Until recently, people could say "my accountant" and we would know they meant their CPA. They could say "my CPA" and we would know exactly who they were talking about; not the actual name of their accountant, but what this person was to them. Our assumptions would have been quite accurate in the past, but no longer.

CPAs have started to go the way of all flesh — toward bigger bucks and easier money. As more accountants become licensed to sell and accept commissions for selling financial products, they will be killing their natural opportunity to own — yes, "own" — a niche in the financial marketplace only they can occupy.

They will be creating a void that will be filled by CPAs who advise clients for only fees. Notwithstanding the stereotypical personality caricature attached to accountants, CPAs have long epitomized "professional" among professional advisers. Their ethic and code of conduct was strict and strictly enforced.

They've long held a unique position of great trust and almost always functioned as the controlling adviser when more than one adviser worked for a client.

Accountants have built a history of tight relationships with their clients. They know their clients well because they know where the money is and how it flows. They have had no axe to grind, no tantalizers to distract them from the objectivity they have provided their clients. Accountants have been able to offer and bill clients for their objectivity, and they've had complete data and information about clients on which to base their recommendations.