Evaluating the Why Behind Your Tax Practice

Becoming a CPA Financial Planner can take your business to the next level, allowing you to provide a full-service experience to your clients. If you’re deciding whether becoming a CPA Financial Planner is your next step, consider several important questions, including why? As CPAs ourselves for over 45 years, we’ve asked and answered the same “why” questions more than once, and we’re here to share our answers with you! 

Why is there a demand for CPAs to offer financial planning services to their clients?

CPAs make the best financial planners for several reasons. First and foremost, CPAs are held in high regard in the financial world. Because of the ethical standards CPAs must follow according to state law and the American Institute of Certified Public Accounting’s Code of Professional Conduct, CPAs are always working in the best interest of their clients. When a client is trusting someone to handle their financial wellbeing, they want to know that their advisor is unbiased, conflict-free, and holds themselves to a high standard of ethics.

In addition, nearly every aspect of a client’s financial plan will have a tax implication, so as a CPA, you have the most knowledge and understanding to review your client’s portfolio through a tax lens. Whether it’s estate planning, retirement planning, long-term investments, IRA management, or more, you can help your clients enhance their financial planning with tax strategies.  

And let’s not forget that clients desperately want, and need, an all-in-one, trusted advisor to handle all their financial and tax needs. Instead of going to two separate individuals for tax and financial services, you can address all your client’s needs and understand their entire financial portfolio, allowing you to make the best recommendations.   

Why is becoming a CPA Financial Planner your best value proposition?

Becoming a CPA Financial Planner is your best value proposition because it allows you to increase your services and grow your profits while strengthening relationships with your clients. 

Tax and accounting professionals work very long and sometimes thankless hours. Providing personal financial planning services to their best clients brings a much more rewarding and appreciated service to the relationship resulting in very loyal clients where fee is drowned out by value. Additionally, adding financial planning services allows practitioners to radically improve revenue and business valuation while gaining much more of their time and work/life balance back! 

In our experience, the most successful CPA Financial Planners partner with a Turnkey Asset Management Program (TAMP) to allow them to work more efficiently and focus on their clients! 

Why is working with a TAMP so beneficial for CPA Financial Planners?

You might be asking yourself: if I become a financial planner, how could I manage all the additional work that comes along with it? Partnering with a TAMP allows independent advisors to outsource most of the back-office work and the management of their client’s investments. 

Why should CPAs consider joining CPAlliance™? 

CPAlliance™ is a TAMP designed by CPAs for CPAs. As CPAs ourselves, we understand your needs and offer white-glove, concierge service, handling all the behind-the-scenes management of your practice and your client’s investments. We streamline your registration process, provide compliance support, deliver back-office technology, offer best-in-practice training, and manage all aspects of portfolio management so firms can focus on their clients’ financial planning needs.

Discovering your “why” is easier than you think. Download our Evaluate Your Tax Practice worksheet below to find out if becoming a CPA Financial Planner is your next business move!

Download Here - Evaluate your Tax Practice



Shawn J. McCabe | CPA/PFS, CFP®, MSA, MBA
CPAlliance™ Director | Partner