How to Become a Personal Tax Advisor
Personal tax advisors work with clients to provide them with guidance concerning present and future strategies for maximizing investments and income while minimizing tax liabilities. This duty is often integrated with the other roles of a personal financial advisor, such as tax planning, tax consulting or financial consulting.
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Instructions
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Prepare to Become a Personal Tax Advisor
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Polish the special skills required to become a successful tax advisor, including accurate number-crunching ability, a penchant for calculating taxes, proficiency with tax software and forms, an entrepreneur's gift for drumming up business and high standards of personal integrity.
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Build a strong academic background. This is critical both for your work and for the credentials crucial either to getting a job or to building your customer base as a self-employed entrepreneur.
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Obtain a bachelor's degree in accounting, finance, economics or a related field and select courses in taxes, risk management and financial and estate planning.
Become a Personal Tax Advisor
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Find personal tax advisor jobs by contacting securities and investment services firms, banks and insurance companies, if you wish to become a personal tax advisor within a larger company.
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Establish a joint practice with other personal tax advisors, accounts, tax preparers and insurance brokers in order to maximize client traffic.
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Cast a wide enough net to succeed if you intend to go into business for yourself. There is a seasonal quality to much tax business. You can widen your appeal to clients if you offer other services such as business tax preparation, college expense planning, investment planning, life insurance sales and annuity products.
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Make a strong business plan to market your business and attract clients, including use of free or inexpensive online marketing innovations such as Google Adwords and sites such as craigslist (see Resources below).
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Tips & Warnings
Getting certified as a Certified Financial Planner (CFP) provides a strong stamp of validation and gravitas, especially if you intend to combine multiple advisory roles. CFP certification requires specific academic attainments, adherence to an enforceable code of ethics, practical experience and passage of a written examination.
Postgraduate credentials such as an MBA or a Master's degree in taxation can further advance your career and appeal to clients.
No licensing or statutory certification is required to work as a personal tax advisor, but you may need a license if you plan to sell insurance, real estate, securities or other financial products. Be careful not to dispense legal advice unless you are licensed to practice law.
