What do you look for in an accountant?

[liamsmom]

I want help with figuring out our long term finances--retirement funds, college for the kids. I was thinking I could find someone to do our 2011 taxes and then (probably in a second appointment) consult with the rest. Aside from investment advice, I want to review DH's 401K, roll my 403b into an IRA, set up a savings and/or 529 for DS and future children.

And what other questions should I be asking?

[Giantbear]

I generally look in the mirror ;)

You are looking for two distinct things, and having an accountant do both may not be the way to go. There are accountants with their CFA, but i do not like cross selling like that, if i am advising my clients on investments, who will they go to to see if i am giving them good advice, What i suggest is getting a good cpa to help with your tax preparation and an overall strategy, and then find a good broker to work with opening accounts and the detailed investment strategy. I do this for many of my clients. That way you have your cpa watching your broker to ensure they are following your investment plan and taking into account your riske level

[liamsmom]

Thank you. That makes a lot of sense. I was hoping for a one-stop shopping sort of service, but it makes total sense that one person managing all of my money might not be in my best interest.

[squimp]

I agree - we have a CPA who does our taxes for $80-100 per year, and then we work with an investment company for mutual funds and consolidating IRAs and stuff. The CPA can give you advice on how to structure things from a tax standpoint, like the max tax deductions for your 529 and stuff like that.

[BabyBearsMom]

I generally look in the mirror ;)

You are looking for two distinct things, and having an accountant do both may not be the way to go. There are accountants with their CFA, but i do not like cross selling like that, if i am advising my clients on investments, who will they go to to see if i am giving them good advice, What i suggest is getting a good cpa to help with your tax preparation and an overall strategy, and then find a good broker to work with opening accounts and the detailed investment strategy. I do this for many of my clients. That way you have your cpa watching your broker to ensure they are following your investment plan and taking into account your riske level

ITA with Giantbear. I'm also a CPA and I think having a CPA and a separate CFA is a way to protect yourself.

To find a CPA contact your state board of accountancy or state society of CPAs. They can help you find service providers who meet your needs.

[Giantbear]

your state society can give you a licensed cpa, but i prefer word of mouth recommendations for professionals. Ask around who is happy with their cpa and what their cpa does for them.

[veronica]

I generally look in the mirror ;)

You are looking for two distinct things, and having an accountant do both may not be the way to go. There are accountants with their CFA, but i do not like cross selling like that, if i am advising my clients on investments, who will they go to to see if i am giving them good advice, What i suggest is getting a good cpa to help with your tax preparation and an overall strategy, and then find a good broker to work with opening accounts and the detailed investment strategy. I do this for many of my clients. That way you have your cpa watching your broker to ensure they are following your investment plan and taking into account your riske level


ITA with Giantbear. I'm also a CPA and I think having a CPA and a separate CFA is a way to protect yourself.

To find a CPA contact your state board of accountancy or state society of CPAs. They can help you find service providers who meet your needs.


I've got the same mirror:wavey:

[kozachka]

I look for someone who can not only prepare my tax return by filling out forms but also help me maximize deductions and provide value added advice. We also need an accountant who can take care of tax returns for DH's business and understands ins and outs of foreign earned income. Last but not least, I need to have peace of mind that my accountant will have my back in case of an audit, so I want someone experienced, reasonably aggressive but also capable of pushing back at DH and I if we want to get too creative. Personality fit is also a consideration.

What kind of accountant is a good fit for you depends on the complexity of your situation, too.