Many people have a CPA and a financial advisor. Fewer have a CPA and financial advisor who actually talk to each other. One handles the tax return in the spring. The other manages investments throughout the year. Each sees part of your financial life, but not always the whole picture.
Does it matter? For many people, especially business owners, professionals, and retirees, it can. Decisions about investments, retirement, and business often have tax consequences, and tax decisions can affect your financial plan.
This article looks at why coordination between your CPA and financial advisor may help, where gaps tend to show up, and how to encourage your professionals to work together.
What Each Professional Typically Does
The CPA
A Certified Public Accountant is licensed to provide accounting and tax services. A CPA may prepare returns, offer tax planning, and provide accounting support for businesses.
The Financial Advisor
A financial advisor typically helps with investments, retirement planning, and other planning topics. Some are registered investment advisers held to a fiduciary standard.
Where Their Work Overlaps
Almost every financial decision touches both roles. Selling an investment creates a gain or loss. Taking a retirement withdrawal creates taxable income. Starting a business affects both your tax return and your financial plan.
Where Gaps Often Show Up
When a CPA and financial advisor work separately, a few problems can appear:
Surprise tax bills: An advisor sells investments late in the year, and the CPA learns about the gain only when the 1099 arrives.
Missed planning windows: A low-income year passes without anyone considering a Roth conversion.
Conflicting advice: One professional suggests contributing more to a retirement plan while the other recommends keeping cash for taxes.
Duplicate work: You end up gathering the same documents twice and explaining your situation twice.
Business decisions made in isolation: A business sale is negotiated without input on structure and timing.
How Coordination Can Help
When your CPA and financial advisor share information, they may be able to:
Plan investment moves with tax projections in mind. Tax efficient investing is "Investment strategy shaped with tax awareness to support balance across your full plan."
Plan retirement withdrawals together. Tax planning for retirement distributions is "Thoughtful distribution planning designed to align income, taxes, and lasting wealth."
Review lump sums. Lump-sum distribution guidance offers "Support in evaluating lump-sum decisions, including timing, tax considerations, and long-term impact."
Prepare for business events. Planning for business sales and acquisitions works "to coordinate timing, structure, and long-term implications."
Align with your estate plan. Estate planning coordination is "Collaboration with estate planning professionals to help ensure legacy strategies align with your full financial structure."
Two Ways to Get a CPA and Financial Advisor in Sync
Option One: Separate Firms That Coordinate
You can keep separate professionals and ask them to work together. This may mean:
Signing authorizations so they can share information.
Holding a joint meeting once or twice a year.
Copying both on major decisions before they happen.
Sharing a tax projection each fall.
This can work well, but it often depends on you to keep everyone connected.
Option Two: A Firm That Offers Both
Some firms offer both tax and wealth management services. Morella & Morella provides accounting and tax services, and investment advisory services are provided by its affiliate, Apex Capital Management, LLC. The two firms are separate legal entities.
Our firm was built around an idea we call "The Art of Cohesion." In our words: "We believe cohesion is the foundation of lasting wealth. Our purpose is to bring order to the moving parts of your financial life so that everything you have built continues to work together."
As our about page puts it: "On paper we're CPAs and financial advisors. But to our clients, we are future planners."
Who May Benefit Most From Coordination?
Business owners: Entity choice, compensation, and future sales all involve tax and planning.
Physicians, attorneys, and professionals: Higher income can mean more complex tax and investment decisions.
Pre-retirees and retirees: Withdrawal timing affects taxes each year.
Families with estates and trusts: Legacy planning often involves multiple professionals.
People receiving a windfall: An inheritance, sale, or lump sum may raise new questions.
Questions to Ask Your CPA and Financial Advisor
Have you ever spoken with each other about my situation?
Would you be willing to meet together once a year?
How do you want to be notified before a major decision?
Do you share a tax projection before year-end?
Who We Serve
Morella & Morella serves "individuals and families whose financial lives have grown in complexity alongside their success," including:
Precision-Driven Professionals: Physicians, attorneys, and highly trained professionals.
Builders of Enterprise and Opportunity: Founders, partners, and business owners.
Families Seeking Integration: Those wanting unified financial design across disciplines.
Our office is located at 2901 Johnston Street, Suite 401, Lafayette, LA 70503. Meet our CPAs and advisors on our team page or review our services.
Bring Your Taxes and Planning Together
If you would like your tax and financial planning to work together, Contact Us to get started, or learn about our unique service models.
For more articles on tax and planning topics, visit our blog.
Frequently Asked Questions
Should my CPA and financial advisor talk to each other?
Many people find it helpful. Coordination may help avoid surprise tax bills and missed planning opportunities.
Can a CPA also be a financial advisor?
Some CPAs also provide financial planning or work within firms that offer investment advisory services through an affiliated entity. Ask how services are provided and by which entity.
Is it better to have a CPA and financial advisor at the same firm?
It depends on your preferences. A combined or affiliated firm may make coordination easier, while separate firms can also work together with your permission.
How do I get my CPA and financial advisor to work together?
Sign authorizations to share information, schedule a joint meeting, and ask both to review major decisions before they happen.
What is the difference between a CPA and a financial advisor?
A CPA is licensed to provide accounting and tax services. A financial advisor typically focuses on investments and planning. Their work often overlaps.
Do I need both a CPA and a financial advisor?
Not everyone does. People with business income, significant investments, retirement distributions, or estate planning needs often find both helpful.
Disclosure: This material is for informational and educational purposes only and does not constitute legal, tax, or investment advice. Please consult appropriate professionals before making decisions. Tax laws are complex and subject to change, and the information provided may not apply to your specific situation. There is no guarantee that any strategy will achieve its objectives. Investing involves risk, including the possible loss of principal. Morella & Morella, LLC ("M&M") is a certified public accounting firm registered with the Louisiana State Board of Certified Public Accountants. Apex Capital Management, LLC ("Apex") with offices in Lafayette, Baton Rouge and Youngsville, Louisiana, is a registered investment advisor registered with the U.S. Securities and Exchange Commission (SEC File No. 117059) and notice-filed in Louisiana and Texas. Registration does not imply a certain level of skill or training. M&M and Apex are affiliated through common ownership but are separate and distinct legal entities. Accounting, tax, attest, and related professional services are provided solely by Morella & Morella, LLC. Investment advisory services are provided solely by Apex Capital Management, LLC. The affiliation between the firms does not make one entity responsible for the services, advice, or obligations of the other.
