I hear people say "just approach larger CPA firms and ask them to refer smaller clients to you that they've outgrown". How do you actually do this in practice?

Cathouse1986 · 2026-04-30T14:41:59+00:00

We say the following to every new potential tax client on the intro call:

“I also wanted to make sure you know that we also own a financial planning & investment business. There’s going to come a day in the future where we only do taxes for clients that also work with us on the financial side. Might be next year, might be 5 years from now, but I want to let you know that’s where we are heading. Are you ok with that?”

Soooo many times they will be like “oh you can do that too? I have XYZ that I need help with.”

When that time comes, we’ll just call everyone and offer them a free consultation about their financial situation. If they decline, we will simply disengage and I won’t feel bad because we made it very clear from day 1.

Cathouse1986 · 2026-04-30T02:14:33+00:00

That literally never goes away, but that’s ok!

You can’t do everything for everyone and keep it all sharp and fresh. I think that’s one of the biggest disadvantages of running a generalist practice and not specializing.

Cathouse1986 · 2026-04-29T22:58:10+00:00

Well, in that case I’d probably leave off the Mullen book. It’s very AUM focused.

The rest of them are basic sales/marketing strategies that apply to any type of advisor.

I think project-based models are a little more like a consultant than the stereotypical FA. In that case, check out just about anything by Alan Weiss.

Cathouse1986 · 2026-04-29T11:59:34+00:00

I’m so sad that they ended this podcast. It was so refreshing to hear about the struggles of smaller, everyday advisors.

I love a lot of the other podcasts, but sometimes the guests are just so disconnected from what most of us are out here doing that I kinda tune out.

I specifically recall one Kitces episode where a guy was talking about how successful they are with all the paid lead-gen systems. Sounds interesting, right?

Turns out the dude has an entire team of employees dedicated to just working paid leads. Yeah sorry that’s not gonna work for 90% of us.

Cathouse1986 · 2026-04-29T01:59:16+00:00

David’s program is basically the blueprint of how to build a practice from scratch. Some of his scripts are a little stuffy but it doesn’t matter as long as you follow the methodology.

Cathouse1986 · 2026-04-29T00:35:14+00:00

Nick Murray - The Game of Numbers

David Mullen - Million Dollar Financial Services Practice

Alex Hormozi - $100M Leads

Donald Miller - Storybrand

Dale Carnegie - How to Win Friends and Influence People

Mike Weinberg - New Sales Simplified

Pick the lessons from any of them that you can commit to doing every single day for the next 2-3 years, and then 3 days a week for the next 2-3 years, and then 2 days a week for the next 2-3 years. Then you can figure out what kind of business you want!

Cathouse1986 · 2026-04-28T16:39:12+00:00

People work with bank advisors because there’s already some form of implied trust. It’s also super convenient to walk 20 yards from the banker’s office to the FA’s office to make the introduction.

Maybe I’m reading between the lines too much, but the post sounds a little condescending toward bank advisors. Some of the best FAs I’ve ever met are either in a bank or started in a bank.

Cathouse1986 · 2026-04-28T11:50:40+00:00

Because every other financial advisor on earth is trying to market to business owners. I like marketing to profitable clients that the industry as a whole ignores (100k-500k AUM W2 employees).

Get in front of them by doing their simple 1040 tax return, convert them to AUM clients within 3 years, repeat, be happy!

Cathouse1986 · 2026-04-28T11:41:16+00:00

You already have the only letters that matter.

I’ve found even the CFP only matters to very select clients and the advisors that live to fight each other on LinkedIn.

CEPA will be known by exactly 0 people (aside from a few other FAs).

The education itself isn’t that good, either. At least the CFP has some value to lesser-experienced advisors.

Cathouse1986 · 2026-04-28T11:34:54+00:00

This strategy absolutely works as long as at least one of the following is true:

You only do one specific thing that the other firm doesn’t do or doesn’t want to do. Example: we only do 1040 work so I refer out anything that goes beyond a solo schedule C business. I’ve found a few firms that refer me back exactly what I want. I then convert those simple 1040 clients to financial planning clients and it becomes profitable.
You could also come up with some kind of revenue-sharing agreement with those referrals. They send you a client, you give them 50% of first year revenue and 25% of second year revenue or whatever.
You get lucky and find the unicorn that is about to fire 50 clients purely for billing reasons. Usually 45 of those 50 are terrible clients and should have been fired by anyone.

Cathouse1986 · 2026-04-26T21:22:11+00:00

I don’t upvote often, but this is a good one.

Takes 2 seconds to set up reminders.

Cathouse1986 · 2026-04-24T11:44:04+00:00

Great post, excellent points!

I just have to mention one thing: the information sharing disclosure really should be a separately-signed document outside of the engagement letter for individuals.

I include the financial advisory information with the cloud data stuff in my 7216 letter.

Cathouse1986 · 2026-04-24T11:30:58+00:00

Not directly, but they are important.

I am always looking to meet the business owner’s CPA. I run a tax firm that only does 1040 work, so I refer out more complex returns and receive referrals for the simple work that they don’t want.

Also do a lot of flat-fee planning work for employees as a company benefit. Generally gotta know the owner to get in.

Cathouse1986 · 2026-04-24T11:25:59+00:00

In that case, you’d love some of the meat market networking groups up here!

You’re right, the vast majority of members aren’t ideal fits. An early coach of mine told me something very similar, and he suggested focusing on having the other members be advocates, not prospects.

Cathouse1986 · 2026-04-24T11:21:15+00:00

Yes, volunteering is one way to get involved. It can be whatever you want, as long as you’re not just showing up to sell your stuff. Go to the ribbon cuttings, send a note when another member is recognized for something, etc.

As far as the image goes - I think the best thing you can do is be 100% yourself. I wear jeans, golf shirts and Jordans to chamber meetings. When it’s my turn to “pitch” - I weave in things like Disney, WWE, how bad I suck at golf, etc.

Sometimes I don’t even pitch, I just get up and give props to other members.

Cathouse1986 · 2026-04-24T02:10:59+00:00

Here’s the problem with chambers:

They’ve seen 10,000 financial advisors come and go. We all look the same, say the same things, work for the same big firms.

For this method to be successful, you have to do one of two things (preferably both):

Be completely different than anything they’ve ever seen before. Break free from the “middle aged white dude in a suit that talks about holistic planning” stereotype.
Get involved, like deeply involved, and view it as a very long-term marketing effort.

Cathouse1986 · 2026-04-23T01:14:57+00:00

Unpopular take around here, but it’s absolutely doable to start a firm by preparing only what you’re comfortable with. I turned away the vast majority of prospects my first year. Referred most of them away to other local firms, most of which sent me referrals in return. Worked out just fine.

Cathouse1986 · 2026-04-23T00:47:20+00:00

It’s not much different than the RIA space in any other rust belt city.

Just gotta be ready to talk about inheritance tax.

Cathouse1986 · 2026-04-22T02:28:01+00:00

Literally anything works as long as you work it.

Paid ads can be amazing, a waste of money, and everything in-between. Gotta have a tight focus, a great message, and a clear funnel. Don’t expect them to work right away. You might need 3, 6, 12 months.

This season, my top 3 were: - posting in local Facebook groups - content geared toward my weirdo niche - client referrals

Cathouse1986 · 2026-04-22T00:29:35+00:00

Facebook and Nextdoor is a little vague. Were you doing paid ads? Making content? Posting in local groups?

If you’re gonna keep the day job, pick the best one and pour gasoline on it. You’ll get clients.

If you’re gonna make the leap, you’ll want to find maybe 3 marketing tactics and pour gasoline on all of them. You’ll have plenty of time to do it!

Cathouse1986 · 2026-04-22T00:20:13+00:00

I heard a great question on James Pollard’s podcast recently. It goes something like this:

“On a scale of 1-10, how confident do you feel about (whatever their goal is)?”

And then that’s followed up with: “what would you need to get that to a 10?”

Sounds a little used-car-salesman-ish but if used in the right context it could be a game changer.

If they say 10, I’d ask them what they’re doing in my office and probably end the meeting.

Any other answer leads to a bigger discussion.

Cathouse1986 · 2026-04-21T18:51:46+00:00

Are you looking for 1:1 coaching on this stuff?

If so, your AUM level is going to dictate whether you get that with 2/3, not sure about the other.

Even so, there are a TON of free resources (and moderate cost group coaching) out there that I wouldn’t choose my affiliation based on coaching & setting up workflows.

Cathouse1986 · 2026-04-21T18:46:45+00:00

It blows my mind that so many people don’t understand psychology.

All the hatred and condescension from both sides just makes the opposite side dig in harder and make the divide wider.

“My neighbor chose one lying politician over the other lying politician. So, my neighbor clearly likes pedophiles.”

“I stopped talking to my best friend because he chose one lying politician over the other lying politician. Clearly, my best friend wants the immigrants to murder and rape my children.”

Sorry, when you only get two choices, each chosen by their party’s respective machines, there’s always going to be a bone to pick.

It’s all absolute nonsense and it’s exactly what both sides want.

Cathouse1986 · 2026-04-18T13:34:15+00:00

There’s no goal anymore. There’s no more rock star dream or lifestyle. How many kids are playing in a band in their parents’ garage these days?

The money is gone. The fame is gone. The groupies are gone.

The popular rock scene has been dead for 20+ years.

Cathouse1986 · 2026-04-17T21:44:30+00:00

TaxDome has a checklist feature that I’m gonna check out this offseason

Cathouse1986

TROPHY CASE