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Coaching for Wealth Managers and Insurance Agents

CPA Partnership Development: Expert Q&A Insights

Transitioning CPAs from Reactive to Proactive

Common Challenge

"The biggest subconscious hurdle that CPAs face is switching from reactive to proactive thinking." This fundamental shift requires:

Understanding the Process

  • CPAs often lack a mental category for proactive planning
  • Need clear examples of what proactive service looks like
  • Requires gradual mindset transformation

Celebrating Small Wins

  • Acknowledge when CPAs take initial steps
  • View stumbles as learning opportunities
  • Compare to learning to walk: "Like a two-year-old learning to walk, they'll fall but get back up"

Implementation Strategy

  • Start with simple processes
  • Build confidence gradually
  • Provide clear scripts and templates
  • Celebrate incremental progress

Building Strong CPA Relationships

Selection Criteria

Quality indicators include:

  • Openness to change
  • Willingness to meet regularly
  • Interest in comprehensive planning
  • Commitment to client value

Red Flags in CPA Partnerships

Resistance to Regular Meetings

One of the clearest warning signs emerges when CPAs resist consistent meeting schedules. As shared in the discussion: "When they say 'I'm too busy for that, maybe I can meet once every month,' they've just taken all your leverage." This resistance often indicates they're not truly committed to transformation.

The "Too Busy" Syndrome

When CPAs consistently cite being "too busy" as a reason for not implementing changes, it often masks deeper issues. As one advisor noted, "Being too busy is an easy one to predict." This excuse typically indicates either:

  • Lack of true commitment to change
  • Poor practice management
  • Fear of moving outside comfort zone
  • Unwillingness to invest in growth

Age and Timeline Considerations

The discussion highlighted that CPAs within 3-5 years of retirement often make poor partners. As one participant shared, "They're not going to want to try to ride the horse to the barn." They typically lack motivation to make significant practice changes, even if they initially express interest.

Ego and Self-Perception

A particularly challenging red flag appears when CPAs exhibit what one advisor called the "Superman complex." As described in the discussion: "When they pull off the button-up shirt and they're like 'We're CPAs,' that only works until you really understand what's going on in their industry." This inflated self-perception often prevents meaningful change.

The Leadership Role in CPA Partnerships

Setting the Tone

The discussion emphasized that while you're "coming alongside" the CPA, you must maintain leadership of the relationship. As one advisor explained: "You guys are investing the time and you paid us to teach you a process, so this is your process that you're leading them through."

Balancing Partnership and Direction

The relationship requires a delicate balance. As shared in the discussion: "You're going on the journey together, but you're in the driver's seat because you have the roadmap." This means:

  1. Collaborative Approach "We recognize that both of our industries are changing. If you want to be profitable and relevant and deliver more value to clients, I have a roadmap where we can do that together."
  2. Process Leadership "Don't get out of the driver's seat. It's like the two of you are going on this journey together, but you're in the driver's seat and you have a map."

Maintaining Control Through Value

The discussion highlighted how leadership emerges naturally when you focus on bringing value: "Although you're coming alongside one another, you've invested the time and energy to learn a proven process. This gives you the right and responsibility to lead."

Process Implementation

Initial Engagement

Rather than presenting a sales pitch, successful advisors begin with discovery:

  • Understanding the CPA's current challenges
  • Learning about their vision for their practice
  • Identifying pain points in their current model
  • Exploring their ideal client profile

Building Momentum

The discussion emphasized starting small: "Singles and doubles win the World Series." This means:

  1. Early Wins Focus on manageable successes that build confidence:
  • Basic financial planning implementation
  • Simple tax saving strategies
  • Clear communication wins
  • Small but meaningful client victories
  1. Systematic Growth "You cannot let it go where it goes one month, two months... it's too long. They're gonna default to what they're comfortable with."

Value Communication Development

Shifting the Conversation

Instead of focusing on products or commissions, successful advisors frame discussions around:

  1. Industry Evolution "Both of our industries are changing at an accelerating pace, and with the current administration, it's likely that change is only going to continue to accelerate."
  2. Client Benefits "Is a client better served when we work strategically together or when we stay in our individual silos? That's why family offices exist and wealthy families pay hundreds of thousands a year to have a team that actually communicates."

Practice Enhancement

Help CPAs understand how partnership improves their practice:

  • More comprehensive client service
  • Higher value propositions
  • Increased revenue per client
  • Better work-life balance
  • Enhanced professional satisfaction

Building Sustainable Momentum

Regular Touch Points

The discussion emphasized consistent interaction:

  • Weekly strategy meetings
  • Regular client reviews
  • Ongoing education sessions
  • Team planning meetings

Process Adherence

Success requires disciplined implementation:

  1. Clear Communication Protocols
  • Documented procedures
  • Regular check-ins
  • Defined roles
  • Measured outcomes
  1. Accountability Systems "You have to build the relationship in order for it to last. Otherwise, the first time someone says boo, the two of you split in different directions."

Future Growth Development

Vision Creation

Help CPAs articulate their future:

  • Define ideal practice model
  • Establish growth metrics
  • Create implementation timeline
  • Set clear milestones

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