Financial Advisor Wants to Expand into Tax Preparation Services: How to Gain Practical Experience?
A fee-only financial advisor (already holding an Enrolled Agent certification) is considering adding tax preparation to their services and seeks the best way to gain experience, including whether to join a chain like H&R Block or Liberty for a season.
I am a fee-only financial advisor, and in addition to investment management, financial planning is also a significant part of our business. Compared to other financial advisors, we invest heavily in tax planning, so clients often ask whether we can handle tax return preparation on their behalf. I am considering formally incorporating tax return preparation into my range of services, but before officially launching it, I hope to find the best way to accumulate relevant experience. I currently hold the Enrolled Agent credential, but I am well aware of the limitation of "not knowing what I don't know," so I would like to ask everyone: should I first work at a chain tax preparation firm like H&R Block or Liberty for one tax season to gain hands-on experience?
What are everyone's thoughts on the most effective way to accumulate tax preparation experience?