Perfectly Integrated

What’s Your Practice Really Worth? The CPA Valuation Playbook

Valuations for CPA firms have never been higher, and the reasons have very little to do with tax returns.

Matt Ackerman is joined by Geoff Bruskin, founder and managing partner of White Tiger Connections, along with John Pastore and Clint Mills of Integrated Partners’ CPA Alliance, for a candid look at what’s driving value in accounting practices right now.

Geoff has closed 23 CPA transactions in the last 36 months, and he brings the numbers with him: private equity’s arrival in 2021, the jump from an 11.5x to a 14.5x multiple on a single marquee deal, and PE buyers now knocking on the doors of firms with as little as $300K to 400K in adjusted EBITDA. The panel walks through how the profession moved off the old “one times gross” rule of thumb, why buyers now blend gross revenue and adjusted EBITDA multiples, and the specific traits, digitized workflows, remote staffing, recurring and value-based billing, leadership depth, complementary service lines,  that separate a firm that trades well from one that doesn’t.

The heart of the conversation is the gap between two professions. A CPA firm doing $5 million in revenue might trade around $10 million; a wealth management firm with the same economics might trade at $20 million. Jeff makes the case that the most underappreciated asset in any accounting practice is the trust and financial visibility already sitting inside the client relationship — and illustrates it with a $1,000 tax client whose $1.5M IRA represents a $15,000 relationship somewhere else.

Also covered:

Whether you plan to sell in three years or never, this is a conversation about building a practice that you can’t afford to miss.

Disclosure:

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Investment advice offered through Integrated Partners, a registered investment advisor.

White Tiger Connections along with its representative, Geoff Bruskin, are a separate entity and not affiliated with Integrated Partners.

“There are no perfect dads… focus on quality versus worrying about quantity.”

As an ambitious, entrepreneur, your calendar is packed with 50, 60, or 70-hour workweeks dedicated to providing stability for your family. But when the dust settles, what kind of presence are you delivering at home?

In this special Father’s Day episode of Perfectly Integrated, host Matt Ackerman sits down for a raw, vulnerable, and incredibly timely conversation with two exceptional fathers and leaders: Adam Holt (CEO of Asset Map and co-author of the upcoming book REBL Dad) and Paul Saganey (Founder of Integrated Partners).

Together, they look past the spreadsheets and wealth management strategies to tackle the ultimate ROI: the relationship you have with your children.

In this episode, you’ll discover:

Whether you are a young dad fumbling forward in the early years of parenting or a grandfather looking to pass down a legacy and values, this episode is for you. Step out of the isolation of male leadership and into a practical conversation about moving the needle on fatherhood, 1% at a time.

2025 was a year of historic growth for RIA’s as deal volume surged. But what’s next for the industry? Host Matt Ackermann chats with David DeVoe, the maestro of data from Devoe & Company, to break down what’s driving convergence and what it signals for the future.

Dave explains why M&A is now “embedded in the DNA” of the RIA space, revealing that the desire for scale is currently the biggest driver of deals, though the long-anticipated succession crisis is rapidly catching up. DeVoe shares surprising data on the “trend toward mediocrity” in human capital, and why only 22% of firms believe their next-generation leaders can afford to buy them out.

Matt and Dave also discuss the rise of “Wirehouse 2.0” and the anecdotal potential for a new wave of breakaways.

Tune in to understand the true state of the RIA union and what’s coming down the pike next for advisors.

In this episode of Perfectly Integrated, host Matt Ackermann welcomes Lacy Shrum, CEO of Smart KX, to demystify the topic of financial advisor billing, a subject often avoided or misunderstood within the industry. The conversation focuses on how Smart KX is bringing transparency, confidence, and innovative technology to the complex process of fee calculation.

Lacy Shrum explains that traditional advisor billing—often done quarterly in advance based on just four market days per year—creates tremendous regulatory and business risk. This method leads to problems like:

The core innovation, Smart Recon, is a feature that allows RIAs to maintain quarterly billing in advance (which firms need) but introduces a reconciliation at the end of the quarter. This provides a fairer calculation by compensating the advisor for the value of all days in the quarter, mitigating the risk associated with relying on only four market days.

Lacy shares that the next major innovation for Smart KX is a comprehensive fee analysis tool. This tool will provide advisors with actionable data on their book of business—such as average blended rates and client spend—to help them understand their business better and identify holes. It will include “what if” capabilities to model the impact of changing fee structures and provide the tools to quickly document and implement necessary fee changes, optimizing the full revenue lifecycle from months down to minutes.

What does it take to build a perfect partnership? Well, its 50% perspiration and 50% partnership.

This episode of Perfectly Integrated features a conversation with John Pastore (Executive Vice President, Integrated Partners), Anthony Marotti (Private Wealth Advisor, Integrated Partners), and Craig Eaton (Eaton Advisory Group, CPA) discussing their successful partnership within the Integrated Partners CPA alliance.

The CPA Alliance: A Perfect Partnership

Host Matt Ackermann opens by highlighting Integrated’s CPA Alliance as a key differentiator, emphasizing that success relies on great advisors partnering with great CPAs.

Moving from Preparer to Planner

A central theme of the discussion is the critical shift in the CPA’s mindset from just preparing taxes to proactively planning for clients.

Trust, Fiduciary Duty, and The “Good Guest”

The gentlemen stress that trust and respect are the foundations of their collaborative approach.

Advice for Advisors and CPAs

The conversation concludes with advice for their peers in both professions.

How do you create true brand authenticity in wealth management?

Matt Ackermann of Integrated Partners sits down with Liz Frtiz, the co-founder of F2 Strategy, at the Future Proof Conference to discuss the critical intersection of technology, marketing, and branding.

Liz shares her experience co-founding F2 Strategy nearly a decade ago, noting that the firm is the largest pure-play wealth management tech consultancy, focused on helping firms build and execute their technology roadmaps.

Key Insights:

Host Matt Ackerman gathers the team from Integrated Partners, Andree Mohr, Blaise Liederbach, Samson Dolley, Josh Benson, and Adrian Duran, for a roundtable discussion recorded at the Future Proof Conference in Huntington Beach, Calif. The “Dream Team” shared their perspectives on key industry developments they are focusing on to help support its network of advisors.

Key Discussion Points:

The episode concluded with a fun, rapid-fire question about the team’s favorite and least favorite cities for hosting a conference.

What does it take for advisors to stand out from the crowd with investing? The answer: Hyper customization aligned with values.

Matt Ackermann, live from the Future Proof Conference, sat down with Alex Laipple, the chief growth officer at Ethic, to discuss the firm’s robust approach to wealth management. Ethic, which has grown to $7.5 billion under management, helps advisors and partners “invest with intention” through personalization.

Key Takeaways:

What does it take to grow from a few accounting firm relationships to a nationwide network of more than 250 CPA partners?  Vision, perseverance, and a true belief in collaboration.

In this episode, host Matt Ackermann sits down with Paul Saganey, Founder and CEO of Integrated Partners, and John Pastore Jr., Wealth Advisor and Vice President of Integrated Partners, to unpack the story behind the firm’s renowned CPA Alliance and the lessons learned along the way.

They discuss:

Hear how good times, uncertain times, a group of great humans, and the power of partnership developed the CPA Alliance and Integrated Partners into what it is today.

 Connect With Matt Ackermann:

Connect with Paul Saganey

Connect with John Pastore Jr.

About our Guests

Paul Saganey

With over three decades in financial services, Paul transformed his vision of modern wealth management into reality. As the founder of Integrated Partners, he leads a nationwide RIA featuring 220+ entrepreneurial advisors and groundbreaking partnerships with 250+ accounting firms through the innovative Integrated CPA Alliance Program.

His journey through the financial services industry has given him unique insights into what makes advisory practices thrive. This comprehensive perspective drove him to establish Integrated Partners in 1996, pioneering a fee-based planning approach that puts relationships at the heart of wealth management.

At Integrated Partners, they’ve developed cutting-edge solutions like the Lifetime Income Model, The Business Owner Solution, and the Integrated Family Office, serving high-net-worth and ultra-high-net-worth families with elite services. Their success stems from a simple truth: building great practices requires exceptional people and seamless collaboration.

One of his greatest passions is mentoring advisors, helping them unlock efficiencies and build the practices of their dreams. When he’s not coaching the next generation of financial leaders, you’ll find him cheering on the Tennessee Titan’s with his family— he and his wife Jamie are proud parents of Dan, the Titan’s Vice President of Player Personnel, and blessed grandparents to three wonderful grandchildren.

John Pastore Jr.

As a Private Wealth Advisor with over 25 years of industry experience, he specializes in partnering with high-net-worth and ultra-high-net-worth individuals and business owners, seamlessly integrating his Family Focused Office model into their broader wealth management strategy. His practice is dedicated to helping clients build and expand their financial future, delivering a first-class experience at every step.

​John is a founding member of Integrated Financial Partners (Integrated) and developed their industry-recognized Professional Partner Program, a dynamic co-source model that partners financial advisors with CPAs, Attorneys and Property & Casualty professionals. Today, over 250 professionals nationwide are successfully partnering with Integrated.

​As Private Wealth Advisor and fiduciary in an advisory role:

As Executive Vice President:

Disclosure:

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results.  Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Integrated Partners, a registered investment advisor and separate entity from LPL Financial.

Sometimes the most powerful careers are born out of integrity and courage. When Mona Santos uncovered unethical behavior in her workplace, she did what few have the courage to do, she spoke up. With no whistleblower protection and no safety net, Mona was fired. But that moment became the catalyst for something greater.

Determined to build a life defined by honesty, compassion, and independence, Mona became a financial advisor on her own terms. In this episode, Mona Santos, Certified Financial Planner and co-founder of Glide Path Financial, shares with our host Matt Ackermann her story through tragedy, entrepreneurship, and resilience. How she turned pain purpose and built a 25-year career rooted in empathy and authenticity.

Today, she helps others design lives of meaning and freedom; the same way she rebuilt her own. Her story is one of courage, character, and the beauty of creating success by helping others do the same.

Connect With Matt Ackermann:

Connect with Mona Santos

About our Guest

Working as a financial advisor for over 20 years, Mona specializes in providing comprehensive financial planning and wealth management services to individuals, families and business owners. With compassion at the crux of her practice, Mona specifically enjoys helping independent female clients, where she can offer support for women going through life-changing events, such as divorce, death of a spouse or retirement.

Having suffered many of her own personal setbacks, these life experiences have fueled Mona’s passion for helping others. She works diligently to help clients develop the confidence that with a good plan, it is possible to survive – and thrive – through anything life throws at them.

Mona’s mission is simple: To listen empathetically, uncover critical values, and build a plan to help clients live a well-rounded life of financial confidence and resilience.

Whether you are a professional at a thriving company, a business owner looking to sell in the next five years or preparing for a milestone like retirement, Mona follows a values-based financial planning process where she designs a financial roadmap for clients and meets with them every four months to discuss their plan and chart their progress.

Working in a fiduciary capacity to her advisory clients, it is Mona’s legal duty to put her clients’ needs first and act in their best interest while maintaining full transparency throughout the financial planning process. Services include:

Mona graduated from Methodist University with degrees in political science and international studies. She is married to her husband, Kirk and has a son, Gabriel. An adventurer at heart, Mona loves to travel, sing, and meet new people. A bibliophile, she rarely reads less than three books at a time and has never met a microphone she was afraid of. Ramona is also an award-winning actress and an avid runner.

Disclosure:

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results.  Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Integrated Partners, a registered investment advisor and separate entity from LPL Financial.