Many new CPA wealth management advisors, accustomed to tax deadlines driving business, view marketing on par with snake oil hucksters and plaid-coated used auto dealers. But what separates truly communicating your value from a “sales pitch” is this: the truth of your statement, the strength of your conviction and the intention behind each to benefit others.
True wealth management firms help their clients with three macro issues: wealth accumulation, wealth protection and distribution and wealth transfer. The spotlight on wealth management is a result of increasing demand from clients, especially baby boomers, for customized personal services.
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.
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.
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?
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.
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.
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.
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.
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.
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?
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.
by gailperry on Jul 25, 2011
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.
by gailperry on Jul 22, 2011
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.
by gailperry on Jul 22, 2011
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.