPA and others throughout the 1980s and 1990s suggested there was an increasing number of individuals that needed financial planning guidance in combination with the expertise of a CPA, as financial technicalities became a larger part of successful personal financial planning.
CPAs are in a unique position to provide financial planning services. CPA financial planners are often recognized for their ability to bridge business and personal finance issues. They understand how taxes, business interests and personal finance issues can affect a personal financial plan. CPAs are also known for their objectivity and high ethics in protecting the public interest …