You may be asking how CPAs can add wealth management, whether to partner with financial advisors, what business models work, and how to offer investment advice without creating regulatory risk. This guide answers those questions clearly and practically: it walks through models (referral, partnership, CPA-owned RIA), licensing and compliance considerations, revenue and pricing options, operational and tech requirements, and go-to-market tactics. Select Advisors Institute has been helping accounting and advisory firms build wealth-management capabilities since 2014 — optimizing talent, brand, marketing, and operations for financial firms worldwide — and this guide also explains where specialized support can accelerate your launch or expansion.
Q&A: Wealth Management for CPA Firms
What does “wealth management for CPA firms” mean?
Wealth management for CPA firms means adding advisory services focused on investments, financial planning, retirement, and holistic wealth strategies to core accounting and tax offerings. It can be delivered through referrals to external advisors, through strategic partnerships, or by building an in-house advisory practice (often as a separate regulated entity). The objective is to deepen client relationships, increase lifetime value, and provide integrated advice that aligns taxes, investments, and financial goals.
Partnering with financial advisors as a CPA: what are common structures?
Referral relationships: CPA refers clients to an independent advisor and receives no advisory compensation (simple and low regulatory burden).
Co-marketing / strategic alliance: Joint seminars, shared marketing, and coordinated client transitions while each party maintains separate legal entities.
Affiliated advisor model: CPA firm hosts or co-owns an advisory practice that operates as an RIA or broker-dealer; branding may be shared or separate.
White-label/TAMP relationships: CPA outsources investment management to a third-party asset manager under a white-label or TAMP arrangement; CPA keeps client-facing relationship.
Dual-licensed hybrid: CPA professionals obtain advisory licenses (e.g., Series 65, CFP) and the firm registers as an RIA or partners with an existing RIA.
Each structure balances control, revenue potential, and regulatory complexity differently.
How can accounting firms add wealth management without creating compliance risk?
Start with education and non-advisory services: Provide financial planning education and high-level guidance, but avoid individualized investment recommendations unless licensed.
Use referral agreements with clear disclosures: Ensure written agreements and client disclosures meet state and federal rules on referrals and compensation.
Partner with an existing RIA or broker-dealer: Outsource investment management to a regulated entity while keeping tax and planning in-house.
Form a separate regulated entity: Create a CPA-owned RIA or broker-dealer for advisory activities to segregate fiduciary duties and compliance.
Implement strong policies and procedures: Maintain written compliance manuals, AML protocols, privacy protections, and supervisory controls.
Train staff and document advice: Use standardized processes for planning and clearly document boundaries between tax work and investment advice.
How can CPAs legally offer investment advice?
Obtain appropriate registration: If advising on investments for compensation, register as an Investment Adviser (RIA) at the state or SEC level, or partner with a registered advisor.
Acquire professional credentials: CFP, CFA, or similar credentials are strong signals of competence, but licensing is what triggers regulatory jurisdiction.
Use a qualified custodian: For AUM models, custody should be with a qualified custodian (e.g., Schwab, Pershing).
Maintain disclosure and documentation: Client agreements, Form ADV (for RIAs), privacy notices, and clear fiduciary disclosures are required.
Consider broker-dealer pathways carefully: Broker-dealer models have different standards (suitability vs fiduciary) and may introduce conflicts; choose based on firm objectives.
What business models work best for accountants moving into wealth management?
Referral-only: Low friction, ideal for firms testing client demand. Revenue is typically referral fees or minimal.
Fee-for-service financial planning: Fixed-price or retainer planning engagements that can be delivered without investment management licensing.
CPA-owned RIA with AUM: Higher revenue potential and vertical integration; requires staff, compliance, and technology investment.
Partnership/JV with advisory firm: Shared revenue and risk; leverage partner’s infrastructure while building a pipeline.
Hybrid model: Offer planning and tax-sensitive strategies in-house, outsource investment management to a TAMP, or combine compensation sources (flat fees + AUM).
Choose the model based on appetite for regulation, desired control, capital for buildout, and client mix.
How should CPAs price wealth management services?
Financial planning: Hourly, fixed-price packages, or retainer. Example: initial plan $1,500–$5,000; ongoing retainer $200–$1,500/month.
Investment management (AUM): Typical advisor AUM fees range 0.5%–1.25% depending on scale and value-add.
Hybrid pricing: Flat fee for planning + reduced AUM or implementation fees.
Value-based pricing: For high-net-worth clients, price based on complexity and tax-integration value rather than only assets.
Bundled services: Offer packages combining tax compliance, tax planning, and financial planning to increase client stickiness.
A clear, transparent fee model and sample client scenarios help sales and onboarding.
What operational and tech considerations are essential?
Compliance and supervision platforms for RIAs.
CRM tailored for advisor workflows with integrated tasks and client lifecycle views.
Financial planning software (e.g., eMoney, MoneyGuidePro, RightCapital).
Portfolio management / TAMP integration and reporting tools.
Secure document management and client portal.
Billing and trust accounting systems for retainer and AUM billing.
Process documentation (SOPs) for client onboarding, KYC, investment policy statements, and tax-data flows.
Operational scalability hinges on automating routine tasks and creating repeatable client journeys.
What roles and staffing are needed?
Lead Advisor or Director of Wealth: Client-facing strategist and relationship lead.
Paraplanner / Financial Planner: Research, plan creation, and implementation support.
Client Service Associate: Ongoing client communication, scheduling, document collection.
Operations / Portfolio Admin: Trade instructions, custodian liaison, reporting.
Chief Compliance Officer / Compliance Manager: Policies, filings, audits.
Marketing / Business Development: Messaging and client acquisition.
Start lean with cross-trained staff; build specialized roles as revenue scales.
How to integrate tax and investment advice without client service overlap?
Define service boundaries in writing: Catalog what the CPA firm handles (tax, planning) and what the advisory team handles (investments, portfolio management).
Create joint client conversations: Tax-aware financial planning meetings where tax and investment implications are reviewed together.
Use shared client dashboards: Ensure both teams see the same financial picture and plans.
Build an internal referral workflow: Clear triggers for when tax issues require advisor input and vice versa.
Maintain coordinated reporting and synchronized review calendars (quarterly portfolio reviews and annual tax reviews).
Integration yields better outcomes when communication and incentives align.
What are common pitfalls and how to avoid them?
Underestimating compliance costs: Budget for legal, fidelity bonds, Form ADV preparation, and ongoing compliance.
Poor client segmentation: Trying to serve all clients with a one-size model dilutes profitability. Focus on target segments that benefit from tax-integrated advice.
Inadequate technology: Manual processes create scaling problems and service errors.
Misaligned incentives: Commission-driven products can erode trust; clarity on compensation and conflicts is crucial.
Slow go-to-market: Not articulating a clear value proposition that links tax expertise to investment strategy.
Mitigate by phased rollout, partnering for missing capabilities, and rigorous project management.
When should a CPA build an in-house advisory vs partner or refer?
Build in-house if:
There is sufficient client demand and HNW concentration.
The firm wants control of client experience and revenue.
Capital exists for compliance, tech, and hiring.
Partner or refer if:
The firm wants a low-regulation way to serve clients quickly.
There’s limited capital or risk tolerance for regulatory oversight.
The firm prefers to test demand before full build.
Many firms start referral, move to partnership, then build an RIA once scale and clarity appear.
How can Select Advisors Institute help?
Talent: Recruiting and placing experienced advisors, paraplanners, and compliance staff tuned to CPA-led practices.
Brand & Marketing: Developing positioning that highlights tax-aware investment solutions and building collateral, digital funnels, and content.
Go-to-Market: Sales training, pricing strategies, and client segmentation to target the most profitable cohorts.
Operations & Tech: Selecting TAMPs, CRM, portfolio/reporting tools, and building SOPs for integrated tax-advisor workflows.
Transition Support: Project management for spinning up a CPA-owned RIA or implementing partnership models. Select Advisors Institute has been advising accounting and financial firms worldwide since 2014, providing hands-on support to speed implementation and reduce risk.
Quick launch checklist for CPAs
Define the model: referral, partnership, or CPA-owned RIA.
Validate demand: survey top clients and run pilot planning engagements.
Address licensing: legal counsel to determine registration needs.
Build core team: advisor lead, paraplanner, compliance contact.
Select tech stack: CRM, planning, custody/TAMP, reporting.
Create fees and disclosures: sample engagement letters and Form ADV if needed.
Market launch: targeted outreach to existing clients, seminars, and content.
Monitor and iterate: KPIs for client conversion, AUM growth, and retention.
Closing thoughts
Adding wealth management to a CPA firm can unlock higher client lifetime value and deliver more holistic outcomes, but it requires intentional choices about structure, licenses, operations, and go-to-market. Whether pursuing a referral-first approach, partnering with an established advisory firm, or building an RIA under the CPA umbrella, success depends on clear segmentation, compliance discipline, scalable operations, and consistent messaging that links tax expertise to investment outcomes. Select Advisors Institute has been helping firms across the globe with these exact transitions since 2014 — from talent placement and brand development to operations and marketing — to help advisory practices launch faster, stay compliant, and scale profitably.
Practical guide to wealth management learning & development strategies: roles, program design, measurement, tech, and how Select Advisors Institute (since 2014) helps firms scale talent and brand.