How Wealth Management can Increase Value for Clients and your Accounting Firm.

How Wealth Management can Increase Value for Clients and your Accounting Firm.


If the accountant is the central point of contact for so many client needs, why then not deliver a broader range of services and be the primary relationship manager, the architect and the conductor of outcomes against these needs?


Why not maintain, or if you have lost or are losing it, reclaim the role of the most trusted adviser?


Accountants are the most appropriate professionals, with the requisite level of education, knowledge and expertise to take control of the client advice process and co-create with clients the best possible outcomes. 


This does not mean you all of a sudden must become a financial adviser. It simply means a shift in mindset to progressively, continuously and systematically create more client engagement. It’s what your clients want from you – and as there is now an ever increasing flight to quality for direction in their wealth affairs – it is in fact expected from you.


A simple high-level approach which many accounting firms are adopting, is to focus on servicing clients who are genuinely seeking “advice” and “multiple services” through the one location, or client contact.


By diversifying the breadth of services and extending beyond simply the traditional scope of services an accounting firm may typically offer, the firm is providing their clients, and their people, more reason to engage on a more frequent basis. 


In addition to greater engagement with clients via an expanded range of services, these additional services also deliver the ability to build incremental revenue streams and an additional asset base for future value.


Regardless of whether you build in wealth management services, finance or other complimentary financial services, a focus on services which build recurring engagement and therefore recurring revenue, will ultimately enhance the value of the firm.


Clients constantly refer back to their accountant, so why not give clients an additional reason to do so?


Inherently, accountants increasingly acknowledge both the opportunity and the challenge which wealth management and accountant licensing present. Notwithstanding, a necessary and long overdue convergence between the provision of accounting and high-quality wealth management is well and truly upon us. As Bstar’s The 2015 Accountants Research Report” highlights, transitioning from compliance-centric to an advice service business model, is one of the top three business concerns and focus areas for accounting firms. 


How you deliver additional services, be it through internal resourcing or partnering with external organisations with complimentary skills, it’s critical that you ensure your firm has an equity interest in the success of these additional services, rather than simply a referral agreement.


You cannot build value if you do not own part of the asset.


Prime Financial Group is an ASX Listed Integrated Wealth Management Firm for business owners and family groups. We were founded in 1998 by accountants and today that DNA continues through our working relationship with clients in partnership with their accountant. We have a focus on personalised advice, structure and strategy and asset protection, and that is why we partner with accounting firms, and have been doing so for over 17 years.




It’s often being able to identify what the goals and objectives of each accounting firm are. Some firms are very growth oriented, some need to address a succession planning issue, some need to focus on the wealth management piece, and don’t have the skills or expertise to put that into place. We are in the unique position to bring it all together, and help the firm achieve their vision, their goals and their objectives through equity investment and partnerships.


We would really like to have a conversation about how Prime Financial Group can add value and help you achieve your goals and your objectives.


By | 2017-06-16T15:16:33+00:00 June 29th, 2015|Accountants, Prime Financial Group, Thought Leadership|0 Comments

About the Author:

As the Director of Corporate Development at Prime Financial Group, I enjoy partnering with accountants who are seeking to grow, expand and offer complete client services including the provision of wealth management services.