Why should CPA firms consider expanding into financial services?
Financial services can help you maintain growth, remain competitive, increase retention of your top clients, and generate new revenues. As small firms in the CPA profession have become more vulnerable to larger organizations and franchises, they need more effective ways to compete. One way to fight back against a financial firm that is serving clients in your market, and expanding into your bread-and-butter areas, is to expand your services onto their turf. Also, because many clients seem to like the idea of obtaining tax planning and preparation, bookkeeping services, and financial services under one roof, you may need to expand to stay abreast of clients’ changing needs. If your firm has one or more partners who are considering retiring in the future, financial services can generate steady revenue growth that will help to build the resale value of the firm. It also can add to partners’ equity value by making existing clients more loyal.
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- Why should CPA firms consider expanding into financial services?
