I say "failed"; in the sense that many CPA firms have given a half-hearted effort at building a PFP'practice - something that felt like moonlighting to clients, staff and partners alike. Many firms do not have a champion, and may have tried to digest every part of the business - from asset management through marketing and communications - from scratch. The level of complexity is deeper than many think, and many firms become overwhelmed from the burden mat is created. Creating a strong financial planning practice is something that is not easy. But for those who have done it, the rewards of serving at a higher level and deepening client relationships create additional revenue for the firm and more satisfaction by helping clients at a highly personal level.
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