FROM THE BLOG

For financial advisors, some of the most valuable professional relationships are built outside the office. Certified Public Accountants (CPAs) and attorneys often serve the same clients financial advisors do, making them important Centers of Influence (COIs) that can help strengthen client outcomes and create meaningful referral opportunities.

The strongest referral partnerships are built through trust, communication, and a shared commitment to helping clients navigate important financial decisions. Understanding how these external relationships work can create long-term value for everyone involved.

Why COI Relationships Matter

Clients today increasingly expect their financial professionals to work together. They want coordinated advice across taxes, estate planning, retirement, and business planning. When advisors, CPAs, and attorneys collaborate effectively, clients benefit from:

• More comprehensive financial planning
• Better communication between professionals
• Fewer gaps or conflicts in strategy
• A more streamlined client experience

For advisors, these relationships can also become an important source of high-quality referrals built on professional credibility and trust.

Before reaching out to a CPA or attorney, advisors should clearly define a few items:

• Create a clear value proposition
• Reinforce a shared commitment to the client
• Define processes and results
• Explain your niche expertise
• Develop a collaborative process with external partners

The Bottom Line:

With a shared interest in putting the client first, these external relationships will improve the client experience while helping grow your practice. By focusing on trust, communication, responsiveness, and shared client experience, advisors can build relationships that benefit everyone.

Talk soon,

Carolyn Sterling, CFP®
Director of Practice Management

Posted by Prospera Financial