amid the stock market crash and a deepening recession, clients need the faith and comfort that only a cpa skilled in personal financial planing can bring.
in this brief interview, mark w. mcgorry, jd, cfp (plus cpc, clu, and aep), managing director at wealth partners llc, an investment services provider for cpa firms, talks about what clients need today and the outlook for pfp services in cpa firms.
short-term, what should cpas be doing in this economic environment to best help their pfp clients?
there is no question that the cpa is still the most trusted advisor, short of any local religious leader that a client may have.
the client’s trust is based less on the expectation that they think their cpa has all the technical answers and more on the belief that their cpa has the client’s interest and well being first and foremost and that the cpa is the conduit to ideas and solutions which best fit that particular client’s needs.
cpa financial planning clients need to hear from their cpa advisor during this crisis. the contact should be direct and personal. it does not have to be long or deeply involved. just reaching out, preferably by a personal phone call, to ask how this crisis is affecting them and then just listening to what they have to say.
it may be appropriate to offer a follow-up conversation, either by phone or inviting them in.  there is no need to “pitch” them on a particular service on these calls. just be a reassuring voice, listen deeply to what they have to say and results will flow naturally.
this approach will reassure them that their cpa personal financial advisor has their personal interest in mind.
long-term, what’s the outlook for cpa pfp services?
it should be fantastic if it is done right. i personally do not see how one person can do the proper job when it comes to both traditional cpa services and at the same time stay fully versed in financial planning, especially during the prolonged tax season. it would seem to me that the structure should include one partner whose primary role would be planning services (with or without product sales and service).
and how can cpas best seize those future opportunities?
have properly trained pfp cpas and continuously stay in the client’s minds through regular email and snail mail communication. perhaps twice-monthly single page email bulletins on some particular points of interest and a bi-monthly or quarterly paper or email newsletter with a few articles. include a call to action for the client to click a reply email to ask more about services.  have the emails come from a specific planning partner… not from the firm’s general email address.
what’s the biggest misconception cpas may have about adopting or expanding their involvement in pfp services?
they either think it is too hard to add these services or… they totally underestimate they tools and time they need to implement.
they need to get started sooner rather than later and they need to start slowly and build over time. perhaps offer select clients free services up front or a period of time as part of practice development.
what else should we be asking?
consider these questions:
— do you do it on your own or partner up with someone experiences?
— must that other person become your in your firm or a joint venture?
— how important is that person be a cpa?
— should that person be a “product” provider also?