How to use and customize this presentation

1. How to use and customize this presentation • This student-oriented presentation is recommended for use in the classroom and at accounting organization meetings: • Look for [Tips] throughout the presentation that indicate opportunities to customize for your school. • Review “Notes” section for key message points to share. • Consider integrating additional content on personal financial planning basics by combining this with other sample presentations in the toolkit at aicpa.org/pfp/professor. Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

2. Personal FinancialPlanning Section Be in demand:Building a career as aCPA financial planner Tax • Estate • Retirement • Risk Management • Investments

3. About the PFP Section and PFS™ credential • The AICPA Personal Financial Planning (PFP) Section is the premier provider of information, tools, advocacy and guidance for CPAs who specialize in providing estate, tax, retirement, risk management and/or investment planning advice to individuals, families and business owners. (Learn more at aicpa.org/PFP.) • The Personal Financial Specialist (PFS) program allows CPAs to gain and demonstrate competence and confidence in providing estate, tax, retirement, risk management and/or investment planning advice to individuals, families and business owners through experience, education, examination and the resulting PFS credential. (Learn more at aicpa.org/PFS.) Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

4. Is PFP right for you? Good with numbers? Enjoy interacting with people? Like to have a positive impact on others? Want a career that is personally and professionally rewarding, intellectually challenging, well-respected by the CPA profession and provides work-life balance? Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

5. BeleciaCespedes – 17 year-old CPA Click to play

6. What is personal financial planning? • Tax • Risk management • Estate $ • Investments • Retirement Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

7. [Tip: Consider inserting additional content here on personal financial planning basics by combining this with other sample presentations in the toolkit at aicpa.org/pfp/professor.] Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

8. Why PFP?

9. CPA personal financial planners They are in high demand. Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

10. Growing demand for financial planning services to individuals Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

11. Trends • Tax compliance— a commodity • Integratedplanning Investment management— a commodity? • Consumers seeking objective advice(fiduciary approach) Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

12. Tax practice of the future • Tax preparation is becoming a commodity • Importance of tax planning in light of ATRA and NIIT • Resources: • Updated Tax to PFP checklist • Personal Finance Report Card • Personal Financial Outlook • Find these resources at aicpa.org/pfp/pathway • Planning Post-ATRA and NIIT • Find this toolkit at aicpa.org/pfp/proactiveplanning Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

13. AICPA PFP standards • CPAs are part of a regulated profession • AICPA Code of Professional Conduct: • Competency • Objectivity • Integrity • Disclosures of potential conflicts • Privacy and confidentiality • Why AICPA PFP standards? • Provides clarity on how to apply CPA professional responsibilities to personal financial planning • Protects clients and firms • Learn more at aicpa.org/pfp/standards. Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

14. Next generation CPA financial planners • University • Seasoned CPA financial planner • Young adviser Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

15. What do younger CPAs want professionally? • Less compliance/routine work • More future-oriented and value-driven work such as: • Financial planning • Strategic planning • Profit-improvement planning • Benchmarking • Key performance indicator (KPI) monitoring • 2020 Survey, Chris Frederiksen, CPA/PFS, Chairman 2020 Group Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

16. PFP is a good match for this generation • Personally and professionally rewarding* • Helping clients/having a positive impact • Intellectually challenging • Financial benefits • Flexibility and control in work environment • Respect from the CPA profession • 11% higher than average total compensation among CPA/PFS credential holders than that of CPAs without the specialty credential† *2013 AICPA PFP Career Path Survey †Findings from a group of seasoned CPAs who responded to the 2013 AICPA Compensation Survey Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

17. CPA Personal Financial Specialist • Represents 125-year old established, trusted and regulated profession • Demonstrates expertise through training, experience, testing, education, and integration of core areas of PFP • Distinguishes from other financial planners with emphasis on integration of tax planning and client centered approach • Enhances image as a trustworthy adviser to your financial planning clients with the AICPA’s Professional Code of Conduct and Statement on Standards in PFP Services • Integrity • Competence • Objectivity • Due care Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

18. CPA Personal Financial Specialist One 75 Hours 2 Years ComprehensivePFS exam or PFP certificate program PFP-related education in the last five years of full-time PFP-related experience (3,000 hours; 1,000 hours can be in tax compliance) Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

19. PFP career paths

20. Paving a PFP career path • Unlike public accounting firms, personal financial planning firms come in all shapes, sizes and areas of specialization • Determine strengths and passion • Find the firm that most closely matches strengths/passion or … • There’s always the entrepreneurial path Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

21. Where to find jobs as a CPA financial planner • CPA firm offering both financial planning and traditional CPA services (tax compliance, audit, etc.) • CPA firm with separately owned RIA/wealth management firm • CPA firm affiliated with RIA or broker-dealer • Financial planning/wealth management firm • Family office • Bank or wire house • Law firm Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

22. There’s no “right” path, but nowadaysit’s possible to take a straight path to PFP Real-life pathways Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

23. A PFP program for accounting students

24. Why PFP for accounting students? • Satisfy accounting hours needed to meet the CPA education requirement • Provide students with opportunity to work toward multiple credentials efficiently and cost-effectively • Students can take the PFS Exam while in school for FREE. Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

25. PFP program geared toward accounting students • Masters-level 3.0 credit hour “Essentials in Personal Financial Planning Course” • In-depth courses that cover PFP body of knowledge that align with thePFS exam • PFP Boot Camp Review Class to prepare for PFS exam • Marketing toolkit • [Tip: Customize this section with PFP courses available in estate, tax, investment, risk management/insurance and retirement at your university and where students can find more information about the program.] Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

26. Turnkey university program from AICPA • Textbook • Sample syllabus • Instructor teaching guide • PowerPoints • Test bank (NASBA compliant) • Marketing toolkit • PFP Section member resources for students • PFP model curriculum Available through Wiley for students and professors. Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

27. AICPA PFP Section resources Access resources on the latest planning strategies and trends in personal financial planning services. Visit aicpa.org/pfp/resources. Estate Tax Retirement Investment Insurance &Risk Management $ Legislative/Regulatory ProfessionalResponsibilities ConsumerContent Practice Management Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax

28. For professors and students • To access PFP Section member benefits on a trial basis, visit aicpa.org/PFP and use the following login: • Username: MSCguest@aicpa.org • Password: Welcome1 • Attend the AICPA Advanced PFP Conference at deeply discounted pricing. • Sign up for our weekly PFP News. • Contact the PFP team at financialplanning@aicpa.org. Personal Financial Planning: Estate | Retirement | Risk Management | Investments | Insurance | Tax