How Advisors Can Collaborate with CPAs

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Financial advisors can build their practice by networking with other financial professionals such as tax attorneys, life insurance practitioners, divorce mediators and others. At the top of that list of beneficial partnerships are certified public accountants.

Relationships with CPAs and other “centers of influence,” or COIs, are invaluable, not only as a source for new clients, but also as a resource for key strategies to retain assets. The partnership between a financial advisor and CPA is a natural fit because both roles involve an understanding of the flow of money, particularly in the retention of assets against excess taxation.

The U.S. tax code is more than 2,600 pages of statutory code, ballooning to as many as 70,000 pages as published by the CCH Standard Federal Tax Reporter, which also includes regulations and revenue rulings and annotated case law. Within this voluminous collection of pages is guidance that, in the hands of a skilled tax professional, can help a client avoid paying more tax than is required to meet their obligations. The client can benefit from this savings and use it to meet future goals such as retirement.