Working with CPA’s and Attorneys can be either very frustrating or rewarding. I have spoken with many advisors who see incredible opportunities in building referral relationships with other professionals, but far too often they perceive these relationships as extraordinarily one-sided. They meet with the other advisor, share with each other their skill sets and agree to send clients over when the situation is appropriate. Unfortunately, these alliances turn into one way referral opportunities. The financial advisor sends referrals and rarely if ever receive referrals in return.
The key to building a successful strategic alliance relationship is to set clear expectation right from the start. Call the other advisor and begin the conversation something like this:
Frequently I have a need to refer a client to a CPA (or attorney) for work related to business planning (or estate planning, or tax planning, or . . . ) I was hoping that we cold find some time together where I might share the kind of work we do with clients and, if it makes sense, do this kind of work together in the coming year.
CPA’s and attorneys are generally poor marketers and the idea of meeting with a financial advisor who might bring them work that they can do together is very attractive. Please note here that I did not say “show them the kind of work we do so they can refer us clients.”
Once you meet, you explain your practice and they explain theirs. Then it is important for you to make take control of the relationship and demonstrate your strength. It is at this point that you let them know that you follow three rules in working with other advisors:
1. You only work with advisors who trust will do excellent work. You both must enjoy working with each other.
2. This is a reciprocal relationship. While you will send business to them, you expect business in return.
3. You want to work with advisors with whom you can learn. You believe that advancing both of your “knowledge bases” is a critical part of the relationship.
Don’t be afraid to set these parameters. They make you a stronger advisor and ensure that you are not wasting time. If they can’t live with these, then move on to other professionals who can.
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Sometimes it's easier to cut bait and run. It seems that most accountants and attorneys thinkbuilding relationships is a one-way street for them only. There must be a way to get the financial professional to show them how to build relationships that are beneficial for all. How do we get them to listen?
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