How Offering Financial Planning Can Enhance Your Credibility as an Accountant

The demand for financial planning is clearly there. By offering this service, you can set yourself apart from your competitors and gain credibility.

How Financial Planning Can Increase Your Credibility as an Accountant

Offering financial planning services can improve your credibility as an accountant in a number of ways. Here’s how:

Enhance Client Trust and Relationships

Providing financial planning as a service can help increase client trust. When you offer a wide range of financial services, like financial planning, you serve as a one-stop shop for your client’s financial needs.

Clients would much rather have a single source to turn to for their finances than deal with multiple professionals.

Because your clients already have an established working relationship with you, they will be more likely to trust you with their financial affairs and view you as a well-rounded financial professional.

Along with increased client trust, offering financial planning services can help you develop deeper relationships with your clients as you become more involved in other areas of their life and help them reach their long-term goals.

Financial planning can encompass a wide range of services, some of which include:

• Retirement planning
• Tax planning
• Estate planning
• Insurance planning

Guiding clients through these critical planning processes and providing your expertise will only strengthen your relationships and help improve client loyalty.

Over time, you will develop a reputation of being trustworthy and knowledgeable, which will further enhance your credibility as a financial professional.

Gain a Competitive Advantage

What many accountants don’t realize is that their clients already have a need for financial planning and other financial services. They want help with planning their retirement or estate planning, but they don’t know where to start. You can meet their needs and stand out from other firms by offering these services.

If your competitors aren’t offering financial planning services, you can gain a competitive advantage by providing them to clients who are looking for more comprehensive services.

Better Client Outcomes

Adding financial planning to your offerings can also help you achieve better outcomes for your clients. In turn, you’ll find that clients are more loyal to your firm when you help them in new, exciting ways.

When you go through the financial planning process, you will sit down with your clients to learn about their:

• Goals and where they want to be in the next year, two years, and beyond
• Current financial situation

Understanding your client’s current financial situation and goals will allow you to make recommendations on how to achieve their desired results.

For example, maybe your client’s goal is to retire early and travel the world. Together, you can create a plan that helps them achieve this goal and enjoy a more fulfilled retirement.

Another client may want to reduce their tax burden while also ensuring they leave a legacy long after they’re gone, so your assistance with tax and estate planning allows them to sleep well at night knowing you’ve helped them do both.

About 90% of people say that financial planning helped them reach their savings goals. When your services help clients realize their dreams and aspirations, it’s a big win for all parties. But it also helps build on your credibility as a professional.

Demonstrate Your Industry Expertise

When you offer more comprehensive financial services, it allows you to position yourself as an expert in your field. Having a reputation of being an experienced professional will enhance your credibility and attract more clients to your doorstep as a result.

Clients will see that your expertise extends far beyond tax preparation. You can also assist them with tax planning, retirement planning, or a number of other planning services that will help them achieve their financial and personal goals.

Not only will demonstrating your expertise help you gain trust and credibility with potential clients, but it will further establish you as an expert in the eyes of your existing clients and top talent. Your clients and top talent only want to work with the best, those that are experts in their field.

Final Thoughts

Offering financial planning services can help you build credibility by improving client trust, helping you stand out amongst your competitors, improving client outcomes, and positioning yourself as an expert in your field.

Further, offering these services can also help you enjoy a more rewarding and purposeful career. Helping clients achieve their financial goals is a great feeling and one that can drive you to put your best foot forward each day.

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John Graziano, CPA, PFS, CFP® is president of FFP Wealth Management, a financial planning and management firm. He also actively mentors more than 80 CPA firms across the country. To get in touch with John or his team, please do so here.