The New Role of the CPA: Compete. Collaborate. Stay Indispensible. How Strategic Partnerships Are Helping CPA Firms Navigate Industry Disruption

A Changing Landscape for CPAs

Today’s CPAs are being asked to do more with less. As talent shortages hit the industry, regulatory demands increase, and large firms bundle tax, planning, and investment services, many small-to-mid-sized firms and solo practitioners are being squeezed from all sides. Clients still trust their CPA as their most important advisor—but they expect more proactive, strategic guidance than ever before.

So what’s the best path forward? Collaborate to compete.

By forming the right professional alliances, CPAs can offer clients the depth of service they want while remaining at the center of the relationship.

What’s Pressuring CPA Firms Today

A Shrinking Talent Pool

• 75% of CPAs are expected to retire in the next 10–15 years
• Accounting graduates have declined by nearly 17% since 2016
   (Source: AICPA Trends Report, 2023)

Rising Client Expectations

• Today’s high-net-wrth individuals are seeking strategic insight, not just compliance
• Clients want a “financial quarterback” to help coordinate their advisors and long-term strategy
   (Source: Cerulli Associates HNW Client Survey, 2023)

Bundled Competition from Large Firms

• Top 100 firms now offer integrated financial services in-house
• Many clients are drawn to firms that combine tax, planning, and investment advice under one roof
   (Source: Accounting Today, 2024)

Regulatory Burden and Burnout

• New tax codes, compliance rules, and audit standards require more time per client
• Many firms feel they are spending more time on paperwork than on planning

The Case for Strategic Collaboration

Rather than trying to build new service capabilities from scratch, CPAs can partner with seasoned professionals in complementary fields—particularly wealth management. These partnerships allow CPAs to:

• Enhance client value without adding to their workload
• Stay in control of the client relationship
• Differentiate their practice from traditional tax-only firms
• Retain more clients by supporting their broader financial needs

In fact, 65% of investors say their CPA is their most trusted advisor—but if the CPA can’t provide the support the client is looking for, they may look elsewhere.
 (Source: CFA Institute Global Investor Trust Study, 2023)

When CPAs and wealth managers work together, clients benefit from coordinated planning, and both professionals earn deeper trust.

The data is clear: demand for integrated advice is growing.

• In 2018, just 29% of clients preferred holistic financial advice that included both tax and investment guidance.
• By 2023, that number had risen to 47% — a 60% increase in just five years.
   (Source: McKinsey & Company, 2023)

When CPAs and wealth managers work together, clients benefit from coordinated planning, and both professionals earn deeper trust.

What Collaboration Looks Like in Practice

Let’s walk through a common scenario that illustrates how a strategic partnership can benefit everyone—especially the client.

Case Example: Liquidity Event + Tax Overlay = Strategic Win
Client profile

A small business owner nearing retirement, working with a CPA for tax planning and annual filings. The client is preparing to sell the business for a significant amount.

The CPA’s challenge

The CPA identifies that the business sale could result in a large capital gains event—but doesn’t have the tools or licensing to manage the client’s investments or structure a long-term wealth plan.

The collaborative solution

The CPA brings in a wealth manager from Tax & Financial Group, who works alongside the CPA to develop a custom post-sale investment strategy. Together, they:

• Use tax-loss harvesting and a personalized direct indexing approach to offset capital gains
• Align retirement goals with income distribution strategies
• Help the client reduce concentrated stock risk and increase diversification

Outcome

• The client feels supported by a coordinated financial team
• The CPA retains the client and strengthens the relationship
• The wealth manager provides value without replacing or competing with the CPA

This isn’t a takeover—it’s a team approach that enhances client loyalty and positions the CPA as the central, trusted advisor.

What this Partnership Is NOT:

• It’s not about giving up your client relationship
• It’s not about managing investments yourself
• It’s not a compliance burden or additional workflow

What Happens When CPAs Don’t Lead the Conversation

If you’re not proactively collaborating with your clients’ wealth managers, someone else might already be filling that gap. And that can create real risk.

Here’s what the data tells us:

• 72% of clients expect their financial professionals to collaborate — even if they’re from different firms.
   (Source: Fidelity Institutional, 2023 Financial Advisor Survey)
• Clients working with multiple advisors who don’t coordinate are 2x more likely to feel underserved.
   (Source: Spectrem Group, 2023)
• 47% of CPAs say they have no contact with their clients’ wealth managers — even though the client assumes they’re “on the same team.”
   (Source: AICPA Insights, 2022 Member Survey)

What this means:

• If the CPA isn’t leading the collaboration, another advisor might be
• Tax strategies may be missed or misaligned
• Clients may begin to question who their primary financial advocate really is

You don’t have to do it all. But you do have to stay connected.

A strategic alliance puts you back in the driver’s seat—offering full-spectrum support to your client, while preserving the trust you’ve worked hard to earn.

Compete. Collaborate. Stay Indispensable.

Strategic collaboration is one of the most powerful tools CPAs can use to stay relevant and valuable in today’s market. With the right partner, you can:

• Expand your service offering
• Deepen client loyalty
• Compete more effectively without taking on more risk

How Can We Help?

Our team is committed to helping CPAs succeed in a rapidly changing landscape. We offer guidance and support in investment strategy, financial planning, and coordinated wealth management solutions tailored to your clients’ unique needs. Whether you’re navigating a business sale, planning for a client’s retirement, or looking to offer more value without increasing your workload, we’re here to collaborate.

Let’s connect to explore how we can support your practice and your clients.