Loyd Rawls, an expert in the field of succession planning with over 50 years of experience, shares valuable insights into how CPAs can expand their practices and be more effective advisors to their clients. In his video, he emphasizes the importance of selling impact rather than time, stating that clients are more likely to value a consultant who can provide objective opinions on complex matters, such as family and business succession.
Rawls believes that the key to being a successful advisor is to become a reliance consultant, rather than just a compliance professional. By relying on their extensive background and history, CPAs can develop a reputation as reliable advisors who can provide fresh and honest opinions to their clients. This approach can help them move up the ladder and earn impressive hourly rates, ultimately building a more successful practice.
Rawls’ message is especially relevant for CPAs who want to expand their practices and take their careers to the next level. By focusing on selling impact, they can distinguish themselves from other consultants who may only provide compliance services. Clients are more likely to value their expertise and seek their opinions on critical issues, leading to more opportunities to build a successful practice.
For those interested in pursuing this approach, there are resources available to help. The International Succession Planning Association offers a Certified Succession Planner™ designation course, providing valuable insights and skills that can help CPAs become more effective advisors to their clients. With Rawls’ advice in mind, CPAs can take advantage of this opportunity and position themselves as reliance consultants in their field.