Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with

financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading

financial advisors navigated the inevitable challenges that arise on the path to success

and get insight from leading industry consultants about how to break through to the next

level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.

Welcome to the 421st episode of the Financial Advisor Success Podcast. My guest on today's podcast is

Daniel Friedman. Daniel's the CEO of WMGNA, a hybrid advisory firm

based in Farmington, Connecticut that oversees approximately 270 million in assets under management

for 200 client households. What to think about Daniel, though, is how his firm has expanded its

tax focus to include in-house tax preparation for its clients as a one-stop shop,

but then actually outsources the tax preparation work itself to trusted CPAs

that Daniel pays out of his own revenue, rather than bringing the service fully in-house,

so that he can focus his team time more fully on the tax planning analyses and strategies

that make up the core of his firm's value proposition to clients.

In this episode, we talked about why Daniel decided to outsource the tax return preparation,

rather than hire someone to do it in-house, to be able to access the expertise of the

CPAs his firm uses, particularly for clients with complicated equity compensation plans.

How Daniel views these CPA relationships as mutually

beneficial from a financial perspective, not for the purposes of generating cross-referrals,

but simply because his firm can negotiate bulk discounts on tax return preparation on behalf

his clients while the CPA firms get the efficiency of just being able to build Daniel's firm

once directly. And how Daniels positions these strategic professional arrangements as a value add for clients

...