Today's Features
ADVISORY & CONSULTING

Six Vital KPIs for Advisory-CAS Success

Plus four client outcomes for measuring impact.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

Client Advisory Services (CAS) are truly changing the way we see accounting. Now, it’s less about the hours you put in and more about the positive difference you make. The success of CAS isn’t just reflected in financial reports or dashboards, but also in how well clients do and how much the firm grows overall.

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To reach your goals, it helps to measure carefully. Keep track of key signals and use them as a guide to improve how you serve, grow and create meaningful value. According to our CAS survey, 49.6 percent of firms say the most important success metric is becoming more of a “one-stop shop” for clients, while 14.6 percent focus on solving more problems for clients.

Let’s explore how you can set up measurements for your CAS practice.
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AUDIT & ASSURANCE

The Six Stages of 401(k) Audits

green marker checking boxes

Keep the process from dragging on.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

As with any service area, it’s important to have a solid process in place. Without one, it can be a little bit like the Wild West! The 401(k) audit process involves six stages, which are typically completed within four to eight weeks.

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Once a prospective client confirms they want Summit to complete their audit, we send them the engagement letter and the questionnaires along with the governance planning memo that we’re required to give them.
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PRO Member Exclusive

Four Misconceptions about Annuities and Insurance

Lau
 David Lau is the founder and CEO of DPL Financial Partners, a privately held financial services firm that specializes in the development and distribution of low-cost, commission-free insurance and annuity products, for registered investment advisors (RIAs) and individual investors.

Perceptions are changing … and rightfully so.

By David Lau, founder and CEO of DPL Financial Partners, and 
Ross McGoodwin, regional vice president at DPL Financial Partners
The Holistic Guide to Wealth Management

After the stock market swooned (-22% S&P 500) and the majority of bond indices suffered double-digit losses in 2022, protection and income solutions are at the forefront of planning discussions. Instead of these principal protection and income solutions being offered only by commission-based agents, however, now they can be offered by fiduciaries for planning discussions and appropriate implementation.

MORE Rory Henry and The Holistic Guide to Wealth Management
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According to LIMRA (Life Insurance Marketing and Research Association), retail annuity sales in 2022 shattered the annual sales records set during the global financial crisis of 2008. For instance, fixed-rate deferred annuities totaled $113 billion, more than double the sales in 2021, LIMRA reported. CD alternatives, such as fixed-rate deferred annuities, provide security and tax-deferred growth. I have found this helps clients guarantee upside return, something they are actively seeking after one of the worst years in combined equity and bond performance since World War II. I’ve also found that fee-only options will provide higher rates compared to traditional, commission-based solutions.
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ABOUT US

Bissett Bullet: Put It In Writing

Today’s Bissett Bullet: “Confirming the details of your meeting with a prospective client after a meeting is set up is not a formality. It is a cancellation prevention exercise.”

By Martin Bissett

This is a small gesture but is still the standout way to ensure that you are in their schedule, in their calendar, in their diary for this meeting. It shows maturity, it shows seriousness, it shows that you are “on the ball.” Always confirm in writing after setting up a meeting because that is the most proven cancellation prevention exercise yet. Make it official.

Today’s To-Do:

Develop a very simple confirmation letter template that you can send out easily or that someone can send out on your behalf when each new prospective meeting is confirmed in your diary.

See more Bissett Bullets here

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