Barry Bulakites is recognized for developing highly profitable growth strategies and helping business owners to integrate multiple sales channels into their current operations. As President and Chief Executive Officer at Table Bay Financial Network, Inc, Barry Bulakites realizes there are many ways to expand a business. For CPAs, the best choices include entering new territories to hopefully land a new customer base or offering your current clientele a more comprehensive set of services.
Mr. Bulakites strongly believes the addition of financial planning services is not only a good fit for the knowledge base and expertise of CPAs but is also a good lateral service that operates in a similar market and deals with a similar customer base. Consider these three benefits that CPAs can gain when they add financial planning services to their existing business model.
Increase Customer Base = Increased Profit
Accountants may wonder if adding financial planning services or wealth management consulting to their current business model will bring financial success and business longevity. Barry Bulakites believes if you develop a solid plan and have the expertise and clientele, then there is no reason why you shouldn’t expect increased profits. Also, customers are very apt to refer their financial advisor to friends and family when they see their own wealth increase.
According to The American Institute of Certified Public Accountants (AICPA), there is an ‘increased demand and projected growth of personal financial planning services in areas such as estate, retirement, risk management, and investments.” CPAs are already trusted by their clients for financial decisions, so Mr. Bulakites feels that this type of financial services offering is a natural fit for accountants.
Financial Services is a Value-added Service
Value-added service is one that generates additional revenue for stakeholders by offering increased benefits to clients. The CPA becomes more valuable to the client when they also act as trusted financial advisors. The other value is the closer client-CPA bond that is intrinsically formed.
Barry Bulakites believes a CPA can leverage those existing relationships because, as the person’s accountant, you have already obtained good experience with these clients, and you actually know what they really need and what they really want. Your current working relationship with existing clients is of tremendous value when you decide to add financial planning services to your business plan.
CPAs Can Also Leverage Their Tax Knowledge
Barry Bulakites believes that taxes are a critical component of wealth management and financial planning. After all, the final return on any investments will be affected by your tax bracket and how well you use the tax laws to your advantage. And, as our client’s wealth grows, you can remind them that they become more exposed to being audited.
Acting as both accountant and financial planner, Barry Bulakites believes you are in a better position to soothe nervous clients about what is happening, show any historical data about why it is happening, then advise clients on what they should do to reduce any chances of penalties or fines – if it were to happen.
Consider expanding your CPA business to include financial planning services and offer your clients a one-stop solution to wealth management.