Moving Beyond the Pre-Packaged Approach
One of the most common questions financial advisors ask is "What's in it for CPAs?" when considering professional partnerships. While this seems like a reasonable starting point, it actually reveals a fundamental misunderstanding of how successful professional relationships are built. The desire for a quick, pre-packaged answer to this question often leads advisors down the wrong path.
The Problem with Pre-Packaged Solutions
The fatal flaw in seeking a universal answer to "what's in it for CPAs" is that it assumes all CPAs have the same needs, challenges, and goals. This product-centric thinking transforms advisors into salespeople pushing pre-packaged solutions before understanding individual situations. Just as you can't prescribe medication without a diagnosis, you can't propose solutions without understanding the specific challenges each CPA faces.
The Diagnostic Approach
Instead of leading with solutions, successful partnerships begin with diagnosis. This process follows a clear structure:
Understanding Current Reality
First, we need to understand where the CPA is today. Key diagnostic questions include:
- What motivated you to take this meeting?
- How long have you owned your firm?
- What's your ideal client profile?
- What percentage of your clients match this profile?
- How are you currently acquiring new clients?
- What are your current fee structures?
Identifying Challenges
Next, we need to uncover their specific challenges with questions like:
- What's the biggest challenge in your business right now?
- Where would you like to see your business in 24 months?
- What's stopping you from solving these challenges on your own?
The Power of Honest Assessment
After gathering this information, the next step isn't to sell—it's to honestly assess whether you can help. If you can't meaningfully address their challenges and help them reach their goals, the professional response is to thank them for their time and move on. This approach might seem counterintuitive in a sales-driven industry, but it builds trust and credibility.
Building Real Value
If you find yourself nervous about whether you bring enough value to help CPAs address their challenges, that's actually valuable feedback. It doesn't mean CPAs are poor partners or that partnerships don't work—it means you need to focus on becoming more valuable. This might involve:
- Developing new expertise
- Expanding your service offerings
- Enhancing your business acumen
- Learning from successful practitioners
- Building proven processes
The Reality of Partnership Value
What CPAs actually value in partnerships varies widely. Some are focused on monetary gains, while others prioritize work-life balance or practice efficiency. The only way to know what will resonate with any individual CPA is to engage in genuine discovery conversations focused on understanding their unique situation.
Moving Forward
Success in building CPA partnerships doesn't come from perfecting a sales pitch or crafting the perfect value proposition. It comes from:
- Developing genuine diagnostic skills
- Building real value you can deliver
- Understanding individual situations
- Being honest about your capabilities
- Focusing on solving real problems
The key to success isn't finding the right thing to say to every CPA—it's becoming valuable enough that you can genuinely help solve their specific challenges. This approach takes more time and effort than developing a standard pitch, but it's the foundation of lasting, profitable professional partnerships.
