Can a CPA be a Financial Advisor?

Exploring New Horizons: How can a CPA add financial services to their practice?

In an evolving financial landscape, Certified Public Accountants (CPAs) are uniquely positioned to expand their professional offerings and client service by integrating financial advisory services into their practices. At Matson Money, we understand the transformational impact this can bring, not only to your practice but most importantly to the lives of your clients.

The Strategic Advantage

CPAs, while not traditionally trained as financial advisors, can hold a pivotal role in financial management, even serving as a primary financial consultant for their clients. Their scope of influence can be strengthened by offering financial advisory services. This transition from tax management and accounting to encompassing financial advising represents a natural progression, enabling CPAs to provide holistic service. This can empower them to offer more comprehensive solutions that extend beyond traditional accounting services, to include wealth management and retirement planning.

Integrating financial advisory services can not only expand your professional skillset but also help safeguard your clients against potentially destructive or damaging financial advice from another advisor who is not committed to helping their clients achieve their financial goals by adhering to a prudent and disciplined investing strategy. Developing this relationship with your clients can generate a more engaged and satisfied clientele while creating an opportunity for a recurring revenue stream.

Out-Taxed by Tech

With technologies constantly evolving, the tax profession is another sector that is in potential jeopardy. According to an analysis of the IRS statistics completed by efile.com1, many tax professionals are seeing a residual effect for the worse, as the percentage of individuals turning to self-filing tax software is increasing. Meanwhile, the percentage of individuals using a tax professional is on a steady decline. See the chart below showing the trend of the reported e-filing receipts over the last 10 years.

e-Filing Receipts1
Tax Season 2013 2018 2023
Self-Filing 45,247,000 36.9% 55,173,000 40.7% 65,092,000 43.4%
CPA Filing 77,268,000 63.1% 80,286,000 59.3% 85,049,000 56.6%


The Matson Method: A Gateway to Financial Advisory

For those new to financial advising, Matson Money offers an introductory program, the Matson Method. This program is designed to equip you with the necessary skills to provide financial advice once you have become a registered investment advisor, allowing you to offer prudent investment strategies and not just speculative advice. Our commitment to integrity and authenticity in training can help ensure that you emerge not only as a financial professional but also as a true leader in your business and your personal life.

Benefits of the Matson Method Program for CPA’s adding financial advising services:

1. Prudent Investments: At Matson Money, our investment strategies are grounded in scientific research, not market speculation. This approach can simplify the investment process for your clients, providing them with confidence and clarity in their investment choices.

2. Recurring Revenue Streams: Transitioning into financial advisory allows you to add recurring revenue streams to your practice. By leveraging your existing client base, you can provide comprehensive financial services without having to outsource or lose referrals to competitors.

3. Personalized Coaching and Support: Each co-advisor who has entered into an agreement with Matson Money receives a personal coach. This coach serves as your main point of contact, guiding you through the intricacies of financial advisory services and helping to ensure your transition is smooth and successful.

4. Back Office Support: With a dedicated investment services team being assigned to you, we provide additional support for you in operational aspects, enabling you to focus on what you’re committed to doing best—advising and leading.

5. Leadership and Growth Opportunities: Our ongoing training and development programs, such as the Matson Money Masters, Brand Ambassadors, and the American Dream Experience Leader Program, are designed to foster leadership throughout your entire career.

    Your Pathway to Expansion 

    For CPAs looking to expand their professional services and deepen their client relationships, adding financial advisory services can be a sensible pathway. This strategic addition not only can enhance your service portfolio but also can position you as a more comprehensive resource for your clients’ financial needs.

    Adding financial advisory services can create an avenue for ongoing professional development and growth. It can offer you a platform to further enhance your appeal as a well-rounded financial professional. Additionally, this move can help to diversify your revenue sources, which can lead to greater business stability and growth potential over the long term.

    At Matson Money, we are committed to supporting you through this transformative journey with our comprehensive training programs, personalized coaching, and robust support systems.

    We invite you to explore the Matson Method Program and discover how this program can elevate your practice. To learn more about what other advisors are saying about being in the program, visit If you are interested in becoming a financial advisor and enrolling in our program, you can click the Get Started button to connect with us.

    Sources: eFile tax return and direct deposit statistics. Retrieved May 21, 2024, from


    This content is based on the views, opinions, beliefs, or viewpoints of Matson Money, Inc.  This content is not to be considered investment advice and is not to be relied upon as the basis for entering into any transaction or advisory relationship or making any investment decision.

    All of Matson Money’s advisory services are marketed almost exclusively by either Solicitors or Co-Advisors.  Both Co-Advisors and Solicitors are independent contractors, not employees or agents of Matson.

    Other financial organizations may analyze investments and take a different approach to investing than that of Matson Money. All investing involves risks and costs. No investment strategy (including asset allocation and diversification strategies) can ensure peace of mind, guarantee profit, or protect against loss.