October 16, 2018

CPAs – EAs – Accountants

For the most part, this class of advisor has been hooked into the asset protection game because they are looking for referral fees and because they can use the topic as aclient gathering tool to pick up accounting business.

It is interesting to talk with a CPA/EA/Accountant who is touting him/herself as an asset protection planner.  It’s the same old story you can read about with the insurance advisor or non-advisor in that the CPA/EA/Accountant is looking for referral fees on the “asset protection” work.

Again, you can read about why this is a terrible idea and is the unauthorized practice of law in the links for non-advisors and insurance advisors. In the two previous sections, we discuss why you would want to stay way from any advisors pitching NV, DE, AK, LLCs or domestic asset protection trusts as “the” asset protection tool.

It is possible and even likely however that a CPA/EA/Accountant might not be getting a kickback from a paper mill that creates LLCs and charges outrageous prices for LLCs.  Why not?  Because CPA/EA/Accountant are usually a little more cautious when it comes to doing things that might put there license at risk and because the main focus isn’t to make a $1,500 kick back from a company that creates NV LLCs, it’s to entice a potential client into becoming a client so the CPA/EA/Accountant can pick up their “tax” work (personal and/or business).

This makes sense doesn’t it? We don’t fault the CPA/EA/Accountant for using asset protection planning as a marketing tool. It’s a great marketing tool even if you have no idea what you are doing.   That’s part of the problem and one reason the APS™ was created.  The APS™ has no problem with any advisors becoming knowledgeable on the very important topic of asset protection.  What the APS™ does have a problem with is where most advisors are getting their education.  The education is usually coming from a “vendor” looking to sell a bunch of NV corporations.  That is not good education and while the client won’t know the advice being given to them is not usually in their best interest, it does work as a client gathering tool nonetheless.

The APS™ is here to protect the public.  We are not knocking all CPA/EA/Accountant who say they know how to help clients with asset protection. We simply do not want them getting paid for the unauthorized practice of law and we want to make sure they know what they are talking about so the public is protected.

If you are going to take advice from a CPA/EA/Accountant on the very important topic of asset protection, probe their knowledge.  Ask them if they have been rated by the APS™ and if not why not.   By asking your current or potential advisors a short list of questions, you will be able to tell instantly if they know what they are talking about and if they can help you protect your wealth.

To download a series of questions and answers you can ask your advisors to gauge their knowledge on asset protection, please click here.