| Accountant or Financial Advisor? |
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kellen2811
Member
Cash: $ 3.05
Posts: 14
Joined: 06 Aug 2009
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| Accountant or Financial Advisor? |
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Which one do I need? What are there differences and which do you prefer or recommend? In my current situation I use a H&R Block. Although I think my financial situation has become more complex then I trust these people with. I have a 401k and know little to nothing about the stock market. Although I am very well versed on money managment and beggining to understand tax law more. Im 24 make over 6 figures and the taxes pile up. I increased my yearly salary by about 15 thousand this year and wish to continue this trend of building more and more each year. For these types of decisions which would I want? Thank you
Kellen
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Sun Dec 27, 2009 6:33 am |
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coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
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| Re: Accountant or Financial Advisor? |
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quote:
Originally posted by kellen2811
.... my financial situation has become more complex then I trust these people with...
I think you answered yourself there, Kellen. 
These people may be competent at doing your taxes, but a tax preparer can not, should not, and hopefully will not advise you on your total financial well-being.
I suggest a fee-for-service financial adviser. Look for someone who has credentials in this area: CFP and CFA are the usual designations. Here's more about it:
http://www.sec.gov/investor/pubs/invadvisers.htm
Ask other people you know who they use and recommend.
I give me my own advice, so I'm not the best to tell you how to find the one that's best for you. Hopefully some other members will give you some pointers.
Best wishes and good luck.
~Tim~
Eye Candy : Why Whimsy
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Sun Dec 27, 2009 6:48 am |
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Raptor
Full Member
Cash: $ 14.50
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Joined: 15 Nov 2009
Location: Missouri
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Agreed, I used H&R once and realized they were just temp hires off the street for the tax season, they only have basic knowledge. Seek out a tax accountant. I actually interviewed a couple before I decided which one to go with. They kind of looked at me strange when I asked them to tell me about their experiences and why I should choose them to be my accountant. However I got the info I needed to make a decision on which I can trust with my taxes. Some tax preparers just plug number and don't have a clue why the numbers are to be there, they are only interested in collecting money from you, sounds like H&R. A good indicator that the tax account is not so great is if they offer some type of refund on the spot (loan program). This indicates that most of their clients get refunds. Find an accountant that most of their clients owe money each year; it indicates that they have higher end clients.
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Mon Dec 28, 2009 11:31 pm |
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coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
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Thanks, Raptor.....some good tips there. 
~Tim~
Eye Candy : Why Whimsy
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Tue Dec 29, 2009 4:41 am |
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motoxxx
Contributing Member
Cash: $ 8.00
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Joined: 21 Nov 2009
Location: Washington
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Another thing you may want to consider is the industry you work in. I worked in the music industry for a very long time and my accountant was a music industry specialist. She has saved me a gazillion dollars in taxes by knowing what types of write offs applied to my industry. If you are self employed, look for an accountant that deals mostly with small business people for the same reason. Places like H&R Block will not have the expertise to give you the best help.
When you find good people, do whatever you can to keep them. My accountant is one person I have had in my professional life that I do not know what I would do with out. Now my lawyer, that is another matter entirely! 
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Tue Jan 05, 2010 8:41 am |
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kellen2811
Member
Cash: $ 3.05
Posts: 14
Joined: 06 Aug 2009
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How about doing your taxes yourself? Recommended? Also any good books about tax law that I can read to be more proficient?
Thanks
Kellen
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Wed Jan 06, 2010 3:54 pm |
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coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
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There's no reason you can't do your own taxes if you're an average worker bee. If you're owning and running your own business, or if you're a rich slob living off your inheritance, then maybe you need a tax guy. Oops....tax person. 
Seriously, as I've advised many times, get TurboTax or one of the other major tax prep applications. Just doing your taxes with one of those helps you to learn it.
~Tim~
Eye Candy : Why Whimsy
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Thu Jan 07, 2010 6:41 am |
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moon ok
First Time Poster
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Joined: 07 Jan 2010
Location: malaysia
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| financial market, capital market, foreign exchange market |
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analyze the trends for the markets( financial market, capital market, foreign exchange market) and explain how one market has affected the other two for the past 3 years.
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Thu Jan 07, 2010 1:35 pm |
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coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
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| Re: financial market, capital market, foreign exchange marke |
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quote:
Originally posted by moon ok
analyze the trends for the markets( financial market, capital market, foreign exchange market) and explain how one market has affected the other two for the past 3 years.
Please explain how this post has anything to do with the topic.
~Tim~
Eye Candy : Why Whimsy
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Thu Jan 07, 2010 5:01 pm |
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jefffou
New Member
Cash: $ 1.00
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Joined: 16 Jan 2010
Location: Arkansas
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I happen to be licensed on each side....as a CPA and a Financial Advisor.
These two functions, as stated by some, are not the same at all. In fact, the functions seldom cross the path of the other.
As an employed individual (versus a business owner), as per your post, you most likely have few tax opportunities beyond the normal deductions. This is generally true even with a six-figure income. So, even a good CPA may not be able to offer you much in the way of tax savings.
However, a good Financial Planner/Advisor has some skills that may help you quite a bit. Investment advice, Life Insurance Planning, a bit of tax planning, Education Planning are some areas that come to mind.
So, that would be my focus if I were you (knowing you only by your post, of course).
Jeff Fountain
Mutual Fund Advice
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Sat Jan 16, 2010 5:32 am |
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myinvestmentinsight
New Member
Cash: $ 1.20
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Joined: 13 Sep 2011
Location: Massapequa, NY
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I believe you will need both of these professionals in some type of capacity.
A financial planner/investment advisor will help you create a financial roadmap for the future. This includes insurance, investment, education, and other similar needs.
An accountant will work in conjunction with your advisor to meet those needs.
But, at the very least, get rid of H&R block. I've only had bad experiences with them. A private accountant is not that much more expensive, and will provide a much better service.
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Wed Sep 14, 2011 6:31 pm |
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davidcosell
Contributing Member
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Location: helena
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Before you can even begin to seek out a professional, you have to understand what it is you want out of a financial planner. Do you need comprehensive planning advice? Do you just need a retirement portfolio review? Are you dealing with business planning issues?
Different planners have different areas of expertise, so it is very important that you find someone who can address your specific situation. When you are armed with some basic information surrounding your specific needs, you can narrow the choices down without having to sift through dozens of prospects.
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Wed Sep 14, 2011 7:11 pm |
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