How to Run Your First CPA Meeting: A Step-by-Step Guide
If you’ve heard that growing your practice through CPA partnerships is a great way to expand your business, you’re right. But what most financial advisors don’t realize is just how difficult it can be to get a CPA to say “yes” to working with you.
In this video, I’ll walk you through how to orchestrate that first meeting with a CPA or center of influence (COI) once you’ve teed it up for success.
Who I Am
I’m Anthony Anderson, co-founder of Elite Resource Team. Since 2009, I’ve been working with CPAs and have trained over 1,100 financial advisors on building relationships with CPAs, tax attorneys, and enrolled agents. My unique experience gives me a few valuable thoughts to share with you on making that first meeting successful.
What Not to Do: Don’t Sell
The biggest mistake financial advisors make in their first meeting with a CPA is selling. If you mention a product, strategy, or investment approach, you’ve already thrown yourself into the red ocean of other advisors who look and sound the same. Instead, you need to lead—not sell. This isn’t just for the first meeting but throughout the entire relationship with a COI.
The Goal: Diagnose, Not Convince
In your first meeting, your goal is not to convince the CPA to say yes. Your goal is to diagnose the situation: understand who they are, where they want to go, and what’s stopping them from getting there.
Here’s a breakdown of how to approach that first meeting:
- Be Early: Arrive 10 minutes early for in-person meetings or 5 minutes early for Zoom.
- Start with Small Talk: Begin with some genuine small talk—not sales talk. You want to find out who they are and if you enjoy their company, since you’ll be spending time together if a partnership develops.
- Switch to Business: Transition into business with something like,
"I appreciate the opportunity to sit down together. I'd like to explore whether there’s a relationship worth developing. To do that, I need to understand more about you and your practice."
Key Questions to Ask
The next step is to ask diagnostic questions. Here are a few examples:
- “How long ago did you start your firm?”
- “Who is your ideal client?”
- “What kind of services are you providing? Is it just tax returns or other consulting?”
- “How are you currently getting new clients?”
- “Are you in growth mode, or maintaining your current client base?”
What you’re looking for here is to understand whether they have the type of clients you want to work with and whether they’re the go-to person for their clients. The right CPA will be someone whose clients trust, respect, and value their opinion.
Understanding Their Vision and Challenges
Once you’ve learned about their current practice, transition into questions about their future goals:
- “Where do you see your business in the next 24-36 months?”
- “What are the challenges holding you back from getting there?”
After each question, use silence. Let them think and give you thoughtful answers without rushing.
Break Their Pattern Recognition
At some point, the CPA will likely ask, “Why are you asking me these questions?” This is good! It means you’ve broken their pattern recognition, making them pay attention to you. You can respond with something like,
"Great question. I believe in building strategic partnerships that allow us to offer proactive, holistic planning for clients. To do that, I need to understand your business."
Then, go back to asking questions.
Use a Statement of Expertise
Once you’ve diagnosed their situation, use a Statement of Expertise to communicate how you can help. This is a brief, tailored statement showing how you serve their niche, helping them solve the challenges they’ve expressed. For example,
“I typically work with tax professionals like yourself who are facing bandwidth issues. I help them reduce the number of clients they serve while significantly increasing revenue per client.”
After delivering your Statement of Expertise, go silent again and wait for them to ask, "How do you do that?"
Wrapping Up the Meeting
The purpose of this first meeting is not to sell but to diagnose. You’re trying to find out:
- Do they have the clients you want to work with?
- Are they the go-to person for their clients?
- Have they had the “aha moment”—realizing their practice needs to evolve, but they don’t know how?
The right CPA is someone who recognizes the industry is shifting and is open to change. That’s the type of partner you can bring tremendous value to.
Conclusion: Next Steps
If you found this video helpful, please give it a thumbs up! Leave a comment with your thoughts or questions, and if you’d like us to create a future video on Statements of Expertise, let us know.
If you’re interested in learning more about how we can help you develop higher comfort and confidence in meeting with COIs, we’d love to set up a call with you. Check out the link to our calendar in the description below.
