In a recent blog article, I challenged Accountants to start solving their clients personal financial problems, or at least start to know their clients personal financial problems.
Those you missed it, you can have a read here.
For those Accounting Firms who do offer Financial Planning services to their clients, either through a referral partnership or via an in house business, are you clear on Why you offer these services?
Is it simply because someone told you one time that you should offer Financial Planning so that you ‘don’t lose the client to another Accounting firm that does’ or was it because ‘financial planning businesses can sell for much more than Accounting firms’ and you didn’t want to miss out?
Either of those reasons and others similar are perfectly reasonable, it’s just they don’t allow you to create the Financial Planning business your clients want and which will bring you and your fellow partners the personal wealth that comes from owning a successful and profitable financial planning business.
Why is this?
Because, just like you need to design and create what you want from your Accounting Firm, you need to do the same for your Financial Planning Business.
Start with your Vision, your Big Hairy Audacious Goal (BHAG) and what the end game looks like for the Financial Planning business and service that is delivered to your clients.
How do you start?
There are 3 steps you take to get your started.
- First place is to agree with your fellow Accounting Firm Partners (if you have them) that you need to take back control of the Financial Planning delivered to your clients and start your own in house Financial Planning business.
Over the coming weeks I will take you through the 5 Steps you need to take once you agree to start your own in house Financial Planning firm and grow this business to a $1M business within 5 years.
- Second, appoint an Accounting Partner who will be responsible for the Financial Planning business.
This Accounting Partner WILL NOT provide the Financial Planning service, you will hire an in house planner for this (more on that in future articles) but this partner will, along with the Financial Planner, discuss current prospective clients at weekly partner meetings, report numbers at quarterly board meeting and in conjunction with the Financial Planner, be responsible for setting and achieving annual targets.
- Finally, all Partners will know what the end game for the Financial Planning business looks like.
What is the revenue target in 5 years, how many existing accounting clients will take up the Financial Planning service, how many team members will be needed for the Financial Planning business and what price would the Accounting Partners sell their Financial Planning business for?
Starting with the end in mind provides everyone with clarity and accountability – two key points in any successful business.
Follow these 3 steps and you will be well on your way to creating a successful and profitable in house Financial Planning business.
Over the next 5 weeks I will share with you the steps you can take to build a $1M in house Financial Planning business.
Keep a look out for my future articles – or in the mean time, to see the kind of Financial Planning advice your clients want – grab a copy of my book – Freedom Assets: The Entrepreneur’s Roadmap to Financial Planning.
Can’t wait and want to take back control of the Financial Planning Advice provided to your Accounting clients?