Podcast Summary: How CPAs Are Shaping the Future of Financial Planning with Jimmy Williams

Podcast: AICPA Personal Financial Planning (PFP)
Host: Carey Sinnett (AICPA & CIMA)
Guest: Jimmy Williams, CPA/PFS
Date: October 31, 2025

Overview

This episode examines the dynamic transformation within the CPA profession, as CPAs increasingly move from traditional roles centered on tax compliance toward comprehensive financial planning. Host Carey Sinnett interviews seasoned CPA Jimmy Williams about his journey, the integration of financial planning within CPA firms, the mindset and skillset CPAs need to make this transition, and the role of credentials like the PFS. The discussion is rich with firsthand experience, actionable advice, and a passionate call for CPAs to seize expanding opportunities in personal financial planning.

Key Discussion Points & Insights

1. The CPA Profession’s Metamorphosis

• From Tax Compliance to Holistic Planning
  • Jimmy describes an epiphany where, during a tax meeting with a wealthy family, the conversation shifted to estate protection, generational wealth transfer, and broader life decisions.
    • “Before you know it, we hit all these topics about cash flow, estate planning, education funding, trust planning … nothing really was just about why I was there, the tax planning.” (Jimmy, 02:05)
  • This shift highlighted the demand for comprehensive guidance—not just number crunching, but life strategy.

2. Financial Planning as a Core Service

• Evolution Around 2000
  • By 2000, forward-thinking firms like Jimmy’s began providing proactive, holistic, and forward-looking financial planning along with tax services.
  • The approach changed from historical consulting (past tax returns) to collaborative future-crafting for clients.
    • “We became at that point a financial planning firm that actually practices with a tax component versus a tax firm that provides some financial planning.” (Jimmy, 04:33)
• Educating Fellow CPAs
  • Jimmy found that demonstrating value and integrity eased concerns from traditional CPAs about expanding services:
    • "We are an integral people piece to that family's life that you're actually doing the tax work for." (Jimmy, 05:58)

3. Steps for CPAs to Transition into Financial Planning

• First Steps and Mindset
  • Self-reflection: Passion for helping clients achieve their goals is crucial.
  • Formal education and networking: Attend AICPA events, pursue the PFS designation, collaborate with experienced planners.
  • Understand the broad planning process: Data gathering, plan development, client review, implementation, and ongoing monitoring.
    • “If there's someone considering this as a career shift, not a change … highly recommend, just as they are with the tax, gain that competency, work with other financial planners…” (Jimmy, 06:46)
• Add, Don’t Replace
  • Financial planning is another tool, not a replacement for tax skills.

4. Jimmy’s Life Plan Solution & the Future of the Profession

• Integration of Tax and Planning
  • The Life Plan Solution is a five-step process blending tax, retirement, and investment planning—showcasing where the profession is heading.
• Technology and AI
  • Advances like AI are changing the game, offering tools for data analysis but not replacing human judgment.
    • “You’ll never be replaced by a machine because what you bring … can’t be trained ... Only the procedures may train, but not that judgment.” (Jimmy, 11:23)
  • Five years out, services will be even more tailored, as the market expects more from CPAs.

5. Billing for Value-Added Services

• Compensation Models
  • Flexibility: Retainers, fee-based planning, hourly fees, and (less preferred by Jimmy) commissions.
  • Transparency and Integrity: Disclose fees clearly and ensure clients understand them.
    • “As long as it’s fully disclosed and the client agrees … that makes everything work with great integrity.” (Jimmy, 13:28)
  • Position as a fiduciary, not a salesperson, ensuring the client's interests come first.

6. The Power and Trust of the CPA Credential

• Trust is a Major Asset
  • CPAs are among the most trusted professionals; leveraging that trust is key to success in financial planning.
  • “You’re actually providing confidence, clarity, and commitment through that CPA credential...” (Jimmy, 14:55)

7. Mindset Shifts for CPAs

• From Compliance Expert to Advisor
  • Master financial planning skills with the same rigor as tax.
  • Adopt a client-first mindset and always deliver value before extracting value.
    • “Show the client what you can do, how you could help them reach whatever solution is best for them...” (Jimmy, 16:37)
  • Think strategically, futuristically, and holistically in client engagements.

8. Advice for Young CPAs

• Skill Development and Lifelong Learning
  • Work under experienced mentors and seek exposure to real financial planning cases.
  • Embrace discomfort as the industry rapidly evolves.
    • “Be comfortable with discomfort … be an actual change maker, an impact for that change.” (Jimmy, 19:48)
  • Distinguish yourself with the PFS credential—commit to ongoing education.

Notable Quotes & Memorable Moments

• On the Emergence of Planning Over Compliance:
  “Nothing really was just about why I was there, the tax planning. And I said then that I wanted to do something far more than just tell you about your past and your more recent, soon to be future.” (Jimmy, 02:42)

• Describing the Role of CPAs Today:
  “We are a wealth management firm that approaches all of our engagements on a tax efficient basis.” (Jimmy, 06:05)

• On Peer Collaboration and Overcoming Resistance:
  “We partnered with them [other CPAs], but they were always so concerned. Oh my goodness, I don’t want to lose a good client because of X or Y. Didn’t happen.” (Jimmy, 05:03)

• The CPA Advantage:
  “You have a big leap ahead of most people that are just in the financial planning ... You’re actually providing confidence, clarity and commitment through that CPA credential as a PFS credential holder...” (Jimmy, 15:13)

• Mindset for New Planners:
  “The key here has to be, though, you as the CPA financial planner, have to think forward. You have to think futuristically. You have to think strategically.” (Jimmy, 18:18)

• Advice to Young Professionals:
  “Be comfortable with discomfort ... be an actual change maker, an impact for that change.” (Jimmy, 19:54)

Important Timestamps

• 02:05 – Jimmy’s personal “epiphany”: Expanding from tax advice to life planning.
• 04:33 – The strategic shift for CPAs: From compliance plus to true planning firms.
• 06:46 – First steps and resources for CPAs moving into financial planning.
• 10:47 – Technology's impact and why human advice won’t be replaced by AI.
• 13:28 – Compensation models: How to set pricing and uphold transparency.
• 16:37 – Mindset shift: Skills, client-first approach, and forward-thinking.
• 19:48 – Up-and-coming CPAs: Key skills, evolving with change, and the value of credentialing.

Conclusion

The episode is both a roadmap and a motivational call for CPAs considering, or already making, the shift toward personal financial planning. Jimmy Williams’ firsthand experiences and practical guidance—rooted in deep integrity, ongoing learning, and methodical growth—are especially pertinent for professionals at any career stage. CPAs are positioned to become the most trusted, holistic advisors in clients’ lives by supplementing tax knowledge with the tools, processes, and mindset of a financial planner.

Explore more about financial planning for CPAs and the PFS credential at aicpa.org/pfp.