Feature

The Value of a CPA Financial Advisor

Finance SC Mag

Some things in life are better when combined with other things. Peanut butter is great, but better with jelly. S’mores are wonderful, but somehow tastier when eaten next to a campfire. Mobile phones are indispensable, but incrementally improve with every added app. This idea holds true with financial advice as well. CPAs and financial advisors are important and valuable resources in their own respects toward ensuring a sound financial future, but they’re even better when they’re both the same person. The reason for this is simple; sound investment advice must be done with consideration of tax implications, as the cost of not doing so can be significant. Likewise, good tax planning often involves taking advantage of investment opportunities that become evident during the tax preparation process. Only the CPA Financial Advisor can ensure that these interdependent objectives are executed on successfully. According to a study involving 42,000 advisors by Envestnet, a leading investment platform provider, the “value added” of using a financial advisor is roughly 2% per year. The added value of a CPA/tax management is another 1% per year. The study breaks down the added value coming from 5 core areas:The following highlights more tangibly describe how the value of a...

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