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by
Daryl Logullo
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I want to give you some advice
today on building your
relationships with CPAs and
Accountants.
First, know that there is
hidden, incessant friction
that creates barrier tension
between today's CPA and
financial services professional.
This can interrupt
referral building activities.
One area that this is most
prevalent is in work-related
activities.
CPAs, for example, have been
professionally
educated to look at historical
trends and client
history. No matter whether it be
a bank reconciliation
or a recent income statement,
that focus involves
studying "snap shot" items
captured from a brief
moment in time.
Such review of trends allows a
mental conclusion to be
formed by the CPA based on what
financial figures
reveal.
Excellent CPAs will then derive
recommendations to the
client, such as strategies to
reduce future taxes,
sheltering retirement savings
for shareholders,
or the timing of cash flow to
accelerate the purchase
of certain depreciable assets.
You get the idea.
Mean time, highly educated
financial professionals
are required to look forward; to
forecast, project,
and attempt to assimilate
recommendations that meet
with a client's, hopes, dreams,
and aspirations
in the future. Such events
require time-suitable
investment/insurance
recommendations made now--
to meet future anticipated
needs. In other words,
a truly forward-looking
approach.
Is it any wonder that both the
CPA and Financial
Professional serve the same
person from often
opposite ends of the spectrum?
Surely the client is the one who
benefits the most
from this form of service
structure. And this is
an excellent thing.
Yet on one hand, you have the
CPA guiding a client
based on what has transpired in
the past. On the other,
the Financial Professional leads
with proposed solutions
to help the client move his or
her financial ship forward.
But so often lies the problem of
why the CPA and
Financial Professional can not
get together:
One looks to the rear; the other
looks forward.
Both activities are essential.
Both create
differing perspectives. And,
yes, both can cause
barrier tension in forming a
referral alliance.
So how can today's financial
professional
embrace this?
Here are three (3) ideas for you
to consider
in your practice.
1. Request previous findings
from the CPA for
your clients.
At the very least, this will
require the CPA to
review his/her client file. This
may allow you
needed insight into trends and
issues affecting
your own client. For example,
recent taxation
constraints or advantages. This
spurns healthy
conversation that places issues
to the forefront
and may resonate with further
value gained by
the client. A by-product is
excellent
relationship building.
2. Submit your own
strategies/recommendations
to the CPA as a courtesy.
Investment or insurance
recommendations, quarterly
commentaries, changes in
investment philosophy,
even forecasted outlooks-- these
are all good
communication methods. Get these
in the hands
of CPAs you are networking with.
They further
allow the CPA to "enter" your
daily world. They
will also encourage conversation
and forward
momentum for both parties as
well.
3. Display your recent work to
CPAs and ask for
their critique and feedback.
It takes a true professional to
ask for feedback
and be willing to accept another
person's comments.
Profile 2 to 3 recent
recommendations (financial plan,
asset allocation, insurance
recommendation, etc.).
Cloak names and personal
information to maintain
confidentiality. Present these
"profiles" in writing
to a CPA you are networking with
and ask for feedback.
Listen to the feedback and
learn. Building referral
bridges begin by freely
accepting others' opinions
so you can exchange knowledge.
Remember: Someone has to take
the first step. Let
it be you. Begin breaking down
barrier tension
by allowing yourself to take
make the first move.
Any of the above three ideas
will help
you do so.
Try it this week.
As you do, relationships and
then referrals
can begin to blossom in the
weeks ahead.
Go for it,
Daryl Logullo
http://www.CPAReferralSystem.com |
