In the third installment of the results of Accounting Today and Cetera Financial Specialists' "Seeking Success" survey, we examine the obstacles accounting firms have faced in launching financial planning and wealth management practices.
With convincing clients to try the new service and identifying the right clients as two of the three most common obstacles that firms had to overcome, it's clear that getting the client side of the equation right is critical. Interestingly, our responding firms indicated that, on average, around a quarter (26 percent) of their tax and accounting clients who aren't currently wealth management clients would be good candidates for the service, suggesting that there's significant room for expansion without having to go out and develop an entirely new client base.
And apparently it's worth it -- almost two thirds (59.5 percent) of responding firms who offer financial planning services expect their gross revenue from those services to grow over the course of 2013.
"Seeking Success" was created in partnership with Cetera Financial Specialists. Click here for the latest white paper, "The Road to Expansion," prepared by Accounting Today and Cetera Financial Specialists.
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