Getting referrals from accountants

What's the recipe for success in the quest to get consistent, quality referrals from an accountant?

This challenge arises for even advice businesses that own or are owned by accountancy businesses. Even in these environments the manner in which the client experience is delivered for each businesses means that to align is like forcing two magnets of similar polarity together : they push apart often with repulsive force.

The classic solution : has often been the lunch time education/information session, where we talk to the accountants about TPD and expect them to spread this amazing news to clients. Of course I make light of the value and depth that many education sessions hold, but the expectation we have of the impact and the results of these sessions are often unrealistic. That is not to say they don't work, they can do over time, but often despite their regularity and range of topics the conversations we expect or hope the accountants to have just don't follow.

Also problematic is if the accountant does commence a conversation with a client and the conversation goes for more than 6 minutes ....do they charge them? And what if it goes for 20 minutes? What if they are asked a question they can't answer?

After years of observing, experimenting and some just plain dumb luck these are the techniques we've seen work and why:

1) Lunch works : it's about the one time in the day the 6 minute clock is not ticking and the accountants down tools. Rather than an education session, how about just having lunch with them, in the lunch room over a sandwich and not talking about anything to do with financial planning. It's a lot easier to get a referral from someone who likes you.

2) Training can help and is a must : but needs to be tailored so that life risks are not the forefront but rather risk to the accountancy base is. Highlighting that business expenses cover can protect the accountants fees (they are a valid business expense) is one way of the accountant feeling the need for a valid discussion with a client.

3) Getting exemption from the 6 minutes hence the conversation is "authorised" and the client and accountant are not held to the 6 minute charging regime.

4) Creating a process. A questionnaire that acts as a rating scale ie: scores points for having certain structures and strategies in place: provides a great rationale for a referral to an adviser. As the accountant works on the clients tax issues, the client is given the opportunity to fill in a short one page tick a box questionnaire. Each box attributes a score. The lower the score the more urgent the need to see an adviser. Areas covered include SMSF, Estate Planning, Insurances, Buy Sells. The only thing the accountant has to do is add up the score and say based on the score there are some issues that needs clarification : hence the referral to the planner.

5) Taking a portfolio approach with the client base. Looking at the best accountancy clients it is determined whether or not financial planning revenue is being received (works best with in house financial planning and accountancy services). If not it is an automatic referral where the accountant calls the client and explains that as one of their best clients they have not yet taken advantage (as all their other best clients do) of all the services and it's a concern as when assessing their clients financial health (as per the questionnaire in 4) they have found gaps in their clients affairs.