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:

• Getting started with learning more about you (polling questions)
• The PFP opportunity
• 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 3^rd 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/buyer’s view
• Growing your business through marketing
• Holding effective virtual client meetings
• Reflection time for participants

Continuation of session one... 

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:

• Getting started with learning more about you (polling questions)
• The PFP opportunity
• 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 3^rd 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/buyer’s view
• Growing your business through marketing
• Holding effective virtual client meetings
• Reflection time for participants

• 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
  • Hear how panelists chose their model
  • Q&A
  • Reflection time for participants

• 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
• Reflection time for participants

• Core technology offerings to consider (financial planning software, client relationship management software, document management software, etc.)
• Major industry trends
• Emerging technologies
• Hear how panelists chose their technology stack
• Q&A
• Reflection time for participants

Group 1

Dirk Edwards, CPA/PFS, JD, Edwards Bradley PC, Lake Oswego, OR

• Clients include entrepreneurs, executives, and high-net-worth individuals and their families; offers integrated personal financial planning and tax compliance services

Susan M. Tillery, CPA/PFS, President & CEO, Paraklete Financial Inc., Kennesaw, GA

• Fee-for-service integrated financial planning without asset management or product sales who builds a team of advisers and offers a multi-family office approach

Brooke Salvini, CPA/PFS, Principal, Salvini Financial Planning, San Luis, Obispo, CA

• Registered investment adviser firm that offers fee-only, hourly and retainer, objective advice with a focus on estate, retirement, tax, investment, and risk management planning

Group 2

Scott Sprinkle, CPA/PFS, CGMA, CFP, Sprinkle Financial Consultants LLC, Littleton, CO

• Family office/high-net-worth client model providing tax, financial planning and investment advisory services with fee-only compensation

David Stolz, CPA/PFS, CFP, Stolz and Associates P.S., Tacoma, WA

• Registered investment adviser firm that offers fee-only, hourly and retainer financial planning and asset management with a focus on high-net-worth couples and divorcees

Group 3

Jean-Luc Bourdon, CPA/PFS, Principal, Lucent Wealth Planning LLC, Santa Barbara, CA

• Fee-only independent firm affiliated with a Turnkey Asset Management Provider (TAMP) offering financial planning and investment management services

Theodore Sarenski, CPA/PFS, CFP, AEP, President/CEO, Wealth Manager, SageView Advisory Group, LLC, Syracuse, NY

• Experience selling a business and providing PFP services in multiple firms with a fee-only focus on investment management and financial planning
• Mark Astrinos, CPA/PFS, CFP®, RLP®
  • Experience buying a business; provides personal CFO services that include life planning, financial planning, and investment planning for a fixed fee

You will learn how panelists communicate with clients, structure their meetings, and deliver & present planning ideas to clients in the areas of retirement, estate/charitable, investment, risk management/insurance planning.

This final session will give you a chance to create your game plan forward, get your questions answered, and gain practical advice from the panel, including:

• Bring everything you have learned together with the “Building Your Tax and Financial Planning Business Checklist”
• Panelists share what their best piece of advice would be if they were starting again now
• Hear about resources to support you going forward
• Create “Your Vision & Quarterly Rocks” document to capture your plan forward
• Share your plans and top takeaways with each other
• Q&A
• Wrap up the workshop

Join host Kimberly Ellison-Taylor online in the ENGAGE Live Studio for the first day welcome message and talks about what you can expect at the ENGAGE 2023 conference onsite and what you don’t want to miss virtually! These segments will include interviews/q&a with speakers, behind-the-scenes looks, and what’s happening onsite this year!! Make sure to check the ENGAGE Live Studio out to enhance your experience as a virtual attendee!