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Michael Nobile

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Could You Be a CPA and a Financial Coach?

Could You Be a CPA and a Financial Coach?

| August 02, 2016

In years gone by, having a dependable and diligent CPA was enough for small business owners. They handled the business, the accountant handled the numbers, and everything was fine. Times have changed, and business owners want more than someone to file their taxes, they want a financial coach.

As the financial world becomes increasingly complicated, business owners want advice that goes far beyond their balance sheets to things like investment advice, insurance, employee benefit offerings, and estate planning. Could you differentiate yourself as not just a CPA, but as a financial coach?

Business Owners Want Proactive Financial Help

Business owners want a financial partner who can help them be proactive about the future, not just an accountant who reviews the past. While most business owners would like to work with their CPA since they already have a strong and trusting relationship with them, most CPA firms simply don’t offer the financial planning services they need.

Several recent studies show that small business owners want their accountant to advise them on financial matters and provide strategic coaching. Some of the strongest demand among business owners is for CPAs who can provide tax consultancy, pension advice, and help navigating labor laws. They want their accountant to be able to function as a financial director, overseeing many aspects of their financial lives, not just tax preparation.

CPAs Benefit By Providing Financial Planning

Clients obviously benefit when they can get their financial planning and their accounting on the same page. However, many CPAs don’t realize the impact it can have on them as well.

Shift from Reactive To Proactive Advice

Offering financial planning in addition to traditional accounting services is beneficial to the accountant as well as the client. Instead of catching and trying to correct mistakes after the fact, they can help their clients prepare for the future so as to avoid the mistakes altogether. By offering financial planning, you can shift from reactive to proactive advice.

More Cohesive And Coordinated Financial Lives

Clients want all of their professional advisors to work together for them. Instead of trying to coordinate with multiple other busy professionals, a CPA can simplify by offering all of the client’s desired services within one firm. Both the client and CPA benefit from having more cohesive finances with less opportunity for things to fall through the cracks. Receiving their financial planning from their accountant streamlines the financial lives of clients, providing them greater satisfaction in the relationship.

Greater Revenue Opportunities

As accounting and reporting functions become increasingly automated, revenue opportunities are decreasing. In the meantime, the financial planning industry is growing at a healthy rate and financial planners are enjoying high margins and low competition. Wise CPAs recognize the opportunity to branch out and partake of the prosperity in this related field.

Increased Clients and Revenue

Finally, a broader service offering will attract more clients and generate more revenue. Offering financial planning is a way to stand out among all the other CPA firms that offer the same services. Potential clients will see that your firm has more to offer and be drawn to it. The fact that you can provide advice in many areas will make you appear more capable and knowledgeable than other CPAs, helping you stand out.

How To Provide Financial Planning In A CPA Firm

By now you probably agree that both you and your clients would benefit by having you as a financial coach and not just an accountant. Thinking about all you would have to learn and the work you would have to do to transition your business may have your head spinning, though. Don’t worry, it doesn’t have to be the overwhelming hassle you envision.

With CPA Squared, adding financial planning to your current CPA firm is simple. We have a turn-key program and step-by-step process that makes it easy to integrate wealth management without materially disrupting your current practice. Our proven model will have you reaping the benefits listed above in no time. Call us at 860-659-5977 ext. 204 or email  to find out more about how we can help you become a financial coach and not just an accountant. Stop just helping your clients deal with their pasts, start helping them shape their futures.

About CPA Squared

The CPA Squared program is an easy to implement turn-key program to successfully integrate wealth management services into your practice. With our proven model and step-by-step process, there is no easier way to expand your business beyond the traditional accounting services and make it stand out from the crowd. Please call us at 860-659-5977 ext. 204, so we can discuss how we can help you build your firm.