what’s your advice for the next president?
go to the survey to add your comments.
by rick telberg/at large
the financial crisis on wall street has led to an unprecedented government rescue effort and an uncertain economic outlook, leaving cpas deeply dismayed and concerned.
many cpas are dealing with nervous clients and more still expect a larger role for the cpa profession in personal financial planning as consumers flee to the safety of trusted advisors.
“the economy will get worse before it gets better,” according to a senior cpa executive at a large not-for-profit. his advice: “keep yourself nimble – seek cross training opportunities at work. cpas are viewed as more trustworthy source of information.” after suffering 20% to 30% declines, investors will increasingly turn to cpas for help.”
“these are times to be cautious, look for a few safe investments.” credit will be very tight,” warns a senior executive at a consulting firm. “this is a confluence of events.” the most troubling thing to me was the economy built on momentum, and the incredibly questionable credit approval practices. we had too many interest-only loans, with nothing down, thus fueling the market with buyers who should not have been there. couple this with a large debt position for the u.s., and we have a very bleak outlook for the next 2 to 4 years.”
“stay the course since there are many years ahead to recover from today’s decline in net worth,” says a solo-practice cpa. “pay close attention to what you hear and how you are going to vote for president. take the tv sound bites with a grain of salt.”
in a survey of 393 cpas from all walks of the profession, 62% report being “very concerned” by events and 34% “somewhat concerned.” only about 5% are “not at all” or “not very” concerned. the 卡塔尔世界杯常规比赛时间 survey has been collecting responses since the day of the lehman brothers bankruptcy and the aig intervention. it remains open, here.
tough as the outlook appears, 80% of cpas surveyed expect increased demand from clients and consumers for cpas to provide additional personal financial planning services.
according to one cpa who describes himself as “very concerned” by the market meltdown and predicts that over the next several years cpas and cpa firms will be “much more” involved in providing pfp services. as an educator, he also believes that cpas could find new and emerging roles in endowment planning.
cpa daniel r. nieland, managing partner of a local cpa firm, is already seeing it happening. “my client base is more and more seeking my advice regarding financial and retirement planning, in conjunction with tax planning,” nieland says.
of course, the cpa profession’s ability to be of service going forward will depend on the individual efforts of each and every professional. “it all depends,” notes don scholl, a legendary practice management consultant to the profession, “on the cpa’s willingness and ability to market their services to individuals who are currently not already their clients.”
but mike byers at gallovic granito cpas in mentor, ohio., asks, “who better to advise than their most trusted advisor?
tell the next president: what should he do? join the survey, add your comments.
comments: rants, raves, questions or ideas? contact rick telberg.
copyright 2008 卡塔尔世界杯常规比赛时间/bsg llc. all rights reserved. first published by the aicpa.