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February 03, 2025
How do Accountants Speak About You as a financial advisor?
Helping advisors build stronger, more profitable practices
By Jeff Thorsteinson
Like most advisors, you already have a relationship with an accountant – an excellent COI. But is the relationship as active as it could be? Probably not. If you're like most advisors, you probably assume your COI instinctively knows when to refer business to you. This is not always the case. You may also assume that you are their exclusive referral source. Also, not always the case.
In speaking with advisors recently, I've had several requests about conducting a meeting when a client brings an accountant or other professional to "help" with certain decisions. I almost always introduce the Johari Window.
Introducing the Johari Window
Named after its inventors, Joseph Luft and Harry Ingham, in 1955, the Johari Window describes the relationships of known and unknown information between two people. The four-paned "window" as shown below, divides personal awareness into four types: open, unknown, blind, and hidden. The Johari Window is primarily used to maximize the outcome of a meeting, a negotiation, a relationship, or other
interpersonal scenarios.
Open (quadrant 1)
The open quadrant represents information. mutually known between yourself and the COI.
Blind (quadrant 2)
The blind quadrant represents the information you do not know, but the COI does. It would be best if you discovered what this is.
Hidden (quadrant 3)
This quadrant represents the information you know that the COI doesn't. Sometimes, it's essential to disclose this information slowly, if at all.
Unknown (quadrant 4)
The unknown quadrant represents mutually unknown information. This area of the Johari window naturally gets smaller as the relationship between you and the COI progresses.
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Disclosure
The more you disclose about
yourself and your client service
approach, the better chance you’ll
win the trust and confidence of
the COI and client.
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Learning
The more you discover and
uncover from the client and COI
the better the chance of a
successful outcome. |
Preparation
More preparation from you sets
the foundation for a successful
client and COI relationship. |
Maximizing outcomes with clients and COIs using the Johari Window
The Johari window is essential for improving the outcome of an investment proposal presented to your HNW client and their COI, such as an accountant. Since most COI activity is client-initiated, you probably know little about the client's accountant and vice-versa.
The more you uncover about the client, discover about the CPA, and prepare, the higher the probability of success in both the outcome and your combined relationships with them.
This improved relationship, along with additional trust-building activities, will lead to you closing the investment proposal with the client. More importantly, you'll work more effectively with Centres of Influence, leading to additional future introductions.
Preparation
The open quadrant (1) represents information mutually known between yourself, the client, and COI.
Two critical activities should happen here:
1. Incorporate all you know about the COI and the client's situation into the Investment proposal or
plan.
2. Ensure that the COI knows as much about you and the unique way you do business.
For example, if you explore the COI's website and other public venues, you may discover
information that can help improve your relationship and the meeting results.
When you first meet a new COI, the Open quadrant is small because there is little time to exchange information, such as your Investment Consulting and Client Service Process. As you get to know one
another and the situation, the dividing line moves down, placing more information into the open window.
Learn
The blind quadrant (2) represents the information you do not know, but the COI does. You need to uncover this information before the meeting to understand the motivations and intentions of the COI and accomplish your objective.
Suppose you are meeting to discuss your mutual client, Dr. Henry. The COI, an accountant, discloses new
information about Dr. Henry that will affect the investment strategy you're about to unveil. Previously,
this information was in your blind quadrant, but it is now openly available knowledge. When this happens, the dividing line moves to the right, enlarging the open quadrant and decreasing the blind quadrant. If presenting an Investment Proposal before the COI and client, you want to ensure that you have complete information to win the COI's acceptance, which may tip the scales of the decision to accept you as their advisor or the proposal. Otherwise, you may be blind-sided by a detail you could have planned around if you knew about it at the presentation.
Disclosure
The hidden quadrant (3) represents the information you know, but the COI doesn't. Sometimes, it's
essential to disclose this information slowly, if at all.
The goal is to identify the business's value and articulate it so that it matters to the client and COI.
Uncovering the hidden information—what a business knows but does not articulate—is the heart of the
discovery process.
CPAs are excellent at reducing taxes and picking apart investment proposals. They are not sales-centric,
in general. Therefore, you must share what you do, who you are, and how you operate professionally. As you disclose more about your service and investment process in a structured manner, you'll build confidence in the COI to recommend your program.
By actively managing relationships with your COIs, you will receive more referrals and turn missed
opportunities into routine success.
Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?
How About Your Goals for Your Practice in 2025?
While each financial advisor's practice may have a different approach, advisors need to understand where their practice needs help, and will they get the right help for the right part of their practice. What areas does your practice need help with?
Free Resources:
21 Page Technology Checklist to Become a Future-Ready Advisor
Fee Audit Checklist for Ideal Prospects
We are here to serve your practice, let’s talk
Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com
Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.
To book a NO obligation conversation with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk.
Jeff Thorsteinson, Grant Hicks and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!
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