Eight Keys to Success

With PAA, our experience gives you the benefit of avoiding the ''learning curve'' that many other CPA firms face while expanding their practice in financial services. We enable you to adopt the key practices that successful firms consistently mention as important.

PAA has studied these factors extensively and can help you understand-and implement-them better.

Key #1: Diversification
Choose a broad spectrum of comprehensive products and services to avoid disappointment in any one area.
Key #2: Focus on Client Needs
With a clear focus on client needs, CPAs should focus on addressing those needs instead of product selling.
Key #3: Marketing
Develop a marketing plan to introduce financial services to segments of the CPA firm's clients in logical sequence, using effective communication channels.
Key #4: Access to Partners
Don't try to do it alone; leverage your access to proven professional advisors and strategic alliance partners.
Key #5: Total Commitment to Expansion
Ensure that all active partners of the CPA firm make a total commitment to expansion.
Key #6: Clear Expectations
Set clear expectations for all the firm's partners on roles, responsibilities, and revenue splits.
Key #7: Flexibility
Create strategic alliances with flexible structural options, so that there is room to grow and change.
Key #8: Thoughtful Design
Give careful thought to the legal structure and service delivery infrastructure of the financial services unit.

Understanding these keys to success will help you follow a disciplined process in evaluating expansion decisions, including:

  • Choosing financial services
  • Selecting an Alliance Partner
  • Defining revenue sources
  • Settling on a legal structure

And discipline-combined with patience-are critical throughout this process as well.

The recent Moss Adams study recommends four key steps to strategic decision making.

Go to the Four Steps now