The Secret to Getting More Referral Sources: What Top CPAs Won’t Tell You

Referrals are gold. They’re actually worth more than gold. A perfect referral combines gold, diamonds, and platinum, all wrapped up in Louis Vuitton bags. Yet most financial professionals can’t seem to get quality referrals from CPAs consistently.

Here’s a reality that might shock you: average CPA firm services over 800 clients yearly, and these relationships lead to barely 10 introductions per year. What causes this huge disconnect? Investment professionals constantly bombard CPAs and attorneys with partnership requests. Most professionals know that giving referrals is the best way to receive them, but they struggle to create a system that delivers results.

This piece reveals why CPAs hold back from referring clients. You’ll learn proven ways to build relationships that benefit everyone involved. We’ll show you how to become a valuable resource instead of being just another professional asking for endorsements. The best referral partnerships grow from clients’ positive experiences. We’ll teach you how to use this insight to multiply your referral sources.

Understand Why CPAs Don’t Refer Easily

You need to realize the full potential of CPAs by understanding why they rarely make introductions. Many financial advisors don’t get it right. They misunderstand what drives accounting professionals at their core.

CPAs are reactive, not proactive

CPAs don’t work like salespeople. We noticed they work best when responding to situations. Their training focuses on analyzing existing data rather than looking for new opportunities. This reactive mindset means they don’t think about matching clients with service providers without a prompt. CPAs wait for their clients to speak up before suggesting any professional referrals.

Referrals are seen as non-billable work

Time means money for accountants. CPAs don’t earn direct revenue when they connect clients with financial advisors. So, referrals end up at the bottom of their to-do list. The referral process feels like extra work that pulls them away from serving paying clients.

Fear of losing client trust

Trust issues create the biggest barrier. CPAs build client relationships over many years. A bad referral can hurt their reputation. Your poor service could make clients doubt their accountant’s decisions. That’s why accountants take their time to think over potential referral partners.

Discomfort with referral compensation

CPAs don’t feel right about getting paid for referrals, even with proper disclosure and regulatory compliance. Their role as objective advisors creates this unease. The accounting profession values independence. Many CPAs worry that referral fees might affect their objectivity or create conflicts with their clients.

These insights help you work better with CPAs. A simple ask for referrals won’t cut it. You need a strategy that tackles these specific concerns. The next section shows you how to build a referral system that addresses these challenges.

Build a Referral System That Works

Now that we understand why CPAs hold back from making referrals, let’s build a system that tackles these concerns head-on. Research shows that just waiting for referrals won’t cut it as a marketing strategy—89% of professional service firms get most of their new business through referrals. Here’s a proven system that gets consistent results.

Identify ideal referral partners

Start by finding prime referral sources who can deliver qualified leads. List down bankers, insurance agents, stockbrokers, and current clients who could send business your way. Put your energy into people who connect you with your target clientele. You can group potential partners like this:

• Flagship Clients (top 20% of revenue generators)
• Complex Services Clients who belong to extensive networks
• Key Opinion Leaders with most important industry influence

Create a professional introduction letter

A professional letter should express your value proposition clearly. This document needs to separate your firm from others—whether through your technology, niche expertise, or team qualifications. The new tax laws create perfect opportunities for financial advisors and CPAs to build relationships that benefit both sides. Your introduction letter sets the foundation for all future communication.

Use assistants for follow-up calls

Let an administrative staff member run your referral plan. They can handle the tracking system and make sure every referral gets attention. Studies reveal that firms often make their biggest mistake by forgetting or ignoring referrals. Your assistant can set up regular follow-up calls and keep communication flowing while you focus on billable work.

Schedule face-to-face meetings

The final step involves taking the CPA to lunch or meeting at their office to talk about shared clients. Face-to-face meetings build trust and show your steadfast dedication to the relationship. Industry experts suggest staying no more than 30 days away from those who promote you. These meetings help you showcase your expertise and find ways to work together effectively.

How to Get More Referrals from CPAs

Let’s dive into specific strategies that address CPAs’ concerns and position you to get more introductions, now that you have a solid foundation for your referral system.

Help CPAs get paid for their time

CPAs see referrals as non-billable work that cuts into their revenue-generating activities. The solution is simple – pay for an hour of their time to discuss mutual clients or complex cases. You can also help them get paid by the client for collaborative work. Explain to clients how coordination between professionals adds value that’s worth the extra cost. This approach values their expertise and removes money as a barrier to working together.

Position yourself as a value-add to their clients

Show how your tax-managed investing approach fits perfectly with the CPA’s goals. You can prove you’re “on the same side of the table” by focusing on after-tax wealth planning. Talk about shared clients’ concerns in meetings, listen to the CPA’s approach, and find ways to get better outcomes together. This makes you feel like an extension of their service rather than a competitor.

Avoid asking for referrals too early

Trust takes time to build—usually one to two years of relationship development before referrals start flowing steadily. The best time to connect with CPAs is from May to September after tax season pressure eases. Bring specific client scenarios to these meetings instead of asking for business right away. This shows you care about finding the best solutions rather than just getting new clients.

Offer to co-host client education events

Events help you build credibility while showing your dedication to client service. Work with CPAs to give presentations that offer CPE/CPA, CFP, or CIMA credits. Take care of the details—send email invitations, make personal calls to boost attendance, and follow up afterward to keep the conversation going. These shared experiences create bonds and make you a valuable resource.

Use social proof and client success stories

People trust recommendations 92% more than other forms of advertising. Client success stories and case studies that show real results work best. Create testimonials with specific outcomes (e.g., “saved us $15k on taxes”). Share these stories in your CPA meetings to give them confidence their referred clients will get great service. This lowers their worry about damaging client relationships through bad referrals.

Sustain and Grow Your Referral Network

Building strong referral relationships is just the beginning – you need to keep them alive to grow steadily. A green referral network needs constant care and attention to thrive.

Track referrals given and received

Smart firms group their referral partners into tiers: A-sources send multiple important referrals each year and need quarterly meetings. B-sources give occasional referrals and deserve biannual connections. C-sources need yearly touchpoints to grow. A CRM or tracking system helps you monitor which sources bring results, so you can fine-tune your strategy.

Send thank-you notes or small gifts

The personal touch matters more than the price tag. A handwritten note showing real appreciation leaves a lasting mark. When you get special referrals, small tokens ($10-15 per client) like tech gadgets, gift cards, or branded items work well. Keep in mind that FINRA rules limit client gifts to $100 annually.

Stay in touch regularly

Set aside 20% of your weekly schedule to grow your referral network. Regular chats help build strong bonds and familiarity. Reach out to current clients now and then to check how they’re doing, and naturally work in referral requests during these talks.

Create a monthly newsletter for partners

Newsletters give great returns on investment, and email remains the preferred retention channel for 80% of businesses. Your newsletter reminds CPAs that you do more than just tax prep while sharing useful financial insights. Simple, curated content sent regularly keeps you in their thoughts.

Host quarterly check-ins or lunch-and-learns

CPE programs give CPAs something they really need. Summer works best since business usually slows down then. These learning sessions show you’re an expert they can count on while building stronger professional connections.

Conclusion

Building strong referral relationships with CPAs requires time, patience, and careful planning. Many financial advisors fail because they approach CPAs with unrealistic expectations. They ask these professionals to risk their client relationships without building trust first.

Success comes from becoming genuinely valuable to both CPAs and their clients. CPAs protect their client relationships carefully. Your approach must address their concerns while showing how you add value.

You need to understand how CPAs think before you can build mutually beneficial alliances. Their reactive nature, billing structure, and risk-averse mindset explain why typical referral requests don’t work. This knowledge helps you build meaningful connections that overcome these barriers.

A good referral system focuses on building relationships rather than chasing quick wins. Of course, results might take months or years, but these relationships can bring ideal clients for decades once they’re 10-15 years old. The strategies in this piece – from helping CPAs earn more through collaboration to co-hosting educational events – serve one purpose: you become a trusted extension of their service.

On top of that, it’s worth mentioning that consistency beats grand gestures. Simple actions create lasting professional bonds. Track referrals, send personal thank-you notes, and keep communication regular.

Financial advisors who become skilled at these approaches gain a real edge over competition. While others repeat the same mistakes, you’ll build an eco-friendly referral engine driven by mutual respect and shared client wins.

These strategies can reshape the scene of your practice through collaborative efforts with CPAs. The journey takes longer than just asking for names. But a thriving practice built on quality referrals makes every step count.