By jetpack workflow |
Updated on Dec 27, 2023 |
2 minutes
Hey Folks!
Each month we are going to be bringing you a round-up of all things Jetpack, so check here for updates.
It was a rainy month here in Pittsburgh in May, but the sunshine of June is just around the corner.
May is also the month we do our Jetpack Company Cook Out! I may be biased (because I was grilling the steaks), but a good time was had by all. On to the real meat of today’s post: Features, Fixes, and Forecast.
Features
Here’s some of the long term stuff we’ve been working on and finished this month:
Archives now display users who have been deleted when you hover over the task box
User messages can be more targeted to specific situations within the application to help us help you!
Fixes
There were a few unexpected items that we wanted to address right away:
– Fixed an issue that prevented some client uploads from working – Updated the jobs tab so that it will no longer automatically search when you click out of the search bar – Made some small improvements to the UI
Forecasts
And these are a few things that we’re working on now, and should be releasing soon-ish. We can’t say when though! Assign to client
Yes. You will be able to assign tasks to your clients and eventually automatically follow up with your clients to make sure they do the task assigned.
Updates to the client profile screen
We’re redesigning the whole site. You’re going to see some really sleek and cool changes soon, starting with the client profile!
Ok, that’s our roundup for May. As always folks, we are here for you. If you need help, just reach out! Your success is our success and we need your help to help make you more successful. Email us at support@jetpackworkflow.com or call 888 445 3735 XT 700
A few months ago, we rolled out the Plan view, which was the first feature set of our Scale tier....
See Jetpack Worflow In Action
Get under the hood of Jetpack Workflow’s accounting workflow and project management platform. See some of the top features and how it helps your firm standardize, automate, and track client work more efficiently.
By jetpack workflow |
Updated on Dec 27, 2023 |
1 minute
This week we’re excited to announce our latest feature: 1-way Outlook integration! This part of a multi-phase CRM release, so stay tuned for even more updates in the upcoming months 🙂 Under your Jetpack account, you will now be able to:
Send all messages through your Outlook account while still in Jetpack
Use BCC’s or CC’s to auto manage follow-ups (using a tool like followup.cc)
Have a full audit trial of your messages in the “sent” folder
A few months ago, we rolled out the Plan view, which was the first feature set of our Scale tier....
See Jetpack Worflow In Action
Get under the hood of Jetpack Workflow’s accounting workflow and project management platform. See some of the top features and how it helps your firm standardize, automate, and track client work more efficiently.
How Wealth Management Can Add Millions To Your Bottom Line
By jetpack workflow |
Updated on Dec 27, 2023 |
5 minutes
Todd Steinberg, of 21st Century Pros, returns for a second go on the podcast, to show you the million-dollar opportunity missing from your accounting firm.
We discussed sales and marketing in his last stint, but today Todd reveals how you’re leaving potentially millions of dollars on your plate.
In this episode of the Growing Your Firm Podcast by Jetpack Workflow Software, David Cristello and Todd Steinburg dig into:
Why adding a wealth management arm could add millions to your bottom line. It’s a million-dollar opportunity.
How not to be sleazy when selling wealth services to your high-end clients
The huge mistake CPAs commit when venturing into this territory
But, Todd sees a potential for you to do so much more with your clients.
Because, for many, Todd says, wealth management services are just a ‘dabbling’ activity. They do it here-and-there perhaps just for their lucrative clients. They might not want to outsource their financial advising to 3rd-party firms due to the stigma advisors carry.
You know the stigma.
Like a step above used car salesmen stigma.
You probably get bombarded multiple times per year from wealth management firms asking: “Hey, wanna send your clients over to us to do their financial planning? We’re throwing you a bone and your clients will really appreciate it!”
$100 of assets under management calculates out a cool $1 million in mostly profit.
But, that’s not what your first thought should be. Your first thought? How can I best help my clients?
How To Not Be Sleazy When Selling Wealth Services
Todd recommends opening up your own wealth management practice in addition to your accounting practice. The reason remains clear: Your clients need it. Plus, they will trust their money with you as they already trust their finances with you.
Unfortunately, Todd believes around 2/3s of financial advisors care more about their own commissions. You may believe the same. And why not?
The advisory services see rampant account churning, climbing fees, and lack of fiduciary responsibility. [Fiduciary means the advisor acts in the best interest of the client not the wealth management firm]
If you approach your clients with a ‘client-first’ mentality, converting clients into wealth management clients will be the easiest thing you ever do.
However, if you don’t feel you’re at a point where you can start providing the services yourself, you can bring in a 3rd-party. Now, I’m sure that’s where the concerns come into play.
You obviously don’t want some slimeball advisor providing terrible service to your hard-earned clients. They’ll come back and be upset at you first…even potentially lose them for your tax practice.
There are guideposts you can put into place when reviewing for financial advisors:
Make sure they have 12 years experience
The advisor is a Certified Financial Planner (CFP)
Learn their investment philosophy and make sure you understand and agree with it
Read the fine print on the fees being charged
No account minimums. Every client who wants help gets help. Don’t let the advisor cherry-pick clients.
Clients want simplicity. That’s why if you can provide them a one-stop shot — great. If you can’t and need a 3rd-party, do your best to make it as close to one-stop as possible.
The Huge Mistake Firms Make When Involved In Wealth Management
As mentioned, Todd sees too many firm owners simply ‘dabbling’ in wealth management services.
In the next 10 years, 6,600 accounting firms will offer some sort of financial advisory services.
Right now, 70-90 thousand accounting professionals are involved in wealth management but only 500 have over $25 million dollars in assets under management.
That’s a lot of dabblers.
Many simply don’t treat wealth management as a separate business. Rather, as I said, it’s just an extra little cash flow play.
Look at the incredible opportunity you have in front of you. Not enough firms can see the possibilities right under their nose to grow their firm.
If you reached out to your Top 10 clients today offering to chat over advisory services, I bet 9 out of 10 would take you up on it. Yes, you may need some additional licenses, etc. But, it might be faster to just hire one and add them to your team.
What are you going to do in order to add this million-dollar profit arm to your business?
Podcast Summary On this episode of Growing Your Firm, host David Cristello interviews Daniel Hood, the editor-in-chief of Accounting Today....
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