3-Jul-2022 5:10pm
4-Jul-2022 2:04pm
4-Jul-2022 9:48pm
5-Jul-2022 5:16am
telaxman wrote:Oh, I didn't realize that.
The CPA exam is so much more difficult than what I imagine the CFP exam and requirements are like, so I am surprised.
6-Jul-2022 8:19pm
7-Jul-2022 5:05am
7-Jul-2022 5:56am
telaxman wrote:Thanks for the insight,
How is it working out for you? did you start with tax and then move more towards investment/financial planning?
I have limited experience, but I feel like the CPA credential is worth so much more with clients than just preparing their taxes.
7-Jul-2022 6:10am
smtcpa wrote:This is my second go-around. I started in taxes in 2002. In 2007 or so I hooked up with a broker/dealer. At that time it was all commission-based mutual funds, insurance, and annuities. I never devoted the right amount of time and I did not like the commission-based business model. In 2015 I moved and sold off any investment clients I had. Late last year I had a renewed interest in financial planning for several reasons. 1) To move away from transactional-based tax returns and more into planning, 2) to move away from tax seasons and have steady work through the year, and 3) to make more money. I found myself being asked where clients should put their money, getting asked questions that were personal financial planning in nature, and I knew I had to get back in for my own sanity. I joined XY Planning Network which specializes in fee-only planning, started an RIA, and I am working with my base of tax clients to move them into financial planning. I have two I am working now with and working on several others that have shown interest. I am truly at the beginning of this process. I offer fee-only planning with investment management as an add-on service. I do NOT sell annuities or other commission-based products and do not accept commissions on investments or anything else.telaxman wrote:Thanks for the insight,
How is it working out for you? did you start with tax and then move more towards investment/financial planning?
I have limited experience, but I feel like the CPA credential is worth so much more with clients than just preparing their taxes.
7-Jul-2022 6:17am
TaxMan2020 wrote:There are some annuities that are based the same as % AUM if you start needing annuities to fit certain clients needs and don’t want to be on a commission. Annuities carry a bas connotation but there are times when they’re the right product for a client and there are some good products, but there is a lot of crap out there as well.
7-Jul-2022 6:39pm
smtcpa wrote:This is my second go-around. I started in taxes in 2002. In 2007 or so I hooked up with a broker/dealer. At that time it was all commission-based mutual funds, insurance, and annuities. I never devoted the right amount of time and I did not like the commission-based business model. In 2015 I moved and sold off any investment clients I had. Late last year I had a renewed interest in financial planning for several reasons. 1) To move away from transactional-based tax returns and more into planning, 2) to move away from tax seasons and have steady work through the year, and 3) to make more money. I found myself being asked where clients should put their money, getting asked questions that were personal financial planning in nature, and I knew I had to get back in for my own sanity. I joined XY Planning Network which specializes in fee-only planning, started an RIA, and I am working with my base of tax clients to move them into financial planning. I have two I am working now with and working on several others that have shown interest. I am truly at the beginning of this process. I offer fee-only planning with investment management as an add-on service. I do NOT sell annuities or other commission-based products and do not accept commissions on investments or anything else.telaxman wrote:Thanks for the insight,
How is it working out for you? did you start with tax and then move more towards investment/financial planning?
I have limited experience, but I feel like the CPA credential is worth so much more with clients than just preparing their taxes.
8-Jul-2022 10:32am
8-Jul-2022 3:55pm
Preppie wrote:I am not a CPA. I am an EA with a tax business. I am also a CFP® Professional with an RIA.
Just want to put in another plug for XY Planning Network. I, too, am a member. It's a great association/network. Check it out!
8-Jul-2022 4:02pm
TaxMan2020 wrote:Are you wanting to actually sell the securities/annuities or just be able to advise what they should do?
8-Jul-2022 6:11pm
telaxman wrote:TaxMan2020 wrote:Are you wanting to actually sell the securities/annuities or just be able to advise what they should do?
At this point just advise what they should do.
I get the feeling that a lot of my client's financial advisors just tell them their take on the market, perhaps what percentage of bonds they should have etc... but don't really get very big picture.
For instance, in my opinion to make good investment decisions before you do anything else you should be taking a good look at the clients tax return. And, I don't think that is happening much, at least for my clients.
I get clients asking me for advice, so I feel like there is a pretty good opportunity to bill for tax planning/financial planning type services.
11-Jul-2022 6:17am
Preppie wrote:I am not a CPA. I am an EA with a tax business. I am also a CFP® Professional with an RIA.
Just want to put in another plug for XY Planning Network. I, too, am a member. It's a great association/network. Check it out!
11-Jul-2022 7:27am
southparkcpa wrote:Preppie wrote:I am not a CPA. I am an EA with a tax business. I am also a CFP® Professional with an RIA.
Just want to put in another plug for XY Planning Network. I, too, am a member. It's a great association/network. Check it out!
What is the benefit of XY????
They provide you with???
11-Jul-2022 9:12am
11-Jul-2022 10:52am
smtcpa wrote:For me, they handled all of the compliance work including setting up and registering the RIA with the state, initial compliance handbook, the client agreement, etc. They also provide a lot of training as well as software (wealthbox CRM, Right Capital, compliance software, AdvicePay, etc) included in their subscription. It is great for starting out. Maybe in a few years, the value won't be worth the monthly fees but, for now, it got me up and going very quickly.southparkcpa wrote:Preppie wrote:I am not a CPA. I am an EA with a tax business. I am also a CFP® Professional with an RIA.
Just want to put in another plug for XY Planning Network. I, too, am a member. It's a great association/network. Check it out!
What is the benefit of XY????
They provide you with???
11-Jul-2022 1:01pm
Beagle wrote:Any investment firm will help you set up your RIA or let you link in with one they have depending on your choice. Charles Schwab is pretty huge in that sort of thing for independent RIA offices and Fidelity is big also. You can go with a local firm very easily who will let you just slide in under their platform for a fee. I work with a local firm who takes 10% of my investment related revenue and I reimburse them for any fees they incur on my behalf (my license fee, some insurance). You want to be in one of the major clearing firms because it makes ACAT transfers easy and quick. Having a firm you work with also helps because they'll help solve problems as they come up. They may also get you significant discounts on quote services, planning software, research, marketing material and such.
12-Jul-2022 3:49am
TaxMan2020 wrote:Beagle wrote:Any investment firm will help you set up your RIA or let you link in with one they have depending on your choice. Charles Schwab is pretty huge in that sort of thing for independent RIA offices and Fidelity is big also. You can go with a local firm very easily who will let you just slide in under their platform for a fee. I work with a local firm who takes 10% of my investment related revenue and I reimburse them for any fees they incur on my behalf (my license fee, some insurance). You want to be in one of the major clearing firms because it makes ACAT transfers easy and quick. Having a firm you work with also helps because they'll help solve problems as they come up. They may also get you significant discounts on quote services, planning software, research, marketing material and such.
We do the same. They take 10% and handle a lot of the headaches