Learning To Work Together

If you plan on working with a CPA or any other type of financial advisor, it is important understand how to deal with them and the regulations they must follow.  Whether it is a New Jersey financial planner, a Certified financial planner in Philadelphia, or a New Jersey private wealth management firm, these rules will likely apply.  When trying to find a financial advisor, or any type of financial planning help, be sure to understand this.

“ Growing up was always difficult for me. I struggled mightily at math, so I was always intimidated by those who could crunch and factor numbers in their heads in seconds. As you grow up, high school drama is replaced by everyday struggles us adults face. One concept that may not change is your ease around those who are smarter than you in particular areas.

Take any accountant or financial advisor for example. They’re just phenomenal with numbers. They amaze me with that expertise.

The accounting field is massively growing and expanding to add many more services then they once provided. This more generalized are of expertise could best be summarized as “financial services.”

And is this “financial services” better or worse for the accounting industry? I guess it depends on who you ask in the industry. Some will agree and applaud the evolution while others will dismiss and bash the concept.

For those that disagree with the extended services offered, many project a future that will include a counter decline in the number and types of services offered by each company.

The overload in expansion along with new regulations such as the IRS 7216 regulation has prevented the accounting industry from fully experiencing their potential to assist the client.

For example, the 7216 regulation requires accounting firms to get consent from their existing clientele to be able to give any information to any type of financial services person.

The regulation requires that the CPA gathers the name, address, phone number, and even social security number and investment information of the investor as well as a consent form before anything can be transferred to another branch or financial advisor.

Ignore this procedure and the CPA risks facing large penalties.”

Learning the regulations and rules can be done with a financial planning guide, or something more complex.  By doing this, it will become easier to have a successful relationship with your financial advisor.

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Posted by Jay McGrath | Leave a comment