048: "The Art of Collaboration: When Two Tribes Stop the War" with Paul Latham

Million Dollar Producer Show

In this episode, I welcome Paul Latham, the co-owner of Elite Resource Team and a pioneering thought leader for accountants. This episode offers a deep dive into how Paul and his partner, Anton Anderson, are bridging the gap between CPAs and financial advisors, fostering a collaborative environment for mutual benefit.
Paul shares insights on his upcoming book, which he and Anton are working on, titled The Art of Collaboration when Two Tribes Stop the War.

Paul's Journey: From Accountancy to Collaboration Expert

• Transitioning from Traditional Accounting: Trained as a chartered accountant in the 1980s, Paul swiftly recognized the evolving landscape of accounting. Heeding advice on the commoditization of traditional accounting services, he pivoted towards forward-looking accountancy, emphasizing planning and advisory over mere compliance.
• Achievement and Innovation: Under his leadership, his firm transformed into a forward-thinking powerhouse, ultimately selling for a significant sum. Post-sale, he explored various ventures, before relocating to the US.

The Art of Collaboration: Bringing Two Tribes Together

• Identifying the Gap: Paul explains the distinct roles of CPAs and financial advisors in the US, highlighting the often backward-looking focus of accountants due to the complex tax environment. Elite Resource Team was founded to encourage a forward-looking approach, enhancing the value provided to clients.
• Forming Strategic Partnerships: The collaboration between accountants and financial advisors, facilitated by Elite Resource Team, aims to combine the strengths of both professions. This approach not only enhances service delivery to clients but also broadens the scope of advice and solutions available.

Elite Growth Academy

• A Platform for Growth: The Elite Growth Academy is designed for both advisors and accountants to further their understanding of collaborative practices. It serves as a bridge for members at various stages of their journey, offering coaching, technology, and access to a vast network of experts.

Key Takeaways and Future Directions

• Valuable Lessons: He shares insights on maintaining a partnership rather than a servile relationship with clients, the importance of forward-looking advice, and strategies for being compensated for proactive services.
• Looking Ahead: As we prepare for the publication of The Art of Collaboration when Two Tribes Stop the War, the conversation underscores the enduring importance of collaboration, mutual respect, and continuous learning in the professional growth of both accountants and advisors.

Elite Growth Academy Event is scheduled for June 13th to 14th in San Diego. This is a golden opportunity for financial advisors and accountants to master collaborative practices, network, and propel their professional relationships forward.

About our Guest:

Paul Latham the co-owner of Elite Resource Team.
You can learn more about his work at:
Website: https://elitert.com/
LinkedIn: https://linkedin.com/in/paul-latham-85356a42/
About Your Host: Paul G. McManus is an accomplished author and expert in helping financial professionals grow their businesses. With over eight years of experience working exclusively with financial professionals, Paul has helped his clients generate tens of millions of dollars in fees and commissions.

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Chapters

1. 048: "The Art of Collaboration: When Two Tribes Stop the War" with Paul Latham (00:00:00)

2. Accountants and Financial Advisors Collaboration (00:00:31)

3. Building Relationships Between Advisors and CPAs (00:11:05)

4. Maximizing Accountant-Advisor Collaboration (00:16:57)

5. Collaboration for Elite Growth Academy (00:25:38)