Financial Planning--New Opportunities Because of Recession

Source: Accounting Today

This article describes "the economic downturn as an advantage to providing yet another valued service to… clients, many of whom have been overwhelmed by the current financial climate--especially since CPAs are already seen as their most trusted advisors."

In addition: "The need for expert financial help is further compounded by the issue that there will be fewer financial advisors renewing their license registrations this year."

Large wirehouses are focusing more intensively on high-net-worth people, and less wealthy clients are not being served.

The article goes on to discuss:

• The special qualifications CPAs already possess.
• The need to view the marketing process as consulting, not selling.
• The fears of starting a new practice in a recession.
• Clients looking for new, more trusted, service providers.
• CPAs' inclination to protect their clients in this environment.
• The need for CPA education in financial planning--perhaps including financial planning for the firm partners.
• The need for increased marketing efforts.

For the complete article, click here and select the article "Take the Plunge!" under Top of the News in the July 20, 2009, issue.

From Accounting Today, July 20, 2009, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809.