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There are a multitude of personal financial planning business models you can implement. The one you choose is what works best for you, your practice and your clients. A panel of successful practitioners in the most common business models in the CPA profession will share how they built their practice to provide the highest value for clients while also running a successful business. This session will cover the following topics: Introduction of the panelists The benefits, challenges and best practices of the various business models — helping you identify the best structure for your practice and clients The economics behind getting this service off the ground and what to expect in terms of revenue along the way How they charge for these services and compensate partners and staff How they converted tax clients into PFP clients The psychological side of providing these services How and why they chose their investment business model and how they successfully implemented their strategy How to seamlessly integrate the CPA and RIA sides of the business How they manage resource needs, including staffing and outside experts Options for gaining help from 3rd parties (RIA firms, and other advisors) to assist in your efforts Increasing the value of your practice by adding financial planning - succession plan/future sale Growing your business through marketing Holding effective virtual client meetings
Continuation of Part I
Determine whether you have or will cross the line when providing investment advice, so you know when or if to register as an investment adviser Investment advisory business model options and pros and cons of each Registration process Regulatory oversight Compliance programs Determine whether you will cover your compliance needs or outsource Hot topics (social media rules, custody, etc.) Protecting your practice with insurance Q&A
Review engagement activities as defined by the Statement on Standards in Personal Financial Planning Services, No. 1 Discuss methods to identify your ideal client and secure the PFP engagement Determine how to price the PFP engagement Walk through how to structure typical client meetings included in the PFP engagement: Initial complementary consultation and data gathering Creation of Statement(s) of Financial Position and Cash Flow Estate planning Risk management planning Investment planning Retirement/Financial independence planning Planning for ancillary services like education and elder planning
Core technology offerings to consider (financial planning software, client relationship management software, document management software, etc.) Major industry trends Emerging technologies
Three graduates will share their stories of progress since completing the workshop.
Through real-life client scenarios, you will learn how to best communicate with clients in the areas of retirement, estate/charitable, investment, risk management/insurance planning.
This final session will offer practical advice from the experts and will help you take the next steps based on what you have learned over the past two days, including: Resources, tools and learning integral to success Pressure points to be aware of as you make decisions forward Action steps to create and stay on track with your game plan Their one best piece of advice
Join us daily as our host Jill Schlesinger talks about what you can expect at the ENGAGE 2022 conference onsite and what you don’t want to miss virtually! These segments will include interviews/q&a with speakers, behind-the-scenes look at the Studio, and what’s happening onsite this year!! Make sure to check the Studio out to enhance your experience as a virtual attendee!