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Understanding and Applying the Statement on Standards in PFP Services
 

Understanding and Applying the Statement on Standards in PFP Services

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Over the past three decades CPAs have expanded the planning advice they provide to individuals and families as it relates to such areas as estate, retirement, risk management and investment planning. ...

Over the past three decades CPAs have expanded the planning advice they provide to individuals and families as it relates to such areas as estate, retirement, risk management and investment planning. To adapt to a rapidly evolving profession and regulatory landscape and in addition to the already existing regulatory framework for CPAs, the AICPA is promulgating the Statement on Standards in Personal Financial Planning Services to protect the public and our members. In this podcast, Clark Blackman and Dirk Edwards lead you through a discussion on the nature and objective of the SSPFPS; when and to whom it applies; an overview of the requirements; how the standard will help elevate your practice; and the timeline for issuance and resources.

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    Understanding and Applying the Statement on Standards in PFP Services Understanding and Applying the Statement on Standards in PFP Services Presentation Transcript

    • Understanding and Applying the Statement on Standards in Personal Financial Planning Services Presented by: Clark M. Blackman II, MA, CFA, CPA/PFS, CIMA, CFP, AIF Dirk Edwards, CPA/PFS, JD, MBA Andrea Millar, CPA/PFS Sarah G. Bradley, CPA
    • Introduction About the PFP Section & CPA/PFS Credential • The AICPA PFP Section provides information, resources, advocacy and guidance for CPAs who specialize in providing estate, tax, retirement, risk management and investment planning advice to individuals and their closely held entities (learn more at aicpa.org/PFP) • The CPA/Personal Financial Specialist (CPA/PFS) credential distinguishes CPAs as subject-matter experts who have demonstrated their financial planning knowledge through experience, education and testing (learn more at aicpa.org/PFS) American Institute of CPAs® Personal Financial Planning Section 2
    • Introduction Clark M. Blackman II, MA, CFA, CPA/PFS, CIMA, CFP, AIF Alpha Wealth Strategies Past chair, Responsibilities in PFP Services Task Force Past chair and vice-chair, PFP Executive Committee Chair, PFP Fiduciary Task Force Member, PFP Leg/Reg Task Force Journal of Accountancy Editorial Adviser Dirk Edwards, CPA/PFS, JD, MBA Edwards Consulting, LLC Chair, Responsibilities in PFP Services Task Force Past chair and vice-chair, PFP Executive Committee Past member, National Accreditation Commission (NAC) American Institute of CPAs® Personal Financial Planning Section 3
    • What We’ll Cover Pathway to standards Objective of the Statement on Standards in Personal Financial Planning Services (SSPFPS or the statement) Overview of requirements Why you should care Applicability: covered persons and services Compliance toolkit More information & resources American Institute of CPAs® Personal Financial Planning Section 4
    • Pathway to Standards December 2013/ January 2014* Summer 2013 2012 1992-1996 1986 PFP Division created and PFP Executive Committee formed PFP EC adopts Statements on Responsibilities in PFP Practice PFP EC granted standard-setting authority Comment period for exposure draft of proposed SSPFPS PFP EC adopts and issues SSPFPS July 1, 2014* SSPFPS becomes effective *Expected dates American Institute of CPAs® Personal Financial Planning Section 5
    • Foundation of the Statement Build on the AICPA’s Code of Professional Conduct • • • • • Professional responsibilities Serving the public interest Integrity Objectivity and independence Due care Overview of the requirements • General professional responsibilities and specific responsibilities for PFP engagements • Planning the engagement • Obtaining and analyzing information • Developing and communicating recommendations • Implementation, monitoring and updating engagements • Working with and using the advice of other service providers American Institute of CPAs® Personal Financial Planning Section 6
    • The Objective of the Statement is to… Provide authoritative guidance Establish enforceable standards to assist members in fulfilling their professional responsibility. American Institute of CPAs® Personal Financial Planning Section 7
    • Why You Should Care Protect your clients’ interests Access a framework for delivering PFP services Understand the parameters of your professional responsibilities in PFP Elevate your PFP practice American Institute of CPAs® Personal Financial Planning Section 8
    • PFP Services PFP is the process of identifying personal financial goals and resources, designing financial strategies, and making personalized recommendations (whether written or oral) that, when implemented, assist the client in achieving these goals. This process may include implementation of recommendations or monitoring or updating the engagement. PFP services encompass one or more of the following activities: • Cash flow planning • Risk management/insurance planning • Retirement planning • Investment planning • Estate/gift/wealth transfer planning • Elder planning • Charitable planning • Education planning • Tax planning American Institute of CPAs® Personal Financial Planning Section 9
    • When Does the AICPA Statement on Standards in Personal Financial Planning Services Apply to a Member? American Institute of CPAs® Personal Financial Planning Section 10
    • Resources & Where to Find More Information Standards in PFP Services: Compliance Toolkit* • • • • • Checklists Engagement letter templates Whitepapers Frequently Asked Questions and more! aicpa.org/sspfps Please direct inquiries to the PFP Division staff at financialplanning@aicpa.org. *Will be available by mid-January for free for PFP/PFS members; will be available for purchase to AICPA members and non-members. American Institute of CPAs® Personal Financial Planning Section 11
    • Upcoming Webcasts & Conferences Save the dates for in-depth webcasts* on SSPFPS: • • • • • Understanding the Requirements of SSPFPS (January 29, 1-2p.m. ET) Practical Applications: Using the Compliance Toolkit (February 5, 1-2p.m. ET) Leveraging SSPFPS to Elevate Your Practice (February 12, 1-2p.m. ET) Rebroadcasts will be available after April 15, 2014. Registration information will be posted at www.aicpa.org/pfp under CPE & Events when available. Upcoming conferences where SSPFPS is on the agenda • • • • • • AICPA Advanced PFP Conference** January 19-22 at the Aria, Las Vegas AICPA Conference on Tax Strategies for the High-Income Individual** May 19-20, 2014 at the Aria, Las Vegas AICPA Practitioners Symposium and Tech+ Conference June 9-11, 2014 at the Aria, Las Vegas AICPA Advanced Estate Planning Conference** July 21-23, 2014 at Swisshotel, Chicago AICPA Sophisticated Tax Planning for Your Wealthy Clients** November 2014 (Date/Location TBD) Various CPA associations and state societies *Archives for PFP/PFS members will be available at aicpa.org/pfp/webseminars. **PFP/PFS and Tax Section members receive additional discounts on the early-bird and AICPA member price. American Institute of CPAs® Personal Financial Planning Section 12