Over the last 15 years, CPA firms have become increasingly involved in the management of wealth for their clients, covering all three stages: wealth accumulation, wealth protection and distribution, and wealth transfer. As these firms added financial services to their CPA practices, many found themselves facing both new opportunities and challenges. The goal of this paper is to address the needs and questions of CPA firms in the practice of offering financial advice. More specifically, the intent is to provide a framework for solo (single partner/owner) and ensemble (multi-partner) firms to design the best model for their practices. The focus is on answering these questions:
- What is the optimal business model for CPA firms pursuing wealth management services?
- What is the evolutionary path to creating a successful wealth management practice?
