Why CPAs Misfire in Personal Financial Planning: Certified Public Accountant

According to Richard Thaler, winner of a Nobel Prize in Economics for his work in behavioral finance, "A choice architect has the responsibility for organizing the context in which people make decisions." CPAs who venture into personal financial planning will need to be prepared to explain why the conversation your client overheard at the country club is not sound financial advice. Whether it be the rise of low-cost providers like Vanguard, increased attention in the financial media, or the Dunning-Kruger Effect, there is a much lower barrier to entry on perceived expertise in personal financial planning than in other finance disciplines.