Series: From Tax Preparer to Financial Planner: The
Road Best Traveled
Step 1: Understanding the value of Financial
Planning
Break into Personal Financial Planning:
How CPAs Can Get in the Game
May 16th, 2:00 to 3:30 p.m. ET
Lyle Benson, Chris Benson, Michael Goodman,
Andrea Millar
Introduction
About the PFP Section & PFS Credential
• Information, resources, advocacy and guidance for CPAs who
specialize in providing estate, tax, retirement, risk management
and investment planning advice.
• Personal Financial Specialist (PFS) credential distinguishes
CPAs as subject-matter experts who have the experience and
knowledge to deliver the highest quality financial planning
services.
About the Young CPA Network
• A community in which young and aspiring CPAs can seek
answers and advice regarding career challenges and
opportunities, while building the supportive network of
professional relationships they need to be successful in the CPA
profession.
Personal Financial Planning Section
Introduction
About this Web seminar
CPAs are quite possibly the single most important decision makers
for individuals and businesses, and it is time to realize that we do
more than just taxes. There is an entire profession of CPA financial
planners dedicated to advising clients on the financial decisions
that will impact every facet of their lives. This Web seminar is ideal
for you if you enjoy interacting with people, are good with numbers,
have an interest in providing value-added and profitable services to
your clients and like to have a positive impact on others. A career
as a CPA financial planner or CPA/Personal Financial Specialist
(PFS) may be right for you. This web seminar is ideal for both
emerging CPAs trying to break into this niche career path and
seasoned CPAs who want to expand their existing practices with
this value-added service.
Personal Financial Planning Section
The Panelists
Lyle Benson,
CPA/PFS, CFP®
Chris Benson,
CPA/PFS
LK Benson & Co.
LK Benson & Co.
Michael Goodman,
CPA/PFS, CFP®
Andrea R. Millar,
CPA/PFS
Wealthstream Advisors,
Inc.
Sr. Technical Manager,
PFP Division, AICPA
Personal Financial Planning Section
Today’s Agenda
The path that each of these CPAs took to
achieve the career of their dreams
What it means to be a CPA financial planner
Business opportunities
How to get educated and gain the experience
you need
How to provide this value-added service to your
existing tax client base
Keys to success
Q&A throughout
Personal Financial Planning Section
At what point in your career did you realize
that you wanted to get involved with
personal financial planning?
Personal Financial Planning Section
One can go into personal financial planning
without being a CPA.
Why does being a CPA matter?
Personal Financial Planning Section
If you were focused on tax, how did you
transition to PFP?
How did you learn to do what you do?
Personal Financial Planning Section
From a business model standpoint, what
do you like in PFP that you didn’t have in
tax?
Personal Financial Planning Section
How did you convince your clients to do
PFP?
How did you add value to your clients?
Personal Financial Planning Section
Describe examples of client cases you have
handled.
Personal Financial Planning Section
Is there coaching or courses that you can
take to develop confidence when engaging
with clients or prospects?
Personal Financial Planning Section
What is the timeframe to move from tax to
PFP? In terms of getting educated, gaining
experience and being ready to advise
clients?
Personal Financial Planning Section
For those emerging in their careers, how do
you get clients to trust you with doing their
investments and PFP (i.e. grey hair
syndrome)?
Personal Financial Planning Section
For those emerging in their careers, after
getting education in PFP, how do you find a
position in a CPA firm using your PFP and
investment skills?
Personal Financial Planning Section
Get Involved
AICPA Personal Financial Planning Section
(aicpa.org/PFP)
AICPA Advanced Personal Financial Planning
Conference (cpa2biz.com/PFP)
• 2-day sessions for those in earlier stages of PFP
o Implementing PFP Services: Step by Step Plans for Success
o CPA/PFS Review Class
Interested in joining an emerging CPA networking
group specific to financial planning? Email us at
financialplanning@aicpa.org.
State CPA societies
Personal Financial Planning Section
Social Networking Opportunities
Search: YoungCPANetwork
http://bit.ly/YoungCPANetwork
Search: AICPA PFP Section
twitter.com/YoungCPANetwork
CPA/PFS Program At-A-Glance
PFS exam review
• Self-study, web review and live review options available to
purchase at cpa2biz.com
PFS exam registration
• Learn more & register at aicpa.org/PFSexam
• 2012 exam windows
o Summer: June 18 - July 27, 2012
o Winter: December 26, 2012 - February 5, 2013
PFS education
• In-depth self-study courses available to purchase at
cpa2biz.com
2012 PFS exam sponsorship program
• Summer deadline: June 18, 2012
• Winter deadline: December 26, 2012
For more information, visit www.aicpa.org/PFP/PFS
Personal Financial Planning Section
AICPA Web Seminar Series:
From Tax Preparer to Financial Planner
Build on your financial planning knowledge with the AICPA
web seminar series, From Tax Preparer to Financial Planner.
The series covers the necessary steps to transition from tax
preparer to financial planner.
Register today at CPA2Biz.com/Webcasts. Discounts available for
PFP/PFS and Tax Section members.
Part 1 Part 2 Part 3 Part 4
Understanding Moving from
the value of
tax
financial
compliance to
planning
tax planning
for individuals
Personal Financial Planning Section
Moving from
tax planner to
holistic
financial
planner
Implementing
a PFP practice