CPAs, It’s Time for a Career Move

If you’re exhausted as a CPA, you’re not alone. The Wall Street Journal has reported a 17% decline in the number of accountants over the past two years. With CPAs leaving the industry at record rates, you may be wondering what other industries a CPA skillset would be a match for.

Did you know that CPAs — particularly women — tend to thrive in wealth management roles? From improved work-life balance to more fulfilling, long-term relationships, we sat down with some of the experts at Waddell & Associates Wealth Strategists in Memphis, TN, and Brentwood, TN, to hear all the reasons why making the move to a wealth management career may be the smartest thing you can do next year.

With a few years of financial service experience already under his belt, Robby Graham made his way to Waddell & Associates a little over two years ago. He was used to working 80 to 100 hours weekly as a CPA, and with a family of three at home and the desire for a healthier work-life balance, this was less than ideal.

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“The change has been amazing,” says Robby of his experience making a career change. “As a CPA, from January to April, you pretty much go and hide in a bunker and then poke your head out after April 15. Whereas the work-life balance as a wealth strategist is more consistent … You still have work, and there are some busy moments, but it’s not just a four-month period of nonstop work.”

If, like Robby, you’re someone who values family or is looking to start a family of your own, this change in workday hours is incredibly beneficial. In fact, Teresa Bailey, another wealth strategist at Waddell & Associates, has seen this advantage firsthand: “My career and the structure of being a financial advisor have given me the flexibility to really create the lifestyle that I want. Many of the conversations I have with clients are not around a set 8 a.m. to 5 p.m. schedule — advisors in the field can create their own schedules when they get into their more mature years of advising.”

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Teresa adds that this flexibility has also led to improved work-life integration (as opposed to work-life balance). “I can’t think of another career that would fit better in my life, where I’m able to integrate my role as an advisor to my client families and also make sure that I’m there for my own daughter when she needs me,” she says. “This is a field where you can build it and integrate it however you desire.”

As wealth strategists, Teresa and Robby agree that one of the aspects they love most about their careers is the meaningful relationships with their clients. After all, they’re guiding them through major financial relationships — from college planning to retirement, estate planning, and more.

“I’ve been doing this for almost 20 years now, and some of my clients’ biggest dreams are being achieved,” explains Teresa. “They’re retiring early or buying a second home or vacation home. Walking with my clients on their life journey is just the neatest thing. So many other businesses are very transactional or surface-level, but this is one where your relationship with your clients runs pretty deep.”

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Teresa adds that women in particular are successful in wealth management roles, as they tend to have more nurturing energy and often have more experience in how to best use household resources, including money. “What’s really needed in the wealth management world is more women joining the conversation, because women have such a unique perspective about how to utilize resources within a household,” she adds.

While some women may feel discouraged from entering a male-dominated, investment-driven field, this is a common misconception. In fact, Teresa says her position is very rarely investment-focused. “Unfortunately, many women are deterred from choosing to become a wealth strategist because they think it’s going to be very investment-driven,” she says. “I actually don’t spend that much of my time on the investment side of the equation, and many firms have experts you bring in to have those conversations.”

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Robby adds that open, honest communication with your clients is a must, so strong communicators tend to thrive. “Ultimately, clients don’t hire you to be a ‘yes’ person,” explains Robby. “They hire you to be someone who, if something doesn’t work with the plan, you can communicate that. Although they may not like the answer when they hear it, the trust you build with your client is important — and that’s what they hired you for.”

If you’re thinking about making the switch to a wealth management role but are still unsure, the best first step you can take is to talk to someone who currently works in the field. “I would suggest having conversations with individuals who are currently in the role to learn more about what they’re actually doing day-to-day instead of making assumptions,” adds Teresa.

Luckily, Waddell & Associates has been an expert in wealth management since 1986, and they’re ready and eager to answer your questions. Visit wealthstrategists.com or call (615) 370-0750 to learn more.

Waddell & Associates Wealth Strategists is located at 3 Maryland Farms, Suite 190, Brentwood, TN 37027.

This article is sponsored by Waddell & Associates Wealth Strategists. All photography provided.