Become a Trusted Advisor

Source: AICPA CPA Insider

The following includes excerpts, reproduced with permission, from an article by Tracy Crevar Warren.

According to the recent CPA Horizons 2025 Report the trusted adviser role is more critical than ever for the future of the profession.

“It's an exciting time for the profession as CPAs are evolving,” said Eric Rigby, a partner with New Orleans-based Rigby Financial Group. “Practitioners already have solid relationships with their clients and know about their businesses, so it just makes sense to help them with other areas that can strengthen trust and provide greater value.”

Keys to Success

1. Take pride in the potential value of your knowledge. “People really need help, especially in these tough times,” said Rigby. “The key is to take pride in the vast knowledge you have. Then use it to deliver the value that your clients seek.”
2. Set realistic goals. Rigby recommends practitioners identify two to three things they want to accomplish over the next 12 months. For example:
   1. Make a list of five clients you want to meet with.
   2. Identify two to three potential clients that may have issues you can help resolve.
   3. Provide two to three new advisory engagements.
   4. Stay focused on your goals.
3. Clearly communicate objectives. It's essential to communicate your objectives and deliverables clearly. Convey progress toward those objectives regularly.
4. Provide clients with a source of confidence and clarity. “Trust comes by replacing client's confusion with clarity, and the confidence that goes along with it,” said Rigby.
5. Learn from mistakes. When you delve into uncharted territory you will make mistakes. When it happens, step back and analyze the situation. Ask three questions:
   1. What went wrong?
   2. What could you have done differently?
   3. What did you learn?

For the complete article, read “The Future Looks Bright for the Trusted Adviser.”

From AICPA CPA Insider, November 14, 2011, http://www.CPA2biz.com.