The Goal: Transitioning to Holistic Financial Planning
Carey & Hanna Tax & Wealth started as a CPA and tax planning firm, but with changes in licensing laws that permitted CPAs to become financial advisors, they saw an opportunity to expand their services. By leveraging Davin Carey's expertise in financial planning, they aimed to transition tax-only clients into holistic financial service relationships while significantly growing the firm's revenue. This strategic shift resulted in a remarkable growth from $8 million in assets under management to nearly a quarter-billion dollars in AUM.
The Solution: Adopting Advanced Financial Planning Software
To support their transition to holistic planning, Carey & Hanna realized the need for a comprehensive financial planning software that could handle complex financial data, including investment real estate, mortgages, and client assets from various sources. They required a client-facing portal to empower clients to monitor their finances conveniently. After evaluating multiple software solutions, they selected eMoney Advisor for its capabilities in addressing their specific needs, such as real estate investments and account aggregation.
The Result: Deepening Client Relationships and Enhancing Advisor Services
Implementing eMoney Advisor enabled Carey & Hanna to delve deeper into client relationships by offering holistic financial planning. By using eMoney, the firm not only increased client confidence and loyalty but also attracted other financial advisors through shared services opportunities. The platform's ability to provide a comprehensive financial picture helped advisors offer more informed advice, fostering long-term relationships and building trust with clients.