Is a financial advisor better than an accountant?

If you have wondered whether a financial advisor or an accountant is best for your financial planning needs, this will steer you in the right direction. Although their functions overlap in some areas, they play quite different roles. Financial advisors offer investment advice and create financial plans, while accountants focus on tax advice.

What is the difference between a CPA and a financial advisor?

A certified public accountants (CPA) can help you minimize taxes, while a financial advisor can help you grow your wealth. A CPA is one type of financial advisor who focuses on tax issues and proper accounting procedures. There are other professional designations for financial advisors depending on their specialty.

What does a financial advisor do?

Financial advisors may be consultants, CFPs or investment managers, among other distinctions. Depending on their expertise, they can help with a wide range of financial decisions, including retirement planning and budgeting, coaching and sometimes tax planning related to specific investments. Accountants often only provide tax advice.