St. Paul, Minn. (Sept. 7, 2004) -- With more and more clients expecting their accountant to be a one-stop shop, WorthMark Financial Services LLC has developed a new model for CPA firms interested in offering financial services.
Under the new model, a WorthMark registered representative incorporates within the CPA firm’s current structure on a full- or part-time basis. The firm owns an interest in the broker/dealer, but isn't required to register any of its own professionals with the National Association of Securities Dealers, leaving them free to focus on their core accounting practice.
“The ability to own a financial services operation without losing focus on traditional functions, while at the same time providing the opportunity to increase profit and service to clients, makes this a unique approach in this industry,” said WorthMark president Jim Peterson.
WorthMark recruits and trains the qualified financial advisor, who can meet with clients to discuss their financial needs and offer planning services. Only the registered rep is required to hold NASD registration. WorthMark also provides access to experts in financial planning, case analysis and marketing strategies.
“We have seen firms employ many different approaches to offering financial services to their clients,” Peterson added. “Quite frankly, most of these approaches simply ignore the regulations governing our industry and pose a huge liability to the CPA firm.”
-- WebCPA staff
