Wealth management can be a viable business opportunity for CPAs and a valuable service for clients. CPAs see the overall health of their clients’ financials and can use that knowledge to personally guide clients toward sound financial decisions.
CPAs are already valued as trusted advisors, which gives them an advantage over traditional brokerage and advisory firms. However, they may still need to change their mindsets to be more comfortable selling products to maximize profits for their firms.
Those interested in adding wealth management to their services may want to continue their professional education or partner with someone who has the education and the skills. Then they can evaluate their current clients and identify those that are appropriate for wealth management services.