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LEARNING RESOURCE

Advanced Personal Financial Planning
an emphasis on working with clients who receive
compensation via stock, and that’s by design. June 6–8, Las Vegas
To find a niche, he recommends that firms look This portion of the ENGAGE 2022 event focuses
at their clients to see whether they share any on pertinent topics to help you help clients make
important financial decisions.
common factors. If your firm isn’t focused on any
niches, he said, identify areas “that a few [staff] CONFERENCE
folks have some curiosity about” and which “make
sense from a business standpoint. Then go all For more information or to make a purchase, go to aicpa.org/cpe-learning
in.” Learn as much as you can about your chosen or call the Institute at 888-777-7077.
specialty, whether that requires research, joining
organizations or associations, networking, or other
means, he said.
Edwards chose to scale down his practice
after reassessing his priorities. He used to operate Personal Financial Planning Section
bicoastal offices before realizing his passion was Navigating personal finance decisions is more complex than ever. Your
working directly with clients. He now works with position as a trusted adviser in tax, retirement, estate, risk management,
one partner and a variety of subcontractors. They and investment planning is critical to helping clients prepare for the
future. Here’s everything you need to know to serve as their primary
meet regularly to discuss issues such as software,
point of contact.
changes in the marketplace, and developments
with clients, he said. The process of scaling down
happened over time, Edwards said, and it required
“laser focus” on what the firm would — and
wouldn’t — do. and changes to work habits wrought by the
At the same time, Edwards said, he has been pandemic, it’s more critical than ever to consider
surprised by the number of new clients who’ve your firm’s culture, Goodman said. “I think we
reached out to his firm amid the pandemic, which sometimes focus on the mathematical and
he credits in part to the reputation and positive business-type stuff and leave out some of these
relationships the firm has with existing clients. soft concepts. When we all went to work from
“It has reinforced for me the incredible positive home, our culture was impacted. We had to figure
impact that we can have on people’s lives,” he said. out how to maintain and evolve it,” he said.
If your plans include growth, don’t wait too He recommends talking about your culture
long to hire staff, Benson advised — a misstep he’s frequently to find out exactly what your employees
made in the past. He used to delay hiring because are looking for — even if it’s expensive and time-
he worried the firm wouldn’t be able to keep new consuming to provide. “We have emphasized our
staff members busy all year, but he has learned it’s culture by placing the team at the top of the firm’s
good to have some slack in the system. In the past, focus,” he said, even prioritizing it above clients
“we’ve had to turn clients down because we didn’t and shareholders.
have capacity to help them,” he said. That can slow
growth for firms that aim to expand, he said. PROVIDE OPPORTUNITIES FOR LEARNING
Benson’s firm is also concentrating on suc- With the rapid pace of change occurring in tech-
cession. The firm was founded by his father, Lyle nology and in the accounting space it’s imperative
Benson, more than 30 years ago. Chris Benson for CPA financial planners to keep learning, said
recently turned 40, and — while he has many Manny Glazier, CPA/ABV/CFF, CGMA, of
years until retirement and his dad is still working Manny Glazier PC in the Detroit area. Clients of
— he’s already considering who might take up the all ages are coming in with different needs, he said,
mantle after him. “We want our clients to be taken and with more financial planning knowledge, in-
care of, and clients have said they appreciate the tensifying the need for planners to stay up to date.
continuity,” he said. Glazier, who is pursuing the PFS credential, said
many clients are bringing specific questions and
EXAMINE YOUR FIRM’S CULTURE seeking different kinds of help compared to the
Research shows burnout has contributed to the clients he worked with early in his career, many of
high turnover rate facing America’s professional whom had plans to retire with no debt and live off
class. With the current competitive labor market a pension and Social Security, as was common in

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