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Grow Your Firm with Type 2 CPA Services

Updated on January 28, 2017

Survey: Financial planning services help firms retain clients & increase revenue.

A recent survey was completed by the AICPA, posted in the Journal of Accountancy.

Courtney L. Vien shares the survey statistics, and states:

"Adding personal financial planning services, (PFP)" [such as iTransact,] "can help a CPA firm attract and retain clients and increase its revenue, the AICPA’s recent Economic Benefit of PFP Services survey found."

"Almost half (49%) of the CPAs who responded to the survey said their firm offers PFP services. Of those that offer PFP services, 91% also offer other services to clients, while 9% exclusively offer financial planning. More than 2,400 CPAs responded to the survey."

As the financial world evolves, Type 2 Services are becoming more prevalent. The top firms have learned the value of utilizing iTransact by becoming a Strategic

iTransact, a Payroc Company, is a Strategic Partner with the top 100 firms across the Nation, such as BDO Alliance, CPAmerica, ATX, Tax Wise, CCH, and more. Our purpose is to take your firm to the next level as you promote Type 2 services to all of your clients.

As a strategic partner with iTransact, your firm will feel immense benefits as you:

  • Increase your profit margin,
  • Improve client retention, and
  • Win new client engagements.


Clients Want MORE From Their CPAs.

Vien continues, "'clients across all generations want more from their CPAs,' said Jonathan Gassman, CPA/PFS, the CEO and founder of The Gassman Financial Group and co-founder of wealth management firm G&G Planning Concepts.

'They are looking for independent, objective advisers to help them make smart choices about their money,' said Gassman, who also is a member of the survey task force. 'CPAs are probably in the best position of any type of adviser to provide this kind of counsel, because of our wide experience and knowledge of areas like tax, estate planning, and cash flow planning.'”

What Type 2 Services Does Your Firm Offer?

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Survey finds that financial planning can be a good investment

Firms that consider tax work their bread and butter are sometimes wary of adding PFP to their offerings, Vien states.

“They fear that offering financial planning will cause them to become distracted or perhaps lose their objectivity and lose their clients as a result,” Tillery said in the AICPA Surevey. “But the exact opposite happens. Firms offering financial planning have higher client retention.”

The AICPA found that Eighty-three percent of the CPAs surveyed who offer both PFP and other services said that they never or rarely lost tax clients due to financial planning-related issues.

Contact your iTransact Team today! Alaina Rupe Relationship Manager (801) 951-8146 Source: PRO iTransact Team
Contact your iTransact Team today! Alaina Rupe Relationship Manager (801) 951-8146 Source: PRO iTransact Team | Source

Here at iTransact, we know that our Strategic Partnership program works. We have seen firms all across the Nation grow and succeed, because they have actively engaged as a strategic partner.

Help your firm become a hero to your clients & contact your iTransact Relationship Manager today, about how to become a more engaged strategic partner.


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