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Partnering May Be Key to Growing Your Tax Practice and Avoiding Burnout

Partnering May Be Key to Growing Your Tax Practice and Avoiding Burnout

May 20, 2024

If you lead a tax firm, your days are probably full of working with clients, preparing taxes, deciphering the latest round of tax code changes and running the daily company operations. So where do you find time to invest in your business growth? How can you grow without spreading yourself even thinner?

Every year tax preparation work is a deadline-driven given. Your loyal clients return to your office each tax season because they trust you to manage their financial affairs. You spend your days, nights and weekends preparing returns, but maybe you wish you had more to offer your clients.

Wouldn’t it be nice to be the firm your community goes to for all financial needs – not just taxes? As it is, your clients probably ask to offer financial advice for navigating life’s momentous changes, investment strategies, retirement and more. Strengthening your reputation as a holistic expert could better serve those needs and set you apart from your competition.

Partnering with a financial firm capable of offering wealth planning and management services to your clients can be a game-changer. By joining forces, you can seamlessly integrate tax-smart wealth management services into your practice, without the need for added licensing or hiring a financial advisor.

Navigating the complexities of financial advisement requires extraordinary planning expertise and foresight into the market and economic trends, which licensed wealth management firms bring to the table. With their decades of experience and robust support teams, they simplify the financial planning process and offer sound investment management strategies for families and businesses alike. They can help your clients pursue their short and long-term financial goals that span beyond taxes.

Also, setting up a revenue split plan with your partner for client referrals could create a new income stream. This approach may allow you to grow financially with new clients seeking a holistic firm and benefit from added revenue through referrals.

Looking at the years ahead, a strategic partnership with a firm that includes a tax practice in-house could even pave the way for a seamless succession plan. The firm you partner with will already know both your working style and clients, so the transition may be much more seamless than with another successor.

Overall, partnering could be an excellent way to grow your practice and invest in your future without spreading yourself even thinner. Just as importantly, the combined ability could enable you to offer a comprehensive, holistic financial solution that truly meets your clients’ needs and helps them reach their financial goals.

If you’re ready to take your tax practice to the next level, we at Wealthspring would be honored to be considered as your new partner. Contact us today if you would like to explore the possibilities together.