Almost everyone can benefit by seeking the help of a CPA when arranging their financial affairs. CPAs can assist with identifying objectives and investment strategies, retirement planning, budgeting, and tax and estate planning.

CPAs approach personal financial planning as a process of helping the client take financial control of his or her life. Money management is necessary to provide funds for a home, education, travel, and other activities, such as retirement. The CPA helps clients identify financially sound options to help them achieve their goals.

The process of financial planning may include collecting all financial data; calculating present net worth; analyzing income, expenses, and insurance coverage; projecting future income and expenses; identifying and prioritizing objectives; developing financial strategies for achieving those objectives; and updating the plan to review the goals and progress. CPAs tailor personal financial planning services to each client's particular needs.

CPAs frequently evaluate various tax-advantaged programs that may be of interest to their clients. The CPA can guide the client in evaluating the merits of a particular investment, including the tax consequences.

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Reprinted with permission of The Ohio Society of CPAs.