CPA Financial Platform
Financial Services Platform to compliment CPA practice
Adding a financial services platform can be extremely rewarding both for the CPA or CPA firm and for the Client.
Client Benefits
Most trusted advisor helping them with their entire financial life
For the most part “one stop shop”
Integrate Life Planning and Tax Planning
Monitoring implementation of Investments and Insurance
CPA Benefits
Satisfaction knowing what is happening with clients’ investments, planning, etc.
Bonds client relationship
Investment data readily available for taxes
Added profit center
Income directly to bottom line if partnering with Planning Firm
No additional staff
No additional overhead
Minimal time required
Create Organization
Choices
Sole Proprietorship
Partnership, LLP
Partnership, LLC
Inc or S-Corp
Establish RIA Following Regulation(s)
Maintain Compliance
Annual compliance requirements
Filings
Calderon Letter to Clients
Review issues with address of record and asset mgt address
Review issues of Percentage based accounting vs. hourly
Maintain copy of Records
Required Individual License – Series 65 Direct
no broker dealer affiliation
Internal Marketing and Identification by Staff
Identification of client needs
Client Access Increased
Investment Implementation
Insurance Strategy and Implementation
5 KEYS TO FINANCIAL SERVICES
Investment Planning
Allocation
Selection
Research – Morningstar
ETF Analytics
Monitoring - On-going
Reporting –Sample provided
Investor Risk Profile – subjective
Retirement Planning
Needs Analysis for retiring
Analyze Pension options
Accumulation - Type of qualified accounts
Tax Planning
Investment gains/losses
Capital gains by-pass trusts
Loss Harvesting
Estate Planning
Document Review
Various structures to maximize transfer at death
Risk Planning
Protection for earnings
Protection for estate preservation
Protection during retirement
Pension Maximization
Choices of Operations
Self-operating
Staff required
Legal required for Entity set up
Prepare documents for establishing RIA
Continuing Compliance required
One member must have series 65
Obtain software, client forms, custodian
Join a RIA
Requires passing series 65 examine
Fees paid to you directly
No Entity required or allowed
No administration or regulatory filings
Joint venture/Sub-contract
Depending on structure
Ownership
License required
Agreement with other advisory firm
Requires Solicitation agreement
Private Label or not
Pros vs. Cons
Give business to others
No additional revenue stream
No requirements
Lack of control for client benefit
Responsibility of the recommendation
References of operation with Planned Asset Management Model from Current CPAs part of the network.
The CPA practice is separate and unrelated to securities practice through M.S. Howells & Co.