The Modern CPA Success Show

“The total relationship is about making life better for the client, focusing on what they need in the next 6 to 12 months, and helping them prioritize their financial decisions.” –Tyson Ray

The finer details of this episode:

• The concept of the "total relationship" in financial planning
• The importance of understanding clients' short-term goals and concerns
• The role of wealth advisors in understanding clients' motivations and aspirations
• Proactive planning and collaboration between financial advisors, CPAs, and attorneys
• Educating clients about tax planning, investment decisions, and trade-offs
• Seeking deeper, more fulfilling connections beyond just financial matters

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• If you have questions or would like to be a guest on the show, email us at [email protected]
• Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
• Connect with Tyson here: https://www.linkedin.com/in/tysonray/
• Check out Form Wealth Advisors here: https://formwealth.com/
• Tyson’s resources mentioned in the episode: https://totalrelationship.com/moderncpa

Timestamps:

The welcome and introduction (00:00:00)

Introduction to the podcast and the mission of providing insights for accounting firms.

Guest introduction and perspective (00:00:30)

Discussion about the unique perspective of the guest, Tyson Ray, and the value he brings to the audience.

Introduction to the show and guest (00:00:53)

The host and guest host introduce themselves and welcome the audience to the show.

Tyson Ray's background and mission (00:01:19)

Tyson Ray introduces himself, his role, and his mission to help clients and the community.

The total relationship and client value (00:02:43)

Discussion about the importance of understanding the client's needs and building a valuable relationship.

Expanding services and expertise (00:03:40)

Tyson Ray's decision to expand his expertise and focus on business exit planning.

The Total Relationship book (00:05:05)

Introduction to the book "The Total Relationship" and its focus on client relationships and communication.

Client-focused planning approach (00:06:31)

Explanation of the three parts of the total relationship: life plan, wealth plan, and care plan.

Client relationship parallels (00:08:10)

Discussion about the similarities in client-focused approaches between wealth management and financial business services.

Prioritizing client needs (00:08:31)

The importance of prioritizing client needs and guiding them through their financial journey.

Life plan and client background (00:10:04)

Exploration of the life plan, including family, health, and personal goals, to better understand the client's needs.

Client's family and personal life (00:11:28)

The significance of understanding the client's family dynamics, including parents, children, and personal experiences.

Life plan and client's lifestyle (00:14:18)

Discussion about the life plan, including travel, recreation, home improvements, and major purchases, to enhance the client's lifestyle.

Client's life plan and financial decisions (00:15:53)

The importance of aligning financial decisions with the client's life plan and rewarding themselves for their

“The smartest people in the world know where their expertise ends and someone else's begins. We all need to understand that because if we're on the right team, everybody wins.” – Michael Clarke

The finer details of this episode:
• Transitioning from individual-centric practices to sustainable business models in professional services.
• Importance of teamwork and collaboration among professionals serving the same clients.
• Common mistakes made by professional service providers in managing their firms.
• Strategies for building trust and effective communication with clients.
• The significance of understanding and targeting ideal clients for growth.
• The role of support staff in enhancing client relationships and operational efficiency.
• The concept of “trust compression” and its impact on client onboarding and retention.
• Emphasizing education and clear communication in the advisory process.
• The value of networking and continuous learning for professional development.

Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Connect with Michael here:
● Check Protection Point Advisors out here: https://www.protectionpointadvisors.com/advisors/team/mike-clarke/
Timestamps:
Welcome and Introduction (00:00:00)
The host introduces the podcast and its mission to provide insights for accounting firms.

Guest Introduction (00:00:22)
Adam shares his thoughts on the upcoming discussion with guest Michael Clarke and his book.

Michael Clarke's Career Journey (00:01:40)
Michael discusses his background in the insurance industry and the founding of Protection Point Advisors.

Overview of "A Firm Worth Building" (00:03:03)
Michael explains the motivation behind his book and the lessons learned from his mistakes.

Transitioning from Individual Practice to Business (00:04:13)
Michael emphasizes the importance of moving from individual-centered practices to sustainable business models.

Building Relationships with Other Professionals (00:06:03)
Michael highlights the value of collaboration between professionals to enhance client service.

Common Mistakes in Firm Management (00:09:21)
Michael identifies key mistakes professionals make, such as being the center of their practice.

Practical Lessons in the Book (00:12:12)
Adam asks Michael to share one crucial lesson from his book on managing professional firms.

Understanding Trust Compression (00:12:50)
Michael introduces the concept of trust compression and its significance in client relationships.

Education as a Key Element (00:15:27)
Michael discusses the importance of educating clients to build trust and improve service quality.

Applying Trust Compression Beyond Onboarding (00:17:59)
Michael suggests ways to apply trust compression in various processes, not just onboarding.

Making Client Interactions Painless (00:19:01)
Michael stresses the need to solve client problems while making the process as painless as possible.

Good Growth Explained (21:22)
Michael discusses the concept of "good growth" and why professionals struggle with it.

Identifying Ideal Clients (22:48)
He emphasizes the importance of knowing your ideal clients to avoid bad growth.

Balancing Growth and Client Quality (23:35)
The speakers discuss the challenge of balancing client acquisition with maintain

"They swapped out ‘accounting’ for ‘advisory’ in CAS, but I still believe it’s 'client accounting and advisory services.' At scale, especially with small businesses, it’s hard to separate the two. You need a foundational understanding of their accounting model to help architect it in a way that truly tells their story." – Adam Hale

The finer details of this episode:

• The shift from compliance work to advisory roles in accounting.
• Differences between traditional accounting firm structures and mature CAS practices.
• Importance of leveraging resources and delegating tasks within accounting firms.
• Financial metrics and profitability considerations in CAS practices.
• The concept of selling access rather than time in service pricing.
• The role of regular meetings in managing client expectations and scope creep.
• Adoption of a corporate-like structure for improved efficiency and adaptability.
• The impact of a subscription model on client relationships and service delivery.
• Strategies for accounting firms to remain competitive in a changing industry.

Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/

Timestamps:
Welcome and Introduction (00:00:00)
The host introduces the podcast and its mission to provide insights for accounting firms.

Overview of CAS (00:00:22)
Tom and Adam discuss Client Accounting Services (CAS) and advisory services, highlighting their significance.

Defining CAS (00:00:46)
Adam explains the evolution of CAS from "Client Accounting Services" to "Client Accounting and Advisory Services."

Importance of Accounting in CAS (00:01:02)
Adam emphasizes understanding accounting models for effective advisory services, especially for small businesses.

Traditional vs. CAS Structures (00:01:52)
Discussion on differences between traditional accounting firms and mature CAS practices, focusing on corporate structure.

Leveraging Resources in CAS (00:02:06)
Adam talks about the importance of leveraging resources and delegating tasks for scaling CAS practices.

Transitioning from Traditional Models (00:03:29)
Tom shares challenges faced by accounting firms transitioning from traditional models to more scalable structures.

Financial Metrics in CAS (00:04:35)
Adam discusses financial metrics, contrasting traditional firm profitability with CAS models and their structures.

Understanding Profit Margins (00:06:19)
Tom and Adam analyze profit margins in CAS compared to traditional firms, aiming for higher profitability.

Building Client Relationships (00:09:24)
Tom highlights the importance of long-term relationships with clients for smoother operations and better service.

Delegation and Offshoring (00:10:06)
Discussion on the necessity of delegating work and utilizing offshore teams to enhance efficiency.

Measuring Performance in CAS (00:11:59)
Adam explains the shift from traditional hourly metrics to responsibility-based performance measures in CAS.

Book of Business Targets (00:12:57)
Tom and Adam discuss the importance of setting clear book of business targets for team members.

Compensation Structure in CAS (00:13:39)
Adam outlines how compensation structures differ in CAS, focusing on book of business rather than hours worked.

Efficiency Over Hours (00:16:32)
Tom advocates for valuing efficiency and client satisfaction over the n

The finer details of this episode:

• Obstacles faced by cannabis businesses, such as banking and expense reporting
• Overview of the cannabis industry and its various sectors
• Importance of forecasting for cannabis businesses
• Metrics valuable for retailers in the cannabis space

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• If you have questions or would like to be a guest on the show, email us at [email protected]
• Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/

Virtual CFO services for the cannabis industry:

https://anderscpa.com/virtual-cfo-cannabis/

In our year end wrap up: Jody, Brett, Tom, Hannah, and Jamie share favorite moments from the show, podcasting resolutions and holiday gift wishes. the hosts reflect on personal anecdotes and provide their aspirations for the upcoming year. They also introduce a new behind-the-scenes team member.

"If we have the ability to make our clients feel like heroes, that’s a complete home run. For me, that was very impactful and has changed the way we present things." – Tom Wadelton

The finer details of this episode:

• Personal anecdotes and reflections on podcasting experiences.
• Highlights of memorable podcast episodes and guests..
• Resolutions and goals for the upcoming year in podcasting.

Episode resources:

● Summit Virtual CFO by Anders website: https://www.summitcpa.net/

● If you have questions or would like to be a guest on the show, email us at [email protected]

● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/

Timestamps:

Timestamps by PodSqueezeWelcome to the Modern CPA Success Show (00:00:00)

Introduction to the podcast's mission and focus on accounting insights.

Jodi's Productivity Comment (00:00:22)

Jodi humorously notes low productivity due to the team gathering for the podcast.

Brett Congratulates Indiana University (00:00:48)

Brett celebrates Indiana University's sports victory while discussing online gambling.

Introduction of Christine (00:01:38)

Jodi introduces Christine, highlighting her contributions to the podcast team.

Minna Joins the Team (00:04:11)

Minna shares her background and new role in the podcast.

Podcast Ranking Discussion (00:04:48)

Discussion about the podcast ranking as number four among accounting firms.

Minna's Podcasting Resolution (00:05:46)

Minna expresses her goal to improve scheduling for future podcast episodes.

Brett's Podcast Experience (00:07:01)

Brett shares insights from his podcast, "The Cannabis Access Show," and its educational value.

Hannah's Favorite Episode (00:10:07)

Hannah reflects on her favorite episode featuring guests from analytics discussing AI and innovation.

Tom's Storytelling Insights (00:13:44)

Tom discusses the importance of storytelling in consulting and how it relates to clients.

Jodi's Favorite Moments (00:16:12)

Jodi shares her enjoyment of hosting the podcast and connecting with guests.

Podcast Episode Timestamps

Jodi's Reflection on Past Guests (00:18:18)

Jodi shares memorable moments from past podcast episodes, including insights from John and Zeta Marion.

Podcasting Resolutions and Christmas Lists (00:19:03)

The speakers discuss their podcasting resolutions and what they want for Christmas.

Brett's Conference Experience (00:19:50)

Brett reflects on the impact of their podcast during conferences and the joy of audience interactions.

Tom's Podcasting Goals (00:21:26)

Tom shares his aspirations for exploring storytelling and AI in future podcast episodes.

Hannah's Community Focus (00:23:33)

Hannah emphasizes the importance of creating a fun and inviting atmosphere through their podcast.

Brett on Cannabis Regulation (00:26:00)

Brett discusses the challenges cannabis businesses face due to IRS regulation 280E and its implications.

Christine's Personal Listening Goals (00:31:26)

Christine aims to minimize distractions while listening to podcasts to enhance her engagement with the content.

Gift-Giving Preferences (00:30:00)

Brett a