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The Major Reason Why Advisors Do NOT Get Referrals From Accountants And Attorneys

For wealth managers and multi-family offices, life insurance agents, and financial advisors, research study after research study has shown that there is NO question that accountants and attorneys are the best referral sources for wealthy clients. Moreover, financial professionals have enormous opportunities with these clients as a significant percentage of them are not getting optimal results.

Generally speaking, quite a few of the wealthy up to multi-billionaires are satisficing instead of maximizing. The results they’re getting are good enough and they don’t know they can get more. however, once they understand they’re not getting optimal results, they are likely to make changes including changing the professionals they’re working with. While the possibilities for financial professionals are extensive, there is still the matter of being introduced to the wealthy clients of accountants and tones on a preferential basis.

When financial professionals connect with accountants and attorneys, most of the time they focus on trying to communicate how good they are including what they can do for the wealthy. This proves to be the major reason financial professionals fail to get many if any new wealthy clients from accountants and attorneys. Even when they get referrals, it is usually a very small number compared to what is possible.

Homer Smith, Director of the DK Family Office Practice, Founder of Konvergent Wealth Partners, and co-author of Optimizing the Financial Lives of Clients: Harness the Power of an Accounting Firm’s Elite Wealth Management Practice, “We’ve found that most advisors are focusing on themselves—their capabilities—and not really thinking about what matters to accountants and attorneys. Not surprisingly, all high-quality advisors can deliver the same solutions. What matters to the accountants and attorneys after doing the very best job possible for clients is how they can excel. As we’re able to optimize the financial world of the wealthy through our family office practice and we’re able to help accountants and attorneys reach new levels of success by using Ultimate Rainmaker, we’re getting a steady stream of referrals to ultra-wealthy individuals and families.”

Instead of focusing on themselves, when financial professionals focus on the practices, goals, and concerns of accountants and attorneys, and can add meaningful value to them, they are likely to create a pipeline of new wealthy clients. The financial professionals are regularly introduced to the wealthy clients of accountants and attorneys and they do not have to provide any referrals to the accountants and attorneys. There are no trading clients.

Central to methodologies like Ultimate Rainmaker is Discovery. According to Anthony Glomski, Principal and Founder of AG Asset Advisory Family Office and co-author of Your $5 Million High-Net-Worth Practice: Guidelines for Sourcing and Working With the Wealthy During the Covid-19 Crisis and Beyond, “Discovery is the process of developing deep insights into the businesses of accountants and attorneys to first determine if it makes sense to work with a particular accountant or attorney, and if so, how to make him or her more successful. It’s never about my firm and what we can do. It’s all about the accountants and attorneys and how to help them achieve their goals and maximize value for their clients.”

RUSS ALAN PRINCE is the Executive Director of Private Wealth magazine ( and Chief Content Officer for High-Net-Worth Genius ( He consults with family offices, the wealthy, fast-tracking entrepreneurs, and select professionals.


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