How to Find the Right Financial Advisory Clients
Your best financial advisory clients may already be sitting in your client list. They may be the business owners who were surprised by a large tax bill, regularly ask questions about their financial statements, or simply need someone to help them understand what the numbers are telling them.
In this episode of the Financially Fit Business Podcast, I explain how to identify the clients who may benefit most from advisory services, how to approach them without overwhelming them, and how to turn financial statements into useful conversations about the health and direction of their businesses.
Your Best Financial Advisory Clients May Already Be Clients
You do not necessarily have to start by finding new clients. Some of your strongest financial advisory opportunities may already be inside your accounting or bookkeeping practice.
Start by looking for three types of business clients.
1. Clients Who Were Surprised by Their Tax Bill
A business owner who only reviews financial information once a year may be shocked when you tell them they owe the IRS $10,000, $20,000, or more.
Once tax season is over, that surprise can create an opportunity for a different conversation.
You might say:
I know you were not happy with the amount of taxes you owed. Would you like to meet regularly so we can review your financial statements, plan ahead, and reduce the chances of another surprise?
Some clients will say yes immediately. Others may need time to think about it. The business owners who want to avoid being surprised again are often strong candidates for financial advisory services.
2. Clients Who Already Review Their Financial Statements
Pay attention to the clients who ask questions about the financial statements you prepare.
They may notice that their quarterly tax payments are increasing. They may ask why a particular expense changed or whether the business is moving in the right direction.
These questions show that the client is already paying attention. You can build on that interest by offering to review the company’s financial health and discuss what the numbers may mean for future decisions.
3. Clients Receiving Monthly Financial Statements
Make a list of every client for whom you already prepare monthly financial statements.
Do not assume they will not be interested in an advisory relationship. You may only speak with some of these clients once a year, which means you probably do not know how they feel about their financial information or what questions they have.
The worst thing they can say is no. Even then, their response may help you understand what they do not understand, what concerns them, or what needs to be explained differently.
Do Not Decide for the Client
One of the biggest mistakes you can make is deciding that a client will not be interested before you ever ask.
You do not know what the owner is thinking. You do not know whether they are worried about cash, taxes, profitability, growth, or the future of the business.
Give them the opportunity to decide.
A no does not always end the conversation. Sometimes it is the beginning of the real conversation. When someone says no, calmly turn the response into a question and give them room to explain their concern.
You may discover that the client is not rejecting financial advisory services. They simply do not understand what you are offering.
Do Not Lead With the Term “Financial Advisory Services”
Many business owners do not understand what financial advisory services include.
If you ask, “Would you like financial advisory services every month?” they may say no simply because they do not know what the term means or how the service would help them.
Instead, explain the experience and the benefit.
You could say:
I would like to show you what your financial statements look like in picture form. We can look at monthly and trailing trends so you can more easily see the financial health of your company.
Graphs can make financial information easier for owners to understand. Instead of handing them pages of numbers that may end up in a drawer, you can show them where the business has been, where it is going, and whether important trends are moving in the right direction.
That curiosity can open the door to an ongoing advisory relationship.
How to Begin the Conversation
Your first outreach does not need to be complicated.
You can call the client or send a short email explaining that you have been reviewing their financial statements and would like to discuss them.
Sample Financial Review Email
Subject: I am reviewing your financial statements
Hi [Client Name],
I have been reviewing your financial statements and would like to go over them with you. We can meet by Zoom or schedule another time that works well for both of us.
Please use the link below to select a convenient time.
I look forward to speaking with you.
Because this may be different from your normal communication, the client may immediately wonder whether something is wrong.
Reassure them that nothing is necessarily wrong. Explain that you want to help them better understand the financial health of their company.
You can also make the invitation more specific by offering two meeting options:
I have been reviewing your financial statements and would like to go over them with you. Would Monday or Tuesday be better for a short conversation?
The important thing is to start the conversation.
Monthly and Quarterly Reviews Can Both Work
Some clients will want to meet every month. Others may prefer a quarterly review.
Either arrangement can work, provided the financial statements are still completed monthly and the graphs and trends continue to be updated.
A routine monthly review may only take 15 or 20 minutes when the business is moving in the right direction. When the numbers reveal a problem, the conversation may take longer because you will need to explore what is happening and what actions may be necessary.
That is the real value of advisory services. You are not simply producing financial statements. You are helping the owner understand them and use the information to make decisions.
Help Clients See Their Financial Health
Many business owners did not start their companies because they love financial statements. They started because they were good at providing a product or service.
The financial side of the business may keep them in business, but that does not mean they naturally understand every number on a profit and loss statement or balance sheet.
When you present the information visually, you can help them see:
- Whether revenue is increasing or declining
- How expenses are changing over time
- Whether profitability is moving in the right direction
- Where cash flow problems may be developing
- Whether the business is progressing toward its goals
A client may begin by saying, “I hate numbers.” After reviewing the information with you regularly, that same client may become interested in the numbers because they can finally understand what those numbers mean for the business.
How to Find New Financial Advisory Clients
Once you have begun offering advisory services to existing clients, you can start expanding into the industries you already understand.
Review your client base and identify the niches where you have experience. These may include contractors, restaurants, dentists, doctors, plumbers, HVAC companies, or another type of business.
Then begin creating educational resources for owners in those industries.
- Write articles explaining how to review financial statements.
- Create a guide or checklist that solves a specific financial problem.
- Share useful information through LinkedIn and your website.
- Attend industry association meetings.
- Offer to speak or present at industry events.
- Ask satisfied advisory clients for referrals after you have demonstrated the value of the service.
The goal is to make it easy for prospective clients to get to know you, like you, and trust you.
Build Visibility Within the Industries You Serve
Look at the industries represented in your existing client base and become more visible within those communities.
Attend their association meetings. Learn the financial challenges facing their businesses. Create presentations that are useful, practical, and easy to understand.
If public speaking is outside your comfort zone, practice. The more often you explain financial information to business owners, the more naturally those conversations will come.
Your presentations do not have to be complicated. They simply need to help business owners understand something that matters to the financial health of their companies.
Make Financial Advisory Services Valuable and Enjoyable
Moving into financial advisory services may feel uncomfortable at first because it requires you to communicate differently and initiate conversations you may not have had before.
It becomes easier with practice.
When clients begin understanding their financial statements, paying attention to trends, and using the information to make better business decisions, the relationship changes.
You become more than the person who prepares reports or completes a tax return. You become someone they trust to help them understand the financial health of their business.
That stronger relationship can lead to more valuable work, better client retention, and more referrals.
Choose one client from your list and start the conversation.
Frequently Asked Questions About Financial Advisory Clients
Who is a good financial advisory client?
A good financial advisory client is a business owner who wants to better understand the financial health of their company. Strong candidates include clients who have been surprised by a tax bill, ask questions about their financial statements, or already receive monthly financial reports but do not regularly review them with their accountant.
How should accountants introduce financial advisory services?
Avoid beginning with the term “financial advisory services,” because the client may not understand what it means. Instead, offer to show the owner their financial statements in graphical form and explain the trends affecting the health and direction of the business.
How often should financial statements be reviewed with a client?
Financial statements should be prepared monthly. The review conversation can happen monthly or quarterly depending on the client’s needs and schedule. Monthly reviews may take only 15 to 20 minutes when the business is performing as expected.
Why are financial graphs helpful for business owners?
Many business owners find pages of financial numbers difficult to interpret. Monthly, trailing, and trend graphs can help them see whether revenue, expenses, profitability, cash flow, and other financial indicators are moving in the right direction.
What should I say when inviting a client to review their financial statements?
Tell the client that you have been reviewing their financial statements and would like to schedule a time to go over them together. Be prepared to reassure them that nothing is necessarily wrong and that the purpose is to help them understand the company’s financial health.
Can quarterly financial advisory meetings be effective?
Yes. Some business owners prefer quarterly meetings. The accounting records and financial statements should still be completed monthly so current trends can be tracked and reviewed during each quarterly conversation.
How can accountants attract new financial advisory clients?
Begin with industries already represented in your client base. Create educational articles, guides, presentations, and other resources that address the financial questions facing those businesses. Accountants can also attend industry meetings, speak at association events, build visibility online, and request referrals from satisfied clients.
Should accountants ask every business client about advisory services?
Accountants should not assume that a client will be uninterested. Start with clients who already receive financial statements or have expressed concerns about taxes, profitability, or business performance. Give each client the opportunity to understand the service and decide whether it is right for them.