Why Hire a CPA/PFS?

What is a PFS?

PFS, or Personal Financial Specialist is a professional designation issued by the American College Institute of Certified Public Accountants (AICPA) exclusively to CPAs who focus on personal financial planning. The AICPA is a professional organization for CPAs in the U.S. and has more than 350,000 members. You must be a CPA member in good standing of the AICPA before you can earn the PFS designation.

Why is a PFS a preferred choice among financial planning credentials?

As a PFS designee, one is required to demonstrate strong knowledge of the core areas of personal financial planning. Also, to earn the designation, one must meet specific requirements in professional work experience, education and training, and pass an examination that tests their financial planning knowledge. As an added benefit, when you choose to work with an advisor who is a CPA and holds the PFS designation, you can experience the advantage due to their knowledge and expertise in related areas such as tax, accounting and business management. This helps ensure your financial needs can be more fully addressed through an integrated, holistic approach.

What are some other reasons to consider working with a financial advisor who is a CPA and PFS designee?

As a client, you can count on our practice of providing objective financial planning and advice designed to always serve your best interests. Personal financial planning is a core competency for a PFS designee and is the only professional designation that specifically designed for CPAs and the detailed training and knowledge they bring to the practice

How do CPAs qualify for the PFS Credential?

To obtain a PFS, CPAs must prove their broad-based knowledge and business experience in core areas: estate planning, investment planning, the personal financial planning process, personal income tax planning, retirement planning and risk management planning. They must also pass an intensive qualifying examination and commit to lifelong learning requirements.

How can I be assured that a PFS will be serving my best interests?

CPAs adhere to the AICPA’s strict code of professional conduct and ethics. In addition, PFS Credential holders follow the AICPA’s Statements on Responsibilities (SORs) in Personal Financial Planning. These SORs describe specific planning procedures as well as guidelines for developing plans and communicating advice to clients. PFS Credential holders follow these guidelines when working with their clients and other advisers such as bankers and attorneys.

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