Why Your CPA and Financial Advisor Should Work Together

Alecia Decker |

In my career as a CPA and financial advisor, I've noticed a common misconception: the assumption that all advisors are thoroughly versed in all tax matters. This isn't always the case.

That’s why, when I took over my family’s CPA firm years ago, I knew we had to serve both halves of the pie – tax services and wealth management services that are tax-intelligent. While it took several years to get here, today that reality benefits our clients.

Every facet from college savings to retirement planning, investments, risk management, and legacy planning, should be viewed through the prism of tax implications. Here’s why:

Holistic Planning Prioritizes Tax Savings

Given the rapid pace of change in tax laws, your financial professional must stay up to date.

Also, collaboration between your financial advisor and CPA can uncover strategies to minimize tax liabilities across your finances, including investment strategies, business assets, insurance needs, and retirement goals. This helps with decisions about areas like dividends, capital gains, and losses.

Through Life’s Transitions, Your Team Works Together

Customized financial planning for your family and business should evolve with your changing needs, which can include: tax loss harvesting, cash flow and debt management, retirement planning and distribution strategies, education planning, legacy planning, investment planning, family risk management, business planning and more. It goes beyond tax season.

A Convenient Way to Get a Second Opinion
With both tax and wealth management services under one roof, firms like ours eliminate the hassle of coordinating with multiple professionals. It enables us to identify opportunities for tax savings and boosts your confidence about your financial plan.

In fact, our clients often consult with both their tax professional and their wealth advisor when they pick up their tax paperwork. In those meetings, we usually cover opportunities noticed in the tax returns.  It’s especially helpful for people who would appreciate a second opinion about their financial roadmap.

Our goal is to minimize your tax liabilities while helping you pursue your short-term and long-term financial goals. That's the value-added service we deliver at Creason-Edwards & Cimarolli. If you're interested in a free, no-obligation consultation, please contact us today.