Academic journal article Journal of Accountancy

CPA Financial Planners See More Clients Achieving Financial Stability

Academic journal article Journal of Accountancy

CPA Financial Planners See More Clients Achieving Financial Stability

Article excerpt

Research conducted at the first annual Investment Planning Conference of the American Institute of CPAs personal financial planning division found that a significant number of planners expected their clients to meet their retirement investment goals. The CPA financial planners attending the conference estimated that about half their clients retiring by the year 2000 would have achieved financial security. Three-quarters of those retiring in the twenty-first century also were thought to be investing enough to meet their goals.

The survey's findings had a dark side as well. If half of the financial planning clients were meeting their investment goals, the other half were not--a disturbing sign for clients who presumably are financially sophisticated.

"There are three main reasons for the failure of some clients to be reaching their goals," said Lyle K. Benson, Jr., CPA, PFP, chairman of the conference and a partner of Coyne and McClean Chartered in Baltimore. "Some aren't saving enough, some aren't managing their cash flow with an eye toward retirement and some have not made the right investments."

The poll found clients turned with increasing frequency to their financial planners for advice. In the previous year, 37% of the CPAs had seen a "significant increase" in requests for help with investment planning, and 55% had seen a "moderate increase. …

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