RIA Tax Solutions Archives -

When you’re looking for a CPA firm, it can be hard to know where to start. It’s important to note, however, that not all CPA firms are created equally.

Most CPA firms focus on a handful of industries and business types; it’s important to find one that counts RIA firms among its clients. Working with a CPA firm that understands the financial services industry means you’ll work with a CPA who is familiar with the types of issues you face—and offers RIA tax solutions to solve them.

Here are a few benefits of working with an experienced CPA firm.

Clarity into your RIA firm’s cash flow

Timely financial statements are critical not only for complying with the SEC’s Books and Records Rule but also making sound business decisions. An experienced CPA firm will ensure your records are kept up to speed, giving you insight into your current cash flow—right when you need it.

Know the tax implications of your decisions

Experienced CPAs do more than provide compliant and timely financial statements; they also provide you with expert tax advice. A CPA firm that provides RIA tax solutions can help you understand the tax implications of any business decision. At Elevate, for instance, we regularly meet with our RIA firm clients to prevent tax-planning surprises at the end of the year.

Build your most valuable asset

Working with an experienced CPA allows you to make the most of your RIA firm. This begins with your entity selection. A CPA who understands the financial services industry can advise on the right entity selection for your goals, whether that’s making a comfortable living or eventually selling your RIA firm. An experienced CPA firm can also help you understand the value of your RIA firm and how to build it as an asset.

Find peace of mind

The most valuable benefit of working with an experienced CPA firm is having access to their expertise. CPAs who work with other RIAs can offer strategic advice and share best practices gleaned from similar experiences. Most important, they bring perspective to any situation, allowing you to make informed decisions that lead to peace mind.

To learn more about how we can benefit your RIA firm, contact us today.

It’s hard to argue against the benefits of offering a holistic wealth management experience: you add value to your clients, and they enjoy added convenience. Often, tax preparation services can be a critical component of this experience. Offering these services in-house can be one way to further enhance the value you deliver.

We recently launched Elevate RIA Tax Solutions (ERTS) to give RIAs an effective and affordable way to provide white-label tax preparation services to their clients.

Intrigued? Here are a few ways to determine if you and your clients could benefit.

Do your clients have complicated tax returns?

We can handle a wide range of returns complexities that will meet the needs of most client’s tax situations. Even clients whose returns are considered simple by a professional can still benefit from working with a CPA. That said, some clients truly have complicated tax pictures and should have their own CPA. To set you and us up for success, we help you select the right clients for the service.

Does your business fluctuate?

We recognize the ever-changing nature of RIA businesses can make it difficult to add a CPA to your payroll. To give you flexibility in the services you offer, we’ve built our ERTS process for scalability; it’s not a traditional approach. You can dial up or down our support as you and your clients’ needs change.

Do you wish to deepen your client relationships?

Providing tax services in-house is one way to broaden—and strengthen—your client relationships. Taking care of clients’ tax returns can not only given them peace of mind and more time but it can also help you streamline the experience you provide. Think about it: No more waiting on your clients to provide critical tax information.

Let’s talk.

As we launch our ERTS offering, we’d love to hear from you. Would your clients benefit from coming to you for tax services? Is a holistic client experience part of your RIA vision? What tax services do your clients need? Drop us a line today and let us know what your experience has been, and if we can help you achieve your vision.

4 Benefits of Working with an Experienced CPA Firm