It’s no longer enough for accountants to just offer ‘basic’ accountancy services…
As advances in technology continue to make compliance tasks more efficient (and in some cases completely automated), demand for these services is decreasing and price competition is increasing.
With the gains in efficiency, and the ability to access real-time financial data, you have a once-in-a-lifetime opportunity…
And that opportunity is to devote your time and expertise on advising your clients on the best course of action for both their business and personal lives.
The opportunity is to serve your clients entire financial welfare.
How do you serve your client’s entire financial welfare?
Serving your client’s entire financial welfare means offering additional services that go beyond compliance and add tons of value to your clients.
These additional services can benefit your practice in a number of ways…
Not only does it deepen your existing client relationships, making additional up-selling and cross-selling possible, it also makes your practice attractive to the RIGHT prospects, the ones who can afford these additional services and pay on time.
“But wait, I don’t have the resources/expertise to offer additional services…”
You don’t need to be an expert on everything to offer these services. You simply need to:
- Hire somebody in-house who can do it, or
- Refer your clients to recognised sources and take the credit
It’s really that simple.
Your client’s entire financial welfare
There are a number of ways you can do this, but I think that your client’s financial welfare can be split into 6 main categories:
- Required i.e. compliance work
- Run the business i.e. anything to make their day-to-day life easier
- Grow the business i.e. what they need to accelerate their growth
- What ifs i.e. planning for any ‘rainy days’
- Other i.e. anything else that benefits their financial welfare
- Personal i.e. how to maximise and protect their personal wealth
To help you, I’ve created an infographic which shows 61 different services, split into the categories above, that you can offer to your clients in order to serve their entire financial welfare.
Print it out, give it to your team, and get them to buy into the idea of serving your clients at a much higher level.
And when you do that, you’ll strengthen your existing client relationships, become a trusted advisor and future-proof your practice for the years to come.