Matt Kidd joins us and shares how he transformed a traditional 1040 firm into a hybrid practice offering both tax services and wealth management after acquiring a $400K firm at age 26. He breaks down the practical steps of adding an RIA to your CPA practice, from choosing between broker-dealers and registered investment advisories to navigating compliance requirements and team buy-in. Matt also discusses his strategy of trading high-volume tax clients for higher-value financial planning relationships and why the "good enough" mentality has been crucial to his firm's evolution.
Connect with Matt Kidd
https://www.blundenkidd.com/who-we-are/matthew-s-kidd
https://www.linkedin.com/in/matthewkiddcpa
Introducing Collective by DBA
https://collective.cpa
https://www.linkedin.com/company/collectivebydba
Learn More About Dillon Business Advisors
https://www.dillonadvisors.com
https://www.linkedin.com/company/dillonbusinessadvisors
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- (00:00) - Welcome to Who's Really the Boss
- (01:39) - Matt Kidd's Background and Firm Acquisition
- (03:08) - Challenges and Changes in the Firm
- (04:34) - Social Director and Best Advice
- (08:45) - Firm Structure and Remote Work
- (10:37) - Expanding Services: Financial Planning and Wealth Management
- (13:48) - Client Conversion and Relationship Building
- (24:17) - Navigating Financial Advisor Relationships
- (29:46) - Understanding Financial Planning Routes
- (31:02) - Broker Dealers vs. RIAs
- (32:04) - Turnkey Asset Management Providers (TAMPs)
- (33:10) - Choosing the Right Financial Model
- (44:20) - Growth and Client Retention Strategies
- (47:49) - Networking and Professional Development
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