In order to thrive in this new environment, less becomes more. Initiating and developing perhaps only three to five new relationships per year, depending on the size of the firms involved, is desired. A more comprehensive approach of providing expertise and resources to the CPA, which they possibly could not have obtained nor had access to, all while delivering value and building trust, is at a premium.
The end goal is to enable the CPA to cement their role as the most trusted business advisor and expand their practice by offering on a continual, not periodic, basis high-end comprehensive support and solutions. Focusing more time and resources on fewer relationships is crucial and a key to success.
According to Alex Sonkin, CEO of Perfect Client, “The real inconvenient truth is that the current model upon which advisors, CPAs, specialists, and attorneys attempt to work together is broken, and deep down everybody knows it. The industry's response, specifically from seasoned CPAs, top-performing advisors, and the AICPA has been humbling and overwhelming.”Forward-thinking CPAs who understand and have a firm grasp on these concepts will undoubtedly be at the forefront of establishing themselves as their client’s most trusted business advisor, creating new revenue streams, and dominating the marketplace.
Brian D. Hartstein, MSFS, CLU, ChFC serves as CEO and principal of Economic Concepts, Inc. in Scottsdale, Ariz. He concentrates primarily on working with CPAs, financial advisors, successful business-owners, and affluent clients in the qualified and non-qualified plan markets, estate planning and financial and investment planning. He is currently on the advisory board of the Phoenix Tax Workshop, a member of the Society of Financial Service Professionals, a member of the Arizona Business Leadership Association, and served as president of the Financial Planning Association of Greater Phoenix.