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Why You Want Both a CFP® Practitioner and CPA on Your Team… And Not Just During Tax Season

January 17, 2025 By: Todd Schanel, CFA, CPA, CFP® and Jackie Goldstick, CFP® Financial PlanningTax Planning

As tax season approaches, many seek the expertise of a Certified Public Accountant (CPA) or Enrolled Agent (EA) to navigate the perplexing labyrinth of filing and compliance. However, combining the specialized knowledge of a tax professional with the comprehensive financial planning skills of a CERTIFIED FINANCIAL PLANNER TM (CFP ® ) practitioner can create a powerful partnership that goes beyond mere tax compliance, integrating tax planning into your overall financial strategy.

At Core Wealth Management, our integrated team of tax and financial advisors collaborates to provide you with comprehensive advice. This means you won’t hear the phrase, “Go ask your accountant,” because we have the in-house capability to consider the tax implications of our recommendations as part of your financial plan.

The Roles of a CPA and CFP ® Professional: Complementary Expertise

CPAs and CFP ® professionals bring specialized skills to the table, each focusing on a distinct aspect of your financial well-being. Understanding their differences highlights why having both on your team is invaluable.

Certified Public Accountant (CPA)

A CPA specializes in tax preparation, compliance, and financial reporting, ensuring accuracy and adherence to ever-changing regulations. Their responsibilities include:

  • Navigating complex tax laws to minimize liabilities and avoid penalties.
  • Preparing financial statements and conducting audits for transparency and accuracy.
  • Providing guidance on tax strategies that comply with legal standards.

Earning the CPA designation requires passing the Uniform CPA Exam and meeting ongoing continuing education requirements to stay current with evolving tax laws and reporting standards.

CERTIFIED FINANCIAL PLANNER TM (CFP ® )

A CFP ® professional focuses on comprehensive financial planning, integrating tax strategies, investment management, retirement planning, and estate planning into a cohesive framework. Key contributions include:

  • Aligning financial decisions with long-term goals while considering both immediate and longer-term tax implications.
  • Providing tailored strategies for wealth-building and risk management.
  • Acting as a fiduciary, committed to prioritizing the client’s best interests.

CFP ® professionals must complete rigorous coursework, pass the CFP ® certification exam, and adhere to strict ethical standards, with the goal of delivering expert guidance across all aspects of financial planning.

The Power of a Team that Includes both a CPA and CFP ® Professional

Nearly all financial decisions carry tax implications. When a tax professional and a CFP ® professional collaborate, you receive comprehensive advice that considers the tax consequences of your decisions and the various facets of your financial life.

Holistic and Proactive Financial Planning During Tax Season and Beyond

Many people just think of their CPA during tax season to help with tax compliance and filing of tax returns. But a CPA can be an invaluable advisor throughout the year, helping to identify tax savings opportunities that align with your broader financial plan. Opportunities like ROTH conversions, selection of optimal savings vehicles, accelerated income recognition, charitable giving, and tax loss harvesting are some of the strategies that a CPA and CFP ® certificant can identify when they work together.

These proactive measures go beyond basic compliance and help improve your financial position throughout the year.

Better Preparation for Life Events

Major life events such as purchasing a home, starting a business, receiving an inheritance, or preparing for retirement require careful coordination of tax and financial planning. A CPA and CFP ® practitioner work together to help ensure these transitions are carefully considered from all perspectives.

Core Wealth Management: A Team You Can Trust for Holistic Financial Planning

At Core Wealth Management, our CFP ® certificants, CPA, and EA professionals collaborate seamlessly to provide personalized and comprehensive financial solutions. By integrating wealth and tax management, we help clients:

  • Navigate Tax Complexities: Our CPAs and EAs seek to provide accurate tax compliance while identifying opportunities to reduce liabilities and incorporate tax-saving strategies into your broader financial goals.
  • Build Tailored Financial Plans: Our CFP ® professionals focus on aligning your unique goals with long-term wealth-building strategies, offering adaptable solutions for every phase of life.
  • Achieve Confidence and Clarity: Through our multidisciplinary approach, clients gain peace of mind knowing their financial and tax needs are fully aligned and expertly managed.
  • Establishing Trust Through Ethical Standards: Our CFP ® professionals adhere to fiduciary duties, acting in their clients’ best interests and providing objective guidance. Similarly, our CFA charterholders and CPAs must follow strict ethical standards, upholding integrity and professionalism in all financial matters.

As tax season approaches, it is a perfect time to make sure that you have the right team of tax and financial advisors in place, working in a coordinated matter, with the goal of helping you reach your financial objectives. Core Wealth Management’s team of CFP ® professionals and CPA tax professionals is here to help you achieve your financial goals with confidence and clarity. Contact us today to discover how we can provide integrated guidance tailored to your needs.

Core Wealth Management is a fee-only wealth management firm located in Jupiter, FL. Our CFP® professionals provide investment management, financial planning and advisory services, while always strictly abiding by the highest fiduciary standards. For more information, contact us today at 561-491-0231.

Jackie Goldstick, CFP® is the Principal and Director of Financial Planning at Core Wealth Management. She is a member of the National Association of Personal Financial Advisors (NAPFA).

Todd Schanel, CFP®, CPA, CFA is the Principal and Director of Investment Advisory Services at Core Wealth Management.

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