Need Better Financial Advice? Here’s Why a Personal Financial Specialist Is Key in 2025
Qualifications and Responsibilities of a Personal Financial Specialist
Rigorous Certification Requirements
To earn the prestigious PFS designation, a CPA must:
- Hold a valid and unrevoked CPA license issued by a state authority
- Maintain an active membership in the AICPA
- Complete at least two years of full-time professional experience in personal financial planning
- Earn a minimum of 75 hours of specialized continuing professional education in personal financial planning within five years
- Pass the comprehensive PFS examination (or have already earned the CFP® or ChFC® designation)
- Adhere to the AICPA Code of Professional Conduct and Statement on Standards in Personal Financial Planning Services
- Complete 60 hours of continuing education every three years to maintain certification
Core Responsibilities
A qualified PFS provides a range of valuable services:
- Financial Assessment: Analyzing your current financial situation, identifying strengths, weaknesses, opportunities, and threats
- Goal Setting: Helping define your short-term and long-term financial objectives
- Comprehensive Planning: Developing customized strategies for:
- Cash flow optimization
- Debt management
- Risk mitigation
- Investment allocation
- Retirement funding
- Estate preservation
- Tax efficiency
- Education planning
- Implementation: Selecting appropriate financial products and services aligned with your plan
- Ongoing Monitoring: Regularly reviewing progress and adjusting strategies as needed
- Education and Communication: Providing financial literacy and clear explanations of complex concepts
