We caught up with the brilliant and insightful Aquaila Barnes a few weeks ago and have shared our conversation below.

Aquaila, thanks for joining us, excited to have you contributing your stories and insights. Let’s start with a story that highlights an important way in which your brand diverges from the industry standard.

Offering a concierge-level service is what makes us unique. Our concierge service is holistic and allows for clients to work with us Bi-Annually, Quarterly or Monthly. 

We treat tax preparation as a year-round service. Over the years we began working with more small businesses and families who had a need for tax planning outside of the typical tax season. Some were newly formed business owners who wanted to know the tax implications of forming an LLC or S Corp. Others wanted advice on how to file their taxes as a newly married couple or how and when to make estimated tax payments.

Aquaila, before we move on to more of these sorts of questions, can you take some time to bring our readers up to speed on you and what you do?

My entrepreneurial journey is unique. I am someone who is equally left and right-brained. By the age of 9, I knew that writing was one of my natural talents and clearest way to express myself. I also loved numbers and all things math-related. I’m not sure if it was a resistance to both of my parents being accountants or being encouraged in high school to consider a career in engineering, but I did not originally intend to study or work in the field accounting.

I went to Purdue University as an engineer major. However, I was fortunate enough to have three internships that let me know early on it was not a career path for me. At that time, I did not have the words to define what was missing or why those internships made me change direction altogether. But as I look back, I realize the work and studies did not provide me with the level of creativity that I needed. At the time, I felt as if I had failed. I had spent so much time in high school and early college planning for a career in engineering. But it was not for me. 

Post-graduation from Purdue, my mother, who by this time was a CPA and had worked in several accounting positions, decided she wanted to start her own tax & accounting practice and she asked me to partner with her. This was the start of my entrepreneurial journey. Attending college made me think, like so many of my classmates, that the natural trajectory for me would be to work for a large corporation for a significant portion of my life. So, the idea of owning a small business was new, exciting and a little scary.

My mother and I both worked in the business part-time until the clientele grew enough for us to do it full-time. It was like getting another degree but with day-to-day, real-life experience. I studied accounting and even more specifically tax accounting. In the early days, we did presented tax presentations to sole-proprietors. We chose our niche by working with small businesses, startups and families wanting a more personalized service. I began to see the creativity and story in the numbers while being challenged with periodic tax law changes. 

After several years, I made a decision to move to New York City and got licensed as an Enrolled Agent (EA) to practice before the IRS. It was intended to be a temporary move. I planned to hang out and explore theater in the Big Apple and after 1 to 2 years return to Indianapolis. Now some 20 years later I am still in the tri-state area with a financial practice that has grown successfully, currently serving over 200 clients.

After preparing taxes for quite a few years in the tri-state area, I realized there was a side of me that needed to find creativity within the business if I was going to be truly successful and happy. It was no longer satisfying to just prepare tax returns for clients annually. I decided to shape the practice in a way that fit my natural personality and would serve clients holistically year-round. I wanted to be a trusted & reliable partner in our clients’ tax planning and financial decisions.

While many of my competitors treat taxes and accounting like a one-time, annual transaction; at Barnes Financial Concierge, we decided to create a more meaningful relationship with our clients. We continued to help lower tax liability, review financial statements, and engage in tax & financial planning. Then we took it a step further and expanded our commitment to offer safety in numbers and support our clients in looking at the story behind their numbers.

In this work, I recognized early on the vulnerability people feel when it comes to discussing their numbers. It’s a feeling of shame for some. It’s fear of not knowing or understanding tax law. For others, it’s old beliefs that tell us we should not talk about money. 

I not only understand that level of vulnerability, I also embrace being a support system to empower our clients to feel more confident and supported around their numbers. In our Concierge model, we have created a space for them to ask questions, express fears and concerns and seek support with their financial goals. At Barnes Financial Concierge it is our mission for people to learn they are more than just a number.

We often hear about learning lessons – but just as important is unlearning lessons. Have you ever had to unlearn a lesson?

One lesson I had to unlearn is that being a financial professional can only look a certain way.

Who has not been encouraged to fit within a box in order to be accepted? As a creative, African American, same-gender loving, woman, I have certainly been invited to step into boxes that did not fully fit.

In my unlearning, I realized one of the greatest gifts of being an entrepreneur is that I get to design my own box. I can be a financial professional who cares about my clients’ feelings, makes them laugh, and is creative in the work we do together.

I ultimately learned that being my true self in doing this work gives me the greatest feeling of success.

What’s been the most effective strategy for growing your clientele?

The most effective strategy for growing our clientele is to do quality work and show that we care.

This may seem like the obvious thing to do. However, in a time where good customer service is not guaranteed, caring about the quality of service you provide can make a difference. Up until recently, our clientele has grown 98% of the time from referrals.

We are not always perfect. As an expanding business, we sometimes experience growing pains and do not always hit the mark 100% of the time. Still, we strive to offer our best and let our customers know that we value them beyond the numbers.

Contact Info:

• Website: www.BarnesFinancialConcierge.com
• Instagram: @BarnesFinancial
• Facebook: BarnesFinancialConcerige
• Linkedin: aquaila-barnes
• YouTube: @barnesfinancialconcierge

Image Credits
photos by Damaly Shepherd logo design by Arie Gatewood