Building Your Tax & Financial Planning Advisory Business Workshop | ENGAGE 2021

Building Your Tax & Financial Planning Advisory Business Workshop

Sat, June 5 – Sun, June 6

15.5 CPE

Tax, Retirement, Estate, Risk Management & Investments

With 10,000 baby boomers turning 65 each day and $30 trillion in wealth transferring over the next 20 years, individuals, families, and business owners have a growing need for their trusted adviser to guide them through the complexities.

Research has shown that these clients and prospects want their adviser to be their primary point of contact who can integrate their full spectrum of personal finance needs throughout their lives and CPAs are perfectly positioned to do this.

Stepping into an expanded role to offer tax and financial planning services is a meaningful venture as most CPAs find that these services provide fulfillment and value for their clients and themselves.

If you’re up for the opportunity, this two-day seminar will give you the tools you need to get underway in offering tax and financial planning services.

Learning objectives:

  • Recognize the future of services to individuals
  • Determine numerous compensation and service business models used by CPAs who have built practices that provide the highest client value
  • Identify tips to effectively communicate with clients
  • Identify compliance, technology and practice management considerations
  • Determine what you need to be successful in providing financial planning services from CPAs who have thriving businesses

Moderator

Ted Sarenski, CPA/PFS, CFP®, AEP, has gotten a taste for providing PFP services in a larger CPA firm and on his own. He also has experience with selling his business and reaping the rewards. He provides fee-only financial planning and investment services.

Panel

Jean-Luc Bourdon, CPA/PFS, CFP®, runs a fee-only financial planning and investment management firm affiliated with a Turnkey Asset Management Provider. He previously created a Registered Investment Adviser (RIA) entity for a CPA firm.

Dirk Edwards, CPA/PFS, JD, runs a fee-only personal financial planning practice, offering integrated planning and tax services. His firm does not manage assets or sell products.

Michael Goodman, CPA/PFS, CFP®, built his fee-only investment advisory and financial planning practice from scratch early in his career. He runs a company serving high net worth individuals.

Brooke Salvini, CPA/PFS, CFP®, is the principal of a 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.

Scott Sprinkle, CPA/PFS, CFP®, runs a traditional CPA practice alongside a registered investment adviser entity. He offers a full scope of tax and financial planning services, and charges a mix of hourly, retainer and assets under management fees.

David Stolz, CPA/PFS, CFP®, ran a traditional tax practice that shifted to a wealth management firm. He works with high net worth individuals in the areas of tax preparation, investment consulting, divorce consulting, and financial planning.

Susan Tillery, CPA/PFS, leads an integrated fee-for-service personal financial planning practice. Her firm does not manage assets or sell products. She works with a team of advisers and offers a multi-family office approach for her clients.

With Special Appearances by:

  • Ellen Bruno, CPA/PFS, President, Compliance Advisor Professionals LLC, Berkley, MA
  • Joel Bruckenstein, CFP, Publisher, Technology Tools for Today (T3), Miramar, FL
  • Tom Tillery, CFP®, AEP®, CLU®, ChFC®, Paraklete Financial, Kennesaw, GA
  • Graduates from past workshops

Agenda

Fields of Study:

BMO (Business Management & Operations)

CSA (Computer Science& Applications)

Day 1 - Saturday, June 5

Noon–12:30pm

Registration Open

12:30-2:35pm – General Session, BMO

1. PFP Business Models: True Stories from Successful CPAs

Panel

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
  • The value of adding financial planning services for your succession plan

2:35-2:50pm

Refreshment Break

2:50-3:40pm – General Session, BMO

2. PFP Business Models: True Stories from Successful CPAs

Panel of Experts

Continuation of session one.

3:45-5:50pm – General Session, BMO

3. Regulatory and Compliance Issues

Ellen M. Bruno, CPA/PFS, President, Compliance Advisor Professionals LLC, Berkley, MA

  • 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.)
  • Q&A from audience with Ellen, Dirk and Jean-Luc

5:50-6:00pm

Recap and Expectations for Day Two

Ted Sarenski, CPA/PFS, CFP®, AEP, Wealth Manager, Capital One, Syracuse, NY

Day 2 - Sunday, June 6

7:00am–6:00pm

Registration Open

7:00–8:00am

Continental Breakfast

8:00-9:15am – General Session, BMO

4. How to Get Started and Practical Approach to Client Meetings

Susan Tillery, CPA/PFS, AEP®, President & CEO, Paraklete Financial, Kennesaw, GA

Tom Tillery, CFP®, AEP®, CLU®, ChFC®, Vice President & CCO, Paraklete Financial, Kennesaw, GA

  • 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

9:15-10:45am - General Session, CSA

5. Technology Topics for PFP

Joel P. Bruckenstein, CFP, Publisher, Technology Tools for Today (T3), Miramar, FL

  • Core technology offerings to consider (financial planning software, client relationship management software, document management software, etc.)
  • Major industry trends
  • Emerging technologies

10:45-11:00am

Refreshment Break

11:00am-12:30pm - BMO

6. Business Model Roundtables

Room 1

Dirk Edwards, CPA/PFS, JD, Edwards Consulting LLC, Lake Oswego, OR

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

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

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

Room 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

Room 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

Michael Goodman, CPA/PFS, CFP, President, Wealthstream Advisors Inc., New York, NY

  • Fee-only investment advisory and financial planning practice with experience significantly growing firm

Theodore Sarenski, CPA/PFS, CFP, AEP, President/CEO, Wealth Manager, Capital One, Syrause, NY

  • Experience selling a business and providing PFP services in multiple firms with a fee-only focus on investment management and financial planning

12:30pm–1:00pm

Networking Lunch

1:00-1:50pm – General Session, BMO

7. Where are they now?

Moderator: Theodore Sarenski, CPA/PFS, CFP, AEP, Wealth Manager, Capital One, Syrause, NY

Panel – Select 3 graduates from the workshop to share their progress since they participated in this workshop.

1:50-3:30pm – General Session, BMO

8. Effectively Communicating with Your Clients

Panel – Group Discussion

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

3:30-3:45pm

Refreshment Break

3:45–4:55pm – General Session, BMO

9. Next Steps: Practical Advice from the Panel and Q&A

Panel of Experts

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
  • Action steps to create and stay on track with your game plan
  • Their one best piece of advice

4:55–5:00pm

Wrap up & Workshop Adjourns