Why clients work with CPA financial planners

Featuring Lori Luck, CPA/PFS, and Brooke Salvini, CPA/PFS


Video transcript:

Lori Luck, CPA/PFS
President/Shareholder, CLS Financial Advisors

Problems that CPA financial planners help their clients solve are usually ones that are fairly complex. They include almost everything that has to do with finances because they need somebody who can pull all the pieces together. CPA financial planners have the ethics and the qualifications that make their clients comfortable to go to them with almost any financial problem that they might come across.

Some of the things we run across, probably the most common one is people want to know when they can retire, how much they can spend when they retire, if they can retire, so that’s probably the most common thing that we do. But also they might bring us into a meeting to help interpret things with their estate planning attorney. They might have us come into a meeting with their insurance agent and look at when they should buy long-term-care insurance or what kind. What might happen if they had a long-term-care event where they became suddenly ill; would they be able to pay for all that?

Brooke Salvini, CPA/PFS
Principal, Salvini Financial Planning

It could be, you know, if you just think about your own life and life transitions you know when a marriage, a birth of a child, a death of, you know, a parent or a spouse. Also, reaching certain milestone ages whether they be, you know, 50, 55, 65, 70 and a half — there is milestone ages.  And also a change in wealth; there might be an inheritance, again, from a death of a parent, or some other windfall. Or even getting to that point in time where somebody is evaluating their business and feeling they need to move into the next step of succession planning. So all of those, just, general life stages can precipitate an opportunity to talk more about the overall financial plan.

For more information on personal financial planning, visit aicpa.org/pfp

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