By Gale Crosley, CPA
Reprinted with permission from the January, 2006 edition of CPA Practice Management Forum
If your firm is considering acquiring or expanding its capability in financial
advisory services, consider the “Smart” approach taken by James P. Quinlan. A CPA and
Certified Financial Planner, Quinlan is the partner-in-charge of the Financial Advisory Services
division of SMART, a consulting and accounting firm. The practice he’s built over the past 6
years specializes in financial advisory services for high net-worth individuals and owners of
closely held businesses.
SMART’s website acknowledges that, “Financial success is not an overnight event.” The
same caveat applies to CPA firms expanding into this exciting and potentially lucrative domain.
Read on to learn more about SMART and how to leverage its experience to grow your financial
advisory business.
Better Together
When Quinlan joined the SMART organization in the late 1999, his practice was
managing about $5 million in assets. Today that figure has ballooned to an impressive $500
million. Was Quinlan extremely talented or was he a clairvoyant who could foresee success?
Perhaps both were in play.
Quinlan brought expertise and passion for providing financial advisory services to
SMART. In turn, the firm offered him an ideal incubator for hatching a successful enterprise.
Among factors were its marquee value within the marketplace, well-regarded partners, credibility,
size and reputation. But despite the good match, all was not smooth sailing, especially at the
outset. One obstacle Quinlan faced was limited knowledge within the firm about the value of
financial advisory services to the firm’s clients.
He helped overcome this obstacle in several ways, including periodic internal
communications about recent wins by the practice and educating co-workers about cross-selling
financial advisory services to their clients. Partners with whom he developed an easy rapport and
welcomed the added value of financial advisory services, helped by making valuable
introductions to their clients. Client’s perception of him as a SMART colleague gave him instant
entrée. Quinlan was also able to use his own contacts and expertise to dramatically grow
SMART’s financial advisory service offerings. Over time the distinctive advantages brought to the
table by SMART, coalesced into a robust financial planning practice.
Team of Specialists
From the beginning, it became evident to Quinlan that if he wanted to keep up with SMART’s
growth, he needed to surround himself with a team of specialists. He set forth a strategy to create
a team that specialized in specific financial advisory disciplines as well as specific target markets
aimed at enhancing the “client experience”. This includes financial disciplines such as estate planning, risk management, compensation strategies, and tax planning. Advisors specialize in
working with business owners, corporate executives, and athletes and entertainers.
Building a team of specialists dedicated to specific financial disciplines was instrumental in
achieving growth in SMART’s financial advisory services division. However, Quinlan knew that
other specialists were needed in order to keep the daily operational activities running smoothly.
As a result, Quinlan built internal departments with service leaders at the forefront to help his
advisors focus more time on their clients. These departments include; Investment Strategies,
Financial Planning, Marketing, Insurance Underwriting, Compliance and Reporting. Quinlan
designated a service leader for each department who is responsible for creating and overseeing
processes that streamlines productivity. As a result, SMART’s advisors have the critical support
they need in these areas without having to spend a lot of their time developing protocol and
systems. The time the advisor used to spend on marketing campaigns, investment due diligence,
development of financial plans, reporting and compliance issues is now spent in front of clients
and potential clients, where their time is best suited.
SMART’s dedication to serving its clients by using a team approach has proved to be instrumental
in its success and growth. By offering its clients a team of specialists in every area critical to
their financial lives, SMART distinguishes itself from other firms.
Replicable Strategy
The operative strategy in this case was transplanting a fairly mature offering into a new,
relatively receptive environment. The firm wanted to grow and believed its clients would
respond to a trusted advisor with existing traction.
What’s in It for You?
Among best practices you can take – and use – from the Quinlan/ SMART file are the
following:
- Consider recruiting an experienced financial advisor professional who seeks association
with a strong CPA firm.
- Enlist support from major players within the firm who are dedicated to cross-selling
the service.
- Make sure that your expert excels in planning, as well as in execution of the plan
(investment/insurance services). Hone a professional financial-planning process for
which clients expect to pay.
- Build an infrastructure that will nurture your financial advisory services. Provide
marketing support, reporting and compliance assistance and other requested resources.
Copyright © 2006 by Crosley + Company
Gale Crosley, CPA, was selected one of the Most Recommended Consultants by the "Inside
Public Accounting "2005 & 2004 Best of the Best Annual Survey of Firms. She is founder and
principal of Crosley + Company, providing revenue growth consulting and coaching to CPA
firms. She brings more than 30 years of experience, featuring a unique combination as a
practicing CPA in two national accounting firms, along with significant experience in business
development in the cutting edge technology environment with such firms as IBM and MCI. For
more information, visit www.crosleycompany.com or contact her at gcrosley@crosleycompany.com.
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Video: Gale Crosley discusses Growing the Practice 
