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Crosby, Johnston: A Human-First, Tech-Forward Future | Holistic Guide to Wealth Management

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Research shows that money activates more areas of the brain than sex, death, politics, or religion.

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By Rory Henry CFP®, BFA™
For CPA Trendlines

A recent McKinsey study found that the demand for holistic financial advice increased 60% from 2018 to 2023. Meanwhile, another McKinsey study projected a shortage of 100,000 financial advisors by 2034. That gap is leaving a massive opportunity for CPAs to step up as holistic advisors. 

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BUY the Holistic Guide to Wealth Management

A recent Holistic Guide to Wealth Management book panel discussion with two industry luminaries showed that CPAs who are in the best position to thrive as holistic advisors are those who use technology to deliver deeper planning and relationship-driven advice. 

“Traditional econometric models were all predicated on this idea that people were rational,” notes psychologist, author, and behavioral finance expert, Dr. Daniel Crosby. “What we actually know is that it is perhaps least true of us when it comes to money.”  

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Hooda: Model a 7-Figure Firm in 10 Hrs/Week | The Concierge CPA

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Build a business that runs itself.

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The Concierge CPA
With Jackie Meyer
For CPA Trendlines

When Concierge CPA host Jackie Meyer met UK-based accountant Reza Hooda at GrowCon, they quickly realized they were professional doppelgängers.

Both transitioned from traditional tax firms to leading-edge advisory businesses. Both created proprietary pricing models. Both teach accountants how to reclaim their time, value, and purpose.

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But Hooda’s journey is one every accountant needs to hear: the story of how he walked away from PwC, bought a traditional firm from his father-in-law at the worst possible economic moment (2008’s global financial crisis), and slowly rebuilt it—from paper files and printed emails to seven-figure advisory success, working less than 10 hours a week.

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Build Stronger Financial Futures with Health Care Planning

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portrait of Christine Simone
Simone
 Christine Simone is the CEO & co-founder of Caribou, a software solution for the finance industry to include health care costs and plan optimization in financial plans.

It’s a top expense and source of stress.

By Christine Simone
The Holistic Guide to Wealth Management

Financial advisors are well suited to help clients with all the important decisions in their lives. But that doesn’t mean advisors always recognize the areas in which clients need the most help.

MORE: Marketing Strategies for Wealth Management Services | Trust Is the Primary Ingredient | How to Prepare Your Clients’ Kids for Their Inheritance | Annuities and Insurance Growing More Attractive | Quantifying the Value of an Advisor | Raise Your Rates to Change Your Clientele | How WealthTech Is Reshaping the Future of Holistic Advice | Profile of a Modern Firm: Putting the Vision into Practice | Tsunami of M&A, PE Is Disrupting the Accounting Profession | Introducing You to a Fulfilling Return on Relationships
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Take health insurance, a big concern for people across all income groups. According to a 2021 report from Spectrem Group (now part of CEG Insights), two-thirds of affluent investors (65%) say they want their advisors to help them with health insurance, but only 4 percent said their financial advisors are providing it to them (see bar chart). Further, among people who don’t have financial advisors, the top areas for which they would want guidance are retirement income planning, Social Security planning and Medicare advice.
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Steve Stagner: From Mattress Firm to CPA Firms

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Before Rolling Up CPA Firms, Current’s CEO Built a Retail Empire on Acquisitions — Then Watched It Buckle.

Stagner: Will formulas from mattress retailers and veterinarians work for CPA firms?

By CPA Trendlines Research

Steve Stagner now runs Current, the accounting platform that has gathered more than 40 firms in roughly three years under backing from Thrive Holdings and describes its holding period as effectively permanent.

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MORE CPA PE Deal Tracker™: 13 Firms Rolled Up in May. 92 So Far this Year | All 466 Deals for the Last 10 Years | Private Equity’s Accounting Playbook Is Shifting from Dealmaking to Operating Systems | CPA-PE Deal Tracker™: How Big Buyouts Are Turning the Profession into a Platform |

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But before he arrived in the profession, Stagner spent a 23-year run building, taking public, selling and then rescuing the largest mattress retailer in the United States — a company whose climb and near-collapse trace almost entirely to the same instinct now reshaping the accounting business: growth by acquisition.

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