PFP24100A. PFP Business Models: True Stories from Successful CPAs

There are a multitude of personal financial planning business models you can implement. The one you choose is what works best for you, your practice, and your clients. A panel of successful practitioners in the most common business models in the CPA profession will share how they built their practice to provide the highest value for clients while also running a successful business. This session will cover the following topics: * Getting started with learning more about you (polling questions) * The PFP opportunity * Introduction to the panelists * The benefits, challenges, and best practices of the various business models — helping you identify the best structure for your practice and clients * The economics behind getting this service off the ground and what to expect in terms of revenue along the way * How they charge for these services and compensate partners and staff * How they converted tax clients into PFP clients * The psychological side of providing these services * How they manage resource needs, including staffing and outside experts * Options for gaining help from 3rd parties (RIA firms, and other advisors) to assist in your efforts * Increasing the value of your practice by adding financial planning - succession plan/future sale/buyer’s view * Growing your business through marketing * Holding effective virtual client meetings * Reflection time for participants (display slides with prompt Qs)

Learning Objectives:

• Recognize the future of services to individuals
• Determine numerous service models used by CPAs who have built practices that provide the highest client value
• Identify tips to effectively communicate and deliver recommendations to clients.
• Recall compliance, technology, and practice management considerations.
• Determine what you need to be successful in providing personal financial planning services from CPAs who have thriving businesses
• Use a checklist to guide you as you take steps post workshop.