Expand Your Services

The Need for a Trusted Advisor

The financial arena is growing ever more complex. There are more Mutual Funds and ETFs than there are stocks traded on the New York Stock Exchange. New investment strategies and products are being developed at a dizzying rate. Tax laws change annually and there are now more than 5,000 insurance carriers offering a wider array of products than ever before. As a result, clients are drowning in a sea of information and alternatives; and it hasn’t stopped raining!

Clients are seeking convenience. Shifting consumer preferences have created a need for a new type of professional: the Primary Financial Advisor (PFA). The PFA acts as manager of the financial services team, filtering, evaluating, and organizing alternatives to meet the needs of the client. Clients enjoy the convenience and appreciate the value of having all of their financial service needs met “under one roof” by a professional they know and trust.

The Tax and Accounting Professional as PFA

Numerous studies have shown that the majority of clients view their accountant as their most trusted advisor. Additionally, accounting professionals have formal training in a number of the disciplines addressed by PFAs, such as tax planning, accounting, and financial analysis, as well as specific knowledge about each client’s individual situation. No other advisor has the same credibility as the accountant. This is evidenced by the numerous questions clients pose to their CPA regarding retirement distributions, estate taxes, investments, insurance needs, college savings and employee benefits.

Many of the skills needed to be a successful PFA are already present in a high quality accounting practice. However, the wider the variety of financial services and products offered, the greater the opportunity for practitioners to satisfy client needs and build ever greater financial security for the client and themselves.

The responsibilities of the PFA are varied, however, the development of a comprehensive PFA practice typically requires expertise beyond traditional income tax and accounting services in areas such as:

Asset Allocation and Investment Management
Estate, Financial, and Retirement Planning
Employee Benefit Plan Design and Administration
Personal and Business Insurance

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Expand Your Services

The Need for a Trusted Advisor

The Tax and Accounting Professional as PFA

Want to learn more about how partnering with Signature can elevate your client services?

Want to be Smarter With Your Money?