By |Published On: Jul 24, 2023|Categories: Financial Planning|

Would you hire a plumber to fix your electrical issue? Of course not! That’s why it’s interesting that a lot of people use their CPA for financial planning.

Financial Planning Questions

Over the weekend, I visited my family in Pennsylvania. It’s a cute little town, tucked away in the Pocono Mountains. During the summer it’s green, vibrant, and full of life. Swimming, barbequing, and catching fireflies at night are some of the wonderful activities.

During a conversation with one of our family friends, he mentioned that he uses his CPA for his financial planning work. Mike is a very successful person who runs his own business and hopes to retire soon.

Knowing that I’m a financial planner, he asked me several financial questions:

  1. If I want to sell my business, what’s the best way to do it?
  2. At what age should I start collecting Social Security?
  3. What do you think about investing in crypto?

All of these are important questions he should be seeking answers to! And depending on who he asks, the answers will either be super helpful or he will leave money on the table.

This is where specific expertise is so important. While these are all appropriate questions for a financial planner, Mike refuses to hire one. He said, “I already pay my CPA for advice, he can do this for me.”

The big question is… can he? While some CPAs have the expertise, not all do.

The Value of Professional Help

Based on Mike’s questions, he clearly needs help with his finances. If he doesn’t have a professional who knows the ins and outs of finances, not just accounting, it will cost him a lot of time, effort, and worry.

Moreover, paying a small fee to the financial planner professional could save him a lot of money this year, in years to come, and over his lifetime.

To put it into perspective for you, it’s like paying for a Hyundai and getting a yacht, because all of the incremental decisions that I help clients with adds up to a lot over time.

I really hope that Mike hires a professional for help. Whether it’s me or someone other qualified financial planner.

CPAs Have Accounting Expertise

Don’t get me wrong, CPAs are wonderful people and it’s a great profession. They provide incredibly valuable services to their clients and some of them have basic insight into financial planning.

Yet for your overall financial needs with tax strategies, investment reviews, and dialing in your financial life, it’s best to hire a CFP® – CERTIFIED FINANCIAL PLANNER (TM) for your financial planning needs. Looking forward to your future, understanding your needs, and building a lifelong financial partnership together are important.

What do you think? If you have trouble with your feet, would you go to the podiatrist, or a cardiologist.

Selecting the right professional for the solution you need ensures you get the best outcome.

If you have questions about how to best plan your financial future, let’s chat.