Integrated Partners, a national financial planning and registered investment advisory (RIA) firm, today announced that its President and Founder Paul Saganey, CFP®, konvergent wealth partners’ Homer Smith and prolific private wealth industry author Russ Alan Prince launched their new book collaboration: “Optimizing the Financial Lives of Clients: Harness the Power of an Accounting Firm’s Elite Wealth Management Practice.”
The co-authors share the in-depth strategies that enabled the Integrated Partners CPA Alliance, a partnership between CPAs and financial advisors, to thrive for the last quarter century. The methodology highlights how partners at accounting firms can scale their practices and deepen client relationships by engaging with an elite wealth manager.
The success of Integrated’s long-tenured CPA Allianceserved as inspiration for the authors, offering a roadmap for accountants to deliver a broader range of skills and services to everyone from complex business owners and family office clients to the mass affluent and retirees.
“Integrated’s CPA Alliance was founded more than 25 years ago to encourage CPAs and financial advisors to partner, creating elite wealth management practices, and it has never been more relevant given the current volatility and uncertainty in the markets,” Saganey said. “Not only will accounting firms gain more revenue and clients as a result but, most importantly, their clients will gain deeper financial guidance at a time when they need it most.”
The book details how helping other professionals become more proficient with the discovery process will result in a better understanding of every client’s complete financial picture. This marks a crucial component of the CPA Alliance, where advisors effectively function as a “guest in the home” of the CPA, understanding that clients gained from the accountant are to be cherished and that relationship between the CPA and client is to be respected.
Using this co-source model, CPAs can reap rewards from new revenue streams by providing additional expertise from other practice areas at the accounting firm. These areas of expertise include providing financial strategies and products, gaining high-quality and potentially upstream client referrals and enhancing their relationships with other professionals such as attorneys and bankers.
“CPAs and wealth managers must form a true partnership, placing the client at the center of their joint expertise, while leveraging the discovery process both from client-to-advisor and advisor-to-CPA which can uncover opportunities to best serve the client,” Smith said. “These processes optimize the financial lives of the shared clients while also potentially contributing a significant revenue boost to their firm, making it a win-win.”
The partnership between accountant and wealth management advisor is best suited to serve clients with complex business and personal situations, as well as those with a significant amount of wealth.