Why CPAs Should Embrace Wealth Management

I have a book chapter! In the upcoming ‘Holistic Guide to Wealth Management‘ by Rory Henry, CFP, BFA, my chapter helps set the stage by explaining why now is the time for CPAs who have not done so to look into wealth management and family home office services.

In my section of the new book, I highlight the importance of moving beyond traditional tax and accounting services. I suggest that engaging in holistic conversations with clients about their total financial picture and addressing their concerns and aspirations allows you to become a truly ‘trusted advisor.’

What’s more is that I explain how CPAs have a unique edge in wealth management. With years of client financial data and established trust, CPAs are ideally positioned to offer wealth management services. This pre-existing rapport is an invaluable asset that external financial planners may lack, making CPAs more effective in supporting clients’ aspirations.

Finally, I give a call to action for CPAs to proactively expand their services to encompass wealth management, leveraging the trust and detailed financial insight they already possess. As I put it, “When it comes to wealth management or other high-value services, don’t wait for clients to ask. Learn to anticipate their needs and help them understand why you are the right person to help them.”

Rory Henry’s new book includes contributions from a variety of trusted and knowledgeable sources in the accounting and wealth management professions. Get to know more and reserve your copy today!

1 comment

  1. You make very good points. The traditional fiduciary relationship between the CPA and the client is a huge advantage. People in the financial services industry have been traditionally been perceived as selling products. Accountants are seen as providing (selling) advice. Regarding financial planning, the help the accountant gives can be portable. The plan can be implemented separately by the client. There is not the expectation the prospect will become a client of the advisor who prepares the plan.

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