Value-added services are an important consideration for accounting firms moving forward in today's ultra-competitive environment. The downward spiral of compensation relative to competition and consumer demand can at times, depending on the focus of your practice, have consumers believing that such services are a commodity; therefore, price (as opposed to specific client goals) now moves to the forefront.
Many accounting firms desire to distinguish themselves. Specialty services are one way such firms are not only maintaining market share but also expanding and "justifying" their applicable fees.
I believe that there is not a more valuable service to add to your accounting practice than advanced college planning services. Such services benefit families immensely and truly touch multiple generations (grandparents, parents, and children/grandchildren). Advanced college planning services are far more than simply advising and a recommended 529 plan to save for college, however. They include academic strategies, cash flow/financial strategies, and advanced tax planning—all specifically attuned to college planning yet integrated with all aspects of your client's financial picture.
Commonly, after the purchase of a home, no expense is as great to a family as the cost of college for their children/grandchildren. The current average tuition for a private college is $37,000 annually ($148,000 over four years). If your clients have more than one child, this is significantly compounded. Paying such "retail" prices for college can significantly impact your clients' retirement.
For some families, even when the cost of a quality education is not financially detrimental, strategically implementing the "right" education for a successful future in today's competitive global environment is more valuable than anything you can do for your clients' children and grandchildren. Advanced college planning services help you assist families in positioning for the best education possible—an education that will propel your clients' children and/or grandchildren to their dreams and goals.
Nothing is more precious to your clients than their child and/or grandchild. I believe this is planning you cannot ignore.
I help accountants secure elite college educations for their clients' children/grandchildren while saving them thousands off tuition. By working with you in a collaborative effort, I produce a comprehensive college plan that is right for your clients.
Because many accountants and families underestimate the full depth of services that comprehensive college planning provides, I outline many of the services below:
- Matching child/student goals to a career, career to a major, and major to selective colleges. This includes a written personality and skills assessment as well as college matching based on desired major, college location, college size, and student abilities.
- Analyze where student currently stands, specifically academically, including SAT (and ACT), GPA, and class ranking. Guidance and perhaps independent tutoring services recommendations for improvement.
- Categorized breakdown of reach—"likely" and "very likely" acceptance estimates at colleges meeting student profile.
- Family guidance on colleges on student/family's preference list and my recommendations, to provide, given student's abilities and attributes, a tuition discount (taking real dollars off the cost of college).
- Estimate of expected family financial contribution (EFC) as determined by FAFSA when applying for federal financial aid. When applicable, strategies to reduce the EFC, resulting in more federal financial aid.
- Assessment of current financial and tax standing and recommended strategies specific to college planning.
- Merit-scholarship guidance (including locating, applying, and initial essay guidance and review).
- Comprehensive financial strategies, including income/asset shifting in maximizing for college in conjunction with overall financial plan.
- Gift planning, including, as applicable, the grandparents. Can involve asset shifting, trust planning, and direct tuition payment strategies.
- Debt review and recommendations (emphasize cash flow), including residence and commercial debt, as well as government and state student/parent college loans and additional college loan sources such as profit-sharing plan, investment portfolio, and cash value life insurance.
- Comprehensive tax strategies specifically for entrepreneurs and family-held businesses. Also, tax strategies for executives with comprehensive planning needs, including stock options.
- For entrepreneurs and family-held businesses, guidance on implementing a tax-deductible IRC section 127 tuition reimbursement plan (startup cost and administration services handled by third-party provider at an additional charge).
- Admissions essay and interview guidance and recommendations, including, as needed, one-hour phone counseling with a prior admissions officer of a U.S. News & World Report Top 20-rated college.
- Athletic scholarship assessment and guidance, including providing list of colleges specific to the sport of interest (meeting student/athlete criteria), including coach's name and contact information, as well as guidance on approaching the coach with a letter, athletic resume, and phone introduction.
- FAFSA (Free Application for Federal Student Aid) form review and submission.
- PROFILE (required by many private colleges) form review and submission.
You can present these services as a collaborative effort between your firm and mine. You now have a strategic relationship with our firm; you maintain full client control, and we jointly make the final recommendations.
In upcoming articles, I will focus on each of the bullet points described earlier. Individually or collaboratively, each of these services can be highly valuable in maximizing educational opportunities and saving your clients money.
About the Author:
Angelo J. Robles is the author of College Money Planning. As founder and CEO of the consulting firm College Money Planning, he shows accountants and advisors nationwide how to secure elite college educations for their clients' children/grandchildren while helping them save thousands of dollars off tuition.
Angelo works with accountants across the country as a resource on advanced college planning strategies encompassing academic awards (tuition discounts and scholarships), cash flow/financial matters (cash flow, savings, income/asset shifting, and gifting), and tax "scholarships" (comprehensive personal and business tax strategies).
He provides turnkey back-office advanced college planning services to accountants, including proposal generation, allowing them to strengthen and expand current relationships while marketing to new prospects with advanced college planning services. Angelo may be contacted by calling 203-570-2898 or by email at angelo@collegemoneyplanning.com.
