Managing a tax and wealth management business isn’t easy. But it can be.
And it is the fastest and least expensive way to grow a wealth management business. It just takes focus and time to perfect your ability to manage it wisely.
After helping several tax and wealth businesses get it right, here is my “tip” list below. And more tips are coming in the TopAdvisorMarketing November podcast, when expert marketer Matt Halloran and I talk through some more hurdles to managing this type of business.
Finally, per Kitces and AICPA, 38% of people view CPAs with a high or very high degree of ethics and trust. And of the 54% of CPAs that offer retirement planning services, approximately half do succession planning and a quarter offer wealth management services. You are not alone in trying to manage a tax and wealth business successfully.
TIP LIST for Tax and Wealth Management business owners
BUSINESS: Document your goals on gross revenue, profitability, and number of client relationships you want each advisor to manage.
SALES: Decide if you will work with a client that WON’T engage you for wealth management. Ask yourself – is the tax work sufficient for you and your team? Is it mentally and monetarily rewarding? Do you want your business to be project or ongoing relationship-based? Your decision determines all the decisions you must make below.
COMPLIANCE: Confirm your compliance firm is an expert in tax and wealth regulations at the federal and state level. Ask for a checklist of items your firm needs to complete annually and bake those into your CRM.
MARKETING: Blend the two brands and services into one website, one URL, one @email address. This helps the prospective client and your staff more quickly find and understand the blended business and services. Then create a marketing plan for each of the two services and find ways to eliminate duplicate efforts with social media, blog, website updates, newsletter, client event, and more.
STAFFING: Document roles and responsibilities to ensure no one is overworked, there are career paths for those that care, and everyone has time to continually refresh their knowledge while learning new concepts.
PRIORITIZING: Document major projects on a calendar to ensure they are not overlapping and crushing the staff. Practice the lessons of Essentialism.
CALENDARING: Confirm you aren’t diluting your value with overloading your clients on all topics within one client meeting a year. Too often tax wealth firms schedule client review meetings during Feb-April. The clients are focused on tax and you are asking them to focus on wealth management ideas at the same time. It is too much for them and frankly, too much work for your staff to schedule, prepare, and annotate every note and task to recap the meeting and next steps.
TECHNOLOGY: Just have one of each type of software (CRM, Document, Tax, Client Portal, Video/Screen sharing, Appointment Scheduler) and integrate them to reduce data entry and confusion.
Above all, KISS keep it simple silly and then give yourself a hug for each epiphany you have along this journey of being the best owner you can be!
Silicon Valley is Taking Fortnite Seriously and So Should You
Are the Tariffs Taking a Toll on China?
Healthcare Stocks: Invest in Business, Not Science
5 Marketing Strategies for Advisors to Ensure Growth
Why Ray Dalio Is Wrong on Capitalism
Establish That Perfect Combination and be Unforgettable
Don’t Get Stuck With a Bad Annuity
What Does Discipline Mean to You?
Can You Take a Punch?
Let Your Audience Know How Unique You Are
Permission to Succeed17 hours ago
A Liquid Commodity for Diamonds with Cormac Kinney
Building Smarter Portfolios17 hours ago
Why Insured Municipal Bonds Make Sense Today
Advisor Marketing18 hours ago
Why You Should Treat Your Content Like Atoms in Financial Services
Development3 days ago
Do You Understand the True Value of Advice?
Advisor Marketing3 days ago
How Often Should Financial Advisors Blog?
Leadership3 days ago
The Hidden Leadership Problem with Passion
Development4 days ago
Changing Forward Means Silencing Your Inner Gremlins
Research4 days ago
Please Don’t Buy the Dip in Nvidia or Other Chip Stocks