Marketing ElderCare/PrimePlus services.

• Author: Wright, Debra
• Position: Financial planning

When a traditional firm establishes an AICPA ElderCare/ PrimePlus practice, the first step is to create a business plan that outlines the aspects needed to develop this new niche. ElderCare/PrimePlus services are a natural extension of the professional services that firms have been offering over the years in serving their communities, particularly older individuals. As a result, the cost and time in formulating the plan are minimal. Probably one of the most critical aspects of planning is to determine the contents of an ElderCare/PrimePlus services "menu." The services provided to clients can include:

* Personal finances and banking--Handling financial transactions (including bill payment) and ensuring that expected income is received and deposited.

* Investments--Ensuring that investments are managed per a client's instructions.

* Insurance--Monitoring all insurance coverage, by ensuring that premiums are paid when due and claims are prepared timely.

* Contracts--Handling all communications as needed, for attorneys, lessors and agents, concerning leases, rents, sales and any other client agreements.

* Taxes--Preparing Federal income tax returns, including quarterly estimates and payroll reports for in-home providers, when required.

An ElderCare/PrimePlus practice can be successful in serving clients if it exceeds their expectations. A firm's client service strategy should include "sweating the small stuff." For example, advisers may decide to visit clients every two weeks as they provide services. Even though some practitioners may not think that home visits are an efficient approach to providing ElderCare/PrimePlus services, such visits are essential in developing a relationship.

An adviser's job is to plan, oversee, coordinate and conduct a continuous and objective review of all of the ElderCare/PrimePlus services being provided. He or she may be assisted by a paraprofessional who carries out the details, as many activities are recurring.

Developing a Marketing Strategy

The growing demand for ElderCare/PrimePlus services provides an enormous untapped market. However, without a marketing strategy and a marketing plan, a firm will fail to maximize its opportunity to develop this niche into a substantial revenue source.

Firms often lack a comprehensive marketing strategy. This can challenge their attempts to grow the ElderCare/ PrimePlus services niche. Even though they understand that marketing is a critical factor in determining success...