The Mr. R Show | Ep. 19 | Implementing Financial Planning Into A Tax Practice

Ep. 19 | Implementing Financial Planning Into A Tax Practice

February 15, 2025 / 56:00/E19 Download MP3

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Guest: Scott T. Nelson
Scott Nelson is a seasoned CPA based in Southwest Florida, with a background that includes serving in the Air Force and earning a degree in finance. Initially interested in becoming a financial advisor, Scott shifted to accounting after experiencing the industry dynamics within retail banks. He now operates a dual practice, combining accounting services with investment advisory through a partnership with a wealth management company. Scott brings unique expertise in tax and financial advisory services, leveraging his comprehensive professional background to benefit his clients.

Guest: Trey Junkins
Trey Junkins hails from Southwest Michigan and is a dedicated CPA who began his practice, JW Accounting, during his college years. With experience in both the corporate world and as an entrepreneur, Trey has a strong foundation in accounting and tax services. Recently, JW Accounting merged with a wealth management firm, allowing Trey to introduce integrated tax planning and financial advisory services to his clients. Influenced by a passion for small businesses and individuals, Trey is committed to enhancing financial strategies through proactive tax planning.

Episode Summary:

Welcome to an insightful episode of the Mr. R Show, where hosts Chris Picciurro and John Tripolsky engage with guests Scott Nelson and Trey Junkins to explore the integration of financial advisory services into tax practices. This episode delves into the seamless transition tax professionals can make to offer more value to clients through comprehensive financial management strategies. If you're a CPA or tax professional contemplating expanding your service offerings, this podcast presents critical insights into navigating this shift effectively.

In this episode, listeners discover the journey of both Scott Nelson and Trey Junkins as they transitioned from traditional accounting roles to incorporating financial advisory services. Key themes include the importance of trust in client relationships, adapting to regulatory requirements, and how tax expertise is pivotal in financial planning. Through these discussions, the episode provides valuable strategies for modernizing tax practices by embracing financial advisory services, thus maximizing revenue opportunities and enriching client experiences.

Key Takeaways:

Financial advisory services can be seamlessly integrated into tax practices, providing enhanced value to clients.
Tax professionals often act as de facto financial advisors, presenting opportunities for monetizing advisory services.
Navigating compliance and regulatory landscapes is crucial when expanding into financial advisory services.
Transparent communication with existing client relationships is vital when introducing financial advisory services.
Customized client engagement and tiered service offerings can optimize the balance between AUM (Assets Under Management) and tax-heavy client portfolios.

Notable Quotes:

"Every financial advisor out there wants to partner with a CPA so that you'll refer clients to them." - Scott Nelson
"Taxes are probably going to be the biggest expense that will eat away at your wealth creation." - Trey Junkins
"As CPAs or tax professionals, we have insights into what someone's asking and understanding the tax ramifications of their decisions." - Chris Paciro
"There's enough work out there; you don't have to worry about poaching if you're doing your job as a trusted advisor." - Scott Nelson
"It was important to be proactive and have those conversations with other financial advisors upfront." - Trey Junkins

Resources:

The MRR Institute

Whether you’re managing a growing tax practice or looking for strategies to diversify your service offerings, this episode provides valuable insights into integrating financial advisory services. Listen to the full episode for an in-depth discussion and stay tuned for more enlightening content from the Mr. R Show.