reconsider your focus.
by russ alan prince
for accountants with high-net-worth practices, research study after research study has shown that there is no question that wealth managers and attorneys are the best referral sources for wealthy clients. moreover, accountants have enormous opportunities with these clients as a significant percentage are not getting optimal results.
more: the biggest obstacle to taking your firm upmarket | what the wealthy getting wealthier means for your practice | does wealth management make sense for your firm? | create family dynasties and add value, roi | is elite wealth management right for you? | why accountants fail at wealth management
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generally speaking, quite a few of the wealthy up to multibillionaires are satisficing instead of maximizing. the results they are getting are good enough, and they do not know they can get more. however, once they understand they are not getting optimal results, they will likely change the professionals they’re working with. while the possibilities for accountants with high-net-worth practices are extensive, there is still the matter of being introduced to the wealthy clients of wealth managers and attorneys on a preferential basis.
when accountants connect with wealth managers and attorneys, they mainly focus on trying to communicate how good they are, including what they can do for the wealthy. this proves to be the major reason many of them fail to get many, if any, new wealthy clients from these professionals. even when they get referrals, it is usually a very small number compared to what is possible.
in dealing with wealth managers and attorneys, most accountants with high-net-worth practices focus on their capabilities rather than really think about what matters to the other professionals. what matters to the wealth managers and attorneys after doing the very best job possible for clients is how they can excel.
instead of focusing on themselves, when accountants with high-net-worth practices focus on the practices, goals and concerns of wealth managers and attorneys and can add meaningful value to them, they are likely to create a pipeline of new wealthy clients. accountants are regularly introduced to wealthy clients of wealth managers and attorneys, and they do not have to provide any referrals to them. there are no trading clients.
central to success with wealth managers and attorneys are methodologies like ultimate rainmaker. central to ultimate rainmaker is discovery, which is developing deep insights into wealth managers’ and attorneys’ businesses to determine if working with a particular professional makes sense and, if so, how to make them more successful. it is always about something other than your firm and what you can do. it is all about wealth managers and attorneys and how to help them achieve their goals and maximize value for their clients.
one response to “why accountants don’t get referrals from wealth managers”
rory henry
russ alan prince thanks for bringing this to the profession’s attention as it’s evident that a shift is necessary.
we need to transition from an antiquated referral model to a relationship model. let’s lay the referral model to rest in the graveyard of outdated practices–right next to the “time sheet” headstone.
clients today, especially hnw clients, are increasingly seeking a team of advisors to work collaboratively, not in silos. firms need to be equipped with the knowledge to create meaningful relationships. instead of referring business, they can integrate wealth management services in a collaborative, modern way.
my forthcoming book, “holistic guide to wealth management for accounting professionals” talks about this in more detail.
find out more at http://www.advisror.com/