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, developing trust and loyalty for lasting success absolutely hinges on reputation. 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 Broker Check 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 management firm fails to establish a deep and thorough sense of trust with your client, the relationship will never reach its potential and will ultimately limit the benefits your client would otherwise experience. While a brief Internet search may not reveal values and corporate culture, other professionals or colleagues could offer suggestions. If they have prior experience with a specific wealth manager, it could prove invaluable in assessing their suitability for a particular 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 your unique needs are, you’ll find experts among 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. Specialty firms often showcase their specific expertise as a calling card, prominently displaying these specialties on their website and marketing materials.
5. Does the Firm Have Standing Relationships with Other CPAs?
Ensure you refer to your clients in a professional manner while investing time and effort into researching wealth management firms in Westchester County for your best interests.
To establish a referral relationship with a wealth manager, both parties must ensure it is symbiotic, equitable, and fruitful. If you entrust a wealth manager with your valued clients’ betterment and refer them to the firm, you should expect the same level of commitment in return. Growing your client base and securing referrals for your practice are vital for lasting success.
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 clients’ and your best interest. If you form referral relationships with the right wealth management firm, it can prove to be beneficial for years to come.
