March 2008
Tax Season is the Best Time to Market PFP Services. Act Now!
For those of us who prepare clients’ taxes, the weeks that lie ahead in tax season are potentially the most lucrative of our entire year. During these weeks, we are completely engrossed in the details of our clients’ financial lives. In addition, we have more contact with our clients now than any other time of year. For these reasons, it is crucial to take advantage of opportunities now to build client relationships and find ways to assist them in achieving financial goals.
It’s easy to lose sight of marketing and relationship building during the tax crunch. So, we’ve outlined the following list to help you boost the value of your services and grow new business.
Five Ways to Turn Tax Season Dilemmas into Profit Building Financial Planning Opportunities:
- Dilemma: Hurrying to complete clients’ tax returns and forgo building client relationships.
Solution: Make time for brief conversations with clients to discuss financial planning opportunities based on red flags in their tax returns (e.g., insufficient retirement planning, large capital loss, recent divorce, loss of spouse, etc.) in their tax returns. These conversations should lead to lengthier discussions about how you can help them with PFP following tax season.
- Dilemma: Not wanting to come across as a financial planning services “salesman.”
Solution: Talk to clients about how you can help them reverse unfavorable financial circumstances and achieve specific financial goals (e.g., eliminate debt, have sufficient retirement funds, finance children’s education). Clients perceive that you are objective and working in their best interest when you advise them about their specific circumstances rather than talk about your services and business.
- Dilemma: Asking partners in your firm to refer their clients to you for PFP services.
Solution: Talk to them about the benefits including increasing the firm’s revenues, enhancing value for clients and helping the firm remain competitive in the marketplace.
- Dilemma: Demonstrating to clients that you are competent and qualified to provide personal financial planning services.
Solution: Apply for the Personal Financial Specialist (PFS) Credential and distinguish your knowledge, skill, and experience in financial planning services. The PFS is a leading credential in the industry.
Making the time and effort to find PFP opportunities during busy season pays off many fold. As you go about developing new business, use the valuable resources on the AICPA’s PFP Web site, including those from Forefield Advisor, to support your client service.
We wish you a successful and prosperous tax season.
Warmest regards,
Dick Fohn, CPA/PFS
Chair, AICPA PFP Executive Committee
