The American Institute of CPAs has issued additional guidance for CPAs who offer personal financial planning services, issuing practice standards that apply the AICPA's code of professional conduct to the PFP arena.
The standards build on the AICPA's existing oversight of CPAs whose clients are seeking advice on more topics. The AICPA Statement on Standards in Personal Financial Planning Services covers all aspects of the planning process, including obtaining information and communicating and implementing recommendations. The enforceable standards require complete transparency on factors such as compensation and potential conflicts that could influence client decision making and must be followed by all AICPA members who do financial planning.
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