Efficient Integration
A forward-thinking CPA firm recognized the growing demand for comprehensive family office services among their high-net-worth clients. With a clear goal of bringing administrative family office services in-house, they engaged our consulting services to expedite the process, establish customized procedures, and equip their team with the necessary protocols and checklists.
Our consulting engagement began with a comprehensive needs assessment, always the first step in the process. We collaborated closely with the firm’s leadership team to understand their objectives, client expectations, and the specific services they wished to offer in-house, and of those they were already offering, how we could enhance and streamline their teams time and workflow.
We evaluated the firm’s current resources, including personnel, technology infrastructure, and budgetary constraints. This step was crucial in determining the firm’s readiness to implement a wider breadth of family office services. After it was determined that a small reorganization of workload and an additional piece of software was needed, it seemed like moving forward was the right path.
Solutions
Based on the identified services and resource evaluation, we developed customized process and procedure manuals. These manuals served as the foundation for efficient service delivery, ensuring consistency and quality. To prepare the firm’s team for their expanded roles, we designed a training program and structured review process so everyone felt confident that work would not slip through the cracks.
We worked closely with the firm to devise an integration plan. This plan outlined how the new services would be seamlessly integrated into the existing client relationships, including developing communication scripts and emails to introduce the services to clients.
While it seemed like this was an easy implementation, we faced a few knots that had to be worked out. A key challenge was reallocating internal resources to accommodate the new services while maintaining existing client commitments. We helped the firm optimize resource allocation to minimize disruptions and suggested some new tools to help the staff work more efficiently.
Transitioning to a broader service model required effective client communication. Crafting appropriate scripts and emails, and ensuring that clients understood the benefits, was essential. This was a big part of the firm’s fee model as well. They knew that absorbing additional costs for the services was not a sustainable model, so helping clients understand the value proposition took time to work through. And even a little testing so it felt natural to everyone who was discussing the new services.
Following our consulting engagement, the CPA firm successfully launched in-house family office services. The firm’s clients responded positively to the expanded offerings, expressing delight at the comprehensive nature of the services. The integration was smooth, and the firm now possesses a scalable and profitable service model that positions them as a holistic solution provider.
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