Network Your Way to Success in CAS: Finding Advisory Clients Through Strategic Partnerships

Read Time: 3:35 minutes

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Navigating the shift from traditional accounting services to advisory roles can be challenging but rewarding. As I've learned through my experience, the key lies in reshaping client expectations and leveraging the power of your professional network to grow CAS. Here's a breakdown of strategies that have worked for me and could help your firm grow CAS.

Overcoming Client Expectations

Converting existing clients to advisory services can be daunting due to their ingrained expectations of your firm and services. It's like moving them from QuickBooks Desktop to QuickBooks Online—they expect the same service under a different name. This mindset shift is tough, especially if they're accustomed to hourly billing and you're suggesting a move to fixed or value-based pricing, which is critical to growing CAS.

Introducing Teasers

One effective method I've used is creating "teasers." These brief overviews highlight potential advisory opportunities based on their existing accounting data. Here's how I would use these in accounting firms:

1. Have a lower-level team member prepare the teaser from the client's accounting files.

2. Present the teaser during routine meetings, like tax planning sessions.

3. Offer the client a glimpse into what advisory services could look like without commitment via an assessment.

I've created a template and guide on this process, which you can adapt to fit your firm's style by clicking here.

Leveraging Your Team

If you have a diverse team—be it tax, bookkeeping, or audit—it's beneficial to involve them in identifying advisory opportunities. A simple one-pager can help your team pinpoint potential areas for advisory services, making introducing these opportunities to clients more accessible. I encouraged team members to copy me in introductory emails when they found an opportunity so that I could take the lead.

Networking and Finding New Clients

While converting existing clients is one strategy, I've found the most success with new clients. I find these clients through networking with fractional professionals and business groups.

Fractional professionals can also assist your clients in growing. For instance, one of my client's conversion rates decreased, so I introduced them to a fractional chief marketing officer to assist. By doing this, You bring additional value to your client by being a connector.

Business organizations like the Entrepreneur Organization (EO) and Vistage are another way to find advisory clients. EO, in particular, has been good for me. EO has a revenue threshold, ensuring I connect with businesses that can afford my fees. Plus, people in EO want to grow their businesses, which is crucial to me. Once you do good work for one member, they typically cross-refer you to other members.

After initial meetings, I nurture relationships through LinkedIn and regular catch-ups, whether over coffee, drinks, or golf.

Conclusion

Transitioning to advisory services and finding new clients requires strategic shifts in mindset and approach. You can effectively introduce and grow your advisory services by creating teasers, leveraging your team, and building a solid network. Always remember, it's about building trust and providing value, not just making a sale.

Stay tuned as we nurture these relationships and leverage online marketing in the next issue.

Thanks for reading, Luke Templin!

P.S. There are two ways I can help you grow your CAS offerings when you are ready:

1. Automate your CAS offering with daily financial digest on autopilot

2. Join my How to Start Offering Advisory Services Cohort. The next one starts in August.