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Recent years have seen substantial numbers of CPA firms add financial services to their traditional accounting and tax practices. In their ongoing efforts to meet their clients' needs while ensuring their own profitability, these firms have made financial products an integral part of their service offering.

How are these firms faring? What is the scope of their product and service offering?

Which business model for providing financial services is working best? What are the best practices among the most successful CPA firms providing financial services? And what are the opportunities for those CPA firms that do not currently offer financial services, but are contemplating expanding into the area?

In June and July 2004,CEG Worldwide conducted a comprehensive study to answer precisely these questions. We surveyed 394 CPA firms nationwide selected from the universe of all CPA firms in the financial services business (i.e.,these CPA firms provide investments and/or insurance products for a fee and/or commission). The survey participant from each firm was the CPA in charge of the firm’s financial services initiatives. Because we wanted to include only those who have had time to fully assess how —and why —their financial services practices are working,we screened to include only those firms that have been providing financial products for fees and/or commissions for five years or longer.