{"id":482,"date":"2015-01-27T05:30:19","date_gmt":"2015-01-27T13:30:19","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=482"},"modified":"2015-01-26T08:59:52","modified_gmt":"2015-01-26T16:59:52","slug":"should-your-tax-expert-also-be-your-financial-planner-upd-jan-2015","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/advisors\/should-your-tax-expert-also-be-your-financial-planner-upd-jan-2015\/","title":{"rendered":"Should Your Tax Expert Also Be Your Financial Planner? – upd Jan’15"},"content":{"rendered":"

\"tax<\/a>Taxes can have a major impact on your financial planning and investment strategies. Consequently, your CPA\u00ae<\/a> is a source of valuable information for minimizing your taxes. However, some CPAs\u00ae provide tax, planning, investment, and insurance services.<\/p>\n

Leverage Relationships<\/strong><\/p>\n

Some CPAs\u00ae began offering financial planning services <\/a>for two reasons. First, it was an easy way to generate more revenue from existing relationships. Second, if the tax code is ever simplified or if online tax reporting began to erode their traditional business, they would have an alternate revenue stream to fall back on. These reasons benefit the CPA\u00ae and not the CPA\u2019s\u00ae clients.\u00a0<\/strong><\/p>\n

Saves You Time<\/strong><\/p>\n

Obtaining multiple services (tax planning, tax preparation, financial planning) from one provider is convenient and efficient. When the same professional provides tax and planning services, you are no longer required to tell your CPA\u00ae what was recommended to you by your financial planner. And you don\u2019t have to tell your planner what was recommended by your CPA\u00ae.<\/p>\n

Tax Efficiency<\/strong><\/p>\n

All planning and investment services should have a tax efficient component. For example, you do not want to be exposed to large amounts of capital gains taxes when you sell investments. Or, you want to minimize the impact of taxes on your estate when it is distributed to heirs. There is also the issue of ever-changing laws that impact when you take gains and losses, open IRAs, contribute to health savings accounts, etc.<\/p>\n

Teams of Professionals<\/strong><\/p>\n

It is increasingly common that professionals work in teams to provide comprehensive, integrated solutions to their clients. For example, a financial planner works with an investment advisor<\/a>, CPA\u00ae, insurance agent, and estate planning attorney. The professionals have different employers, but they have agreed to work together to provide holistic solutions to their clients.<\/p>\n

Layers of Fees<\/strong><\/p>\n

There are some opportunities to save money by eliminating redundancy and contradictory advice. However, each of the above professionals must be paid so there can be layers of fees. Be sure to obtain a fee quote before you select a team of professionals to help you achieve your financial goals.<\/p>\n

What\u2019s the Risk?<\/strong><\/p>\n

Your single biggest financial risk is one professional who wants to provide all of the services himself. There is a high probability he wants to provide all of the services to maximize the amount of revenue he generates from his relationship with you. There is a low probability one professional is an expert in all of the disciplines. Be very cautious when one financial planner wants to do it all: Planning, investment, insurance, and tax advice<\/p>\n","protected":false},"excerpt":{"rendered":"

Taxes can have a major impact on your financial planning and investment strategies. Consequently, your CPA\u00ae is a source of valuable information for minimizing your taxes. However, some CPAs\u00ae provide tax, planning, investment, and insurance services. Leverage Relationships Some CPAs\u00ae began offering financial planning services for two reasons. First, it was an easy way to generate more revenue from existing relationships. Second, if the tax code is ever simplified or<\/p>\n","protected":false},"author":2,"featured_media":5292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[325],"tags":[],"class_list":["post-482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisors"],"yoast_head":"\nShould Your Tax Expert Also Be Your Financial Planner?<\/title>\n<meta name=\"description\" content=\"Be cautious if a financial planner wants to do it all: Planning, investment, insurance and tax advice. 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Low probability one professional is an expert in all.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/should-your-tax-expert-also-be-your-financial-planner-upd-jan-2015\/\" \/>\n<meta property=\"og:site_name\" content=\"Paladin Registry Blog\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/PaladinRegistry\" \/>\n<meta property=\"article:published_time\" content=\"2015-01-27T13:30:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-01-26T16:59:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2013\/03\/tax-expert-and-financial-planner.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"620\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jack Waymire\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@PaladinRegistry\" \/>\n<meta name=\"twitter:site\" content=\"@PaladinRegistry\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jack Waymire\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/advisors\/should-your-tax-expert-also-be-your-financial-planner-upd-jan-2015\/\",\"url\":\"https:\/\/www.paladinregistry.com\/blog\/advisors\/should-your-tax-expert-also-be-your-financial-planner-upd-jan-2015\/\",\"name\":\"Should Your Tax Expert Also Be Your Financial Planner?\",\"isPartOf\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/advisors\/should-your-tax-expert-also-be-your-financial-planner-upd-jan-2015\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/advisors\/should-your-tax-expert-also-be-your-financial-planner-upd-jan-2015\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2013\/03\/tax-expert-and-financial-planner.jpg\",\"datePublished\":\"2015-01-27T13:30:19+00:00\",\"dateModified\":\"2015-01-26T16:59:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/#\/schema\/person\/4f94af521e23212d5ffd08618ecb46c0\"},\"description\":\"Be cautious if a financial planner wants to do it all: Planning, investment, insurance and tax advice. 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