June 13, 2023 • by Paul Saganey
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Spring and summer are incredible seasons of growth. As anyone who has tried to nurture grass, vegetables or a business knows, growth requires patience, time and the right fertilizer. Absent any of those ingredients, success cannot be achieved.
A partnership with the right certified public accountant (CPA) is the perfect fertilizer for a growth-minded financial advisory practice. Whether you have a green thumb or not, here’s a tip. Fertilizer only works in moderation when paired with the proper amount of sunlight and water. Just like a garden, your CPA partnerships will require certain conditions to flourish. Keep in mind these critical dos and don’ts when considering a partnership:
Do:
- Be knowledgeable: Understand your partner. Who do they work with? What are their goals? How can you help solve the problems of the clients they serve?
- Be complementary: (And I don’t mean “complimentary.” Although, being kind is always a good place to start.) In any good partnership, understand one another’s strengths and weaknesses. From your first meeting to the last, ask questions and listen. Find out what their practice needs and figure out how you can be indispensable by offering tools and services that previously eluded them.
- Be proactive: Partners like working with someone who has solutions. They love working with someone who can offer these services without being asked. Think a step ahead and focus on how your wealth management tools can help them take that next step.
- Be present: The best ability is reliability and availability. CPAs will often refer to the person they spoke with most recently. I have advisors who work in the same offices as their CPA partners. No need to be a phone call away when you can walk down the hall and introduce the client to their new trusted financial advisor.
Don’t:
- Don’t be pushy: Great partnerships take time to develop. Don’t expect hundreds of referrals overnight. If you work diligently and make yourself an essential partner, business will come over time. Think about the child in the backseat of the car asking, “Are we there yet?” Pestering never helps you reach the destination any more quickly.
- Don’t expect a quid pro quo: I live by the mantra that givers get. But great relationships don’t require immediate reciprocity. Think about the big picture. Referring business to a CPA partner will yield results over time. Be patient.
- Don’t require exclusivity; earn it: Great CPAs will have other financial planning partners and that’s okay. It is all about providing exceptional service and support on a consistent basis that will make you the partner of choice.
Financial advisors are a guest in the CPA’s home or practice. A CPA is the most trusted financial advisor. By working together, both businesses will thrive for generations, enjoying a blossoming business with clients who receive more comprehensive care.
Paul Saganey CFP®, President & Founder, Integrated Partners
