Choosing Which Services to Provide
New strategic alliances should target specific services that align with the needs of CPA firms' top clients. Often, the key to successful expansion is providing the right mix of services-one that captures the strengths of the CPA firm, the needs of its clients, and the goals of its partners.
The Wealth Management Spectrum
First, because client needs tend to be dictated by the combination of their age and net worth, it is important to map these characteristics to the most appropriate service offerings.
| Age Range |
Strategy |
Service Offerings |
| 0-20 |
Wealth Build |
• Alternative products to traditional deposits (mutual funds, annuities, stocks)
• Debt reduction
• Insurance
• Retirement savings
• College savings
• Budget planning
|
| 20-40 |
Wealth Management |
• Portfolio approach to holdings
• Align risk/return strategies
• Insurance planning
• Retirement savings
• College savings
|
| 40-65 |
Wealth Maintenance |
• Preservation of principal
• Growth income tradeoffs
• Insurance planning
• Retirement savings
• Investment restructuring |
| 65-85 |
Wealth Distribution |
• Cash flow
• Needs analysis
• Estate planning
• Planned spending
• Insurance planning
• Long-term care
• Asset utilization
• Tax planning |
| 85-100+ |
Wealth Transfer |
• Legacy planning
• Multigenerational planning
• Insurance planning
• Charitable giving
• Business succession
• Medical needs analysis |
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Then, PAA will work with you through a five-step process to review your client base, segment your clients into various categories, determine the revenue potential for offering expanded services, and determine the priority in which services are made available.
Learn more about PAA's Approach
