The Inspiring Journey of Oscar Vives: From Childhood Dreams to Financial Expertise

A Humble Beginning

Decades before Oscar Vives became a successful CPA specializing in retirement income, he had a memorable experience in a Florida store. At just 9 years old, Vives was excited to buy a video game priced at $49.99. Having just arrived from Puerto Rico, he had saved $50 in crisp bills from gifts. However, when he approached the cashier, he received disappointing news: he didn’t have enough money to cover the sales tax, which was not applicable in Puerto Rico at that time.

“I didn’t know how to speak English initially, but I was good with numbers,” Vives recalled. He was confident the cashier was mistaken. Unfortunately, he walked away empty-handed and does not remember if he ever got the game.

The Irony of His Profession

With that background, the irony of his profession is not lost on Vives, CPA/PFS, CFP. “Who’d have thought that my work would involve taxes down the line?” he said in an interview with the JofA. Today, Vives, 35, serves as an executive financial planner with Sensible Money in Tampa. He will speak on Tuesday, Nov. 18, at the AICPA National Tax Conference in Washington, D.C., on “Creating Tax-Smart Retirement Income Plans.”

Professional Accomplishments

Vives has held significant positions in the financial sector. He is the former chair of the AICPA Personal Financial Specialist Credential Committee and is currently a member of the AICPA Personal Financial Planning Conference Committee. His achievements in personal financial planning have earned him recognition from the AICPA Standing Ovation Program.

CPAs, particularly those involved in tax planning, must address retirement-specific questions. “Clients are just talking about it,” Vives explained. “How do we think about their holistic lifelong tax plan in the context of a retirement plan?”

Creating Investment Income

During the conference session, Vives will also discuss strategies for generating investment income for retirement. “One of the questions that people tend to have is, how do you actually create the dollars from the investments … to give me my monthly paycheck?” he noted.

A Personal Connection

Among those who rely on Vives for investment advice is his mother, Nilsa Ortiz. She raised him and his two siblings after separating from his father, which led to their move from Puerto Rico to Jacksonville, Florida. Nilsa worked multiple blue-collar jobs to support the family and continues to work as a factory production worker today.

“She always tells me, ‘Babe, I appreciate that you do that for me,’” Vives shared. “But it’s my honor. Honestly, it’s my honor because the reality is without her sacrifices and everything that she went through — blue collar and just pushing through and waking up early and doing all that, really for the express purpose of giving us an opportunity. I don’t want to let that sacrifice go in vain. That was always my motivating factor.”

Motivation and Inspiration

His childhood circumstances fueled Vives's desire to succeed. He often read biographies of influential figures like Warren Buffett during his teenage years. “I had this thing in my heart that if I could just learn some of that information that these gurus know about the financial markets and all of that, I can maybe climb out of my economic situation as a family and do OK in life, be able to take care of my immediate family,” Vives explained. He is now married and has three sons.

A Mentor's Influence

Vives's high school principal recognized his passion for math and finances. She arranged for him to meet a financial planner who became a mentor. After graduating from high school, Vives was hired as a bookkeeper by this planner. The position allowed him to overhear conversations between the planner and clients.

“I’m like, I want to be that guy. I want to do his job,” Vives said. He earned a Bachelor of Business Administration degree in accounting and financial planning from the University of North Florida.

The Path to CPA

The financial planner advised Vives that the best path would be to become both a CPA and a financial planner. This dual qualification would enhance client trust. “He said, ‘Oftentimes I’ll have a tax strategy for clients that I want them to implement, and they always come back to me with “Oh, I’ve got to talk to my CPA,” like they dismiss my knowledge of the tax law,’” Vives recalled. “And he said, ‘So, being the young buck that you are, go get your CPA and no one will ever question you when you tell clients to do something for a tax reason.’”

Conclusion

Oscar Vives's journey from a young boy facing financial challenges to a respected CPA and financial planner is truly inspiring. His story highlights the importance of perseverance, mentorship, and the desire to uplift one's family. Vives continues to empower others through his work, ensuring that the sacrifices made by his mother and his own experiences do not go in vain.

— To comment on this article or to suggest an idea for another article, contact Martha Waggoner at *Martha.Waggoner@aicpa-cima.com