Beyond the Basics

By Matthew F. Hersch, CFP®, CEPA

photo: © iStock/JohnnyGreig

As technology continues to advance, professional service industries, including accounting, are seeing traditional, repetitive tasks increasingly handled by automation. For CPA firms, this shift offers an invaluable opportunity to reimagine the value they bring to clients. Instead of merely providing routine services, firms can deliver a deeper, more strategic level of engagement tailored to complex, evolving client needs. Here's how CPA firms can go beyond the basics and cultivate a richer, more impactful client relationship.

Segment Your Client Base: Focus on Your Best Clients

The first step in this transformation is identifying and prioritizing the clients who stand to benefit most from high-touch services. Segmenting clients based on factors like revenue and complexity will allow you to focus on those with the most intricate needs and highest potential for growth. For a more detailed review of this, please see my article in the October 2024 issue of the WSCPA’s Washington CPA magazine. By focusing on these "best clients," firms can allocate resources more effectively, fostering stronger partnerships and providing customized solutions for those with multi-dimensional financial and business challenges.  

Define a Relationship-Centered Approach

To deliver a comprehensive experience, CPA firms should adopt a three-step process including the following aspects: Approach, Discover, and Implement.

• Approach: Establish a meaningful, trust-based connection with each client, setting the stage for a more in-depth relationship based on open communication and long-term collaboration.
• Discover: Dive into every corner of the client's financial landscape, including personal, business, and financial plans, to fully understand their unique needs and ambitions.
• Implement: Develop an actionable plan that includes an integrated team of professionals dedicated to advancing the client's goals, ensuring alignment and focused execution.

Build Out Your Professional Team

A high-performing network of professionals is critical to delivering elevated services. Establishing this team requires careful planning and strategic selection.

Pre-Work for Team Building

Start by identifying a core team, typically including you, an estate attorney, wealth manager, and property and casualty specialist. From there, consider the needs specific to your best clients and add professionals with niche expertise. If you work with many business owners, you may want to consider commercial bankers, investment bankers, mergers and acquisitions (M&A) attorneys, valuation experts, succession specialists, etc.  Define your ideal partner profile, considering factors like career stage, specialties, growth aspirations, and entrepreneurial mindset. Use your existing network to find candidates, identify industry groups to join, and events to attend to expand your circle.

Engagement Strategies

Once you've identified potential partners, begin reaching out. Leverage your current network, and don't hesitate to ask your best clients for introductions to the professionals they value. Join relevant groups, attend targeted events, and set networking goals for each engagement. As you connect with potential partners, dig deeper to assess alignment in values, client service philosophy, and willingness to collaborate.

Putting It All in Motion

With your network and client segmentation in place, it's time to engage your best clients in a new way. Present your enhanced process - built on the Approach, Discover, and Implement framework - explaining how this shift will provide a more holistic, proactive service experience.

For this model to be successful and sustainable, there must be a "universal gain" for everyone involved. Clients should see an immediate benefit from having a coordinated, strategic team guiding their decisions and addressing challenges early. You, the CPA, benefit by creating more meaningful impact, driving referrals, and securing project-based billing opportunities outside of the busy season. Your professional partners also gain by collaborating on cases that may ultimately benefit their practices, even if not every engagement results in immediate revenue.

Execute a Holistic Client Engagement Strategy

Rather than sending clients out to independently meet with various professionals, bring the entire team together to work closely with you and the client. By facilitating these interactions, you can help guide the discussions, identify synergies, and ensure that the client's comprehensive plan aligns with their goals.

Finally, remember that the search for potential partners should never end. Continuously explore new connections and maintain strong relationships with existing ones. This ongoing commitment to growth and collaboration will empower your firm to provide the kind of value clients can't find elsewhere.

Conclusion

By moving beyond the basics, CPA firms can redefine their role in their clients' lives, evolving from service providers to trusted advisors capable of navigating the complexities of modern finance and business. In a world where technology is handling the basics, it's time to focus on the unique human insights that only you can bring.