Building strategic alliances with CPAs is one the most effective ways to generate a steady stream of referrals and capture millions of dollars in new assets under management. Yet even advisors who understand such alliances say they need help connecting with accountants.

I think many of these frustrated advisors are making one big mistake: They don’t take the time and effort to understand accountants’ challenges, concerns and culture. Consequently, they lack empathy toward CPAs — and that’s a key factor in forming a lucrative alliance with an accounting firm.

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