Over the course of their professional lives, financial advisors and accountants are likely to encounter many instances in which clients’ personal financial and tax interests overlap.
In those instances, reaching across the aisle to work with respective counterparts can open multiple doors and opportunities for our clients and our businesses.
Working collaboratively to benefit clients
Information, regulations, and legislation change so quickly in the fast-paced investment and accounting/tax fields that it’s a challenge for even practicing professionals to keep up. If you don’t walk the walk every day, it’s next to impossible to stay in the loop.
If a client asks one of our financial advisors a tax-related question that they cannot answer, we will tap into our professional network and reach out to an experienced accountant who can provide additional value to our clients. Even in this day and age, when boundless information is available at our fingertips, I’d rather put my trust in the training and experience of an accountant who, for example, has spent the last 18 months studying and explaining the impact of the Tax Cuts and Jobs Act (TCJA) of 2018.
Sharing insights, expertise, and advice allows both the advisor and the accountant to service clients in a timelier fashion. In turn, clients appreciate the extra effort and tend to grow more confident in each professional’s ability to reach outside their comfort zone to secure the most accurate, up-to-date data. After all, clients want to know that their financial professionals are making knowledgeable decisions about their investments and financial futures.
A win-win-win for financial advisors, accountants, and clients
Another advantage of collaborative professional associations is the opportunity to grow our relationships with our respective client bases.
The reality is that financial advisors and accountants typically operate independently in our respective fields and only overlap to synchronize what’s best for a client. The significance of these partnerships is the mutual understanding that each possesses a specific skill set of value to the client and poses no threat to the other. Services offered by financial advisors and accountants are complementary and are not competitive. And, they share a common goal: to build a strong rapport with clients while delivering the best solutions and advice.
Here’s a concrete example: If a client is charitably inclined, a financial advisor will review their charitable giving ideas and recommend some planned-giving investment strategies to maximize their generous intentions; meanwhile, an accountant will ensure the plan secures the highest allowable deduction on their taxable income. In the end, the client’s funds are allocated optimally, and everybody wins.
Combined expertise for cross-marketing opportunities
In addition to collaborating on behalf of clients, financial professionals and accountants can avail themselves to a number of cross-marketing opportunities to be recognized as experts in their fields.
While there is no shortage of financial content on the internet, quality articles not written by bots or churned out for pennies are the exception and not the rule. With two expert minds putting their thoughts together, there are very real opportunities to create valuable digital content, such as co-writing instructive and educational articles for industry-related B2B publications, or more casual-yet-informative blogs targeted to a specific audience.
In addition, with a large amount of subject matter available between the two professions, financial advisors and accountants can conduct seminars focused on a single, specific topic, followed by an interactive Q&A session. Whether it is presenting to large or small businesses or to the general public, attendees will appreciate the chance to have their questions answered in real time by recognized professionals in their respective fields.
Regardless of the medium, as a team, you can combine your expertise and shine light on new or revised tax and investing strategies that clients, readers, or attendees may not be aware of, understand, or have thought about on their own.
Forming strategic partnerships can increase the range and value of services offered to a financial advisor’s client base and do the same for an accountant’s clients. And in the end, the real advantage is to the client who gets the added benefit of two respected experts.
If you are an accountant and would like to learn more about how we can build a strong, lasting relationship, contact us today.