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• W43343901 abstract "As record numbers of Americans approach retirement age amid uncertainty about their social security and pension benefits, CPAs increasingly are offering financial planning services to their clients to cement relationships and uncover new revenue streams. While some in the profession fear being labeled product pushers or salesmen, more CPAs than ever are leveraging their trusted-adviser reputation to help clients manage their wealth options more intelligently in today's challenging financial climate. Personal finance is one of the highest interest topics covered at company sponsored workshops, says a mid-level finance exec at Cincinnati-based Procter & Gamble Company. Our employees cannot find enough information in this area. Research conducted for the AICPA Custom Media division since 2002 by Bay Street Group, LLC; CEG Worldwide, LLC and the AICPA's PCPS division, reveals that nearly one-in-five CPAs (17%) are providing financial planning/advisory services to their clients today, up from 11 percent three years ago. My retirement or close-to-retirement clients are frightened about the market today and want reasonable options to provide retirement income from their asset base, notes Dave Doiron, head of a small accounting firm in Orange Beach, Ala. Bay Street Group's recent poll of readers of the AICPA's CPA Insider[TM] weekly e-newsletter found that 47 percent of the 2,671 respondents considered the need to revenue/client base as their highest priority; 27 percent said they expected to expand into new service niches or lines in the next 12 months; and 75 percent cited Americans' lack of financial awareness and literacy as a highly important concern. Not just for high net worth individuals The belief that only wealthy individuals are viable prospects for a firm's financial advisory services is becoming a misconception. It takes a long time to build a PFP practice, but once you reach critical mass, it starts to roll fairly easily, says Dennis A. Parker, CPA/PFS, who heads a small Chicago-based firm. Leads don't necessarily come from your high net worth An accounting firm's size may dictate its approach to offering financial services to its clients. CEG Worldwide's October 2004 study for the Journal of Accountancy found that 61 percent of smaller firms offering financial services today see average employees at corporations as an important target market, whereas only 10 percent of larger firms thought so. Meanwhile two-thirds of the larger firms that are offering financial services cited small business owners as an important target market, more than double the percentage (32.5%) of small firms who thought so. Mid- to large-size local firms expected to excel Research indicates that CPAs from all sectors of the profession expect medium-to-large size local firms to be the ones generating the highest proportion of their revenues from financial services over the next three-to-five years. According to a May 2005 poll of CPA Insider[TM] readers by Bay Street Group, LLC, 58 percent of respondents thought medium-size local firms would be earning a significant portion of their revenues from personal financial planning services, followed closely by large local firms (50%) and small local firms (43%). Just one-in-three (33%) respondents expected regional firms to be earning a significant portion of their revenues from personal financial planning services in three-to-five years and just 17 percent of respondents said large firms would be doing so. Although local firms make up the largest share of AICPA members, survey respondents' answers were consistent across all size categories. For instance, firms of all sizes agreed that local firms would likely generate the greatest share of revenues from financial service offerings to clients over the next half decade. Fifty-six percent of large firms agreed, as did 55 percent of small firms and 58 percent of medium firms. …" @default.
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• W43343901 title "CPAs Building Financial Services Practices: Firms of All Sizes Are Successfully Balancing Client Interests and Pressure for New Revenue" @default.
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