Should I Follow a CFP® or CPA on Social Media?
Should I follow a CFP® or CPA on social media? It depends. We all love hearing the phrase “it depends,” which doesn’t quite answer your question. However, let’s look at a few different scenarios to help you determine your situation and explore the differences between the two accreditations. The other bold statement to make is: why not follow both? After all, expanding your financial knowledge from multiple perspectives can be valuable.
The root of the question might be about finding the correct or most useful information for you. Social media is flooded with financial advice, and distinguishing between reliable insights from credentialed professionals versus self-imposed financial expert influencers is essential. This is where choosing the right professionals to follow becomes crucial. Should you rely on a CPA or a CFP®? The answer depends on what you are looking to gain.
Additional Reading: The Impact of Self-Proclaimed Social Media Experts: A Psychological Analysis.
The Short Answer
The spelled-out names of these certifications might quickly answer your question about whether you should follow a CFP® or CPA on social media. Do you want to learn from a Certified Public Accountant or a Certified Financial Planner?
If you are looking for advice on taxes, accounting principles, or bookkeeping, then following a CPA is your best bet. CPAs are financial professionals who specialize in tax preparation, accounting, corporate finance, and audits. They are particularly useful if you want to stay informed about tax law changes, deductions, and tax-saving strategies.
On the other hand, if you are seeking advice on personal finance topics such as investments, family financial planning, retirement strategies, debt reduction, or general wealth management, then a CFP® is the better choice. CFP® professionals advise on all areas of personal finance and can help you with setting financial goals, structuring investment portfolios, and preparing for major life changes.
The Big Picture: Why Not Follow Both?
Both CPAs and CFP® professionals undergo rigorous education and testing to earn their designations, which means they both bring a wealth of financial knowledge to the table. You can’t go wrong by learning from either type of professional. In fact, some individuals hold both certifications, combining tax expertise with comprehensive financial planning skills.
A helpful analogy is to think of them as specialists like in the medical field. A CFP® and a CPA are like doctors specializing in different areas of financial health. A CFP® is akin to a general practitioner who focuses on all aspects of personal finance, ensuring a well-rounded financial plan. A CPA, however, is like a surgeon for accounting and tax-related matters.
Just as a medical doctor might give general advice but refer you to a specialist when necessary, CPAs and CFP® professionals often recommend each other based on your specific financial needs. For example, a CPA may provide tax advice on retirement accounts and then refer you to a CFP® to make sure the retirement plan fits in with your overall financial plan and is invested correctly. Conversely, a CFP® might help you create a retirement income strategy and then recommend you consult a CPA to make sure the tax implications are optimized and implemented at the right time.
Related: Fiduciary Financial Advisors: Everything You Need To Know
What’s the Difference Between a CFP® and a CPA?
To fully understand the benefits of following these professionals on social media, it helps to break down their key differences:
| Certified Financial Planner (CFP®) | Certified Public Accountant (CPA) |
| Specializes in financial planning, investment strategies, and retirement planning | Specializes in tax preparation, business accounting, and financial audits |
| Helps individuals and families manage personal wealth and long-term goals | Works with individuals and businesses on tax strategy and compliance |
| Focuses on holistic financial planning, including estate planning and debt management | Focuses on financial record-keeping, corporate finance, and tax filings |
| Typically works in wealth management firms or as independent financial advisors | Works in accounting firms, tax advisory firms, or as independent tax professionals |
Both certifications require extensive education and passing challenging exams. While CPAs focus more on tax and accounting standards, CFP® professionals take a broader approach, considering an individual’s overall financial picture.
Should I Follow a CFP® or CPA on Social Media Based on Your Needs?
To determine who you should follow, let’s break it down by different scenarios:
I Have a Family. Should I Follow a CFP® or CPA on Social Media?
A CFP® would likely provide more well-rounded and holistic financial advice for families. They cover topics like budgeting for children, saving for college, managing household expenses, and planning for retirement. However, it is important to remember that social media content is often general and not tailored to your personal situation.
A CPA, on the other hand, would focus on tax-saving strategies related to family life, such as tax deductions for dependents, child tax credits, and the tax implications of marriage or divorce.
Following both can help you cover all bases, from financial planning to tax efficiency. There is also going to be some overlap between the two as well.
I Run a Business. Should I Follow a CFP® or CPA on Social Media?
For business owners, a CPA is a must-follow. CPAs can offer insights into bookkeeping best practices, business tax deductions, tax deadlines, and corporate finance strategies. They help ensure compliance with tax laws and provide guidance on how to structure your accounting practices.
A CFP®, however, would be more useful when it comes to long-term financial planning for your business. If you need advice on setting up a retirement plan for employees, investment strategies for business growth, or succession planning, a CFP® is the professional to follow.
Again, a combination of both can be beneficial, as financial planning and tax strategy often go hand in hand.
I’m Interested in Estate Planning. Should I Follow a CFP® or CPA on Social Media?
Estate planning is an area where you may need guidance from three professionals: a lawyer, a CFP®, and a CPA.
- A lawyer can help draft wills, trusts, and other legal documents to ensure your assets are distributed according to your wishes.
- A CFP® can help you understand different types of trusts, charitable giving strategies, and how to pass wealth efficiently to heirs.
- A CPA can provide tax-related insights on estate planning, helping you minimize estate taxes and navigate complex tax laws related to inheritance.
Since estate planning involves legal, financial, and tax considerations, following professionals in each of these fields can provide well-rounded insights.
Related: When Millennials Should Consider Getting A Financial Advisor
Final Words: Should I Follow a CFP® or CPA on Social Media?
Ultimately, the best approach is to follow both CFP® and CPA professionals on social media. Since financial planning and tax considerations often overlap, having access to both perspectives can help you make informed decisions.
When following financial professionals on social media, be mindful of the fact that their advice is generalized. While their posts can provide valuable insights, they are not tailored to your specific financial situation. If you need personalized advice, consider reaching out to a CFP® or CPA for direct consultation.
In a world where anyone can create a social media account and call themselves a financial expert, make sure you look into their backgrounds. Following credentialed and licensed professionals ensures that you receive accurate, expert-backed guidance. Whether your focus is taxes, investments, retirement planning, or business finance, learning from both CFP® and CPA professionals can help you navigate your financial journey more effectively.