Who competes with accountants in wealth management services?

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Who are Accountants’ Competition in Wealth Management?


  • Accountants face competition from wealth management firms advertising heavily on radio and TV.
  • To compete, accountants should focus on client feedback, honest communication, and personalized services.

It’s been over 35 years since accountants could offer financial planning services, leading to fierce competition in the wealth management space. Wealth managers often heavily advertise on radio and TV, drawing clients in with promises of top-tier research and global resources.

To stand out, accountants must understand how clients perceive their firm and services. Surveying clients can provide valuable insights and help shape the firm’s branding and offerings. Honesty and transparency are essential in surpassing the competition. Accountants should focus on providing clients with personalized services, clear communication about investment strategies, and realistic expectations about market performance.

Integrating proactive and holistic services into marketing campaigns, newsletters, and website content can help accountants differentiate themselves from wealth management competitors. A client-focused approach, regular communication, and a user-friendly website are key elements in attracting and retaining clients.

Lastly, face-to-face meetings are crucial in reinforcing the firm’s message and building strong relationships with clients. Training staff, intentional partner communications, and a focus on wealth management topics during meetings can help accountants connect with clients on a personal level and solidify the client-advisor relationship.

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