Wealth management news

Wealth management

How Not Providing Wealth Management Services to Clients May Be a Disservice to Them

Chris Boynton, champion partner of Arxis Financial Inc., an accounting firm in Simi Valley, California, shares his firm’s progression into providing wealth management services to his clients and his thought processes behind it.
Wealth management

Why Should You Commit Your Firm to a Program of Change that Expands your Wealth Management Practice?

To address this question in a meaningful way, we need to take a long-term and broad perspective. First, your firm is probably experiencing a rush of activity, new business and revenue and profits growth. Sarbanes-Oxley has proven a boon to the profession.
Wealth management

Creating an Advisory Council Composed of Your Best Clients

Think about the last time someone asked you for your opinion or your input because they value your insight and perspective? Weren’t you somewhat flattered that they reached out to you for advice?
Wealth management

The Path From CPA Firm to Comprehensive Wealth Management: 1st Global BMS Business Model

Peter W. Adams, champion partner of HPG Financial Services, LLC, an accounting firm in Raleigh N.C., shares his firm’s progression into providing wealth management services to his clients and his thought processes behind it.
Wealth management

The Optimal Path for Accounting Firms Pursuing Wealth Management Services through Strategic Partnership: A CPA’s Perspective

Robin Matthews, CPA, director of financial advisors at Jones & Roth, CPAs and Business Consultants in Oregon, discusses how Jones & Roth integrated education and marketing tools to leverage their skills to efficiently provide wealth management services to their clients.
Wealth management

Today vs. Ideal Future: Closing the Gap

Annual business planning typically involves looking at your business and comparing where you are to where you want to be. The strength of your vision for where you want to be is also known as your goal. Your goal is restrained only by the courage and reach of your imagination. The gap between today and goal is the subject of this article.
Wealth management

What Is Old Is New Again

In September of 2008, our industry experienced the anxiety ridden crisis in what historians generally now refer to as “Lehman weekend,”, which began one of the most difficult tests of our financial advisory careers. It was a capital market event of epic proportions that led to our current economic state.
Wealth management

At the Controls

As a recent flight prepared to take off, the captain spoke over the loudspeakers, “Ladies and gentlemen, we are all set to take off but I'm afraid we are being delayed by technical problems.” Immediate concerns popped to mind first about how safe the flight would be and if I'd ever see my family again, then irritation at perhaps being late for the afternoon appointment that was the reason for the flight.
Wealth management

Filling the Void

The financial services crisis of 2008-2009 resulted in the loss of more than a thousand financial advisors and dozens of traditional financial services firms, and it caused tremendous turmoil in the remaining survivors. How do you fill that void given the many constraints facing the typical ensemble (multi-partner) CPA firm today?
Wealth management

The Evolution of a CPA Firm into a Wealth Management Firm: A CPA's Perspective

Jeff Neher, champion partner of CNC Financial Group, LLC, an affiliate of Cordell, Neher & Company, a premier accounting firm in Wenatchee, WA, discusses the firm’s evolution into a client-centric wealth management firm.
Wealth management

Where Will Growth Be 2011-2015: Wealthcare vs. Accounting & Tax Preparation?

The purpose of this article is to inform, even possibly awaken, readers to the comparative growth prospects of the wealthcare industry and the combined accounting and tax preparation services industries.
Wealth management

Opportunities Created by 2011-2012 Federal Estate Tax Patch

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (The Tax Relief Act, or TRA) introduced a number of changes in the area of federal gift, estate, and generation-skipping transfer taxes among other items. These changes can have a significant impact on certain high-net-worth families. At the same time, they provide a great opportunity for advisors to discuss with clients their estate plans and help close the gaps where needed.
Wealth management

Implementing Wealth Management in a CPA Firm: A CPA’s Perspective

Michele Tremblay, champion partner of WABC Wealth Management Services, an affiliate of Weil, Akman, Baylin & Coleman, P.A., a corporation of CPAs in Timonium, Maryland, discusses her history as a CPA working at a respected CPA firm with an in-house wealth management advisor.
Wealth management

A Case for CPAs in Wealth Management

There are many reasons that CPAs provide wealth management solutions for their clients: clients want their CPAs to be involved, stronger client relationships, higher profitability, and construction of an enterprise-building business model. But there is another very compelling reason that has resulted from the financial crisis of 2008-2009: A vacuum has developed in the financial services marketplace that CPAs are very well-positioned to fill.
Wealth management

Understanding Tax-Centric Wealth Management: An Advisor's Perspective

David Strother, Financial Services Director of DSF Wealth Management LLC, an affiliate of Darnall, Sikes, Gardes & Frederick, a corporation of CPAs in Lafayette, LA, discusses his history as a financial advisor working with a respected CPA firm.
Wealth management

Tax-Advantaged Solutions to Help Keep Taxes Low in 2011 and Beyond

Although the two-year extension of Bush-era tax cuts will keep tax rates unchanged, tax-efficient investment portfolio construction and the utilization of tax-efficient strategies will have a more significant effect on the net after-tax income and wealth your clients can ultimately pass on to the next generation.
Wealth management

Tax Reduction Strategies Through Direct Participation Programs

As CPA wealth managers know, the foundation of a holistic financial plan requires tax-optimized planning. Although tax planning incorporates traditional tax reduction strategies, such as use of IRAs, 401(k)s and tax-free investments, the real power of tax planning comes in the utilization of tax reduction tools inherent in direct participation programs (DPPs).
Wealth management

Sustainable Income Solutions

Harold "Skip" Briggs, partner and managing director of Bentley Wealth Advisors, LLC, a registered investment adviser and tax-centric wealth management firm that is partnered with DiSanto, Priest & Co., and Wealth Management Solutions in Rhode Island, was recently interviewed about his wealth management practice and what he is doing to help his clients retire with dignity.
Wealth management

CPA Wealthcare - From Success To Significance

If it desires, the CPA profession can rapidly become the dominant provider of comprehensive high-profit wealth management and financial planning services in the U.S. to the 15 million American households who comprise two significant market segment classifications—the emerging affluent and affluent families, or roughly 12 percent of the 120 million American households that make up more than 75 percent of America’s financial wealth.
Wealth management

Number of U.S. millionaires expected to double before end of decade

A new report from the Deloitte Center for Financial Services suggests the total wealth among millionaire households could more than double over the next decade in 25 major economies, growing from an estimated $92 trillion this year to $202 trillion in 2020.

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