Personal Financial Planning for Young Accountants

by Barney M. Rose

The New York State Association of CPA Candidates hosted a seminar on personal financial planning presented by Bruce Milove CPA/PFS, of Access Financial Planning, in Clifton, New Jersey. The session focused on how financial planning will play an increasing role for CPAs in the future.

Milove began his presentation about the significance of becoming a CPA, which he called the most trusted profession in America. Speaking to a capacity audience of aspiring CPAs, his presentation highlighted the opportunities for growth in accountancy, especially personal financial planning. He also stressed the need for accountants to attain the PFS designation, the AICPA credential for accountants who provide financial planning services.

The presentation focused on strategies anyone, including young accountants, should employ to insure themselves financial independence, including developing a budget to plan your income and expenses.

Milove then illustrated how he learns as much about his clients as possible to provide custom tailored financial plans. Some of the areas he concentrates on when talking to clients are cash and risk management; and insurance, tax, college, and estate and retirement planning. As an example, he pointed out that in order to achieve a comfortable retirement, individuals should set aside 10-15% of their pre-tax income in a diversified portfolio of assets.

Milove's presentation received high praise from all in attendance and the Candidates Association plans another financial planning seminar in the near future. Look for the date in upcoming issues of the CPA Candidates section of The Trusted Professional. *