Partnering with
Accountants


Interview with Ric Payne 'mypracticementor.com'
Stacks Image 5301
Partnering with Accountants for "My Practice Mentor" August 2014

 

Your guide to the ultimate referral destination

Released: September 2014

This book presents a comprehensive coverage of an area of lead generation for financial advisers and others wanting to work with accountants. 

It includes numerous suggestions based upon Scott Charlton’s 30 plus years of experience about what works in practice:

  • accountants’ concerns and how to secure a first meeting with them 
  • whether to share your revenue with accountants
  • the pitfalls of being employed by an accountant
  • what to look for when buying an accounting firm 
  • the keys to success for a multi-divisional professional practice.
  • how the Future of Financial Advice (FOFA) reforms provide significant opportunities to engage with accountants
  • answers to the 30 most frequently asked questions about referral relationships with accountants

Filled with checklists, tips and actual case studies, Partnering with Accountants uses an enjoyable travel analogy to assist you through the challenges associated with accounting collaborations.

Helpfully, the book includes numerous case studies from Scott's experience which illustrate key points and assist readers' understanding. The book also includes  a "Travel Kit", containing a variety of helpful tools - meeting agendas, a sample business plan for a JV, letters for accountants to send to their clients about your services etc - to help get you and an accountant started.

Partnering with Accountants is being distributed through this website. To purchase, just click on the "Purchase Now" button which appears on this page.

 

Comments from colleagues

Essential reading for any professional seeking referrals from accountants.

Jim Stackpool, author of Delivering Certainty.

Scott Charlton is a successful chartered accountant who is also experienced and knowledgeable in the world of financial advice. Scott's book, "Partnering with Accountants", offers invaluable and practical guidance to any financial adviser who is seeking to work collaboratively wiith members of the accounting profession. Importantly, Scott understands the culture, ethics and commercial drivers of practising accountants, all of which must be properly addressed by financial advisers who wish to establish long term and trusted professional relationships. Scott's book should be compulsory reading for all financial advisers and for accountants who are seeking insights into the world of financial advice.

Robert MC Brown FCA, respected and long term commentator on the Australian financial services environment.

Media release

Media_release_-_Partnering_with_Accountants.pdf

 


 

To Members of the Association of Financial Advisers

Members are entitled to a $10 discount on purchases of "Partnering with Accountants".
Members can simply contact Scott directly for Coupon Code which you then enter in the Shopping Cart to receive this discount - scott@scottcharlton.com.au.

 

  • Readers' Comments [+]

    I must say I really liked your book. It was a great read!
    Alex Hurst, financial adviser

    I've finished reading your book and found the information to be highly beneficial - great work.

    Brett Surman, financial adviser

    I've enjoyed reading your book from cover to cover over the past couple of days. Well done on an excellent job documenting your years of experience. As I read, I often smiled to myself as I reflected on a similar journey.
    Rod Lewis, financial services executive 

    Just like Men are from Mars and Women are from Venus, so too are accountants and financial planners and yet the convergence of advice provision denotes that we will need each other and our skills more than ever. Scott’s book is the most practical guide I have read that helps clarify the cultural considerations involved in building relationships and doing business with accountants to provide the great outcomes we all want for our clients.
    Maria Greensill, financial adviser


    It's a very constructed, practical guide for financial planners. I think you have dealt with the cultural issues well and in particular, how you should approach meetings to seek alignment.
    Michael Spinks, CEO, Collins SBA

    I liked the way the book explained how to practically apply some initiatives to promote financial planning services to accounting clients and to establish or resurrect a relationship with an accounting referral partner.

    Simone Munro, Head of Fortnum Academy, Fortnum Financial Group

    Despite the seemingly obvious synergy between accounting and financial planning, little attention has been given to this issue...................that is, until now! The fact that someone with such intimate working knowledge of both professions has devoted his attention to the issue is a significant benefit to participants on both sides of the “divide”.

    Wayne Leggett, Principal, Paramount Wealth Management

    Scott has a unique understanding of the impact of FOFA and the broader regulatory framework as it affects both accountants and financial advisers. This understanding has been distilled into a range of informative insights and extremely useful practical tips for practitioners working together to improve client outcomes and their own businesses.

    Stephen Nicholas, Financial Adviser, Far More Financial Group


    Scott, I have just finished "Partnering with Accountants". Congrats on a fantastic reference book. While the book is geared towards Financial Planners it is very pertinent to my industry. I have a dozen or so pages dog eared for the ideas so we can change tack in approaching professionals. Thanks again!

    Steve Carlton, General Manager, RFS Finance


    I've just read Scott's book, "Partnering with Accountants". His experience with accountants' concerns and advice on partnering with them to provide financial services to clients has been valuable.

    Sean Sullivan, Financial Adviser, Gold Financial


    I wanted to let you know I read your book from cover to cover while away, took it on holidays with us, so your book has been an appearance on the Great Barrier Reef. Interesting thing happened, while reading the book on two occasions I had accountants come up to me to have a chat. One from Melbourne and the other from Sydney. The conversation was light, but interesting all the same. I guess I could have swapped contact details, but I was happy with just practising some of the questions and techniques in the book ,mainly talking about their business. Now I am revising the book with an orange highlighter as this is a book that can also be studied as well as read. :)

    Boris Biskupic, Credit Adviser and Certified MFAA Mentor for new mortgage brokers
     

  • What to do after reading 'Partnering with Accountants' [+]

    Whilst every individual reader will have plenty of ideas and action points accumulated, it is important to bring one’s partners and team members along on the journey.

    Ideally, every member of the team will read the chapters which are most relevant to your firm, following which a planning session should be organised to determine priorities and responsibilities.

    Having such a session facilitated by an external business coach is recommended, as is assigning a member of the team to take the notes. A short form action plan, complete with tasks and dates, will complete an exciting and important session.

  • Q&A with the author [+]

    What's the reason for writing the book?

    A.  So many financial advisers have tried and failed at developing relationships with accountants over the years that it’s taken on Holy Grail status. Having been on “the other side of the fence” then worked with advisers, I knew that there had to be a better way. I’ve studied this complex topic from top to bottom and realised that I had plenty of value to share.

    I decided it was time to write what I hope will turn out to be the definitive guide to working with accountants. It’s time to stop going up dead ends and to get results!

    Through the book I hope to leverage my knowledge. Ultimately I’d like to think that clients of both accountants and planners will benefit as a result of their financial advisers working closely together.

    But haven’t you already written a book on this subject? Is this just a re-hash?

    A.  In answer to the first question, the answer is a definite “Yes”. It’s called Partnering with Financial Planners – A guide to growth for accounting firms. This is a book written for accounting practitioners. It explains why they need to be proactive when it comes to financial services for their clients and sets out how they can do this in their firms (notwithstanding being busy with tax).

    For the second question, the answer is a definite “No”. This new book is a completely different perspective on the subject. It’s written specifically with the needs of financial advisers (and others who want to work with accountants) in mind. 

    What response have you had to date from practitioners?

    A.  It’s been tremendous. Typically, the reaction is firstly “At last!” followed by some probing questions as to whether I have covered particular bases. (Thus far, I’ve been able to answer “Yes, I’ve got that covered”.) The second reaction has been equally pleasing. It relates to explaining how the book is structured i.e. to resemble a travel guide.

    How long did it take you to write it?

    A.  In a sense it’s a book that has been 20 years in the making, going back to a discussion paper I prepared in the early 1990’s. In terms of actually writing this book though, it’s taken about 15 months. There’s been a further 3 months working on the typesetting and front cover.

    Initially I set out to write it concurrently with Partnering with Financial Planners but that quickly took on enormous difficulty. I think this book is all the better for leaving it a bit longer before picking it up properly. My thoughts have developed further and I have spoken to more practitioners. I also received some mentoring on various aspects of the book which has improved the finished product. 

    What plans do you have for the book?

    A.  I’d like to put it in the hands of as many financial advisers as possible. 

    In the first instance I will be getting the word out to my personal data base and using my social media to extend this reach. 

    Further, I am hopeful that the endorsement by the Association of Financial Advisers (AFA) will assist in getting the message out there. I would also like to enlist other organisations which service advisers here in Australia and in other countries.

    Whilst there are some Australian legislation specific sections, the book has been purposely written to be relevant outside Australia so I hope that it will gain traction worldwide. In this regard, I have already received an expression of interest from the United States and a firm order from New Zealand.

    How do I buy the book?

    A.  The book is available through this website.

    Is there an electronic version of the book?

    A.  Yes. It too is available through this website.

  • Book Reviews [+]
    Coming soon.
1. The most value that gets added to a professional services firm is when the owner is “In the Zone”. What a shame so little time is invested there.
 
 
2. The more days you as a major revenue earner of the firm invest with clients the more revenue the firm will earn.


3. You can't be in the sweet spot by trying to be all things to all comers. Focus on work you enjoy and are good at.


4. Don't try to be something you're not. For example, if keeping up to date with the latest tax changes is crushingly onerous or incredibly tedious then don’t masquerade as a taxation specialist.





 
5. Get real – do you have genuine management talent or would you be happier and more productive working with clients?



6. Let go. Jot down six tasks/professional responsibilities that you don’t enjoy. Come up with a plan to minimise your involvement with these areas and yet still get the job done. Better yet, find ways to engineer these out of your life. Do this today and repeat at regular intervals.


7. Specialise. Find a service niche which enables you to work more and more in areas that fascinate you. Aim to be the best in the world in this niche. Seek out other experts in this field. Subscribe and contribute to relevant publications focusing on this area.

8. Be passionate. It’s great to be really enthused about a subject. For some, this has proved to be a lifelong cause. Your passion will attract others and sustain you.


9. Articulate. Tell others about your talent. There are lots of great ways to do this - presentations, websites, blogs, articles, newsletters, e-mail, personal referral, business networks etc.


10. Look for opportunities to utilise your skills. Interestingly, the more you focus on developing your professional interests, the more opportunities open up to you in these areas.


11. Delegate, delegate, delegate. Work with others who have complementary talents to your own. This will enable you to focus on what you are good at. 


12. Become more effective. Find ways to get more done in less time. The more you can achieve whilst you are "in the zone", the more discretionary time you will have.


 

13. People who are physically fit create a much better first impression. Prospects become clients, candidates become team members and audiences pay more attention when you exude the Zing! which comes from feeling terrific.


14. Periodically review your career, present role and current level of satisfaction. Are you on track or is action required?


15. Rarely are there winners in deteriorating partnership dissolutions. Cut the best deal possible under the circumstances quickly, gather up every bit of positive energy you can muster and move on. 
 

16. It’s hard to be in the right professional headspace if your personal financial affairs are in a mess.





 
17. No one else has your unique combination of core purpose, skills and experiences. No one else is responsible for what you to choose to do with these. No one else is putting limitations on what you can achieve.

18. It's easier to maintain your current level of fitness than to regain it after a period of inactivity. Aim to do something active every day.

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©Scott Charlton 2014
PO Box 6020 | Fairfield Gardens QLD 4103