Penn Mutual Life Insurance has created a Professional Advisors Alliance program with the aim of bringing together financial advisors and CPAs to expand their services, distribution channels and revenue.

Under the PAA program, CPAs partner with financial advisors to offer more financial planning services. According to a recent AICPA/Moss Adams LLP personal financial planning study, CPA financial planning practices are growing faster than the broader financial planning industry. Survey respondents who offer combined CPA, financial planning and other investment advisory services reported an average year-over-year growth rate of 34.9 percent. Members of the PAA will work with CPA firms to develop a marketing plan that aligns with the best practices cited in the AICPA/Moss Adams study. 

“The advantages of collaboration between CPAs and financial services firms are clear,” said Penn Mutual national director of strategic alliances Phil Raymond in a statement. “PAA allows both CPAs and financial advisors to work smarter and leverage their combined expertise for the benefit of existing and new clients.”

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