If it's true that you can tell a lot about people by the way they treat their own parents, then how Peggy Stricklin treats other people's parents must speak volumes.

Peggy is president of Stricklin & Associates, a Denver-based accounting firm focusing on the needs of the elderly. While the practice of Eldercare is gaining mainstream popularity, especially as one of the recently identified assurance services, the concept of delivering services focusing on an aging population is far from new for Peggy.

"We've been doing this type of service for eight to nine years," she says. Peggy, who earned her CPA license in 1974, describes the "typical" client as a woman in her 80s or 90s, who may never have been responsible for handling financial affairs, or has become unable to do so because of advanced age or illness.

While doctors stopped making house calls years ago, it's not uncommon for Peggy and her staff to make unannounced visits to a client's home to ensure proper care is being provided.

A Compassionate Advocate
At Stricklin & Associates, the practice of Eldercare covers a full menu of services, from basic check writing to reviewing financial portfolios. In addition to traditional accounting services, the firm provides innovative approaches and much-needed help to this often forgotten segment of the population. Diverse tasks like hiring health care providers, selecting nursing homes, and supervising the work of contractors all are offered under the Eldercare umbrella.

Anyone with an aging parent can appreciate the value of Peggy's work. In fact, she reports that the original client is often a son or daughter rather than the parent. Since the children may live a great distance away, Peggy's oversight and coordination between the parties becomes even more important … and the best prescription for these families is Eldercare services.

In addition to protecting a client's assets, Eldercare causes a nice secondary side effect-peace of mind for the family. "Because someone is looking after them, we give our clients the ability to stay independent for a longer period of time," she says. "We make certain that caregivers are properly managed, assets are intact and the budget is enough to take care of day-to-day needs."

Unfortunately, Peggy says scams directed at the elderly are more prevalent in today's society, and the elderly is one group that has better odds of falling prey. As a result, she often finds that her CPA designation has added value because it mixes the ability to provide a professional, unbiased perspective to any situation. "I think accountants have the reputation as the most important trusted professional, and it makes a lot of difference to have a letters 'CPA' after your name."

Making a Transition in Her Firm
In addition to technical skills in estate, trust and income tax, Eldercare requires CPAs to possess finely tuned people skills. Peggy describes the practice as "very different from traditional accounting." For one, it requires equal doses of patience and compassion. "Our relationships go a little deeper than the accounting norm. It's hard to establish trust when the client may not be entirely ready for an outsider to come in and take care of such private things," she says.

One way her firm has achieved success is by offering continuity. "We hear a lot of stories about people working with other firms who didn't get personal attention, and were switched around from staff person to staff person," says Peggy. "At Stricklin & Associates, we make sure the client is familiar with everyone in our office so a face can be put with a name when they receive a call. We establish a relationship where clients feel secure."

When Peggy established her firm 16 years ago, there were only a handful of firms owned by women. She definitely considers herself a maverick, even though it has become. much more common in today's CPA marketplace to have female-ownership. Nonetheless, Peggy feels that her gender proves to be an asset when working with elderly female clients. "They say they feel more comfortable working with women."

The Eldercare practice at Stricklin & Associates quickly grew out of trust and estate work. For the past 10 years, the firm focused on high-worth individuals, trust estate, foundations, and charitable trusts. It makes sense, then, that many of her clients are referrals from attorneys or banking trust officers. And as baby boomers go gray, she expects the Eldercare component of the business to continue to grow. Senior citizens are the fastest growing segment of the United States population, so Peggy feels she has carved out a solid niche.

Still, Eldercare means more to Peggy than just a savvy business strategy. The emphasis appears to be more focused on keeping parents secure, than on job security … which is telling in itself.