Unlocking the power of partnerships: How accounting firms can integrate advisory services and wealth management

Featuring David Winslow, CFP, managing director, Wealth Management, Choreo

David is a trusted advisor to ultra-high-net-worth individuals, business owners, and multigenerational families, specializing in wealth strategies that preserve and grow wealth. He is especially passionate about working with entrepreneurs and has helped countless successful companies from startup to a life-changing exit event by developing tailored plans for business succession, estate and gift planning, and sophisticated asset management.

As the financial landscape grows increasingly complex, accounting firms are embracing strategies to expand their impact through advisory services. Building relationship-based advice platforms and leveraging strategic partnerships have become essential for firms aiming to meet the evolving needs of their clients. This approach not only enhances efficiency but also aligns wealth management services with clients’ financial goals, ensuringnlasting impact and shared success.

Q What steps can firms take to assess and implement advisory services that align with their client base while maintaining efficiency and shared values?

A Firms should begin by evaluating their current service offerings and determining what additional services their clients need. Once these services are identified, firms can decide which ones to provide in-house and which to deliver through external partnerships. This bifurcated approach allows firms to maintain efficiency while ensuring shared values with partners. Developing a clear strategy for implementing these services will help firms align their advisory offerings with their clients’ needs.

Q What are the key considerations for accounting firms when exploring external partnerships to enhance their client services?

A When exploring external partnerships, accounting firms should focus on identifying partners that share their values and commitment to client success. These partnerships should enable firms to resource efficiently while providing proactive and strategic advice to clients. A successful partnership should complement the firm’s existing services and align with its goals, ensuring that the collaboration adds value to the firm’s client offerings.

Q How can accounting firms effectively integrate wealth management services to create a relationship-based advice platform?A Accounting firms can start by assessing their existing client base and understanding the current services they offer. They should explore the specific needs of their clients and identify additional services that would enhance their financial strategies. By aligning planning and wealth management services into a cohesive strategy, firms can create a relationship-based advice platform. This approach ensures that the range of services offered is integrated and meets the evolving needs of their clients.