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CPA's/Accountants who also offer Financial Planning Services
Posted on 7/16/12 at 10:36 am
Posted on 7/16/12 at 10:36 am
Looking for some feedback if anyone offers financial planning/services along side their CPA/accounting services.
This post was edited on 7/25/12 at 9:53 am
3
Posted on 7/16/12 at 12:42 pm to SippyCup
Really depends on if you think you can do a good job for your clients. From what I have seen it is very difficult to be an expert in both practices.
See if your RIA client will revenue share with you. You get some revenue and your clients get an expert in both fields.
I primarily do sub-advisory business with CPA firms and our standard agreement is 50% of fees go back to the referring firm. So you should be able to work out a deal that nets you around that. Couple of caveats are audit clients, trustee duties etc.
See if your RIA client will revenue share with you. You get some revenue and your clients get an expert in both fields.
I primarily do sub-advisory business with CPA firms and our standard agreement is 50% of fees go back to the referring firm. So you should be able to work out a deal that nets you around that. Couple of caveats are audit clients, trustee duties etc.
Posted on 7/16/12 at 1:59 pm to SippyCup
I'd second that notion. Look into establishing a relationship with a well respected fee based RIA that you can share revenue with. 50/50 splits seem to be common and as a CPA you should have no issue passing the necessary certification exam. The handful of CPA's I know that have went this route have studied for less than a month before completing the exam. I suppose this may be due to their prior knowledge/experience of the industry.
The alternative route is to establish the RIA yourself. This is less attractive for numerous reasons. Additional certifications and more importantly increased cost(compliance,software,billing). I cannot stress how difficult it would be to operate as both and still manage to maintain the quality advice your clients deserve.
Also, a quality RIA will utilize their resources and open architecture to design portfolios that are both unique and different than what your clients are probably accustomed to.
The alternative route is to establish the RIA yourself. This is less attractive for numerous reasons. Additional certifications and more importantly increased cost(compliance,software,billing). I cannot stress how difficult it would be to operate as both and still manage to maintain the quality advice your clients deserve.
Also, a quality RIA will utilize their resources and open architecture to design portfolios that are both unique and different than what your clients are probably accustomed to.
Posted on 7/16/12 at 2:02 pm to SippyCup
I have no problem with a CPA providing general financial planning advice, as I do it routinely for my clients. However, I have a problem with a CPA providing specific investment advice and selling brokering those investments for clients. I have a hard enough time staying current with changes in tax laws, regulations and administrative procedures. I don't know where I would get the time to gain and maintain competence with the vast array of investment products and the analysis of them to provide the level of expertise I would want from my advisors.
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