Step 8: What do I need to know if I decide to offer investment advisory services? {Building a Tax & Financial Planning Advisory Business}

Guests: Ted Sarenski, CPA/PFS & panelists: Jean-Luc Bourdon, Scott Sprinkle, and Ellen Bruno

Category: Practice management

In this episode, CPA financial planners share their experiences with choosing whether or not to provide investment advisory services as part of their tax and financial planning advisory businesses and answer the questions:

• Do I have to provide investment advisory services to provide tax and planning advisory services to my clients?
• What constitutes investment advice?
• How do I know if I need to register to provide investment advisory services?
• Where can I find information on compliance with investment adviser regulations?
• What are simple actions to take now?

Access the related resources from this podcast:

• AICPA's Planning & Tax Advisory Services hub
• Roadmap to Planning & Tax Advisory Services
• Statement on Standards in Personal Financial Planning Services
• The CPA's Guide to Investment Advisory Business Models
• Personal Finance Scorecard
• Section 7216 guidance & sample consent form
• Workshop: Building a Tax and Financial Planning Advisory Business (preceding the Advanced PFP Conference at AICPA ENGAGE)

Don't miss the other episodes in this Building a Tax & Financial Planning Advisory Business series!

• Step 1: Why should I offer tax & financial planning advisory services?
• Step 2: How do I get started?
• Step 3: What are the appropriate fees to charge?
• Step 4: How do I approach new client meetings & offer financial planning services to current tax clients?
• Step 5: What is the best way to create deep relationships with clients?
• Step 6: How do I decide between serving as the primary point of contact or as a hyperspecialist?
• Step 7: How do I structure staffing and work with other advisers?
• Step 8: What do I need to know if I decide to offer investment advisory services?
• Step 9: How do I maximize use of technology?
• Step 10: What are the simple actions I can take now?

The episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits.

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