Turning Competition into Opportunity: Partnering with Investment-Focused CPAs
The Common Concern
Many advisors hesitate when discovering a potential CPA partner already offers investment management services. However, this perceived obstacle often represents an unexpected opportunity for collaboration.
The Reality Check
Recent research reveals a striking truth:
- Only 13-14% of accounting firm partners feel successful at integrating wealth management
- This low success rate spans all service models:
- In-house wealth management
- Third-party referral relationships
- Hybrid approaches
The Strategic Response
When faced with this situation, approach it with confidence:
- Express understanding: "Of course you do - every good CPA has financial relationships"
- Ask exploratory questions about their current approach
- Listen for gaps and challenges
- Identify improvement opportunities
The Traditional Model's Limitations
Most firms struggle because they operate within:
- Outdated referral systems
- Reactive service models
- Limited integration approaches
- Traditional partnership structures
The Team-Based Alternative
Instead of competing on traditional grounds, offer a different model:
- Proactive planning partnerships
- Systematic integration
- Comprehensive service delivery
- Strategic collaboration
Moving Forward
Success in these situations requires:
- Understanding current limitations
- Differentiating your approach
- Focusing on value addition
- Demonstrating systematic solutions
Remember: The fact that a CPA offers investment services doesn't mean they're doing it well or satisfied with their current approach. Your opportunity lies in bringing a more comprehensive, systematic solution to their practice.
The key isn't to compete with existing services but to transform how these services are delivered and integrated into their practice.
