I’m often asked the following questions from advisors I coach: “Why do you place so much emphasis on working with CPAs and tax professionals? What about partnerships with attorneys, property and casualty agents, realtors or mortgage brokers?” My response is that forming an alliance with each of these different types of professionals can prove to be a profitable venture. However, in my experience, certain professionals make better partners than others for various reasons.
For the month of March, I’m going to focus on the pros and cons of working with each of these types of professionals as well as share with you concrete takeaways and insights on how best to partner with each. Due to the differences in expertise and types of client relationships each of these professionals have, I’ve found that each must be worked with in slightly different ways. Using the same approach with each type will almost always ensure mediocre results.
First and foremost, you need to understand that there is a big difference in the types and quality of relationships each of these professionals has with their clients. A perfect example would be to compare the CPA and the P&C agent. Both may serve the same demographic of clients, and both may have the high-net-worth clients you desire to reach within their respective practices. The difference, though, is how their business models work and how each approaches their clients.
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