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.

6 Steps to Running a Networking Event

So in our last post we looked at how you can get refferals of the ideal client from an ideal referral source.

The idea at it's core was a meet and greet to determine which businesses have a similar raison d'etre to yours: that is a great client experience and true value and partnership and collaboration with clients. (stop reading now if you don't want that as an outcome!).

So who do you invite and how do you structure it?

Here are 6 steps that work!



1) Who to invite:

- existing referral contacts

- ask them to bring a peer

- ask them to bring key staff

Next layer of invitation:

- your local business networking group contacts : ask them to refer to the event their accountant / solicitor/ mortgage / general insurance broker

Next layer of invitation:

- any business contact who could add value in engaging on the night ie: they have a service that the attendees could utilise

Next layer of invitation:

- local businesses that you think could refer to you : check out websites to see if they offer in house services like yours

- then call them and see if they do lets say you make a discrete inquiry as if you were a potential client

Next layer of invitation:

- existing clients : who are their accountants etc? : ring your best 10 client and ask


2) Speaker: who are you going to get that will be free!!??

- local politician

- travel / lifestyle sourced from local business

Remember you are positioning yourself as a facilitator so getting a local memberof parliment is a great coup.

3) Invitation

- as per our previous post ......the key aim is "meet local businesses who face similar issues/challenges"......and secondary "our special guest(s)......."

4) Format

- no business pitch
- know who is coming
- strategically introduce people on the night
- let the evening flow

5) Location

- room / side room / adjoining area of bar/ local hotel - somewhere with atmosphere and sight and sound that does not drown you out but layers the senses


6) Follow up

- we can discuss that later in our next post

More Referrals From People You Like

One of the key ideas that will drive referral and revenue success for you in 2013 is:

- holding a centre of influence engagement session

In other words break bread with all of your referral sources.

Regardless of how successful the referral relationship has been over the history of the relationship you need to invite them.

Who do you invite:

- anyone who has the possibility of being able to refer to you clients who fit you ideal client profile in 2013

The format:

- this is a social engagement : think of it like the TV show "The Bachelor" or "The Bachelorette"

- here they all are in one place, all the referral sources you and your business have ever previous dealt with

- even better there are some new names and faces : people drawn from your client base : ie ask your clients who their accountant / solicitor is and invite them

Are you selling anything? No.

This is an event for like minded financial services professionals to get together over a drink and a few canapés for the reason of engagement, connection, collaboration, networking.

The pitch: "With the issues facing us this year FOFA, APES......we all face a busy year ahead....Stepping out from our own businesses to listen to how others are approaching their year in a social and relaxed setting provides a great opportunity to find that new idea or reinforce your thinking......"

Now, you might think "oh they won't go for that". But here's this thing. Wouldn't you like to work with referral sources who would unreservedly respond "Yes, I'll be there" to an opportunity to share a drink amongst peers?

So invite anyone who can refer in the perfect clients for you.

On the night you will not pitch who your ideal clients are, what you do, or anything about your business.

On the night you are the host so play the perfect host:

- introduce people (no name tags please)
- do your research and introduce people to others who may actually add value to their business eg the auditor to the SMSF accountant
- work the room
- but generally just ensure people are connecting

- you can formalise this by offering a set piece ie: OK people the next 15 minutes : talk to someone you don't know and find out about them : women leave men for dead here....women are more genuinely curious in situations like these.
- consider a speaker : travel, positive psychology, small business success story, sporting identity ......this may also be a draw card for your event.

The aim:


- watch people in the room
- who are the genuinely nice people?
- who is having a good time?
- who interacts well and seems to thrive in the situation?
- who did you get on well with?
- who would you have no hesitation in inviting them back?

And answering those questions will mean you have just found the referrals sources that you should be working with this year.....and most likely the ones that you will have most success at adding value to as well.

Pay $0 for your next financial planning client lead and pay 1x$1 for your next financial planning client base

How'd you like to pay $0 in marketing costs for your next financial planning or insurance lead? That's right, no telemarketing costs incurred marketing to your existing client base or leads that you've paid for or clients that you've purchased.

Speaking of books of clients that you've purchased, just how much did you pay? A multiple of 2 times? 3 times? Surely not 3.5 times? In this market?

How'd you like to pay a multiple of 1 times for your next client base if not less?

This is the reality that financial planning and insurance professionals are creating for themselves by asking the right questions.

It is the people that they are posing these questions to that delivers this reality.

They are conversing with and engaging their existing client base.

Pay $0 for your next financial planning or insurance lead

Pick your top 25 clients and ask:

1) Who do they work for?
2) What community or social groups do they belong to?
3) Who do they employ?
4) Who are the related to?


Let's start with who do they work for or who do they employ.

If they are employers themselves - what about that pay packet they pay staff - (that their staff rely upon) - it can be taken away from that staff member in an instant should that person be unable to work due to illness or an accident away from the workplace. Is that something they as an employer thinks is in the interest of the well being of their staff and is a positive outcome? Of course not.

If they are employed. Contact that employer. Offer that employer a free statement of advice (financial plan/insurance recommendation). Why? So they can experience the service and outcomes that one of their staff has experienced. And upon experiencing the positive outcomes and process - should that not be something of value they could expose the remainder of their staff to?

Pay a multiple of $1 times for your next client base

Pick your top 25 clients and ask:

1) Who do they obtain accounting and business advice services from?


Contact the accountant and yes offer that accountant a free statement of advice (financial plan/insurance recommendation). Why? So they can experience the service and outcomes that one of their clients has experienced.

Maybe they won't buy in to that process that easily. No problem. Send them a sample statement of advice. Make sure it's one that aligns with the accountants niche (if they have one). Highlight in a cover letter / presentation the cross referral opportunities.

If you have constructed your statement of advice in the way we here at PCE have talked about (in our previous posts) then it's most probable they have not seen a document like it in the way it speaks and communicates to the client.

One business we know did just this.

A request came back from the accountant to takeup the free statement of advice. But it was not for the accountant. It was for the accountants mother.

Following the perparation of the statement of advice the recommendations were accepted and implemented. Within a short period of time (6 months) the accountant referred with such regularity that the main adviser based themselves out of the accountants office 2 days a week (7.30am until 5am) engaging with staff and clients.

That adviser now owns 50% of the accountancy practice (bought at 0.90 times).

All that by asking their top clients who did their tax.