If I start offering financial services, won’t that jeopardize the referrals I receive from other financial services professionals who offer the same services?
The answer to this question boils down to communication and positioning. The CPA must take the initiative in this matter and communicate with those other professionals early and clearly. If the CPA allows the other professionals to learn of the new offerings through the “grapevine,” or when a mutual client wants to transfer their business to the CPA, the referring financial services professional relationship may be at risk. The CPA should also take time to explain to the other professionals that there are clients who will not be candidates for the type of services the CPA plans to offer. When these clients are identified, the CPA will continue to refer the business to them. The CPA should also communicate that it is not their intention to disrupt current relationships that are working well. If, however, the client suggests that a change should be made, then the CPA will act on the client’s wishes.
