Accounting firms face two major challenges in offering wealth services: time and confidence. While they seek to provide the best advice to their clients, they don't always have the time to fully understand their needs, determine appropriate solutions and then advise them accordingly. The situation is further complicated by the pressure a firm feels to make a profit. This can limit their opportunity to hire qualified staff to assist and thus leads to a lack of confidence. Admittedly, unless they are confident about their investment advice, most firms would rather not provide if at all. Unfortunately, this cycle prevents many firms from realizing their full potential to serve the growing needs of their clients.
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