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|Member Advantage Partner: WealthStar Alliance|
For generations, accountants have professionally served the tax and accounting needs of clients across America. But, in today’s complex financial environment, the needs of their clients are changing, and growing. Millions of baby boomers are approaching retirement. Their focus is shifting from accumulation to the ever more pressing issues of preservation, distribution and wealth transfer. Trillions of dollars are at stake, and clients are increasingly asking their accountants and CPAs to help in managing their wealth, in addition to their taxes. Business Owners are asking for merger and acquisition help as well as help with key executive benefits and employer retirement plans. CPAs are partnering with Financial Planners and Advisors.
The Forms 1040, 1120, and 1120S provide valuable information about clients. Tax planning and financial planning become part of the tax preparation process. As Firms begin to work with clients, they also follow the AICPA and IRS Revenue Procedure 7216 guidelines on protecting client’s confidential information.
Most importantly, Data Analytics will become important to all accounting firms. Form 1040 alone offers 14-line items, representing multiple opportunities to provide value through various planning strategies. Possibly reallocating investments that can generate tax savings, helping clients with RMDs, or retirement planning, working with business owners who have unique opportunities, and broaden and enhance the accountant’s services by working with a professional advisor.
Trying to manage this manually or by tax return will not work efficiently. Wealthstar Alliance has created a practice management program that by incorporating client data into a common structure, accounting firms can build intelligence that allows them to manage clients’ needs by Office or by Partner and succeed in offering appropriate financial and client service transformation initiatives.
The utilization of technology specifically designed to align the accounting firms’ data with that of the expertise of a highly qualified tax planner or financial advisor is necessary in today’s sophisticated market. Wealthstar Alliance is pleased to introduce our Practice Management program to the accounting Firms you maybe partnered with.
We are thrilled to be part of the FSP Member Advantage Partner Program.
To learn more: https://www.wealthstaralliance.com/wealthstarsolution
Or feel free to reach out, we look forward to working with you:
Cary Parker, Partner firstname.lastname@example.org, 1.920.737.6337
Rich Engebretson, Partner email@example.com, 1.612.845.2463
Judy Beswick, SVP firstname.lastname@example.org