CPAs are often clients’ most trusted advisors, offering unbiased services. As a CPA with a wealth management partnership, this trust can be expanded upon as you provide a comprehensive, seamless solution for your clients. Our business is built on over 35 years of experience partnering with CPAs. We pioneered the partnership between CPA and financial advisor. We can elevate your position with your clients by providing truly exceptional service with you, the CPA, at the helm.
Partnering with Kolinsky Wealth Management means offering your clients’ services that not only address their immediate needs, but may help them achieve their long-term goals as well.
Partnering with Kolinsky Wealth Management may help you build important business relationships and make valuable industry connections. As we engage with your practice, your sphere of influence will expand, helping you network with the prominent organizations, individuals and business owners who we currently serve.
By developing a dynamic partnership with our experienced, trusted team of advisors, you can complement the services you offer your valued clients and expand your network of beneficial resources.
This may not be representative of other clients.
Case Study 1
A 55-year old Business Owner was looking to enhance his retirement plan. We were able to design a Defined Benefit retirement program that allowed the Owner to contribute approximately $255,000, of which he would receive $244,000 or 94% of the contribution.
For CPAs, Wealth Management Referrals Impact Both Your Clients and Practice
As a CPA in a busy, complicated financial landscape, it’s of utmost importance to not only maintain your fiduciary responsibilities but be constantly vigilant of your clients’ well-being. While this obviously applies to your own practice, it also extends outside of it in the referrals you provide to clients with specific financial needs. After all, the level of client satisfaction from those professional referrals reflects directly upon your own client relationships. A negative experience with an outside firm you refer to can reflect negatively upon you as well.
Obviously, you must be diligent and thoughtful concerning the third parties you trust with a client’s financial well-being. In fact, when a client is in need of financial advising of any sort, whether that entails comprehensive financial planning or overall investment management, a specific set of guidelines can provide you needed assurances. Such guidelines can help you find some of the best wealth management firms in Westchester County that are reliable, reputable and worthy of your referral.
1. What Services Does the Firm Offer?
Before referring a client to a wealth management firm, you want to make certain their services align well with the needs of your client. For instance, some firms strictly handle the investment side of a client’s financial needs and do not provide a full range of planning options. For the clients that want to take a close look at particular financial goals, including everything from basic retirement savings and investing for college to a vacation home, a firm that strictly handles investments would not likely be a good fit.
Similarly, if insurance needs or estate planning are primary focuses for your client, you want to make certain those particular services are offered by the management firm before referring them.
2. What Is the Firm’s Track Record?
In financial services of any capacity, reputation is absolutely crucial in developing the trust and loyalty needed to establish lasting success. Just as you value and carefully foster your own professional reputation, it’s important to check the track record of any firm you refer your own valued clients to.
Fortunately, in this digital age where data is at our fingertips, just a quick, cursory search on the Internet will provide you the assurances you need before sending referred clients to a particular firm. All of the regulatory agencies provide invaluable insight into the background of every firm and registered advisor. At the BrokerCheck websites for both FINRA and the SEC, you can find detailed reports for any of the wealth management firms in Westchester County with whom you might align. Similar reports regarding insurance services can be found through any state’s regulatory website, including New York and New Jersey.
3. What Are the Firm’s Values and Corporate Culture?
Of course, aside from expertise, it’s also important that a wealth management firm has the values and underlying corporate culture that mesh well with your client. Just like a firm’s track record, the values and culture that permeate a wealth management company help determine the trust and openness a client might feel towards them.
If a deep and thorough sense of trust cannot be established between your client and a management firm, the relationship will never reach its potential and ultimately, limit the benefits your client would otherwise experience. While values and corporate culture can’t be found in a brief Internet search, other professionals or colleagues may be able to make a suggestion. If they have worked with a particular wealth manager in the past, it could prove to be an invaluable resource in deciding if they would be a good fit for a specific client.
4. What Is the Firm’s Expertise or Specialty?
As you know, not all clients are the same. They have their own unique needs and demands, ranging from tax efficient portfolios to green investing. No matter what the unique need might be, there are sure to be experts found amongst the many wealth management firms in Westchester County.
Given the number of boutique firms now in practice all over the country, finding one that aligns with your client’s demands will not be nearly as laborious as it might have been just a handful of years ago. Since specialty firms often use their specific expertise as a calling card of sorts, those specialties will be prominently displayed on a firm’s website and marketing materials.
5. Does the Firm Have Standing Relationships with Other CPAs?
While you want to make certain you’re referring your clients in a proper and professional manner, you also need to be certain that investing time and effort into researching the different wealth management firms in Westchester County is in your best interest as well.
Establishing a referral relationship with a wealth manager needs to be symbiotic, equitable and fruitful for all parties involved, including you. If you are willing to trust a wealth manager with the betterment of your own valued clients and refer them to the firm, the same must be said from the opposite side of the relationship. Lasting success is built upon a growing client base and referrals coming into your practice is a crucial component of that growth.
You’ve worked hard to develop and foster your CPA practice and reputation. When it comes time to refer your own valued clients to one of the wealth management firms in Westchester County, it’s important to remember that it must be in both your client’s as well as your best interest. If you form referral relationships with the right wealth management firm, it can prove to be beneficial for years to come.