For most of the profession’s history, CPA firms have faced little competition from outside the profession. While still true for audit and other attest services, today a host of banks, brokerages, insurers, financial planning firms and others are seeking to enter your firm’s non-attest service space. Many want to replace your firm as your clients’ Most Trusted Financial Advisor. They may be fine with your firm remaining your clients’ tax return preparer, but they want the most relevant and lucrative financial advisory services space under their control. There is no reason for this to happen, because most local CPA firms are perfectly positioned to quarterback the professional advisory team necessary to provide clients with high quality financial planning services. Your firm’s greatest asset is its client relationships, which took years and possibly decades to build.  Forcing clients into the arms of competitors is a common result when a CPA firm fails to become involved in the financial advisory services most relevant to achieving their goals and dreams.  Many CPAs do not even see the loss of a client coming. They thought they had a solid relationship with a “best client,” only to be shocked when the client goes to another CPA firm offering these services. Once lost, it may be impossible for a firm to get back its Most Trusted Advisor status with that client.

 

NNA has unique expertise helping CPA firms maintain and enhance their competitive edge.  We received the initial “Financial Planning Award of Excellence” presented in 2003 by CPA Wealth ProviderAccounting Today publication.) Let us show you how you can make financial advisory services work for your firm, within its practice and ethical framework. (an

 

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