Building a financial planning practice 101

In today's financial services landscape, it is becoming more important for accountants to evaluate the health of their current practices and to implement certain necessary changes to remain competitive. With consolidation happening almost on a weekly basis, financial services firms are becoming the one-stop shop for clients. And if you poll your clients, you'll find out that that's exactly what they want - one trusted place to have all of their financial matters attended to.Accountants are also seeing pressure from the proliferation of low-cost accounting software, companies that are giving away tax preparation services for free or at an extremely low cost, and the fact that the Internet is providing clients access to information that was once the private domain of accountants.

This pressure, along with the clamor of clients asking for financial planning help, is waking many accountants up to the fact that diversification of services is the only viable option for sustained profitability.