From Accounting to Advisory: How CPAs Can Integrate Wealth Management Into Their Practice
The role of CPA firms is evolving. Traditionally focused on tax compliance and financial reporting, many firms are now embracing a more comprehensive advisory approach to meet growing client demands. One of the most valuable additions to a CPA firm’s service offering is wealth management. According to a recent survey by PwC, nearly two-thirds of high-net-worth clients receive "value-added" services from their primary financial provider. This percentage increases to 89% for ultra-high-net-worth individuals with over $10 million in investable assets.
Source | PWC
The survey also revealed a significant interest among high-net-worth investors in accessing "wealth management adjacent" services through their primary advisors. These services include tax planning, trust and estate planning, and health or elder care services. However, many respondents indicated that their current primary advisors do not offer this comprehensive range of services, highlighting a potential gap in the market and an opportunity for financial service providers to expand their offerings.
With financial complexities increasing and clients seeking holistic financial guidance, integrating wealth management can position CPA firms as trusted, full-service advisors. The Integrated Advisory Network provides CPA firms in Canada with a seamless pathway to incorporate wealth management into their practice. By leveraging the network, CPAs can enhance client relationships, diversify revenue streams, and maintain a competitive edge in the financial services industry.
Why CPAs Should Consider Wealth Management
1. Meeting the Rising Demand for Comprehensive Financial Services
Clients increasingly prefer a one-stop solution for their financial needs. Instead of working with separate accountants, financial planners, and investment advisors, clients value a streamlined experience where their CPA provides both tax and investment planning under one roof.
2. Transitioning to Value-Based Pricing for Greater Profitability
The traditional hourly billing model limits growth potential. By offering wealth management, CPA firms can transition to value-based pricing models, generating recurring revenue through advisory fees, investment management, and financial planning services.
3. Strengthening Client Relationships and Increasing Retention
Clients trust their CPAs with their most sensitive financial matters. Expanding into wealth management strengthens this relationship, positioning the CPA as the go-to financial expert. This deeper level of service fosters long-term client retention and referrals.
4. Gaining a Competitive Advantage Through Specialized Expertise
Many wealth advisors lack the in-depth tax expertise that CPAs bring to the table. By integrating wealth management, CPAs can offer specialized services like business succession planning, tax-efficient estate strategies, and holistic retirement planning—areas where they already have a strong foundation.
5. Capitalizing on Market and Regulatory Trends
With an increasing focus on integrated financial services, regulatory shifts and market trends favor CPA firms that expand into wealth management. By adapting early, firms can stay ahead of industry changes and solidify their long-term success.
Key Wealth Management Services CPAs Can Offer
By leveraging the Integrated Advisory Network, CPAs can expand their service offerings to include a comprehensive suite of wealth management services. These services not only meet the growing demand for integrated financial solutions but also position CPAs as holistic financial coordinators, ensuring their clients have access to the right specialists for every aspect of their financial well-being.
Integrated Financial Planning
Perhaps the most valuable service CPAs can offer is integrated financial planning that combines all aspects of a client's financial life. At the core of true wealth management is a deep understanding of a client’s life goals, values, and vision for the future. CPAs, through the Integrated Advisory Network, can help facilitate holistic financial planning that goes beyond just numbers—ensuring clients have a clear roadmap for achieving their long-term aspirations. This approach ensures every financial decision aligns with a client’s bigger picture. Key areas of focus include:
Comprehensive financial goal setting
Cash flow and debt management
Education funding strategies
Charitable giving strategies
Investment Advisory and Portfolio Management
Through the Integrated Advisory Network, CPAs can connect their clients with investment professionals who provide sophisticated portfolio management tailored to each client's unique needs and risk profile. By working alongside licensed specialists, CPAs can help ensure their clients receive:
Personalized investment plans
Asset allocation strategies
Regular portfolio rebalancing
Access to diverse investment vehicles
Tax-Efficient Strategies and Retirement Planning
With their strong tax background, CPAs are ideally positioned to help clients implement tax-efficient investment and retirement planning strategies. By working with wealth management professionals within the Integrated Advisory Network, CPAs can support::
Tax-optimized investment strategies
RRSP and TFSA optimization
Retirement income planning
Tax-efficient withdrawal strategies
Estate Planning and Business Succession
CPAs can leverage Integrated Advisory Network's network of specialists to offer comprehensive estate planning and business succession services:
Will and trust planning
Estate tax minimization strategies
Business valuation for succession planning
Intergenerational wealth transfer strategies
Risk Management and Insurance Solutions
CPAs can connect their clients with risk management professionals who specialize in protecting wealth through:
Life and disability insurance planning
Critical illness coverage
Long-term care insurance
Business continuation insurance
By offering access to these wealth management services through the Integrated Advisory Network and collaborating with specialized financial professionals, CPAs can provide a truly holistic approach to financial planning. This model allows them to enhance their value proposition, deepen client relationships, and ensure their clients receive expert guidance across all areas of wealth management—without stepping outside their core areas of expertise.
Enhance your value proposition and position your firm as a holistic financial partner. Offer expert wealth management services—without stepping outside your core expertise. Join the Integrated Advisory Network today.
Leveraging the Integrated Advisory Network in Canada
What is the Integrated Advisory Network?
The Integrated Advisory Network is a collaborative framework designed to empower CPA firms to seamlessly integrate wealth management into their practice—without the need to build an in-house investment advisory team. By joining the network, CPAs gain access to a network of financial planning specialists, portfolio managers, and cutting-edge technology solutions, allowing them to offer comprehensive financial services while staying focused on their core accounting expertise.
How the Integrated Advisory Network Facilitates Seamless Integration of Wealth Management
For CPA firms looking to expand their value proposition, the Integrated Advisory Network provides a turnkey solution that eliminates the complexities of launching a wealth management division from scratch. Instead of navigating the regulatory, operational, and staffing challenges of investment advisory services, firms can tap into an established ecosystem of experts and tools. Key benefits include:
Investment Management Expertise: Access to experienced portfolio managers who handle investment selection, asset allocation, and risk management on behalf of clients.
Regulatory & Compliance Support: Stay ahead of evolving regulations with built-in compliance resources and guidance, reducing liability risks.
Comprehensive Wealth Planning Resources: Utilize sophisticated financial planning software, estate planning tools, and tax-efficient investment strategies tailored to high-net-worth clients.
Scalability Without Heavy Investment: Expand service offerings without hiring additional staff or investing in new infrastructure.
A Holistic, Client-Centric Approach: Strengthen client relationships by providing integrated accounting and wealth management solutions under one trusted advisory umbrella.
By joining the Integrated Advisory Network, CPA firms can transform their practice into a full-service financial hub, strengthening client relationships through a more comprehensive advisory experience. With access to specialized expertise and streamlined wealth management solutions, firms can unlock new revenue streams, increase client retention, and differentiate themselves in an increasingly competitive market—all while maintaining their core accounting focus without the operational burden of building an investment advisory division from the ground up.
Positioning Your CPA Firm as a Holistic Financial Advisory Service with the Integrated Advisory Network
To differentiate your practice in Canada's competitive market, position your firm as a comprehensive financial advisory service. The Integrated Advisory Network provides Canadian CPA firms with the resources needed to seamlessly integrate wealth management into their practices.
Existing clients represent the most immediate opportunity for introducing wealth management services. During regular tax planning or financial reviews, identify opportunities to address broader financial needs such as retirement planning or risk management. For instance, discuss how affluent Canadians often require tax-efficient structures like trusts or holding companies for intergenerational wealth transfers.
By effectively communicating the value of wealth management, employing strategic cross-selling techniques, and leveraging Integrated Advisory Network's resources, Canadian CPA firms can position themselves as comprehensive financial advisors. This approach not only meets growing client demand but also ensures long-term growth and competitiveness in an evolving financial landscape.
Real-World Success: Integrated Advisory Network Member Shares Their Story
While concrete, quantifiable results are always compelling, the peace of mind and strategic alignment that the network offers can be equally valuable. Kari Speaker Smith, Sr. Partner at Fletcher Mudryk LLP, a CPA firm in Grande Prairie, Alberta, Canada, echoes this sentiment. Fletcher Mudryk has deep roots in its community, serving the Grande Prairie area for almost 90 years. "We focus so much on the business, the business on what it does, and, and ensuring on tax, on personal side and business," Kari explains.
However, she notes that "what's often lost in those conversations is how does the business impact our personal life? And also understanding how they overlap, how one integrates with the other." This highlights the need for a more holistic approach, going beyond just the business's financial performance.
Kari emphasizes the importance of financial planning: "Planning is critically important, and usually it's what you don't know is the part that causes the most stress in most people's lives." She notes that "having firms set aside the time and making sure that professional people are available to provide advice in setting up those plans and getting, giving an opportunity for clients to sit down and talk about their why" is a critical piece often missing.
Fletcher Mudryk's decision to join the Integrated Advisory Network was driven by a desire for strategic partnership. "One thing we're really excited about joining the Integrated Advisory Network is that we've identified a number of professionals that have the same core values that our firm does. I think that's been the strongest connection that we've found. Whether it's the people or the way that they do their work, they're delivering their services in the same way that Fletcher Mudryk is."
For Fletcher Mudryk, the Integrated Advisory Network isn't just about adding services, it's about finding partners who share their commitment to client service and holistic financial planning.
Next Steps: How to Start Offering Wealth Management Services Through the Integrated Advisory Network
Inspired by Fletcher Mudryk's story and eager to explore how your Canadian CPA firm can benefit from the Integrated Advisory Network? Here's how to begin:
Explore Our Resources: Visit www.integratedadvisory.com to learn more about the network's resources, member benefits, and collaborative approach.
Assess Your Firm's Readiness: Evaluate your current client base, team capabilities, and existing financial planning services to identify opportunities for integration.
Contact Us for a Consultation: Reach out to the Integrated Advisory Network team to discuss your firm's specific needs and explore how the network can support your wealth management journey.
Ready to elevate your CPA firm and offer comprehensive financial planning services to your clients? Join the Integrated Advisory Network today!
