Bankers and accountants: a cosy relationship

A good friend of mine Rob Brown, the most recommended networked expert in the world according to LinkedIn, sent me some research he’s just produced.

It analyses the relationship and differences between bankers and accountants.

If you want a copy of the report, just email Rob. 

I did think that I could have easily summarised this: the accountant is the always found in the kitchen at parties; the banker is the person everyone in the kitchen is throwing rotten eggs and tomatoes at.

But no!  This research
is far more qualified having surveyed over 700 accountants and 154 bankers.

Obviously there is a relationship between bankers and accountants, as accountants are a great source of referrals for new businesses being established

For a corporate banker, this is critical.  After all, if the accountant is advising an SME on where to get credit – is there any out there? – then having a close and successful relationship for referrals gives the commercial banking operation an edge.

Rob’s research, performed with colleagues Steve Pipe and Mark
Lee, finds some interesting results and splits the group into successful and unsuccessful
bankers, based upon the answer to the question: how happy are you with your referral relationships with accountants?

They find that successful bankers serve larger businesses
(£2 million a year turnover or higher); are significantly happier with their
accountancy relationships; receive more referrals; and convert a higher
percentage of the referrals they receive into customers.

This is because they behave differently.

They only work with a
few accountants that they make referrals to; they make more and better quality referrals
to that accountant; they are more likely to give referrals without expecting to
receive one back, although they are more likely to choose their referral
partner on the basis that they refer work back to the banker; and they choose
their referral partner based upon good relationships with each other, rather
than between their companies.

It’s a comprehensive report – over 100 pages long – and makes
for interesting reading, although the result is unsurprising in some ways.  After all, it’s all about you scratch my back
and I’ll scratch yours.

If you want a copy of the report, just email Rob (did I just
make a referral?).