Personal financial planning is projected to grow at a rate double that of the accounting profession through 2017. The expansion of services in areas such as estate, retirement, risk management and investments and the increased demand for these services have led the AICPA to further enhance its authoritative guidance in the delivery of personal financial planning services for the benefit of AICPA members' clients and practices.
The AICPA Statement on Standards in Personal Financial Planning Services provides AICPA members with comprehensive, enforceable guidance and a roadmap for delivering PFP services consistently and confidently. The standards are built on the cornerstone of the CPA profession – the public interest – and align with the AICPA Code of Professional Conduct, which upholds the highest levels of integrity, professionalism, objectivity and competence. Following the statement ensures that members’ clients receive the information they need to make sound financial decisions and that the standard of care expected of members holding out as trusted advisers is met.
A robust toolkit has been developed to help members understand the depth of the statement and put it into practice by the effective date of July 1. The toolkit is available to PFP Section members and CPA/PFS credential holders as a member benefit. It is also available for purchase.
This informative podcast covers the ins and outs of the standards and how you will benefit from having a framework to guide your work with clients. (Email subscribers can listen to the podcast and see the slides on our website.)