Financial Advisor Tells About Successful CPA Alliances

Veteran Advisor Panel: Implementing the Team-Based Model Successfully

Panel Introduction

Stephen Burgess

• Location: North Orange County, California
• Experience: Since 1992, former Dean Witter/Morgan Stanley
• Current: Independent advisor, Series 65
• With ERT: Since 2014
• Works with: 4 CPA relationships (2 local, 2 virtual)

Kate Seastone

• Location: Phoenix/Scottsdale, Arizona
• Experience: Since 2004, CFP and MBA
• Joined ERT: January 2019
• Focus: Elevating CPA partnerships beyond referrals

Justin Munt

• Location: Southeast Minnesota
• Experience: Since 2009
• Joined ERT: November 2016
• Current: Works with 2 CPA firms, 3 active CPA relationships

Key Challenges and Rewards

Biggest Challenges

1. Managing Different Timeframes
   • CPAs operate on different schedules
   • Need patience with implementation
   • Balance between pushing and pulling
2. Adjusting Sales Mindset
   • Must transition from sales to advisory
   • Focus on coaching vs selling
   • Building trust takes time
3. CPA Work Habits
   • Often overloaded with compliance work
   • Need help prioritizing high-value activities
   • Resistance to change

Greatest Rewards

1. Access to Larger Cases
   • Multi-six figure premiums
   • High-net-worth clients
   • Referrals between significant cases
2. Trust Transfer
   • Instant credibility with clients
   • Higher closing ratios
   • Deeper relationships
3. Comprehensive Solutions
   • Access to advanced strategies
   • Better client outcomes
   • More valuable relationships

Implementation Advice

Building CPA Relationships

1. Follow the Process
   • Stick to proven scripts
   • Don't skip steps
   • Trust the system
2. Two-Track Approach
   • Keep existing business running
   • Develop CPA relationships simultaneously
   • Use strategies with own clients
3. Mindset Shift
   • Position as educator/coach
   • Focus on value creation
   • Lead with process, not products

Working with Clients

1. Comprehensive Approach
   • Use diagnostics
   • Consider all planning areas
   • Prioritize based on needs
2. Virtual Adaptation
   • Embrace remote meetings
   • Expand geographic reach
   • Increase efficiency
3. Value Proposition
   • Lead with process
   • Focus on outcomes
   • Demonstrate expertise

Growth Strategies

Scaling the Practice

1. Add Team Members
   • Bring in junior advisors
   • Share workload
   • Expand capacity
2. Improve CPA Efficiency
   • Help reduce low-value work
   • Focus on high-value clients
   • Create more planning time
3. Geographic Expansion
   • Leverage virtual relationships
   • Remove location constraints
   • Access broader market

Success Factors

Critical Elements

1. Understanding the Model
   • Master the fundamentals
   • Know your role
   • Lead the process
2. Patient Persistence
   • Build relationships gradually
   • Focus on long-term success
   • Maintain consistent activity
3. Value Focus
   • Prioritize client outcomes
   • Help CPAs deliver more value
   • Build trust through results