An accountant who assists individuals in planning and managing their financial resources is known as a personal financial specialist. Accountants in the United States who have accumulated thousands of hours of experience and passed a written exam are given the title of personal financial specialist. In general, the job title refers to a licensed professional who primarily provides financial planning services in any country. The majority of specialists work for accounting firms and consulting firms, though some experienced professionals work for themselves.
Financial experts are well-versed in the principles of saving money, making wise investments, and making long-term plans. They help individuals and families assess their current financial situations and set long- and short-term financial goals. Specialists calculate their clients’ net worth calculating their assets and liabilities, as well as speculating on how their situations might change in the future due to changes in income, retirement, and investments. Although a specialist may work with a client for a limited time to get his or her financial situation in order, most professionals keep the same client base for many years to adjust and maintain their plans as needed.
Many people cannot handle the details and paperwork involved in setting up retirement funds, savings accounts, investment portfolios, and final wills on their own. A personal financial specialist can take care of the majority of these responsibilities calculating how much money a client will need after retirement and determining the best way to distribute his or her assets. A personal financial specialist can also prepare and file a client’s tax returns to ensure the best possible result.
A bachelor’s degree in accounting is usually required of someone who wants to work as a personal financial specialist. A professional can become a Certified Personal Accountant (CPA) in the United States passing state and national exams. To become a personal financial specialist, a CPA must gain at least 3,000 hours of experience in personal finance, take continuing education courses, and pass an additional exam.
An accountant with several years of experience in the field has a lot of options for advancement. A CPA who excels at his or her job at an accounting firm may be able to advance to the position of senior consultant, working with the company’s most prestigious clients and overseeing the work of other professionals. Many personal financial advisors choose to open their own practices so that they can set their own hours and hire employees.