Acting as a sounding board helps clients and their CPAs better understand the advantages of working with an advisor—and that you’re looking out for their best interests.
Are you one of the many financial advisors who have referred clients to accountants over the years but have gotten virtually nothing in return? Based on the law of reciprocity, you would think that giving would initiate the receiving process. But with CPAs, that is often not the case. Often it’s a one-way street.
But a select group of FAs have figured out what is undermining their referability with accountants. As a result, they are receiving a steady stream of endorsements from these very persuasive sources at this critical time in the financial services market. Never has money been so topical, and never before have so many high-net-worth investors been disillusioned with their advisors.
Recent studies have indicated that as many as seven out of 10 HNW clients are unhappy with their current financial advisors. In many cases, trust has been shattered, and these high-value people are cautiously considering other options. Now if HNW clients have lost faith in their advisors and they are also feeling anxious about their personal financial direction, whom do they call? More often than not, they call their accountants.
The problem is most accountants are more technicians than visionaries. They often leave their clients wanting more when it comes to the big picture, market forecasts, and personal investment strategy. Yet when clients press accountants to suggest a financial advisor, many are reluctant to make an endorsement. Why do you think that is? What is holding them back?
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