Wealth Management - What's Stopping You?

Apr 24th 2012
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By 1st Global

Even in difficult times, your CPA firm demands profitable growth. You have to be able to find and implement a sustainable growth strategy that makes sense for your firm and your clients. When you first consider adding wealth management services to your practice, you might have many questions or doubts. Here are some reasons to move past those uncertainties.

"One of our biggest obstacles is the fear of the unknown."

It's natural to have a fear of the unknown; most people do. But you're already one step ahead of the general population: You've put in the planning and hard work it takes to build your own successful business. You've developed a base of clients who trust you and the advice you give them.  Adding financial services to your firm will be a challenge, but it's not as daunting as what you've already been through.

With the proper education, technology and support , the process will go smoothly. For example, Chuck Lanier of Frost & Associates in Augusta, Ga., talks about how 1st Global offers "lots of encouragement, lots of training, lots of expertise in whatever area one might need."

"We already have referral partners that do financial services." 

Referring your clients to other financial services firms may be common practice, but how do you know what kind of advice your clients are getting? Are specific products being pushed at them based on the financial planner's commission rather than what's best for the client?

"When we'd send someone for help, they'd only get partial help. No one was looking at the whole picture", says Chris Boynton from Arxis Financial Inc. in Simi Valley, Calif.

You already know a lot about your clients from doing their tax returns over the years. You've already established a rapport, and they know you have their best interests at heart. Your clients want a financial partner who can see the whole picture and provide them with a full-service solution.

"The learning curve is overwhelming." 

Choosing a partner to help you grow can help manage this learning curve. 1st Global has the experience, technology, educational programs and tools to help you offer your clients customized solutions across all areas of wealth management.  In one of its business models, a licensed financial advisor is placed in your firm to handle wealth management clients and help you through the transition.

"By being able to take an advisor and let them figure out all the technical aspects and then get back to us with a solution really helps us be able to introduce this to our clients", says Robin Matthews of Jones & Roth in Hillsboro, Ore.

"I can't get my partners involved and excited."

"In the past you could be an audit firm or a tax firm and make good living that way", says Barry Amburn of Cannon & Company in King, N.C. "But with price competition and other areas of competition, that's not happening so much anymore. CPAs have to be more diversified in their product offerings."

When you have partners that are against growing your firm into a complete financial services practice, convincing them that it's the right thing to do can take some work.  One strong point to share is that adding wealth management services to your existing practice can potentially make it three to five times more profitable than traditional accounting services.

Most of your clients will appreciate being able to get comprehensive financial services from someone they trust. "Being there for those clients and helping them through the tough times of their life is about the best thing we can do", says Brent Kalka of Mueller & Co. LLP, in Elgin, Ill.

For more information about offering wealth management services as a CPA firm and how strategic business partnerships with accomplished partners can impact your growth plans, contact 1st Global at (800) 959-8461or [email protected]. 

This article and its content have been provided by 1st Global. With more than 450 firms affiliated with 1st Global, it is one of the largest wealth management services partners for the tax, accounting and legal professions. 1st Global delivers the required capabilities essential for wealth management excellence including progressive ongoing education, which places the firm in a unique position to offer wealth management knowledge.
1st Global was founded by CPAs on the belief that accounting, tax and estate planning firms are uniquely qualified to provide comprehensive wealth management services to their clients. Each affiliated firm is provided with education, technology, business-building framework and client solutions that make these firms leaders in their professions through dedicated professional client relationships built around wealth management.
1st Global Capital Corp. is a member of FINRA and SIPC and is headquartered at 8150 N. Central Expressway, Suite 500 in Dallas, Texas,
75206, (214) 265-1201. Additional information about 1st Global is available via the Internet at

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By Amberroth
Jun 25th 2015 20:10 EDT

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