Does your CPA have a working relationship with the other advisors and professionals in your world? Does your CPA know your attorney, banker, insurance agent, wealth manager, investment advisor, mortgage broker? If the answer is NO, my question is WHY?
Your CPA is the person in your life who basically knows everything financial about you. They see it all. If they do not have a working relationship with the other professionals that help you navigate life’s little nuances, there is a serious problem.
If anyone has played the game of telephone, they know what can happen when information is provided second hand, or even worse, third or fourth hand. Your CPA is, excuse me… I should say SHOULD BE, the gatekeeper for all things financial in your life. Current matters, future matters, all financial matters.
I’ve been in a room of potential clients and asked the question, “has your CPA made an effort to connect with you other advisors”. The blank stares and shaking heads have said it all. Traditional CPAs will do nothing of the sort. Their work will be a commodity to you. Their services will be those which is sought after at the lowest price, the best deal. If that is your goal, please stop reading this now…..
If it is not your goal, now is the time to ask the questions… Is my CPA doing what they should be for me to ensure that my financial matters are being handled in the most efficient and effective manner? Am I properly positioned? Is someone, who knows all the pieces, looking out for me or are they just reporting results?
Your CPA, as part of providing you the best service experience possible, should be as interested in knowing your investment advisor as they are in ensuring that they have your social security number and birthdate. A CPA should not be the person who “does my taxes”. If they are, and you feel completely satisfied with that, please stop reading this now…
As a CPA myself, I want to.. I aim to… and in most cases, I am viewed as my client’s financial quarterback. I am the center of the wheel of their financial matters. I am the collaborator. I am the information seeker. I am the voice of reason. I am the bridger of gaps. I am the thinker of things not residing in the proverbial box.
Your CPA should be your greatest ally for all things financial. Your right hand. The person you can call and receive objective and strategic input focused on the best solution. Does your CPA fit that bill? If the answer is NO, my question is WHY?
If you would like more information about managed accounting and family office services, or simply have questions related to your own personal situation, please email us at firstname.lastname@example.org
By Greg Pepin, CPA