Are you struggling to make the breakthrough with accountants?

Many financial planning firms today are seeking to build long-term, valuable relationships with SME business owners. A problem you may face is accessing these people, and one route that offers great potential when carried out successfully is by building links with accountants.

However building these relationships is often a tough nut to crack! So here are a few thoughts on how you can build profitable accountant relationships, with accountants referring clients to you regularly.


Treat accountants themselves as a specific target market

You may have done all of the work developing your client value proposition (CVP), but this is aimed at your end clients – there’s no point simply sending this on to accountants in the hope that they will see the value in it. You now need to be able to communicate the value experienced by accountants in dealing with you. Your CVP starts with understanding your clients and in a similar vein, your accountant proposition starts with understanding accountants; their challenges, the partnerships that they value, where you can provide services that they will truly value etc. If you can help them to solve the problems that they face every day, well then they will place enormous value on your services! So first of all, really understand their business, identify the areas within it where you can add value, and then show them how the way that you propose working with their clients will seriously enhance their own client relationships.


This is not a once-off exercise

You then need to get in front of the accountancy partners time and time again to remind them of the value that you can add, and to ensure you get regular client referrals. There are many ways you can do this; here are a few examples,

  • Add the partners to your own communication programme: Connect with the partners on LinkedIn and also get their permission to be added to your newsletter subscriber list. Let them see the expertise and thought leadership that you have to offer.
  • Develop bespoke presentations: These are for the initial meeting with the partners throughout the practice and should focus very much on the role of the accountant and how you can assist them in their own role. Personalise each presentation to the role of the particular partner’s area of specialism – for example the presentation to the tax partner should focus on pension reliefs, tax efficient protection products and other tax angles that you can bring to the table. This shows knowledge, understanding and willingness to engage in their areas of challenge with their clients.
  • Case Studies: Prepare a number of case studies of innovative solutions that you’ve implemented and know are relevant to challenges that are typically faced by the accountant. Don’t leave them guessing as to how you can help, join the dots for them!
  • Briefings for partners: Keep the accountants briefed on issues within the life and pensions industry that they need to be aware of, but may not be that knowledgeable. This can be through email contacts, lunchtime meetings or other such channels.


Develop joint marketing activities

And then you need to also promote the accountancy firm and help their bottom line! First of all, refer clients to them whenever possible. If you give them new clients, they are certainly going to try harder to reciprocate. Then offer the accountant the opportunity to include guest posts in your newsletter. This gives the accountant welcome exposure to your clients. You can then look at hosting joint events to which you both bring clients, take a speaking slot to impress the guests, all of this with a view to both you and the accountant meeting the other’s clients and building new relationships.


Prove your value with clients

Of course the biggest barrier to accountants referring clients to you is fear. Fear that you will somehow mess up and as a result cause difficulties for the accountant with their client. So when they do take the leap and finally refer a client to you, it’s imperative that you do a good job (as you do!) and then make sure the accountant is aware of it. How do you do this? You might seek a testimonial from the client, which you then share with the accountant. Alternatively you can email the client a few weeks after the end of your work with a short client satisfaction survey – again you will share the results with the accountant.


These are just a few thoughts on building profitable relationships with accountants. Build their trust, remove their fears, align yourself to their proposition and demonstrate your value time and time again. And then you will be well on the way to breaking the back of that search for new clients!