FAQs on the proposed statement on standards in personal financial planning.
Position | Frequently asked questions |
Q: What services are encompassed within personal financial planning?
A: See the list on p. 406.
Q: When does the proposed statement apply to me?
A: The statement applies when an AICPA member provides personal financial planning services and represents to the public or clients that he or she provides personal financial planning services; engages in activities that would require registration as an investment adviser under federal or state law; or sells a product as a result of the engagement. See the list at left.
Q: Are there exceptions to the statement's applicability?
A: The statement does not apply to professional services, whether or not provided as part of a PEP engagement, subject to other professional standards. See the list at left.
Q: Does the statement apply to a CPA who works for a non-CPA firm that engages in personal financial planning or family office work?
A: The statement applies to a member, not a firm or organization. Therefore, the application of the statement must be considered at an individual member level. It does not matter in what form or organization the member practices.
Q: How do I determine if I am engaging in activities that would require me to register as an investment adviser under federal or state law?
A: See The CPA's Guide to Investment Advisory Business Models (available at tinyurl.com/ckqkdhb) to determine when you are deemed to be providing investment advice.
Q: What constitutes representing to the public (or to a client) that I provide...
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