Dallas-based 1st Global has launched a new offering intended to help CPA firms develop and grow wealth management services as a core part of their practices.
"There's an ocean of opportunity in wealth management within the grasp of most CPA firms," Tony Batman, 1st Global chairman and CEO, said in a statement. "This new consulting program is specifically designed to quantify this growth opportunity and provide an executable road map for high-performance CPA firms to achieve their highest profit and valuation potential."
A leading growth consultant for select CPA firms, 1st Global says its new Wealth Management Feasibility Analysis and Consultation program analyzes a CPA firm's embedded wealth management enterprise value and outlines the optimal services, processes, structure, key performance indicators and technologies necessary to realize this potential. It is intended for firms that are looking to add wealth management for the first time and for firms that have already started down this path, according to the company.
Program highlights include: pro forma profit and loss estimates for the wealth management enterprise at one-, three-, five- and 10-year periods; current and pro forma fair market valuation estimates; demographic and geographic market research on the firm's existing and potential client base; understanding internal and external impediments to success; and wealth management best practices for CPA firms.
"The Golden Age of fast growth and rising profits for the CPA profession is a distant memory for many firms," Batman added. "Partners and shareholders of CPA firms should be dedicated to increasing overall firm profitability, increasing partner compensation, maximizing firm-wide enterprise value, and partner succession planning to ensure a graceful transition into retirement."
1st Global was founded in 1992 by CPAs who believe that accounting, tax and estate planning firms are uniquely qualified to provide comprehensive wealth management services to their clients. It provides CPA, tax and estate planning firms with education, technology, a business-building framework and client solutions to help them grow client relationships based on wealth management.
Nationwide, the company is a financial services partner to 450 affiliate tax, accounting and legal firms.