In July of 1994, a small company called Amazon.com started selling books on the Internet. No matter how hard they worked, they never turned a profit while focusing on books, and it wasn’t until they expanded their product offering that they got out of the red. Now they are amongst the nation’s top 10 retailers and the top 20 in the entire world. These days, they sell everything from bookmarks to actual kitchen sinks. Would they have made it this far by selling books alone?
Just like Amazon, you can accelerate your growth by broadening your service offerings. By just adding one extra service, wealth management services, you have the potential to increase your revenue by 10-20 percent, and the benefits of adding such a service go far beyond the bottom line.
Benefits of Adding Wealth Management Services to a CPA Firm
The first place you will see the impact of adding in wealth management services is in client satisfaction. Clients today are looking for more comprehensive help with their finances, and wealth management services can give them that. Not only is a more satisfied client more likely to continue doing business with you, they are more likely to refer their friends and colleagues. As client satisfaction increases, so do client retention and referrals.
Offering more services adds value, allowing you to increase billings. This increases your revenue per client, which improves the profitability of your firm as a whole. Estimates show that the revenue potential in adding wealth management services to a CPA firm may be as high as 10-20 percent of adjusted gross accounting billings.
Furnishing wealth management services to your clients diversifies your practice, giving it a competitive advantage. In a sea of CPA firms that all do the same thing, one that offers wealth management services in addition to taxes, accounting and auditing is likely to attract more prospective clients’ attention.
In today’s fast-paced world, everyone is seeking to simplify their lives and save time. Why would a client want to go to a CPA and a financial advisor if they can get the same services all in one place through someone they already know? Your clients are more likely to purchase wealth management services from you because you have already gained their trust and proven yourself.
How to Add Wealth Management Services to a CPA Firm
The merits of adding wealth management services to your CPA firm are obvious, but the challenge is, what’s the best way to make it happen? How can a busy CPA possibly have the time to learn wealth management services and develop the expertise necessary to do it with the same excellence as the CPA services you are already providing? That’s where CPA Squared comes in.
The CPA Squared program is an easy to implement turn-key program to successfully integrate wealth management services into your services. We don’t just tell you how to do it; we partner with you every step of the way to ensure a seamless integration.
Experience and Expertise
With CPA Squared, you benefit from over 20 years of excellence and demonstrated profitability. This isn’t just a new idea, this is something that we have done for years, allowing us to develop tried and true best practices. Incorporating wealth management services into your practice doesn’t have to be an overwhelming and time-consuming process. Our step-by-step implementation process is a clearly defined system that makes it possible for you to begin offering wealth management services in as little as 60-90 days. CPA Squared also makes it affordable. We don’t require a huge financial commitment to get started; our low upfront costs make it easy to begin, no matter the size of your firm.
By partnering with us, you gain access to an experienced advisory team with a level of expertise not often found in a CPA firm. We are ready to assist with any issue your clients may face with our trademark spirit of excellence and highest level of service. Our outstanding service and support will empower you to exceed your clients’ expectations and build a superior firm.
If you are interested in integrating wealth management services into your CPA firm, CPA Squared is ready to help you improve client retention, increase revenue and outpace the competition. For more information, contact Michael Nobile by phone at (860) 659-5977 or by email at email@example.com.