The world of financial services is complex. With new laws and regulations being continuously added to the books, it becomes difficult to stay abreast of all those changes while effectively managing your own business. With only so many hours in the day, finding time to grasp concepts indirectly related to your endeavors hardly seems possible. Partnering with other professionals offers a great solution to navigating the dynamic legal and regulatory landscape. Along with being able to concentrate on what you do best, these relationships often lead to customer referrals, the least expensive method of acquiring clients. Accountants and bookkeepers have an excellent opportunity to leverage relationships with other financial and legal professionals, creating a win-win for all parties involved.
Few people make important financial decisions without consulting an attorney. Trust accounts, for example, allow benefactors to pass money or real estate to family members in a way that is clearly outlined by the settlor, the individual who funds the trust. These types of arrangements typically involve two major concerns: law and taxes. Most attorneys who establish trusts understand the legal complexities of the vehicle but perhaps do not possess the expertise to advise clients with respect to tax consequences. A partnership between an attorney and accountant seems like the perfect marriage. Each professional can focus primarily on his or her expertise without sacrificing the quality of services provided to customers. In fact, clients will appreciate the chance to tap the expertise of professionals specifically trained in the areas that could greatly impact their bottom line.
Investors who are looking to grow their hard-earned dollars need to place a great deal of faith in a financial consultant. It can be difficult to choose a trusted adviser among a huge bank of anonymous individuals. Where does one even begin? Your referral to an established professional within your circle of influence goes a long way in removing a client’s anxiety. Take the first step toward building that circle. Attend networking events or reach out to industry experts whom you already know. The web of service providers need not be confined to the financial world. Plumbers, electricians, and mechanics need tax advice, and their customers might soon become your customers through a well-executed strategy. There is no better introduction than a word-of-mouth endorsement.
The insurance industry naturally ties into accounting and bookkeeping. Your small business clients need protection from potentially crippling financial losses and so do you. Who do you trust with your own insurance needs? As a tax professional, it is likely you’ve done your due diligence in your search for an agent. Share the results of your search with your clients, and you just might see your own client traffic increase. As you send your customers to a trusted insurance expert, simply ask them to perform one small task. Request that they tell the agent who sent them to his or her office. The act of goodwill should move your colleagues to return the favor.