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It is also a specific term that relates to a single service that is performed.What can CPAs provide in this field, and how is a business established around financial planning services?It’s important for small business owners to identify their short and long-term financial goals.
Financial planning as a generic title encompasses family budgeting; helping a client establish goals and a plan to achieve them; planning for children’s educational funding; compensation planning; retirement and estate planning, including family liquidity, postmortem, and estate tax planning; IRA, 401k, 403b and pension distribution planning; elder care planning, possibly including bill paying services; planning for someone who is terminally ill; insurance coverage; asset allocation; assistance with preparing an investment policy statement; evaluating investment performance, including the asset manager’s performance; investment and risk management; tax preparation, compliance, and planning; and, if the client owns a business, succession planning, buy-sell agreement planning, and exit strategies.
As a specific term, it involves reviewing an individual’s overall financial situation and goals, as well as considering the security they will need when they are no longer actively employed, and then helping to achieve those goals.
The work is not scalable, systematized, or commoditized; it cannot be performed by lower-level staff; it does not employ uniform processes; and it cannot be done using artificial intelligence or robotics.
Many of the planning services involve meetings, either in person or remotely, between the firm and the client.
To learn more about financial planning for small business owners, please call Blisk Financial Group today to schedule a consultation.
Financial planning is a generic term for all of the services that CPAs perform that deal with a client’s individual wealth.
To better align business and personal financial planning, advisors suggest a company retirement plan.
A 401(k) plan allows for the highest contribution, and company matching is an excellent way to maintain employee loyalty.
Some financial planning services require considerable back office work, such as when an estate plan is made and net worth statements and cash flow analyses need to be prepared, but most involve minimal back office attention and considerable face time with the client by the partner or expert.
People in business need to make a living, accumulate funds for their retirement, and generate profits to distribute to the owners and invest in the business for future growth.