Fee only financial advisor, or CPA?

[Dixie]

I'm faced with a financial situation that has a variety of possible solutions. This situation isn't about saving money, it's more akin to spending money, taxes, and making sure I'm not doing something stupid

Who should I engage to assist me in determining the solution that's optional for me?

[schwarz633]

Originally Posted by Capt. Carrera

Who should I engage to assist me in determining the solution that's optional for me?

optional or optimal?

[Tidybuoy]

I would think that a good tax CPA would be the better choice with regards to tax strategies. A financial advisor may also have good advice regarding taxes but probably geared more towards retirement issues.

[The Synergizer]

Not enough information...

[wdfifteen]

Sounds like you are looking to know the tax implications of spending some money. If that’s the case you need a CPA.

[rfuerst911sc]

You're on this forum so you already are doing something stupid 😁 . All kidding aside sounds like a good CPA is what you need .

[Dixie]

Originally Posted by schwarz633

optional or optimal?

Autocorrect got me. You already know that. It's kinda like, "fank you for that reply." That's kinda like a big ol, "bless your heart."

[Dixie]

Originally Posted by rfuerst911sc

You're on this forum so you already are doing something stupid 😁 . All kidding aside sounds like a good CPA is what you need .

Thank you for your reply.

[GH85Carrera]

When we were setting up our business, and trying to figure out if we should be a S corp, LLC, or regular corporation, we used a CPA friend of mine. He does our corporate taxes now as well.

A financial advisor would be better if you are looking for investment advice for funds.

So for investment advise, a financial planner. For almost anything else, a CPA is the logical choice.

[jyl]

Financial planner = retirement, estate, tax, etc strategies. May sell insurance or annuities too. They usually want to manage your investments too, because that brings a monthly fee rather than a one-time or once/year fee for the actual planning work. Whether they know much about investment management or not. A "CFP" certification is for financial planners, "CFA" certification is for investment managers.

[pwd72s]

All skilled advice is great...but what should be at the top of your head is knowing that nobody cares more about your money than you.

[Chocaholic]

Any financial advisor that's worth their salt would have tax resources on staff. Because there's more to the equation than spending, I'd suggest a good fiduciary investment advisor with professional resources as part of the advisory team.

[LWJ]

I like lots of the above answers. But, it is a RARE accountant that can see outside of their blinders. I happen to know one, out of the 25+ CPA's I know. (I did like the Tax Accountant suggestion for a tax perspective.)

A financial advisor may be a good bet but again, to a hammer, everything is a nail. Meaning, they will most often suggest what they suggest to ALL clients. Fund X, or Stock Y or something. And, Fiduciary's are in the same boat, in my opinion. Again, I know more than a few of these people.

So what is the answer? Ask MULTIPLE people in different professions.

Because ultimately it is YOU who needs to feel good about your decision. And, Paul says it best. They really don't care. It is their job.

Good luck. I hope I didn't step on any toes.

[Dixie]

Originally Posted by LWJ

So what is the answer? Ask MULTIPLE people in different professions.
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Good luck. I hope I didn't step on any toes.

Thank you for your reply. I'm going to do exactly this. No toes stepped.

[flatbutt]

Originally Posted by Capt. Carrera

Thank you for your reply. I'm going to do exactly this. No toes stepped.

I use both. My financial advisor guides my investments, and my CPA advises me on how to handle the tax aspects. My FA is a salaried fiduciary, so she is not on commission.

[avi8torny]

Josh Scandlen from Heritage Wealth Planning. He’s on YouTube and lives near Atlanta. He is a flat fee tax planner and advises you on how you’re doing with your investments and will make recommendations. He lets you do the changes to your plan and charges $2500 for assets of more than 7 digits, $1250 for less than 1 Million. $500/yr thereafter and is at your disposal. He’s a retired Army Officer, Christian and a solid dude.
TD

[Tidybuoy]

Originally Posted by pwd72s

All skilled advice is great...but what should be at the top of your head is knowing that nobody cares more about your money than you.

Plus #1 on this