Co-creating advisory: Build stronger CPA client relationships for growth

Firm leaders are constantly searching for ways to deepen their CPA advisory services and cultivate loyal, long-term clients. However, shifting to advisory can often be met with resistance and apprehension.

This challenge was explored in a discussion with Angie Grissom, Owner and Chief Relationship Officer of The Rainmaker Companies, and Paul Miller, CPA from Business by Design. They highlight co-creation as a forward-thinking method for building strong and profitable client partnerships.

By collaborating with clients to develop solutions, you can move beyond traditional service models and forge truly resilient bonds.

Why co-creation is the future for client advisory services

The environment for business is evolving rapidly. As the world becomes more interconnected and geographic boundaries blur, competition intensifies. In this climate, businesses don’t just need accountants; they need insightful advisors who can provide actionable solutions.

This new reality demands a new approach. According to Angie Grissom, "It’s a new time. The best way for our CPA firms to really engage with their clients is to approach it in a co-development fashion."

This represents a fundamental change in how accountants work. It means moving away from client meetings that revolve around a simple checklist of compliance tasks. Instead, the focus should be on sitting down with clients to co-develop solutions tailored to their unique challenges and circumstances.

This collaborative strategy is the most effective way to stay competitive and build long-lasting client relationships.

Angie adds that CPAs are in an ideal position to become the most trusted advisor for their clients, even more so than other professionals. "Many firms ask how to do it, or say they weren’t trained to do it," she observes. "I find that they do practice advisory, they just do not know how to charge for it."

Moving past the fear of advisory services

The shift from commodity-based services to advisory work can be intimidating. There is a perceived safety in the familiar, checklist-driven world of compliance. Co-creation takes this challenge a step further, asking you to give up a degree of control and build the service alongside your client.

Letting this fear take hold is a major obstacle to growth and to strengthening your client relationships.

"When you talk about co-creation, co-development and advisory services in general, it does elicit fear from people. They say, ‘I didn’t go to school for this. This is not a checklist.’" — Angie Grissom

This fear is often rooted in concerns about competition. If you are only competing on price, location, or marketing materials, your chances of winning new business are slim in a crowded market.

Angie suggests a "pursuit phase" where you sit with a potential client and focus solely on understanding their goals, both personal and professional. By mapping out where they’ve been and where they want to go, you begin co-creating a vision for their future.

This collaborative exploration changes the dynamic entirely. By the time you reach the proposal stage, you have an intimate knowledge of the client’s key objectives and sensitive issues.

Why would a client choose anyone else when you have already demonstrated such a deep level of partnership and understanding?

This approach puts you in the perfect position to solve real problems because you are working together on the right solutions. It can also shorten the sales cycle, as prospects have already experienced your collaborative working style.

It’s a relationship, not a transaction

When a client evaluates an accounting firm, they aren’t just buying a service; they are buying a relationship. Therefore, it is essential for accountants to frame their engagements as long-term partnerships from the very beginning.

One of the most common fears holding accountants back is the fear of being wrong or not knowing all the answers. This can lead to an unwillingness to discuss topics that fall outside their direct area of expertise.

"If you are unwilling to ask general questions about goals and businesses, you’re not positioning yourself in a way to truly serve a client." — Angie Grissom

Angie suggests that encountering a question you can’t answer should be seen as a positive sign. It indicates that you are serving the client holistically. It’s an opportunity to become a valuable connector.

The ideal response is not to retreat, but to say, "I don’t know all the answers, but I know how to connect you with the people that do." Angie refers to this as "climbing the value ladder," where your worth is tied not just to what you know, but who you can bring in to help.

Ultimately, accounting is a relationship business. Trust is the foundation upon which loyalty is built. By investing the time to truly understand your clients, you earn the right to engage in co-development and open the door to new opportunities.

Practical steps for co-development and pricing

So, how can you start co-creating and strengthening your client relationships? A good first step is to analyze the scope of your current services and consider the industry’s perception of their value. From there, you can creatively approach the market by talking to your top clients about their needs.

"When you co-develop, you are looking at a timeline, delivery metrics, the team. All of those things are negotiable." — Angie Grissom

Through this collaborative process, you can define the scope of work together. This makes it easier to create pricing "buckets" based on different levels of service and various types of offerings.

For example, one of Angie’s clients has successfully implemented a model where all new clients must agree to quarterly consultative meetings, with the cost baked into the firm’s standard fee.

While it’s easy to get caught up in questioning the methodology, the most important thing is to have a starting point. When it comes to advisory, some action is always better than no action.

Success comes from being open, asking the right questions, and having the confidence to package and price your services effectively. It is not rocket science, and with practice, co-creation will become a more comfortable and natural part of your client engagements.