How to Handle the "I Already Have an Advisor" Objection from CPAs
The Common Challenge
When approaching CPAs for strategic partnerships, you'll inevitably hear: "I already have an advisor I refer clients to." This response is so common that you should expect it in 95 out of 100 conversations with CPAs. Rather than seeing this as a roadblock, view it as an opportunity to differentiate your approach.
The Right Response
The key is to remain calm and confident when hearing this objection. A skilled response might sound like this: "Wow, of course you do! I can't think of a single successful CPA I've met who doesn't have relationships with financial advisors or insurance agents. Tell me a little about how that relationship works."
This approach accomplishes several things:
- Demonstrates your experience and understanding
- Takes pressure off the conversation
- Opens a dialogue about their current arrangement
- Creates an opportunity to highlight your unique approach
Creating the Contrast
As the CPA describes their existing advisor relationships, they'll likely outline what we call the "outdated third-party referral model." This typically involves informal arrangements where they simply exchange names and phone numbers when needs arise. This is your opportunity to introduce your different approach.
The key is highlighting how your model differs through:
- Team-based planning approach
- Joint client meetings
- Holistic value proposition
- Virtual family office support
- Integrated service delivery
The Virtual Family Office Advantage
One powerful differentiator is your access to a virtual family office network. This means having dozens of experts available when specialized knowledge is needed. It allows you to confidently tell CPAs that regardless of what their clients need, you either have the expertise in-house or immediate access to qualified professionals who do.
Moving Forward
Remember that success in these conversations comes from proper preparation and understanding your unique value proposition. Don't try to compete with existing relationships - instead, present an entirely different model of service delivery that makes traditional referral relationships seem outdated and insufficient.
By positioning yourself as a true planning partner rather than just another advisor seeking referrals, you create opportunities for meaningful partnerships that benefit everyone involved - the CPA, their clients, and your practice.
This approach transforms what could be a conversation-ending objection into an opportunity to showcase your unique value proposition and build a stronger foundation for partnership.
