CPA Opportunities in Wealth Management

Vince Pallitto is a CPA in Florham Park, N.J., who's expanded his business to offer wealth-management services to his clients. He told Myra Thomas:

The reason I originally got into financial planning was because of the years of poor financial advice that others gave my tax clients. CPAs are the best people to handle investment planning for individuals. I don't know how you can give investment advice without understanding the tax implications. Tax preparation is a reactive approach. Tax consulting is a different story, as it's more proactive.

Honestly, tax practices are dwindling. Younger generations are more computer savvy, and they are more willing to prepare their returns on their own with retail software packages. The IRS is moving to having people file online. If you're relying purely on tax prep for your income, then moving into financial planning is a good move.

You can see their entire conversation on jobsinthemoney.com.

In N.J.: CPA Clients Seek Wealth Management Advice [JITM]