As CPA, tax and accounting firms like yours look to the future, wealth management should become an integral part of every professional engagement you have with your clients. But how can you reach your full potential in wealth management? By getting connected! 

Success is contagious! It is critical to your firm's success that you network with other like-minded professionals. Formal professional meetings and networking opportunities provide a venue to sharpen your tool set and ultimately increase your firm's revenue. At 1st Global, we offer a national network of 24 regional professional development groups, called WIN (Wealth Management Instruction & Networking) teams. The overriding goal of programs like WIN teams is to serve as a forum to explore how to drive CPA firms' wealth management success.

What practical business building benefits can you and your firm gain from joining a wealth management networking group?

Focus on wealth management. It makes sense to spend time "on your business" and not just in it. Monthly professional meetings provide an opportunity to take a step back from your day-to-day business routine and analyze, plan, and reflect on how you can make your CPA firm's wealth management practice even more successful!

Expand your tool box. Listen to other wealth management professionals. Professional staff from industry product sponsors (e.g., investment or insurance companies) can offer insight into current wealth management issues, innovative and applicable solutions, and resources you can tap to expand your wealth management knowledge.

Sharpen your skills. Wealth management success is not just a result of having the appropriate technical solutions for your clients' issues. It is also about effectively engaging clients and influencing them to act. At these monthly meetings you have an opportunity to share success stories, and in turn, hear how other skilled advisors positively influence their clients to implement wealth management solutions.

Adopt standards for wealth management excellence. In a forum of like-minded professionals, meetings promote the open sharing of each member's business activities and financial production results. By placing your business metrics into the context of other wealth management firms, you can measure your firm's achievements against your peer group. Together your networking group can push each member's firm to strive for better business results.

Set goals and implement action plans. It is imperative for wealth management professionals to set business goals each calendar year. This discipline gives every member of the networking group a blueprint for creating action plans, reviewing their progress and gaining accountability for their firm's successes.

Network and learn to leverage. By being part of a professional peer group, you are connected to a group of professionals who share your commitment to wealth management and dedication to superior client service. They are open to sharing their challenges, successes, business plans and expertise with you. You can also learn how your peers are utilizing product sponsors and how your firm can leverage its time and manpower while borrowing the wealth management expertise of others.

By getting connected to a professional group committed to serving clients with comprehensive wealth management, you can gain practical skills and technical expertise that will bring immediate benefits to your firm and, ultimately, to your clients.

This article was originally published in the March 2009 Accountants Media Group Special Report on Partner Programs, a supplement to Accounting Today, Accounting Technology and Practical Accountant.