Objective Advice Drives Revenue


PERSONAL FINANCIAL PLANNING

The 2007 AICPA/Moss Adams CPA Financial Planning Practice Study, which tracked 431 CPA and CPA-affiliated firms between 2004 and 2006, revealed an average revenue increase of almost 35% per year for financial planning and investment advisory practices.

According to the study, client demand for objective advice is a primary factor contributing to the growth of this practice niche.

About half of the firms studied began offering these services between 2000 and 2007, while 35% began in the 1990s. Only 15% reported they had financial planning practices before 1990.

Source: The AICPA, www.aicpa.org; and Moss Adams LLP, www.mossadams.com.

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