Conflict of interest is one reason smaller firms shy away from RIAs. The largest CPA firms are by far the leaders in providing investment advisory services, but the rest of the profession does not appear to be following their lead too closely. Fifty-eight percent of the profession’s largest firms, with more than $20 million in annual fees, offer investment advisory services, up from 51 percent in 2012, and another 9.1 percent were at least somewhat likely to add the services to their menus, according to the “The National MAP Survey of CPA Firm Statistics: The Rosenberg Survey.”
Why you shouldn’t ask, “How are firms getting new clients these days?”
One reason why firms can’t ignore wealthcare. No, not if it can outgrow rudimentary compliance services and seize new opportunities in personal financial planning, says Tony Batman, chairman and CEO of 1st Global, which provides investment management capabilities to CPA firms.
Many expect to work ’til 70 and never retire, others hope to sell. The nation’s small business owners’ views regarding retirement are radically shifting, with many seeing themselves working 20 years or longer – or never formally retiring at all. As a result of longer life expectancies and the impact of the recession, the majority of small business owners can no longer embrace a traditional view of retirement, in which individuals stop working in their mid-60s for a life of leisure – something fewer than 10 percent foresee themselves doing, according to a new study by The Guardian Life Small Business Research Institute.
You can’t do it alone. Too many CPA firms fail to adequately understand the broad range of services required to properly service their high-net-worth personal financial planning clients, according to a longtime leader in the field. “I have long been struck by the notion that most CPA-centric wealthcare firms do not have high-definition TV clarity about the capabilities they must provide,” says Tony Batman, chairman and CEO of 1st Global, a broker/dealer supporting about 500 CPA firms in wealth management. Batman offers a one-page “matrix,” showing “the 25 essential financial planning and wealth management capabilities” required in today’s competitive marketplace. “The matrix also reinforces the undebatable fact that it is impossible to internalize all of these capabilities within the CPA […]
Oft-overlooked by CPAs, these ideas can set you apart as a personal financial adviser. By Al Prentice 1st Global As CPA wealth managers know, the foundation of a holistic financial plan requires tax-optimized planning.
Despite CPAs’ huge advantages, why do they own only one-tenth of 1% of the business? The CPA profession could — if it mobilizes on the opportunity — quickly become the dominant provider of comprehensive high-profit wealth management and financial planning services to two sweet spots in the market, according to Tony Batman, chairman and CEO of 1st Global, a broker-dealer for CPA firms. Some 15 million American households make up two significant market segment classifications—the emerging affluent and affluent families, or roughly 12 percent of the 120 million American households that comprise more than 75 percent of America’s financial wealth, Batman writes at AccountingWeb. These households are loosely defined as those families that either currently own or have the high […]
Today, DSF is one of the largest wealth management advisors in the field. But success didn’t come easy, or fast.