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The Difference between Financial Planners and Accountants

The difference between financial planners and accountants are tricky to explain in the sense that an accountant can also provide a client with some financial planning advice without necessarily having taken any extra formal training in financial planning outside of what is already included in the training needed to become a certified accountant.

As a certified public accountant one is able to provide a whole slew of services with basic financial planning being one of them. If you’re trying to decide whether you should hire one or the other the choice really comes down to your preference since an accountant is qualified to work as your financial planner and give you the sound financial advice and planning tools that you need as long as your needs are fairly straightforward and basic. You can also consider a Personal Financial Specialist which is a CPA that has undergone extra training and a formal exam in order to offer more financial planning services. If you’re looking for a financial planner for your business then you may want to seek out an accountant who has received additional training in the area of financial planning. These are called Certified Financial Planners who have received additional training on top of their accounting education and certification.

For personal affairs the financial planning services of an accountant should suffice thanks to their knowledge and training. As well, their code of ethics requires that they always provide sound financial advice geared towards your best interest and this would include referring you to someone else if for whatever reason they felt they could not provide you with what you were looking for.

At the end of the day, which one you choose really just depends on the complexity of your planning needs. All are qualified to an extent and able to assist you with the solutions needed for a sound financial future.