Accountants, and especially independent tax advisers, remain very busy during the first 3 1/2 months of the year as large businesses, corporations, small-business owners and individuals require tax advice. However, accountants still have to stay afloat the other 8 1/2 months of the year. Wealth management represents one way advisers can add value and services to a trusted client as a way to expand business opportunities.
Independent tax advisers already have their fingers on the pulse of clients' finances during tax season. Therefore, wealth management offers a viable way accountants can expand their business, while at the same time, helping clients become successful in other areas of their financial lives. Expand your services into helping other people achieve their financial goals by taking several methodical steps.
Know the Laws
Financial advisers must know the laws for practicing such a business. Register with the U.S. Securities and Exchange Commission, as well as your state-based regulatory authority, to gain a foothold in the wealth management sector. Minimally, after registration, you must comply with SEC rules and regulations. If you do not register, you may face legal trouble.
Partner With a Firm
Since you may not know everything about wealth management, partner with a firm that does. Look for an investment company that offers a wide range of investment solutions for your clients. Although you, as an accountant, may take a more conservative approach to building long-term wealth, an investment company may have other options. Do your homework carefully since your professional reputation is on the line. A good choice for an investment firm includes one that offers coaching, support, values and culture similar to your own style. Think about how you treat your own clients as to how you want this business partner to treat you.
Communicate With Clients
Tell your clients about the full range of services you provide. All someone can do is say no at first. However, several years down the road, one of your regular customers may decide to add your services. This is why you develop a loyal customer base to ensure you have business five, 10 and 20 years in the future. When you treat each client with respect and offer a personal touch, you create the foundation for a long-lasting business relationship that may expand your bottom line while creating wealth for clients.
Write a Business Plan
Since you plan to expand your business into wealth management, create a written business plan that shows your goals and how to reach them. Make a step-by-step process that includes marketing your services, earning new business, adding more help to take on the extra load and finding your niche. Include customer outreach in your written plan to help you expand offerings to customers you already have in the fold.
Adding wealth management to your plate of tax advising takes time, effort and dedication. Watch your business and reputation grow alongside your most loyal customers once you show the same passion for increasing a client's wealth as you do for giving someone the best tax services.
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