On Episode 95 of The Guided Retirement Show, Dean Barber and Jason Gordo discussed why it’s critical to work with a team of financial professionals rather than just one financial advisor. They specifically talked about having the “three C’s” working for you—a CFP® Professional, CPA, and CFA. That episode served as a perfect segue for today’s episode, as Logan DeGraeve, CFP® and Corey Hulstein, CPA will describe the working relationship between a CFP® Professional and CPA.

Corey and Logan spend a lot of time working with clients on their individualized tax plans. So, they’re going to share specific tax situations that they’ve helped clients with over the past year.

In this podcast interview, you’ll learn:
• The importance of forward-looking tax planning.
• How to go about tax bracket management.
• Things to consider with charitable giving.
• There Are Several Tradeoffs Throughout the retirement planning Process

Timestamps:
00:00 – Introduction
01:24 – What Is Tax Planning?
02:09 – Client Case: College Tax Credits
03:37 – Building the Financial Plan First
05:37 – Client Case: High Tax Rate Today, Lower Rate in the Future
08:19 – Client Case: Asset Location
11:44 – Why Income Matters to the Pre 65 Retiree
16:03 – Client Case: Tax-Efficiency and Beneficiaries
20:27 – Let’s Cover IRMAA
22:02 – 0% Capital Gains and NUA
25:00 – Tax Planning is for Everyone

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In the world of finance and accounting, there are two professionals that are often sought after for their expertise and knowledge: the Certified Financial Planner (CFP®) professional and the Certified Public Accountant (CPA). Both of these professionals play crucial roles in helping individuals manage their finances and plan for their future, but often there is confusion about how their roles differ and how they can work together to benefit their clients.

In episode 96 of The Guided Retirement Show, the experts delve into the relationship between CFP® professionals and CPAs and how they can collaborate to provide comprehensive financial planning and accounting services to their clients.

The CFP® professional is a financial planning expert who has been trained to provide comprehensive advice on a wide range of financial topics, such as retirement planning, investment management, estate planning, tax planning, and more. They work closely with their clients to create personalized financial plans tailored to their specific goals and needs.

On the other hand, CPAs are trained to provide accounting and tax services, including tax planning, preparation, and compliance, as well as audit and assurance services. They have a deep understanding of tax laws and regulations and can help individuals and businesses navigate complex tax issues.

The episode highlights the importance of collaboration between CFP® professionals and CPAs in order to provide the best possible service to their clients. By working together, they can ensure that their clients’ financial plans are tax-efficient and aligned with their long-term financial goals.

One key aspect of the relationship between CFP® professionals and CPAs is communication. Open and regular communication between the two professionals is essential to ensure that their clients’ financial plans are in line with their tax planning strategies. By sharing information and collaborating on financial decisions, they can provide their clients with a more holistic approach to their financial well-being.

Additionally, the episode emphasizes the value of specialization in each professional’s area of expertise. While CFP® professionals have a broad understanding of financial planning, they may not have the same depth of knowledge in tax laws and regulations as CPAs do. By tapping into the expertise of both professionals, clients can benefit from a more comprehensive and well-rounded financial plan.

The relationship between CFP® professionals and CPAs is a valuable one, as it allows clients to benefit from the unique expertise and perspective of each professional. By working together, they can provide a more holistic approach to financial planning and accounting, ultimately leading to better outcomes for their clients.

In conclusion, the relationship between CFP® professionals and CPAs is crucial for providing comprehensive financial planning and accounting services to clients. By collaborating and communicating effectively, these professionals can ensure that their clients receive the best possible advice and support in managing their finances and planning for their future.