Innovative accountants looking to create additional value for their clients and want to add a new source of revenue without adding extra hours to their day need to consider providing wealth advisory services. The accounting industry is uniquely positioned to disrupt traditional accounting services and the entire wealth management industry.
CPA firms that successfully integrate wealth management into their practice unlock hidden value within their firm, expand their value proposition, and can become a leader in their industry.
As a result, CPAs will have deepened their existing client relationships and created a new revenue stream.
AS AN ACCOUNTANT, WHY WOULD I OFFER WEALTH MANAGEMENT SERVICES?
As a CPA, you are your client's most trusted advisor. It is widespread that your clients come to you for more than just "tax and reporting." Your clients seek advice in all areas of their lives as they go through the many stages of their business and personal life. From start-up business to the sale of the company, from retirement planning to estate and succession planning. CPAs are with their clients every step of the way. Clients want their CPAs involved in their wealth planning discussions, and with the intimate understanding that their CPA has integrated advisory, it makes sense.
What is Wealth Management? Wealth Management is the accumulation and protection of corporate and personal wealth. It is tailored to everyone's unique situation and requires a team of professionals, including CPAs, Certified Financial Planners, Investment Managers, Insurance Advisors, and Lawyers. CPAs and Lawyers know to advise clients; however, insurance advisors and investment advisors are experts in the products Canadians most commonly use to meet their wealth planning goals. Integrating these professionals and their services creates a Full-service Wealth Advisory firm.
WEALTH MANAGEMENT CREATES VALUE FOR YOUR CLIENTS.
As a CPA, wealth management allows you to do this if you want to grow your firm and keep clients for the long term. CPAs are now empowered to work with their clients as advisors in areas such as estate planning, succession planning, investment management, and wealth protection, and CPAs do not bill by the hour for this work.
INCREASING COMPETITIVE ENVIRONMENT
Accounting firms face fierce competition from other CPA firms; however, a new competitor has entered the market. Wealth management firms and other financial institutions have already hired or are starting to hire CPAs and lawyers to provide their investment clients with accounting, bookkeeping, and legal services. This poses a significant risk to the traditional CPA firm as clients will work with advisors providing the most value, not just compliance work.
WHY WEALTH MANAGEMENT IS GROWING IN THE CPA INDUSTRY
This is not a new concept. Since the early 90s, accountants in the United States have been providing wealth management services. As a result, accountants have experienced exponential growth, surpassing many investment firms in assets under management. Over the past few years, this has recently gained traction in Canada, and we are seeing CPAs establish themselves in the wealth management industry.
Accounting firms typically need to experience rapid and scalable growth. Many CPA firms' revenue is maintained and at risk of shrinking as business owners sell their companies.
The wealth management industry has changed the typical CPA firm and has created an exciting new opportunity for CPAs. Wealth management can be scaled, and with the massive wealth transfer occurring over the next ten years, an expected trillion dollars will change hands, making it an opportunity that CPAs can't turn away from.
AS A CPA, HOW DO I INTEGRATE WEALTH MANAGEMENT INTO MY PRACTICE?
This is where Core Wealth comes in. Core is "YOUR WEALTH MANAGEMENT DIVISION."
We were built by CPAs for CPAs and have a proven track record of successfully integrating wealth management into CPA firms. We work with CPA firms of all sizes, from sole proprietors to national accounting firms.
There is a reason we are the firm of choice that CPA firms trust to integrate wealth management into their practice.
We make it simple for our partners.
We provide everything you need, including Certified Financial Planners, Insurance specialists, and investment managers.
We create value, are trustworthy and professional.
We understand the CPA firm.
Attractive new revenue stream.
HOW DOES MY CPA FIRM LEARN MORE AND GET STARTED?
Contact Core Wealth Solutions directly by email at contact@corewealthsolutions.com or by phone at 403-846-0139 to learn more about integrating wealth management into your CPA firm.
"WE ARE BETTER TOGETHER"
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