ABC profiles reveal financial advisory service clients.

Financial advisory services have significant business potential for accounting firms. Many accounting firms already provide financial advisory services as part of their daily work, so creating financial advisory services for products that make it easy for customers to buy can pave the way to transforming this value add into a growing, billable business.

Accounting firms often know their clients' financial situations better than the clients themselves, and trust has been built. Accounting firms also have access to all the necessary financial data, so creating financial advisory services for products that make it easy for customers to buy can pave the way to offering them first to existing clients and later to expand new ones.

How do I identify my first advisory service clients? How can I grow my client base without a dedicated sales team? And what if expanding advisory services requires additional headcounts?

If you’re asking these questions, you’re reading the right blog. Here, we’ll share practical tips on productizing advisory services using your existing resources.

Who is your dream, A-tier client?

Who are your dream clients, those A-tier customers for whom your accounting firm is indispensable? Collaborating with them is seamless, and they fully leverage your financial expertise, whether you’re acting as the CEO’s financial coach or tackling critical tax and financing issues. These clients value your unique services, are willing to pay for advisory support and accept price increases when your costs rise.

Tip: When reviewing your list of A-tier clients, you might find that these A-tier accounts represent a minor part of customers but they make up the most of your profits. Focus your efforts on nurturing A- and B-tier clients, as they make up the most of your profits today.

B-tier clients have untapped potential

B-tier clients are satisfied with your firm but haven’t yet taken full advantage of the services you can offer. They might be in a growth phase or unaware of the full scope of your advisory capabilities. Be proactive with B-tier clients, as they represent a significant group with the potential to move up to A-tier status.

Tip: Proactively offer B-tier clients additional value, such as monthly analyzed financial forecasts branded with your firm’s logo. This communicates quality, helps your clients understand and predict their financial situation, and encourages them to engage more with your services.

Be proactive with B-tier clients, as they represent a significant group with the potential to move up to A-tier status.

C-tier clients prioritize price over value

C-tier clients are price-sensitive and often seek the cheapest options, frequently comparing providers. With these clients, it’s essential to evaluate how much time your team invests in serving them.

Tip: Avoid overcommitting to free advisory services for C-tier clients. By doing so, you risk neglecting A- and B-tier clients who are willing to pay for such services and may leave if their needs aren’t met. By focusing on the right clients and strategically productizing your financial services, advisory offerings can become a significant growth area for your accounting firm.

Profitcoaching as a service?

Riskrate is an assistant for accounting firms that allows you to create analyses and AI-based forecasts with a single click. A high-quality analysis with your accounting firm's logo provides instant value to your clients and showcases the premium advisory service you can offer in addition to bookkeeping.

We'd love to serve you. We are more than happy to offer a ready-made solution that can increase your business's share of financial advisory services. Let’s book a meeting. We look forward to serving your team.

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