For decades, CPAs have been the guardians of financial accuracy, focusing on tax returns and audits, but the landscape of financial planning is undergoing a profound transformation. CPAs are redefining their roles from traditional tax compliance experts to holistic financial advisers because clients’ needs are expanding beyond just tax. This evolution was the central theme of a recent episode of the AICPA Personal Financial Planning podcast, featuring seasoned CPA financial planner Jimmy Williams.
Clients want clarity, strategy, and guidance to assist with life’s big financial decisions. CPAs can rise to this challenge and shift their offerings to include personal financial planning (PFP) services and drive overall client value.
“It is important to have great tax planning. It is important to have great financial statements,” said Williams, CPA/PFS. “But what you need to look at when moving to financial planning is, ‘What can I really do to add greater value to this process of people achieving their goals and dreams?’”
How CPAs can embrace financial planning
This isn’t a career change, but a career shift, stressed Williams, and it requires adding more tools to the proverbial toolbox. Competence, integrity, and adaptability are foundational to thriving in financial planning.
To be successful as a CPA financial planner, you should adopt a comprehensive approach when working with clients, Williams suggests. “You need to understand the entire process of how [financial planning] works from gathering data to establishing a plan for a client … and monitoring that plan,” said Williams.
Rather than thinking of this as a career change, reframe to consider it a career shift, recommended Williams. His best advice is to gain experience, seek mentorship opportunities, and lean into the evolution of the profession.
For CPAs considering a move into financial planning, Williams emphasized the importance of passion, education, and networking. He recommended continuing professional development through education and leveraging resources from the AICPA, such as earning the Personal Financial Specialist (PFS) credential. Conferences like the AICPA Personal Financial Planning Symposium offer unique opportunities for professionals to learn from experts, explore the latest trends, and dive deep into practice management and technical skills.
Driving value through technology advancements
Williams notes that technological advances, such as artificial intelligence (AI) and data analytics, are further changing the profession. This boom in technology is no different than the shift several years ago toward data aggregation and software development, said Williams. Accountants embraced those technologies and can now integrate AI into their portfolios.
“The advances in evolution in our demanded services from the marketplace are even faster than we imagined,” said Williams. “We have before us an evolution in the CPA profession where we can really bring more value.”
AI or automation will not be replacing accountants. Human intervention will always be needed — the judgement, experience, and integrity of CPAs cannot be replicated by technology.
The key is to think forward, embrace change, and continually build competence. Throughout this technological shift, CPAs can adopt a client-first mindset that prioritizes value and trust.
“We are looking at the continuance of more forward thinking, more prospective services being provided to our clients … we can get ahead of this wave,” said Williams.
Building value through education and client trust
If technological advances continue to unlock and add new client services, an investment in professional and personal development becomes essential for staying competitive and driving value. That commitment to growth isn’t just about technology — it’s about expanding your role as a trusted adviser, especially in areas like personal financial planning where tax expertise is critical.
As a CPA, you are uniquely positioned to guide clients through complex financial landscapes.
Embracing personal financial planning, investing in your education, and participating in events like the PFP Symposium open doors to broaden advisory opportunities.
Let the PFP Symposium, January 21-23 in San Diego, be the catalyst to your career shift into CPA financial planning. Experts will be leading sessions on the intersection of AI, empathy, and human advice, as well as estate planning, the psychology of investing, emotional intelligence, and more in-demand topics.
Listen to the full podcast episode and explore more personal financial planning resources.