A lot of smaller accounting firms face similar struggles when it comes to retaining their clients. Oftentimes, they love what they are doing and service their clients with special care, but are not able to keep their clients or get new ones.

Why is this?

You are likely not marketing your business and services in a productive way. We have outlined 10 strategies for you to follow in order to keep your clients and stay in business.

1. Build a Relationship With Each Client

When it comes to personal finances and seeking financial advisory, people want to work with professionals that they can trust. This is no secret and small-practice accounting firms actually have a competitive edge in this area because they do have that flexibility and time to connect with their clients.

AFO’s Wealth Management Forward Program has the best tips and tricks to help you build these connections. Even just staying engaged throughout your meetings with the client and asking them questions beyond the scope of accounting can make a world of difference.

2. Listen to the Client

Building a relationship with the client cannot happen unless you listen to them. Listen to their goals regarding the services you are providing them and when you ask questions, make sure you listen.

Arrowroot understands that life can get busy and stressful at work, which often makes it hard to focus on others. But when you ask them questions, it is important that you genuinely listen to the answer. The Wealth Management Forward Program will help you learn this technique more in depth. The client will appreciate you taking the time to be thoughtful and engaged with them.

3. Have an Online Presence

Everything is integrated online these days, so if your online presence is not strong, you will certainly be left behind. There are many components to building your online presence including a strong website, social media presence, and interaction on Yelp and other review sites.

This process can seem daunting, especially if your firm’s staff is not well-equipped in technology and proper marketing techniques. Our Wealth Management program can come in handy for this specific reason. It teaches you how to use these sites and build a proper website that will attract new clients.

4. Advertise your Pricing

When people seek out financial services, they are aware your help is going to cost something. However, if your pricing structure is not advertised on your website, they might choose another firm over yours because they will know what to expect at the other place.

Also, it might be a good idea to offer different pricing structures. Whether that is par per hour or pay per service. It gives the customer the option and some control to choose what is best for their situation. Creating this service page on your website can be learned through the Wealth Management Forward Program, where we teach you the proper wording and payment structures to attract clients.

5. Build Referral Relationships

One way to bring in new clients is through referrals. These can come from your current clients, as well as, other businesses you are in good relationships with. There is no harm in asking your clients to refer people to your business, as they can be one of the most impactful marketing sources. Having these relationships with business is also a good idea because you can refer people to them and they can do the same for you. It’s a win-win situation.

Referral relationships are guaranteed to expand your network and the individuals you reach. Learn how to begin building them in an effective manner with the Wealth Management Forward Program.

6. Don’t Waste Money on Paid Advertising Channels

With all of your new clients coming from referral relationships, there will be no need to waste money on paid advertising channels. Let’s be honest, how many times do you actually pay attention to business advertisements on the radio or TV? Probably not very much.

The truth is, paid advertisements tend to waste more money than they generate. There are much better uses for your money that will actually bring in new clients. Learn about all of our insider techniques and alternative ways to advertise with the Wealth management Forward Program and start putting your money to good use.

7. Respond to People Quickly and Effectively

When people search for financial assistance, they are coming to you for a reason. They do not understand accountant lingo, nor do they want to wait several days for a reply. Often times, clients want answers that come quick and ones that they can understand.

When a prospective client calls, emails, or reaches out to you in any way, you want to get back to them in the same day or day after. If you wait 3-5 business days, chances are they found someone else. You also want these responses to be informative and inviting. The Wealth Management Forward Program will teach you alternative terminology to use with your clients and ways to communicate quicker.

8. Understand How Many Clients You Need

It is important to fully understand each service your firm offers and how many clients you need to remain a profitable business. This will help you narrow down your goals and market each specific service to the right group of individuals.

If you have trouble determining how many clients you need, the Wealth Management Program can be of great use to you. It helps narrow your focus and recognize what your business’ needs.

9. Embrace Technology

The accounting firms that get left behind are the ones who cannot keep up with this ever-changing world. Technology is constantly improving and everything has started to revolve around it. If you are not up to date with industry trends and the latest software, clients are going to go to firms that are.

We recognize this can be a challenge, especially if no one on your team is familiar with technology. The wealth management FOrward Program will help you learn and stay current with everything happening in the accounting industry.

10. Be a Trusted Advisor

At the end of the day, your clients want someone they can trust with their finances. They want to have a meaningful relationship with their accountant and someone who genuinely has their best interest at heart. Be responsive and someone more than just a number-cruncher. Discuss long term goals and be there to help them achieve them.

Arrowroot understands the many struggles that small accounting firms have when it comes to staying afloat. This is the exact reason we developed the Wealth Management Forward Program— to help accounting firms recognize their full potential. We believe you have to ability to be a successful business with numerous clients and we want to help you get there.

Please reach out to Arrowroot Family Office if you have any further questions about keeping and growing your clients through implementation of the Wealth Management Forward Program.