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Statement on Standards in Personal Financial Planning Services

Publisher: AICPA
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SSPFPS provides a clear roadmap for consistent delivery of personal financial planning services, which benefits and protects your clients and your practice. Members practicing in cash flow planning, risk management and insurance planning, retirement planning, investment planning, estate/gift/wealth transfer planning, elder planning, charitable planning, education planning, or tax planning should understand whether the statement applies to them and how to comply with it.

To adapt to an evolving profession and regulatory landscape, in addition to the existing regulatory framework1 for CPAs, the AICPA is promulgating SSPFPS, which was unanimously adopted by the PFP EC in December 2013 and becomes effective on July 1, 2014.

The statement has been developed to assist in delivering personal financial planning services with competence and confidence. Seasoned, experienced practitioners and those new to the service area will benefit from having a framework to guide their work with clients in the development of their personal financial plan. The framework of the statement covers the following topics:

  • General professional responsibilities
  • Responsibilities of members in PFP engagements
  • Planning the PFP engagement
  • Obtaining and analyzing information
  • Developing and communicating recommendations
  • Implementation engagements
  • Monitoring and updating engagements
  • Working with other service providers
  • Using advice provided by other service providers
eBook 2014
Product# APFPST1E
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