is a financial planner/advisor the same as an accountant? I have a commission job and make 200k-300k per yr.

Question

do i need accountant and financial planner. do they perform different tasks?

Answer 1

An accountant tells you where your $$ is and went...A planner tells you where it SHOULD go for the best financial outcome.


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Answer 2

Be wary of someone claiming to be a financial planner. Make sure they have some sort of designation, preferably a few licenses like series 6, etc.

A CPA of the other hand, has to undergo testing, experience and usually have a college degree. They typically know quite a bit about tax and they are a good source for tax planning.

The ideal is to have someone who is both a CPA and a financial planner, or use a firm with both available.

Answer 3

No, they are not the same at all! But rather than listening to others on how you should invest your money, you should learn about it so you can do it yourself. After all, you can trust yourself with your money a whole lot more than you can other people! Nobody cares about your finances more than you do, so at least buy some introductory books on the subject. Suze Orman has a lot of good advice; and even though she is a financial planner, she always counsels people to manage their *own* money!

For example, look at all of the wealthy celebrities who end up with nothing. Their "financial" people steal it all and they don't even know it until it's too late. Learn the basics, if nothing else.

Answer 4

A Certified Financial Planner (CFP) is a licensed professional which specializes in financial planning and advising. A Certified Public Accountant (CPA) is also a licensed professional who specializes in financial and tax accounting. Some CPA's are also CFPs. There are also financial planners and accountants, who are not certified, who hold themselves out as being a planner and an accountant, however I would pay a little more for a CFP/CPA since they are regulated.

Answer 5

They somehow do different tasks.In short,
Financial planners help you to manage your money by assisting you to invest your money. For example, a financial planner may tell you when to open a retirement account, how much and how often to put into the account.
Accountants tell you how much money you have and which areas (eg. expenses, assets, etc) you need to work on.

Both of them do different tasks to save your money and/or make money..

If you need help with investing your money, a financial planner will be better off. If you need someone to show you your income sheet (anything from revenues to expenses), balance sheet ( from assets to liability to equity), cash flow, etc, you need an accountant.

Answer 6

No an accountant (CPA) is generally an independent adviser who only sells advice and prepares financial statements and tax returns.
A financial planner is not independent because their advice leads to you buying something they sell.
I would keep them separate so that you have someone that is independent and willing to give you unbiased advice on what the broker/ insurance agent planner is advising.

Answer 7

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