May 10, 2011 - CPA Wealth Management & Financial Planning Firms ... (budgeting, cash flow, personal financial statem
THE ESSENTIAL "25" WEALTHCARE CAPABILITIES CPA Wealth Management & Financial Planning Firms The purpose p p of this matrix is to illustrate the essential capabilities that a CPA wealthcare firm must provide to both the emerging and affluent wealth market segments in order for the firm to be a p p g g g "market‐dominating" comprehensive wealth management provider.
Client Classification (a)
Essential CPA Capabilities 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
General Education on Money, Markets, Economy & Behavioral Finance General Financial & Investments Planning General Financial & Investments Planning Financial Management (budgeting, cash flow, personal financial statements, bill payment, document storage…) Income Tax Advocacy & Compliance Income Tax Planning Debt, Commitments, Promises & Obligations Management Family Psychology & Relationship Dynamics Consulting Life Coaching (life balance, mental focus, peak performance coaching) Special Needs (aging parents, divorce, disabled family members…) Mortality Risk Planning (life insurance) Asset Protection & Preservation (liability insurance, creditor protection…) Income Replacement Planning (disability insurance) Secondary Education Cost Planning Personal Retirement Accumulation Planning Personal Retirement Income Planning Elder Care Planning (long‐term care, end‐of‐life, Medicaid, Medicare consulting) Estate & Gift Planning Charity, Benevolence, Philanthropy & Legacy Planning Business Continuance & Transition Planning Business Employee Benefits Planning Business Valuation Consulting l l Business Profitability Improvement Consulting Concierge & Lifestyle Services (agent representation, busy care) Private Banking & Private Investment Consulting Fiduciary Trust Services & Administration
Financial
Wealth
Planning X X X X X X X X X X X X X X X X
Management X X X X X X X X X X X X
X X X X X X X X X X
Solution or Service (b) Solution Investments Insurance Bank/Trust Service X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X
((a) "Client Classification" segments clients between those requiring basic financial planning with no significant estate issues and those requiring comprehensive wealth management because of ) g q g p g g q g p g multigenerational matters, complex estate issues, complex taxation or closely held business problems to be solved. In other words, financial planning clients are generally those who are building an estate. Wealth management clients are those who have already built an estate large enough to transend their personal financial needs over their lifetime. (b) "Solution or Service" segments whether the implementation of the capability is a vended product or a consulting service. "Solution" represents the primary classification (investments, insurance or bank/trust) of the vended products required for the implementation of the capabilities. "Service" represents the capabilities that are provided primarily through CPA or third‐party consultation to clients and rarely requiring a vended investment, insurance or bank product. 1st Global Capital Corp. is a member of FINRA and SIPC and is headquartered at 8150 N. Central Expressway, Suite 500 in Dallas, Texas,(214) 265‐1201. Additional information about 1st Global is available via the Internet at www.1stGlobal.com
