It has been a natural progression for CPAs to gradually evolve their practices to include both tax and financial planning."There's a natural link between tax prep and financial planning," explained Stephen Parezo, media manager for multidisciplinary practice firm Fiducial. "In doing a client's taxes, you get to see their whole financial picture. You can see if they're making contributions to retirement plans, and get to see what kind of stocks and other investments they have."

Mark Merenda, president of Naples, Fla.-based Smart Marketing, agreed. "The people in other financial disciplines really envy CPAs," he said. "Financial planners, lawyers and insurance professionals love the idea that someone has to come see them once a year. In a relationship business like financial services, the biggest obstacle is the first one - 'I don't know you.' So when you have already established trust, it's a wonderful first step to becoming their full-time advisor on all financial matters. It gives CPAs a real competitive advantage."

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access