The financial planning profession, like the accounting field, attracts people who are good with numbers and detail oriented. They also tend to be well-versed in tax law and financial regulations and have technical knowledge of spreadsheet and accounting software. But despite the heavy doses of math and numbers that both careers require, the two are fundamentally different.

Accountants deal with auditing work, financial forecasting and putting together financial statements, while financial planners advise clients on matters such as retirement planning and wealth management. If you're an accountant, adding financial planning to your offerings can improve client loyalty and help you stand out from your competitors.

 

For most of their careers, most certified public accountants (CPAs) focus on accounting and bookkeeping tasks, calculating business expenses or taxes due and preparing quarterly reports for corporate leaders to share financial information with investors and promote transparency. But many clients don't know that their CPAs can also assist them with financial planning issues, such as investing in real estate or saving for retirement. Adding financial planning services to your repertoire can boost your business and strengthen relationships with clients by helping them meet their goals. Click here to learn more about financial advisor for accountants services.

 

Both the accounting and financial planning fields offer rewarding long-term career opportunities. But they may not be the right fit for everyone. Those who don't enjoy sales, for example, probably won't excel at the sales duties that are an integral part of financial planning, and those who dislike crunching numbers should probably consider another career path, even though both careers have above average job market outlooks.

 

Whether you should add financial planning to your accounting practice depends on your clients' needs and the extent of your expertise in these areas. For instance, a business owner might hire you to handle all his accounting and tax preparation, but then ask for advice on how to invest the money he's earned from selling products or services. You might recommend hiring a certified financial planner, who has specialized training and certification in personal finance management from here.

 

But some financial planners who don't have an accounting background argue that a CPA's strong skills in business bookkeeping and taxes makes them ideally suited to provide financial planning advice to individuals, including helping them plan their retirement and investments. They also typically charge less than CFPs, who often have higher educational qualifications and must be licensed by state regulators to offer their services. Here is a related post that provides further information: https://en.wikipedia.org/wiki/Financial_plan.