Whether you are an accountant, financial planner or finance professional – everyone is after distribution. Some of us do not like to refer to it that way, but almost everyone is on the lookout for that next new client or how they can grow their client base.
The majority of professional selling is relationship based. Unless you happen to be the absolute guru in your particular field, clients will normally make their buying decisions based on the relationship they have with you – from their perspective. Those last three words are critically important. It is how the client sees it that really counts.
The market and the media often talk about the accountant being the gatekeeper to the client financial relationship. They have the ‘most trusted adviser’ tag. Generally this comes from a long history of dealing with and advising a client, together with the fact that they often know more about the clients finances and their business than anyone else. In the same way the client trusts their doctor with their health, they trust their accountant with their business affairs.
Many finance professionals look to engage with accountants as a means of generating business referrals. Done well it works but more often it does not, or fails to deliver on the potential. If you are looking to build distribution through the accounting channel think about the following:
- Most accountants jealously guard client relationships. They are looking to protect their clients and will not give access until they have a comfort level with you.
- It’s all about trust. Until the accountant trusts you they will act as gatekeeper.
- You need to be able to add value. They want you to be able to enhance the goodwill they have with their client.
- They are busy people. They need to be impressed with what you can do.
- You need to be different. They are inundated with offers from financial providers. Being one of the crowd is unlikely to make an impression.
- If they decide to try your services they will likely put them to the test. Make sure you deliver first time around.
- The process will take time. If you’re not prepared to invest in the relationship with them it probably will not happen.
This may sound too hard and too slow for you. If it is then best that you work on other initiatives. Changes in financial services are lifting the bar in this area. Competition is increasing but in many ways choices are narrowing. You need to have a clear strategy in this space.
Greg Hayes is the national chairman of accounting group Hayes Knight. In addition to their accounting services they also provide practice support to accounting firms and a financial services model for delivery through the accounting profession. Greg is also the author of ‘A Practical Guide to Business Valuations for SMEs’ (CCH 2013).
