Leveraging CPAs as Centers of Influence to Grow Your Advisory Practice

In the financial advising and planning industry, building a strong network of Centers of Influence (COIs) is essential to growing your business. One of the most valuable COIs you can cultivate are CPAs (Certified Public Accountants), who have access to high-net-worth clients and can help you expand your practice.

But how do you go about establishing and nurturing these relationships? It’s a strategy that takes time, but with the right approach, the results can be highly rewarding. Let’s explore how you can build a network of trusted CPAs to help grow your client base and strengthen your advisory practice.

Why Are COIs Important?

Centers of Influence (COIs) are key to unlocking significant growth potential for financial advisors. CPAs, in particular, hold the kind of influence that can transform your practice. Their trusted relationships with high-net-worth clients make them invaluable allies in connecting you with your ideal audience — clients who need your expertise and can benefit from your services.

But why focus on CPAs? Consider these reasons:

• Access to High-Quality Clients: CPAs work closely with affluent individuals and families who rely on them for critical financial guidance. These clients often seek advisors who can provide comprehensive investment strategies and long-term financial planning. A referral from a CPA can open the door to these high-value relationships.
• Trust and Credibility: When a CPA refers a client to you, it’s not just a recommendation — it’s an endorsement. CPAs are among the most trusted professionals in their clients’ lives. If they refer you, it means they trust you to deliver results. That trust is a powerful foundation for building long-lasting client relationships.
• Enhanced Client Experience: Collaborating with CPAs doesn’t just benefit your practice — it elevates the experience you provide to your clients. When you work together with their CPA, clients see a seamless team of professionals dedicated to their success. This integrated approach improves client satisfaction and retention.

It’s important to recognize that building relationships with COIs isn’t an overnight process. It’s a long-term strategy, and it takes consistent effort and patience. But by cultivating strong partnerships with CPAs, you not only gain access to valuable referrals but also demonstrate a higher level of care and professionalism that sets you apart.

In the end, investing in COIs like CPAs has the potential to do more than just grow your business — it can also strengthen your ability to serve clients holistically. And that’s a win for everyone involved.

Leveraging Your Existing Client Network

Before you start reaching out to CPAs, look at your existing client base. Many of your current clients likely already have CPAs and attorneys. You can begin building relationships with these professionals by tapping into your existing network.

1. Working with Existing Clients

For your current larger clients, make it a point to meet with them and their CPA (or attorney) every year. Doing so provides multiple benefits:

• Better Service: You’re able to collaborate with their CPA to make informed decisions, particularly around tax strategies such as tax-loss harvesting.
• Stronger Relationships: By working closely with their trusted CPA, you demonstrate that you prioritize the client’s entire financial picture, which helps build loyalty and trust.

2. Onboarding New Clients

When you bring on new clients, it’s equally important to involve their CPA early in the process. Before reallocating their investments or making major tax decisions, ask for the CPA’s input. This shows the client that you take a thoughtful, collaborative approach to their financial future and protects you from any potential tax missteps.

3. Broader Client Base

You likely already have a network of CPAs and attorneys tied to your existing clients. Use casework to create introductions. Offering your expertise in specific areas can help establish trust with these professionals and open the door for future referrals.

Standing Out as an Advisor

Keep in mind, you're probably not the only advisor using this strategy. To make a lasting impression on CPAs, you need to differentiate yourself from other advisors they may encounter. After meeting with you, a CPA should leave thinking two things:

1. “This advisor has a unique approach to investments.”
2. “This advisor truly values collaboration and includes other professionals in the decision-making process.”

Incorporating COIs into your advisory process demonstrates a commitment to collaboration. It signals to CPAs that you’re not just interested in referrals—you’re invested in delivering comprehensive solutions. This approach can lead to a steady stream of high-quality client referrals and an excellent reputation among COIs.

Here are specific ways to stand out:

• Adopt a Holistic Approach: Show CPAs how your process integrates tax planning, estate planning, and investment management. By including them in discussions about tax-loss harvesting or portfolio rebalancing, you signal your respect for their expertise while showcasing your own.
• Highlight Your Unique Value: During meetings, demonstrate how your services differ from traditional investment strategies. For instance, emphasize innovative solutions such as custom indexing or behavioral finance tools that address client-specific needs.
• Be Proactive and Transparent: Communicate regularly with CPAs about shared clients. Share updates on financial plans, investment adjustments, or tax strategies. This proactive approach builds trust and solidifies your partnership.

When you take the time to collaborate with COIs and ensure they feel valued, you enhance both your clients’ financial outcomes and your professional reputation. In a world where trust is everything, these small, consistent efforts can set you apart as an advisor who truly delivers.
 

The Numbers Game: Building Referral Relationships

When it comes to building relationships with CPAs, success isn’t immediate—it’s a numbers game. Here’s how you can approach it:

• Set a Goal: Aim to engage 10 CPAs.
• Host Educational Events: Invite them to lunch-and-learn sessions, where you discuss topics of interest such as institutional investment strategies or other advanced financial topics.
• Track Results: Expect that 2–3 of the CPAs who attend these events may start referring clients to you.

These relationships have the potential to bring in $5 million to $10 million in new business per year. It’s a significant return on investment, but it requires a consistent and thoughtful effort to build and maintain these connections.
 

Host Value-Adding Events

One of the best ways to engage CPAs and strengthen your relationships is by hosting events they’ll find valuable. A lunch-and-learn is a great chance to showcase your expertise while providing something they need — CE credit.

By offering something that’s both relevant and educational, you can attract CPAs who want to learn more about topics like institutional investing or strategies for managing high-net-worth clients. Make sure the content is informative and engaging, and make sure you leave time for questions and discussion.

And of course, don’t forget the lunch — it’s a small touch but it can make a big difference in how CPAs perceive you.

Keep the Relationship Alive

Once you’ve established a relationship with a CPA, don’t let it fade away. Stay involved with the clients they refer, and keep the CPA updated on any significant developments in the client’s financial plan. Regular communication will help reinforce the trust and mutual respect you’ve built.

Think of it like any successful partnership: it requires ongoing effort to ensure that both sides benefit. Keep nurturing these relationships, and they’ll continue to pay dividends for years to come.

Key Takeaways

Building a network of trusted COIs, particularly CPAs, is a valuable strategy for growing your practice. Here are the key points to remember:

• It takes time and effort to build relationships with CPAs, but the payoff can be significant.
• Start by leveraging your existing client network to connect with CPAs.
• Engage CPAs through educational events that offer value and help you stand out as an advisor.
• Keep the relationship strong with regular communication and involvement with referred clients.

By integrating CPAs into your advisory process and building strong, ongoing relationships, you not only grow your business — you also provide a higher standard of care to your clients.

The next step is simple: reach out to a CPA you know and see how you can start working together. Or, if you’re feeling ambitious, plan your first lunch-and-learn event. The sooner you start building these relationships, the sooner you’ll see the results.