Critical Steps for MATERIAL SUCCESS

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1 CPA Financial Services Practice: Critical Steps for MATERIAL SUCCESS Presented by Honkamp Krueger Financial Services, Inc. The Premier Provider of Financial Services to CPAs 1

2 CPA Financial Services Practice: Critical Steps For Success Based on 12 Years of Real World Experience 2

3 Introduction James W. Herrig, J.D. Vice President & Counsel; Shareholder of HKFS, Inc. Holds FINRA Series 7, 63, & 24 (Registered Principal) Licenses. Member of the HKFS Investment Committee, Management Committee & Risk Management Committee Member of Estate Planning Committee with Honkamp Krueger & Co., P.C. Services Client Accounts Active in Soliciting New HKFS CPA Affiliates Graduate of Loras College in Dubuque, Iowa & University of Iowa College of Law in Iowa City, Iowa. Elected & Served as County Attorney for Dubuque County, Iowa. Managed the Investment Center at Firstar in Dubuque, IA for Ten Years Before Joining HKFS in April

4 What do you need to succeed? A Compelling need A Motivating vision 4

5 Why Offer Financial Services Now? 1st time in post-sox CPA industry revenue growth rates have gone down There is still a shortage of qualified, experienced staff Partners are performing lower-order activities Your competition is seeking your clients The opportunity is HUGE... Clients are most willing to make changes 5

6 Why Offer Financial Services? There are need and benefits for You Your clients Your Firm 6

7 Benefits for YOU: Learn and apply existing and new skills and knowledge Satisfaction of meeting more client needs Cement client relationships Assure suitability of services and products Assure quality control for clients Assure that planning engagements are executed properly Work more and more deeply with your best clients Earn more, both now and later Demonstrate leadership within the firm Increase overall realization rate Work less, enjoy the practice more 7

8 Benefits for Your CLIENT: The value of your professionalism as most-trusted advisor Co-ordination of tax and wealth creation, management, transfer Assurance of suitability Assurance of integrated solutions Assurance of your independence and objectivity Cost savings Convenience Peace of mind 8

9 Benefits for Your FIRM: Greater revenue per client High realization rates Stronger client loyalty Greater client retention Less need to prospect for clients Enhanced valuation in two ways 9

10 Benefits for Your Firm (contd.) Attract and retain younger partners / rainmakers Enhance the ability to cross-sell more engagements More revenue per employee Greater revenue growth rate Lower labor cost as a percentage of revenue More free cash flow Support for your succession plan payout schedule Enhanced shareholder firm value 10

11 Resource Tip: 2007 Business Reference Guide, The Essential Guide to Pricing a Business, 17th Edition, Tom West, Business Broker Press (2008) 11

12 What Has Been Your Experience? What has not lived up to your expectations? Made No Money or too little Time Commitment too large Lost Control Looked Bad to Clients Failed to Meet Client Needs Alienated or Lost Clients 12

13 What Has Been your Experience? What Has Been Good? Made Money at Your Highest Hourly Rate Leveraged Time (High Realization Rates) Controlled Process & Outcome Proactively propose solutions to client needs Saved Clients Money More... 13

14 What Has Been your Experience? Continued... What Has Been Good? Enhanced Client Relationships Reduced client turnover More revenue per client Increase shareholder and firm value Work fewer hours 14

15 Purpose of this presentation Identify Critical Steps to Making Substantial Profits Expose the Ideas & Issues that Make Success Highly Likely When Done Properly 15

16 Why is this Important? The Competition is Hunting Your Clients Most CPAs and CPA Firms in Financial Services - Fail Outright & Exit the Practice - Fail to Uncover & Identify Client Needs - Fail to Make Money 16

17 Why is this Important? There is Substantial Money to be Made - 10 to 20 Times Normal Billing Rates - Annual Stream of Income that Can Be Capitalized & Sold - Stronger Client Relationships - Changes Culture 17

18 Not Easy But Possible Let s examine each Element Critical for Substantial Success 18

19 The Critical Elements For Success Have Been Identified Can Be Taught Are neither mysterious or difficult Work Together as a Whole Are Measurable Require Effort, planning, and diligence Do Not Waste Your Time Reward You, Your Clients & Your Firm This is NOT theory. If you are unwilling or unable to incorporate these elements, you will fail. 19

20 Critical Element #1 Overcome Your Fear of Damaging Client Relationships 20

21 Critical Element #1 CPAs do not lose clients by offering or selling solutions to clients IT Services Payroll Services Cost Segregation R&D Tax Credits CPAs do not lose clients as a result of asset management in negative markets (Firm survey) (Control, Communication & Opportunities) 21

22 Critical Element #2 Build Stronger Client Relationships 22

23 Critical Element #3 There Must Be Genuine Commitment 23

24 Critical Element #3 There must be leadership just as with a tax or audit department The Champion must be an advocate and have authority Champion and Financial Advisor relationship must be strong There must be clear, concrete expectations There must be SMART goals for the firm and each professional Specific Measurable Achievable Realistic Timely Those who generate business must be recognized and compensated Successful financial services programs compensate CPAs Compensation must be financial, plus recognition There must be visibility and accountability Partner meetings should include financial services reporting Include FA at financial services segment of partner meetings 24

25 Critical Element #4 Program Must Be Properly Presented & Promoted 25

26 Critical Element #4 Internally The Champion and FA must educate about: Benefits to firm, partners and staff Benefits to clients Ongoing internal selling Champion & FA must recognize and manage different levels of acceptance and performance Encourage regular FA marketing meetings Case studies Paralysis by Analysis (measure and report activity) Trust in referral process must grow, as with an IT expert Must deal with the CPA fear of losing control Use a buddy system for coaching and mentoring 26

27 Critical Element #4 Externally Truly Consult and Endorse Solutions Have a Plan and Process Educate clients Execute your plan 27

28 Critical Element #5 Plan for Immediate Success 28

29 Critical Element #5 Teach how to Identify Needs Explore total financial picture Teach how to Introduce FA and Services Require Partners to use the Program Personal Commitment Target Best Clients They trust you and will be willing to listen to suggested solutions Practice and Role Play 29

30 Critical Element #6 Address Personal Independence: Providing Trustworthy Advice 30

31 Critical Element #6 Legitimate concern of many CPAs (comfort) Clients see financial services like any other advice, service or product They pay for the audits and for software services They pay for payroll services And they pay for Estate Planning engagements CPAs already give advice Estate, business, tax, and retirement planning Are you less independent when you sell an additional traditional service Business Valuation, Cost Segregation, R&D Only want to avoid mistakes and have someone to blame Referrals without control pose the greatest risk 31

32 Critical Element #7 Understand Independence Properly & Know the Rules of Commissions & Referrals 32

33 Critical Element #7 There is a genuine distinction between independence under the rules and personal interpretations Attest client and contingent fees Rules 101, 302, 503 Fees in advance are not contingent Recognize who is the client Sarbanes Oxley and publicly traded companies There is plenty of room for discretion and judgment; avoid excuses 33

34 Critical Element #8 Place the Correct Value on Referral Sources 34

35 Critical Element #8 The old mutual referral system has drastically changed Competition constantly trespasses on traditional boundaries Banks do tax returns, financial, estate and succession planning CPAs firms offer full range of financial service products What CPAs refer away is worth multiple times what they receive Referrals produce accountability without control The loss of accounting fees from an insurance agency pale in comparison to a single good insurance case The fear of lost business is exaggerated compared with tracked experience 35

36 Critical Element #9 Accountability 36

37 Critical Element #9 Measure and report revenue by service, by CPA, by firm Use a services cross-selling grid Compare production to specific objectives established Include financial services reporting in partner meetings Recognition Peer Pressure Include Financial Services results in partner annual evaluation Evaluate firm performance annually vs. goals & objectives Set new targets annually Include Financial Services effect on MAP objectives Pay CPA for financial services production 37

38 Critical Element #10 Communicate with Clients 38

39 Critical Element #10 Use a Client Retention Management System Agree on review schedule with each financial services client Set client ground rules Create touches Communicate more in turbulent times Use your FA partner for client reviews Delegate, Delegate, Delegate Disclose, Disclose, Disclose 39

40 Critical Element #11 Use Proven Techniques 40

41 Critical Element #11 Start with best clients Target strong relationships Easiest needs to identify & meet Develop relationship with your financial services advisor and partner Get to know character, knowledge and skills of FA Familiarize yourself with home office support Understand the FAs ability to adapt to your style Delegate based on comfort level with FA Take advantage of seasonal opportunities Year-end reviews Tax Return interview If Partner offers seminars/conferences encourage attendance Use a buddy system with a CPA partner Internally Externally other association member contacts 41

42 Critical Element #12 Know the Rules or Know your Partner 42

43 Critical Element #12 There are rules on disclosure, advertising and compliance From the AICPA & state association From the SEC & FINRA Congress & Legislatures Other regulators Rules can Be detailed Be settled and clear Vary by jurisdiction Evolve (fax, , privacy) Surprise (e.g. state by state rules on sales fraud) 43

44 Critical Element #13 Clients prefer to buy solutions from their CPAs Insurance Managed Assets Clients with more services are stickier clients Bank Example Most Trusted Advisor Banker, Attorney, Broker & Insurance Agent CPA knows and understands client situation the best Always putting client first; no compromises 44

45 Critical Element #14 Outsource Financial Services 45

46 Critical Element #14 Save Time Save Money Avoid Costly Start Up Mistakes Achieve ideal practice while focusing on your core competencies Bring experts to the table Widest array of products and services 46

47 Critical Element #15 Outsource for Knowledge 47

48 Critical Element #15 CPAs rarely have enough useful knowledge of products Affiliation with Broker Dealer gets you product training, not practice application Investing your time to learn is slow and costly (direct and opportunity costs) CPAs rarely have sales skills Consult and provide superior solutions 48

49 Critical Element #16 Outsource to Leverage Your Time and Investment 49

50 Critical Element #16 CPAs rarely have the interest or time to acquire and maintain sales skills CPAs prefer consulting and advising A partner must bring a systematic approach to discovering and solving client problems Consulting to develop a substantial financial services practice requires only 1 to 2 hours per week on average Use a skilled, knowledgeable and ethical partner 50

51 Critical Element #17 Get the Right Firm To Partner in Financial Services 51

52 Critical Element #17 The FS Partners must understand the CPA culture: The ethical and disclosure rules for CPAs The way CPAs and clients relate That financial services is one part of the services being delivered by the CPA CPAs are the clients most trusted advisors and that relationship is paramount Client relationships must always be enhanced and never damaged CPAs can only comfortably introduce financial services and endorse recommendations when the partner has first satisfied the CPA 52

53 Critical Element #18 Consider Partnering with Honkamp Krueger Financial Services, Inc. 53

54 Critical Element #18 Truly understand the CPA Culture Provide cost basis on investment and risk management products Provide preliminary Gain Loss reports for pre tax meetings Meet more client needs Build stronger client relationship Save and make clients money Maintain quality control Substantial profits immediately 54

55 Critical Element #19 James W. Herrig, J.D., Paul Staniszewski, CPA, or Bob Anderson Honkamp Krueger Financial Services, Inc J.F.K. Road Dubuque, IA (563) or (800) Fax: (563) or 55

56 Critical Element #20 Time for Questions 56

57 Critical Element #21 Thank you 57

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