Podcast Summary: Advancing CPA Financial Planning – Insights from Leaders Brooke Salvini and Oscar Vives

Podcast: AICPA Personal Financial Planning (PFP)
Hosts/Speakers: Kerry Sinnett (Host), Brooke Salvini (Chair, PFP Executive Committee), Oscar Vives (Chair, PFS Credential Committee)
Episode Date: January 29, 2025

Episode Overview

This episode features a conversation with Brooke Salvini and Oscar Vives, two influential leaders in the CPA financial planning space. The discussion centers on recent and upcoming developments in CPA financial planning, including significant changes to the CPA Exam, evolution of the PFS (Personal Financial Specialist) credential, technological advancements, and the future of the profession. The episode aims to provide both strategic vision and practical insights for CPAs and financial planners considering deeper involvement in personal financial planning.

Key Discussion Points & Insights

1. Leaders’ Backgrounds and Roles

• Brooke Salvini
  • Chair of the Executive Committee for Personal Financial Planning, term ending May 2025.
  • Reflected on the growth and dynamism of the PFP section during her tenure.
• Oscar Vives
  • CPA financial planner, recently transitioned from PNC Bank to Sensible Money (2024).
  • Chair of PFS Credential Committee, with six years on the committee.

Quote:
"I've been the chair...for the last three years. My term will be over at the end of May. It's been a real honor...it's been a dynamic time." – Brooke Salvini, [00:56]

2. The Inclusion of Personal Financial Planning on the CPA Exam

• In 2024, the CPA Exam introduced Personal Financial Planning content in its Tax and Planning discipline—an unprecedented milestone.
• This will drive universities to update curricula and inspire future CPAs to pursue financial planning, not just audit and tax.

Quote:
"For the very first time...it included the topic of personal financial planning...on the tax and planning discipline exam. So that is extremely important..." – Brooke Salvini, [03:24]

• The journey took over a decade, involving advocacy, question-writing, and volunteer focus groups.

Quote:
"I know personally that I've worked on it for at least 10 years and I'm sure that others worked on it before me...So it was a long road." – Brooke Salvini, [05:05]

3. Growth in Resources and Support for CPA Financial Planners

• Brooke praised the AICPA's increased support for financial planners, including expanded resources and acknowledgement of personal financial planning as a core practice area.
• The member-driven organization relies heavily on the work of volunteers and committees.

4. Evolution and Accessibility of the PFS Credential

• The PFS credential, exclusive to CPAs, now offers simplified pathways:
  • Modular exam format for newcomers.
  • Express route for experienced planners.
• Designed to make credentialing more accessible without lowering standards.

Quote:
"We simplified the pathways to earn the designation...an entry point way to earn a designation and a different way to do it if you're more experienced." – Oscar Vives, [08:16]

5. Technology and the Future of Planning

• The advent of AI and rapid tech advancements bring both new tools and compliance/regulatory concerns.
• Financial planners must evaluate and integrate tech solutions that increase efficiency without sacrificing client care.

Quote:
"How do we incorporate all the various tools that are starting to come out at the speed of light...and do it in a way that is also compliant?" – Oscar Vives, [09:47]

• Oscar spends significant time vetting vendors to identify solutions that streamline back-office work, allowing more time for high-touch client interactions.

6. Raising Awareness and Update of PFP Standards

• Many CPAs provide elements of financial planning without realizing it. The updated PFS pathway and upcoming resources (e.g., PFS Live Days, new roadmap) aim to engage and support this group.
• The PFP standards are under review, targeting a 2025 release. These standards will clarify best practices and help CPAs identify when they're engaged in financial planning.

Quote:
"We've been working on reviewing and updating the PFP standards...it will continue into 2025." – Brooke Salvini, [12:29]

7. What Counts as Personal Financial Planning?

• Even answering questions about Roth IRA conversions or business structure decisions can qualify as financial planning.
• Proper compensation models and engagement letters are important, even for one-off or small-scope engagements.

Quote:
"You don't need to have a big expansive engagement to be providing personal financial planning services." – Brooke Salvini, [16:28]

8. Addressing Investment Anxiety and Access for CPAs

• Oscar debunked the myth that one must be an “investment guru” to be a financial planner—many planners focus on other aspects and outsource investment management if needed.

Quote:
"Oftentimes one of the major obstacles is they say, 'I'm not an investment person.' ... I just want to debunk that..." – Oscar Vives, [17:14]

• The upcoming “roadmap” will visualize diverse journey options for CPAs, ranging from tax advice with some planning, to leading full advisory firms.

Quote:
"Our new roadmap is hopefully going to resonate with more of you...you will recognize yourself on the Roadmap..." – Brooke Salvini, [18:42]

9. Upcoming Resources and Events

• New tax and planning calendar resource (updated quarterly) for practitioners.
• The PFP Advanced Conference returns in January 2026, responding to member demand for deeper networking and advanced content.
• The successful Personal Financial Planning Summit will be blended into the new conference format.

Quote:
"PFP Advanced Conference is coming back in January of 2026...If I could be sending up balloons and fireworks and cheers, I would right now." – Brooke Salvini, [22:16]

Notable Quotes

• "Financial planning on the CPA exam is game changing." – Kerry Sinnett, [04:46]
• "Technology is moving at the speed of light…how do we do it in a way that is also compliant?" – Oscar Vives, [09:47]
• "You are providing PFP services. You are a CPA personal financial planner." – Brooke Salvini, [11:26]
• "There's so many more aspects of financial planning than the investment part." – Oscar Vives, [17:14]

Timestamps for Important Segments

| Timestamp | Topic | |-------------|---------------------------------------------------------------------| | 00:56-02:55 | Introduction of Brooke Salvini & Oscar Vives | | 03:24-05:05 | CPA Exam now includes Personal Financial Planning | | 08:16-09:04 | PFS credential, new pathways | | 09:47-10:32 | Tech advancements & integration | | 11:26-13:32 | Recognizing existing planners & PFP standards review | | 16:28-17:08 | Financial planning is broader than comprehensive engagements | | 17:14-18:42 | Investment management is not a barrier; new roadmap discussion | | 21:28-23:19 | New tax/planning calendar, return of PFP Advanced Conference |

Conclusion & Takeaways

The episode outlines a moment of transformation for CPA financial planners: with the integration of personal financial planning into the CPA Exam, expanded credentialing pathways, a focus on leveraging new technologies compliantly, and the launch of advanced resources and events. The message is clear—CPA financial planning has never been more accessible, supported, or innovative. Both leaders encourage CPAs to recognize the financial planning they're already doing, explore credentialing options, utilize AICPA resources, and join the evolving community, whatever stage of the journey they're on.

For more information and resources:
Visit the AICPA PFP Section website