Often, when a client goes to a CPA, they want to find out what is the best financial product available. Sadly, the CPA's are faced with the client relying on them for advice without any real financial expertise and what products to select, says Gerald Simon, financial advisor with Simon and Simon in Covington, Louisiana. Simon considers his firms experts in financial services, products, companies and all the nuances that are important in selecting the best investment for their clients.
Simon says a CPA shouldn't have anything to do with financial products. Their goal is to advise the client on the tax effect on the investments they're making, not to give financial advice. A client often thinks that because they have a certificate, they know something about financial products but Simon warms they don't.
At Simon and Simon, they insist upon that every CPA they do business with is licensed with the various regulatory agencies that are appropriate.
According to Simon, a client benefits from having two experts. One for taxes and the other on financial products and the effects on the choice of the financial product to meet their particular goals and objectives.
At Simon and Simon, they sit with the CPA and the client and consider federal and state taxes and what financial products meet the objectives of the client. "Consultation with the client is the most important thing," says Simon.