How to Build Genuine CPA Partnerships as a Financial Advisor: Key Insights
Hey everyone, Anthony Anderson here, co-founder of Elite Resource Team. If you’re a financial advisor, I’m sure you’ve heard over and over again that one of the best ways to grow your business is through partnerships with CPAs—strategic partnerships, alliances, and all that. But here's the problem: how do you actually do it?
I know a lot of advisors have gotten burned out on this idea. They’ve heard it so many times, they’re tired of even thinking about it. To them, it’s like chasing a unicorn, or even worse, they just flat-out think it’s BS.
But here’s the thing: it’s not. It’s just that many advisors have been going about it the wrong way, using what I like to call the outdated referral model. That’s why it feels like a waste of time—because, frankly, that method doesn’t work anymore.
In this video, I’m not going to dive deep into how to make that first introduction with a CPA or how to set up the first meeting. I’ve already recorded videos on that, and I’ll include a link in the description if you want to check those out.
Instead, today I want to talk about three things you need to understand if you’re serious about sitting down with a CPA and forming a genuine strategic partnership. These are the things that will help you figure out whether this partnership is worth pursuing and whether their business aligns with your goals.
So if that sounds like valuable content to you, go ahead and hit that like button right now, and let's jump in.
Introduction
Before I get into the three things, just a quick introduction if we haven’t met yet. My name is Anthony Anderson, and I’ve been in this space for over 20 years. I started at Smith Barney in the early 2000s, and from there I went on to work at a smaller boutique firm focusing on high-net-worth individuals and business owners.
Over the years, I’ve formed dozens of CPA partnerships myself and have had the privilege of working with thought leaders like Andrew Argue, Dominique Molina, and my current business partner Paul Latham, who built and sold his accounting firm for $45 million. Now, we’re working together to train both financial advisors and CPAs on how to form these partnerships.
Alright, enough about me. Let’s dive into the three things you need to understand before you sit down with a CPA.
1. Where Are They Right Now?
The first thing you need to figure out is where the CPA or accounting firm is currently. This isn’t just about their revenue or the number of clients—they’ll tell you that stuff anyway. What you want to understand is the structure of their business.
Here are a few key questions you’ll want to ask:
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When did they start working at the firm? – Are they one of the founding partners or just an employee? The longer they've been there, the more influence they’ll likely have on how the firm operates.
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What is their client mix? – Do they have a niche? Are they working primarily with business owners, non-profits, high-net-worth individuals, or maybe just W-2 employees? This will help you determine if their clients are a good match for your services.
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What percent of their clients fit their ideal description? – For example, if they say they love working with business owners, ask how many of their clients are actually business owners.
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What kind of clients do they not want? – Knowing who they don't want can give you insight into who they do want and whether that fits with your ideal client profile.
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How do they get new clients? – Do they rely on referrals, marketing, or just word-of-mouth? You want to know if they’re taking on new clients or if they’re capped out.
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How are they billing? – This is a huge one. Are they charging by the hour or the tax return? Or have they shifted to a more modern pricing model like value-based billing or monthly retainers? This tells you a lot about their level of sophistication and willingness to evolve.
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What’s the biggest challenge they’re facing? – Most CPAs will say they’re overwhelmed by time, bandwidth, or hiring. Understanding their challenges is key to knowing if and how you can help.
All these questions will help you figure out their current state and whether they’re a good fit for you.
