june2022 - 18

THE LEADERSHIP ADVISOR
How to Create a
Better Advisory Relationship
WHILE USING THE newest technology and processing large amounts of information is a
pillar in effective client advisory services, it isn't the only necessary component.
The human qualities of the relationship,
relational accounting, will
always be needed. Relationships,
not your technology, set you apart
from your competition.
In relational accounting, you
know your clients and their story.
It's all about the relationships you
develop with your clients and the
ability to use those relationships to
provide better service.
Creating a better advisory
relationship isn't always easy, but
it starts with taking the first step.
Read on to learn valuable ways
to improve your client advisory
relationship today.
LEARN TO LISTEN
Being an effective advisor is knowing
how to both communicate and
listen. Your clients don't always
know how to say what they need or
even know what they need. It's your
job as their advisor to uncover their
wants and desires and develop an
action plan to address them.
Ask questions. Deliver insights.
Help clients translate their worries
or pain points into goals that can be
predicted, tracked, and measured.
Soon you'll be providing so much
value to your clients that you will
be indisposable to their business.
PROVIDE MEANINGFUL
DELIVERABLES
Give your clients more than your
competition would. Don't just give
them the data or reports and let
them figure it out for themselves.
Read the data and give them
informed information based on your
insights. Use KPIs to convey financial
information that your client will
understand and find valuable.
Provide reports that tell your
clients the story of their business.
Keep the reporting clear and
concise-they should be simple to
allow your insights to shine and not
overwhelmed with unnecessary
data. Give feedback based on what
worked and didn't work from the
quarter before.
ALWAYS ALLOW TIME
FOR DISCOVERY
Your clients' businesses are constantly
changing. Suppose you don't
do a regular discovery session. You
can miss out on revelatory challenges,
ideas, or opportunities the
client has experienced since the last
session.
Many advisers know their clients
financially, but they don't have
the whole picture. Understanding
your clients on every level allows
you to advise with empathy and
build a relationship on trust and
sound financial advice.
Engaging clients in an effective
discovery process can deliver
several meaningful benefits for
advisers, including:
■ Capturing key financial information
that allows advisers to provide
tailored, relevant advice.
■ Ident ifying cr it ical financial
issues around investments, risk
exposures, capital needs, and other
areas of note.
■ The ability to get to know your
18 JUNE 2022 ■ www.CPAPracticeAdvisor.com
AMY VETTER, CPA.CITP, CGMA
Mindful Technologist &
Keynote Speaker
@AmyVetterCPA
clients and provide a better client
experience through identifying
thei r values, concerns, and
passions.
■ The ability to differentiate your
practice and develop your network
through word-of-mouth referrals.
■ An increase in client satisfaction,
better client relationships, and less
client attrition.
USE VALUE-BASED
BILLING
Clients will pay well for a relationship
that helps them grow their
business and meet their financial
goals. Transitioning to value-based
billing is beneficial for both you and
your clients.
Value-based billing also allows
you to earn more money in the long
run. The more you practice certain
services or activities, the quicker
you are at them. Instead of charging
hourly and making less because you
do a process faster, make the same
amount of money in less time.
Clients like to know how much
they'll be charged for something
in advance. Clients who know how
much they'll be charged in advance
are more likely to communicate
better with you. When you charge
based on the value of the service
or project, your clients can prepare
ahead of time or not be surprised
when the invoices are sent.
As you can see, we spend a
lot of time in technical training
throughout the year, but to truly
be successful in advisory relationships,
our communication skills are
key. When reviewing this article,
identify your strengths and opportunities,
and dedicate some of your
education this year to strengthening
the people side of your services, not
just the technical. ■
http://www.CPAPracticeAdvisor.com
june2022

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