Quality over quantity to build longstanding relationships
As our 5th annual CPA/Wealth Advisor Confidence Survey™ draws to a close, several data points stand out. More than four out of five surveyed advisors (81%) told us they expect their practices to grow over the next 12 months. Even more encouraging, nearly two in five respondents (38%) expect their practices to grow by more than 10 percent in the year ahead—up from 21 percent who felt this buoyant in March of 2020.
What are high-growth firms doing differently in 2021?
For one, they’re working the press. They’re not just garnering press mentions; they’re leveraging those interviews into guest columns, background interviews and podcast appearances. Nearly half of respondents (47%), told us they find press mentions to be “very” or “extremely” effective for enhancing their status as thought leaders. And 46 percent said publishing bylined columns was a “very” or “extremely” effective thought leadership tactic. In fact, press mentions and bylined articles both ranked among the top 5 leadership tactics out of nearly 20 we asked respondents to rate.
The firms most optimistic about their growth prospects in 2021 were even more likely than average firms to seek press mentions and publishing opportunities. High growth firms were 5 percentage points more likely than average firms to rate press mentions a “very” or “extremely” effective thought leadership tactic (51% vs. 46%). They were 4 percentage points more likely than average firms to rate bylined articles “very” or “extremely” effective (50% vs. 46%).
Here are recent examples from our clients:
- Tax specialists BLAKE CHRISTIAN @taxcredits_CPA and JAY DARBY (HCVT, LLP) were published in Bloomberg Tax (O-Zone Alchemy: Turning Net 1231 Gains Into Gross 1231 Gains (and Losses)), which led to an appearance in the Millionacres/Motely Fool magazine and podcast (Bitcoin Boom Got You Facing Tax Hit? Consider Opportunity Zone Investing).
- Estate planner RANDY FOX (Two Hawks Consulting) @randyafox1 was published in WealthManagement.com (Why Are Aging Rockers Cashing Out Their Music Catalogs?) and featured in Medium.com/ Authority Magazine (Social Impact Heroes: Why & How Randy A. Fox of Two Hawks Consulting Is Helping To Change Our World).
- Tax-centric wealth advisor @KYLEWALTERS (L&H CPAs) has earned a twice-monthly guest column spot in Accounting Today. Don’t miss his latest Tiered huddles help firms manage busy season
- Wealth advisor DR. GUY BAKER, Ph.D (Insight Wealth Solutions) was featured in U.S News & World Report (When Do You Become a Senior Citizen?), Money Geek (Expert Insight on Conventional Loans) and Bank Rate.com (With rates so low, are CDs worth it in 2021?)
- Tax specialist RANDY CRABTREE (Tri Merit) was published in Accounting Today Down Economy Offers Great Opportunity for CPAs to Hit Restart
By the way, our clients don’t have to resort to “pay for play” (sorry Forbes Advisory Council) or “spray and pray” press releases. They take a highly targeted approach to becoming trusted go-to sources for top journalists on tight deadline. Next time, I’ll tell you more about how they do it.
*** NOTE: We’re keeping the survey open for another week. Give us five minutes of your time and we’ll send you a 20-page pre-publication summary of the findings. See how you stack up to your peers.
Conclusion
Our 2021 survey is a joint initiative of CPA Trendlines, Elite Resource Team, The Financial Awareness Foundation, the Investments & Wealth Institute and HB Publishing & Marketing Company. We don’t make money from the survey or share email addresses or individual responses of participants. We’re just trying to give back to the profession.
What’s your take? I’d like to hear from you.
#practicemanagement, #wealthmanagement, #PR, #credibilitymarketing, #thoughtleadership
