PFP developments and tools.

• Author: Phelan, Sarah
• Position: Personal financial planning

PFP DEVELOPMENTS AND TOOLS

Personal financial planning (PFP) is a practice area of constant change and growth; this column provides information about change and growth in the areas of investment advisory services, retirement and insurance planning and accreditation. Here is information about the expansion of PFP into the investment advisory area, including the debut of the AICPA's virtual Center for Investment Advisory Services; information on building resources for dealing with clients' retirement planning concerns; and information on developments that affect CPAs' access to the personal financial specialist (PFS) accreditation.

New Center for Investment Advisory Services Supports CPAs

The AICPA has launched a new Center for Investment Advisory Services that facilitates members expanding their financial planning practices to include providing investment advice. The Center for Investment Advisory Services is a cluster of resources that enables AICPA members and their firms to get the tools, training, resources and relationships they need to provide investment advisory services to clients.

The Center helps CPAs to move into financial planning in a way that retains clients and lets practitioners build equity in their own businesses. It provides CPAs with practical help in building a practice, whether they are just entering the field or are already experienced practitioners.

Through the Center, the AICPA continues to promote CPAs, particularly PFSs, as trusted business advisers. The Center's services prepare CPAs and firms to maintain high standards as they take on the role of investment adviser. It also provides continuing support to CPAs in that role.

The Center integrates the AICPA's vast internal resources with strategic relationships that the Institute has developed with carefully selected external organizations and vendors. The Center provides:

* Training to help members prepare for securities licensing exams;

* Tools, products and services to facilitate both initial registration as an investment adviser and ongoing compliance with governing regulations;

* Courses to develop a working knowledge of investment policy, the asset allocation process, performance measurement and evaluation, and account manager search and selection;

* Asset allocation software and other software aids; and

* Mutual funds research.

AICPA Strategic Partners Develop Offerings

By forging relationships with them, the AICPA was able to arrange for extremely...