Frank Diebold, CPA of Schaumburg, IL
Diebold Financial, Ltd.












I have been a practicing CPA since 1974 and started my own firm in 1978. My wife Linda is my business partner. Most of our clients are family owned businesses in the service or distribution industry.

1.  When did you get started in Financial Services? We started our Financial Services company in 1999 after talking to a representative from Charles Schwab & Co. and meeting with HKFS representatives. Our primary concern was finding a financial services company that puts clients first, and HKFS continually demonstrates that philosophy.

2.  How are you able to help your clients with the additional services? Can you give an example or case study? We have helped clients primarily with wealth management and in certain cases used insurance products to further benefit them. A few years ago I had a client with a $300,000 gain in a 30 year old annuity that he was going to leave to his two children. Rick Hageman, our FA, suggested we take withdrawals now and buy life insurance with the cash withdrawn to leave the heirs more money. We now have an $800,000 life insurance policy in place and the annuity is paying the premiums. The heirs will receive $800,000 tax free instead of $350,000 that would have included $300,000 of taxable income. Of course my client was very pleased with this plan.

3.  How do you feel client relationships are strengthened? Can you give an example? Our client relationships have been strengthened through wealth management as we now talk to clients more not only about accounting, but also investments. Having clients who use multiple services of the firm enhances our relationship with them and promotes referrals.

 

4.  How do you feel financial services differentiates and positions you in the marketplace? What are some things you have done to market financial services? Financial Services differentiates us by giving our clients more than just accounting and tax services. I believe it gives us an advantage over firms that do not offer this service. Our marketing so far has been limited to our existing accounting and tax clients. We send out newsletters and try to remind clients that we provide these services. Several of our tax clients have referred us to friends and family for financial planning services.

5.  Can you comment on the level of service and support given to you by HKFS? The support we receive from HKFS has been outstanding not only from our FA Rick, but everyone we have talked to in the Dubuque office. The response time on any issue we may have has been exceptional.

6.  What has the additional revenue from financial services meant to you? The additional revenue has given us more discretionary funds. It has also helped to put four children through college and pay for three weddings. It has allowed us to travel extensively and is a big part of our own retirement planning.

7.  Do you have any suggestions for those new CPAs just getting started? For someone just entering this field I think it is important to let all of your existing clients know of your new services and the extent that HKFS can help in many different areas such as insurance and estate planning.