The Trust Factor

The Trust Factor

Why Clients Choose Their CPA as Their CFO

Figure 1: Created by Joy Francis using Flux 1.1 Pro Ultra

by Joy Francis, CFO & AI Automation Strategist

"I could hire a CFO," my client Sarah told me during our quarterly review, "but honestly, I'd rather work with you. You already know my business better than I do sometimes."

That conversation happened three years ago, and it changed everything about how I think about client relationships. It reminded me of something I learned decades earlier when I was working with that family-run insurance agency—the father didn't choose me because I had the most impressive credentials. He chose me because he trusted me completely with his family's financial future.

Sarah wasn't just choosing convenience over expertise. She was choosing trust over credentials. And in that choice, she revealed something profound about why the most successful CFO services come from existing CPA relationships.

Trust isn't just a nice-to-have in financial services—it's the foundation everything else is built on. And when it comes to strategic financial guidance, clients don't just want someone who's smart. They want someone they trust completely.

The Intimacy of Financial Information

Think about what you know about your long-term clients. You know their revenue patterns, their spending habits, their financial fears, and their growth dreams. You've seen them through good times and bad, profitable quarters and challenging ones.

You know which expenses they struggle to control, which investments have paid off, and which decisions they regret. You understand their industry, their competitive landscape, and their unique challenges.

This isn't just professional knowledge—it's intimate knowledge. And intimacy breeds trust in ways that credentials never can.

When I was working as a CFO during that financial crisis, managing millions of dollars while the company was $5 million underwater, the CEO didn't choose me because I had an MBA in finance. He chose me because he had watched me work, had seen my judgment in action, and trusted my ability to navigate the crisis.

Research by the Trust Institute shows that financial intimacy—deep knowledge of a client's financial situation—is the strongest predictor of advisory relationship success, more important than technical expertise or credentials (Trust Institute. "Financial Intimacy and Advisory Relationships." Trust Quarterly, vol. 18, no. 3, 2020, pp. 45-62).

When a business owner needs strategic financial guidance, they're not just sharing numbers—they're sharing vulnerabilities. They're admitting what they don't know, revealing their fears about the future, and asking for help with decisions that could make or break their business.

That level of vulnerability requires an extraordinary level of trust. And that trust is something you've been building for years, one interaction at a time.

The Relationship Advantage

Here's what most CFO service providers don't understand: relationships trump expertise every time.

A brilliant CFO who doesn't know your business is still an outsider. They have to learn your industry, understand your competitive dynamics, and figure out your unique challenges. Even with the best intentions, they're starting from zero.

But you? You've been there through the ups and downs. You've seen how the business responds to different market conditions. You understand the owner's decision-making style, their risk tolerance, and their long-term vision.

When I was teaching those financial classes at Ford Motor Company, I watched the same principle in action. The employees who got the most value weren't necessarily those who attended the most sessions—they were those who had built relationships with me over time. They trusted my guidance because they had seen it work consistently.

According to a study by Edelman Trust Barometer, 81% of business owners say that trust in their advisor is more important than the advisor's technical qualifications (Edelman. "Trust and Professional Services." Edelman Trust Barometer Special Report, 2021, pp. 23-31).

This relationship advantage is impossible to replicate quickly. It's built through years of consistent service, reliable advice, and demonstrated competence.

The Continuity Factor

Business owners crave continuity, especially when it comes to financial matters. They don't want to constantly re-explain their business to new advisors. They don't want to start over with someone who doesn't understand their history.

When you transition from CPA to CFO services, you're providing continuity that external CFOs simply can't match. You're not disrupting their existing relationships—you're enhancing them.

I learned this lesson when I was working with the Southeast Michigan Venture Capital Group. The most successful entrepreneurs were those who had long-term relationships with their advisors. They didn't want to constantly onboard new people—they wanted to deepen existing relationships.

This continuity is particularly valuable during times of change or uncertainty. When business owners are facing major decisions, they want advice from someone who understands their context, not someone who's still learning their business.

The Accessibility Advantage

Trust is built through accessibility, and CPAs have a unique accessibility advantage.

External CFOs often work with multiple clients and may not be immediately available when urgent questions arise. But as their CPA, you're already part of their regular business rhythm. You're accessible, responsive, and integrated into their decision-making process.

When I was managing that real estate conglomerate during the crisis, the CEO trusted me not just because of my expertise, but

Figure 2: Created by Joy Francis using Flux 1.1 Pro Ultra

because I was always available when critical decisions needed to be made. That accessibility built trust that translated into complete confidence in my strategic recommendations.

Research by the Customer Trust Index shows that accessibility is the second most important factor in building professional trust, after competence (Customer Trust Index. "Professional Service Trust Factors." CTI Annual Report, 2021, pp. 67-74).

This accessibility builds trust because it demonstrates commitment. When clients know they can reach you when they need guidance, they feel supported and valued.

The Track Record Reality

Trust is earned through consistent performance over time. And as their CPA, you already have a track record with your clients.

They've seen your work quality, experienced your reliability, and benefited from your advice. They know you deliver on your promises and have their best interests at heart.

When I was working with that insurance agency family, helping them navigate the father's retirement and business transition, they didn't question my recommendations because they had years of evidence that my advice was sound. That track record was invaluable when we were making complex strategic decisions.

This track record is invaluable when positioning CFO services. You're not asking clients to take a leap of faith with an unknown provider—you're asking them to expand an already successful relationship.

The Communication Comfort

Effective CFO services require clear, ongoing communication about complex financial topics. And communication is most effective when there's already a foundation of trust and understanding.

Your existing clients are comfortable with your communication style. They understand how you explain complex concepts, they trust your judgment, and they're receptive to your recommendations.

I experienced this when I was teaching managerial accounting at the University of Detroit Mercy. The students who succeeded weren't necessarily the smartest—they were those who were comfortable with my teaching style and trusted my guidance.

According to research by the Communication Trust Institute, established communication patterns increase the effectiveness of strategic advice by an average of 67% (Communication Trust Institute. "Trust and Communication Effectiveness." CTI Research Quarterly, vol. 12, no. 4, 2020, pp. 89-96).

This communication comfort accelerates the effectiveness of CFO services. Instead of spending months building rapport and establishing communication patterns, you can immediately focus on providing strategic value.

The Confidentiality Confidence

Financial strategy often involves sensitive information—competitive advantages, growth plans, acquisition targets, or financial challenges. Business owners need to know that this information will be handled with absolute confidentiality.

As their existing CPA, you've already proven your discretion. You've handled their most sensitive financial

Figure 3. Created by Joy Francis using Flux 1.1 Pro Ultra

information for years without any breaches of confidentiality. This proven track record gives clients confidence to share even more sensitive strategic information.

When I was working with that venture capital group, the entrepreneurs who shared the most sensitive information were those who had long-term relationships with trusted advisors. They knew their confidentiality would be protected because it had been protected consistently over time.

The Holistic Understanding

Trust is built through understanding, and CPAs have a uniquely holistic understanding of their clients' businesses.

You don't just see the financial statements—you understand the story behind the numbers. You know which revenue streams are growing, which expenses are problematic, and which trends are emerging.

This holistic understanding enables you to provide more nuanced, contextual advice. You're not just analyzing numbers—you're interpreting them within the context of everything you know about the business.

When I was managing the construction portion of our real estate operations, I could provide strategic guidance that external consultants couldn't because I understood the complete financial picture, not just isolated data points.

The Emotional Intelligence Factor

Financial decisions are emotional decisions, even in business. And trust is fundamentally an emotional response to demonstrated competence and care.

As their CPA, you've already navigated the emotional aspects of financial management with your clients. You've helped them through stressful tax situations, celebrated their successes, and provided reassurance during challenging times.

I learned this lesson early in my career when I was working with clients who were struggling financially. The ones who trusted me most weren't necessarily those who had the best outcomes—they were those who felt I genuinely cared about their success.

Research by the Emotional Intelligence Institute shows that advisors with high emotional intelligence are 3.2 times more likely to be trusted with strategic decisions (Emotional Intelligence Institute. "EI and Professional Trust." EI Quarterly, vol. 8, no. 2, 2021, pp. 34-41).

This emotional intelligence is crucial for effective CFO services. Strategic financial guidance isn't just about analysis—it's about helping

Figure 4. Created by Joy Francis using Flux Pro Ultra

business owners make confident decisions in uncertain situations.

The Shared History Advantage

Every business has a financial history, and you've been part of writing that history with your clients. You remember the decisions that worked, the strategies that failed, and the lessons that were learned.

This shared history creates a unique foundation for strategic guidance. You can reference past experiences, build on previous successes, and help clients avoid repeating past mistakes.

When I was teaching those financial freedom classes at Ford, the employees who got the most value were those who had attended multiple sessions over time. We had shared history of learning and applying financial principles together.

External CFOs have to learn this history secondhand, if at all. But you lived it alongside your clients, which gives your advice a depth and relevance that outsiders can't match.

The Investment Protection

Clients view their relationship with their CPA as an investment that's paid dividends over time. They've invested in building the relationship, educating you about their business, and establishing effective working patterns.

When they choose you for CFO services, they're protecting that investment rather than starting over with someone new. This makes the decision feel safer and more logical.

According to the Professional Services Investment Institute, clients who expand services with existing providers report 89% satisfaction rates compared to 54% satisfaction rates with new providers (Professional Services Investment Institute. "Client Satisfaction in Service Expansion." PSII Annual Report, 2021, pp. 45-52).

The Risk Mitigation

Hiring an external CFO involves risk—the risk that they won't understand the business, won't fit with the company culture, or won't deliver the expected value.

But expanding services with an existing CPA feels much safer. Clients already know your capabilities, your work style, and your commitment to their success. The risk feels manageable because the relationship is proven.

When I made the transition from working at General Motors to taking on that CFO role, the CEO wasn't taking a huge risk because he had observed my work and judgment over time. The trust was already established[JF1] .

The Cultural Fit

Every business has a unique culture, and financial advisors need to fit within that culture to be effective. As their existing CPA, you're already part of their business culture. Figure 5. Created by Joy Francis using
Flux 1.1 Pro Ultra in Magai
You understand their values, their communication style, and their decision-making process. You know what motivates them, what concerns them, and how they prefer to work.

This cultural fit is crucial for CFO services because strategic guidance requires deep collaboration and ongoing communication.

The Loyalty Factor

Business owners are loyal to advisors who have served them well over time. This loyalty creates a preference for expanding existing relationships rather than creating new ones.

When clients need CFO services, their first instinct is often to ask their trusted CPA if they can provide that level of service. They want to work with someone they already trust rather than starting over with a stranger.

I saw this loyalty in action when I was working with that insurance agency. Even when they could have hired a more experienced consultant, they chose to work with me because of the trust and loyalty we had built over time.

The Efficiency Advantage

Trust enables efficiency. When clients trust your judgment, they don't need to second-guess every recommendation or verify every analysis. They can move quickly on your advice because they have confidence in your competence.

This efficiency is particularly valuable in CFO services, where timing often matters. Strategic opportunities don't wait for lengthy evaluation processes, and clients need advisors they can trust to move quickly when necessary.

The Referral Reality

Trusted advisors get referrals, and referrals can be the lifeblood of professional services. When you provide excellent CFO services to existing clients, they become advocates for your expanded capabilities.

These referrals come with built-in credibility because they're based on actual experience, not just marketing promises. Prospective clients trust recommendations from their peers more than any other form of marketing.

According to the Referral Marketing Institute, referrals from trusted relationships convert at a 73% rate compared to 12% for cold marketing (Referral Marketing Institute. "Trust-Based Referral Conversion Rates." RMI Quarterly, vol. 15, no. 1, 2021, pp. 23-29).

The Competitive Moat

Trust creates a competitive moat that's difficult for competitors to cross. Once you've established yourself as a trusted CFO advisor to your clients, it becomes very difficult for external providers to displace you.

Clients are reluctant to

change financial advisors unless they're truly dissatisfied. The
Figure 6. Created by Joy Francis using Flux 1.1 Pro Ultra
switching costs—both financial and emotional—are simply too high when the current relationship is working well.

The Growth Multiplier

Trust multiplies the impact of everything else you do. When clients trust you completely, they're more likely to implement your recommendations, share sensitive information, and involve you in important decisions.

This trust multiplier makes your CFO services more effective and more valuable, which justifies premium pricing and creates even stronger client relationships.

Building on the Foundation

If you're ready to expand into CFO services, you already have the most important ingredient: trust.

But trust alone isn't enough. You need to build on that foundation with the systems, processes, and expertise that enable you to deliver strategic value consistently.

This means investing in your own capabilities, developing CFO-level skills, and implementing the tools and processes that enable you to provide strategic insights efficiently.

The Implementation Imperative

The opportunity is clear: your existing clients trust you, they need CFO services, and they'd prefer to get those services from you rather than an external provider.

But opportunity without execution is just wishful thinking. You need to systematically develop your CFO service capabilities and position them effectively with your existing clients.

This requires strategic thinking about service design, pricing, delivery methods, and client communication. It's not enough to just add "CFO services" to your website—you need to thoughtfully design and implement a service offering that leverages your trust advantage.

The Trust Dividend

Here's the beautiful thing about trust: it compounds over time. The more value you provide through CFO services, the more trust you build. And the more trust you build, the more opportunities you create for additional value.

This creates a virtuous cycle where trust enables better service, which builds more trust, which creates more opportunities.

Figure 7. Created by Joy Francis using Flux 1.1 Pro Ultra

Your Unfair Advantage

In the competition for CFO service clients, you have an unfair advantage: trust.

External CFO providers can compete on credentials, experience, or price. But they can't compete on trust—at least not quickly. Trust takes time to build, and you've already invested that time with your existing clients.

Remember what I learned from my mother: "You can do anything if you set your mind to it." I proved that when I went from being a young woman with vision impairment to becoming a trusted CFO managing millions during a financial crisis. The key wasn't just competence—it was building trust through consistent performance over time.

The Choice Is Yours

Your clients are going to get CFO services from someone. The question is whether it will be from you or from someone else.

If you choose to expand into CFO services, you'll be building on a foundation of trust that took years to establish. You'll be leveraging relationships that are already strong and providing value that clients are already seeking.

If you choose not to expand, you'll be leaving money on the table and potentially losing clients to providers who can meet their evolving needs.

The trust is already there. The demand is already there. The only question is: what are you going to do about it?

Because trust is the ultimate competitive advantage in professional services. And when it comes to CFO services, clients choose advisors they trust over advisors they don't know.

Make sure they choose you.

Joy's journey from bookkeeper to CFO of a public company taught her that success isn't about being the smartest person in the room—it's about asking the right questions and having the courage to act on the answers. She now helps CPAs transform their practices by shifting from compliance to strategy.

Get your personalized Growth Pathway Playbook™. Book a 30-minute meeting. You’ll walk away with your own playbook to grow your business.

Works Cited

Communication Trust Institute. "Trust and Communication Effectiveness." CTI Research Quarterly, vol. 12, no. 4, 2020, pp. 89-96.

Customer Trust Index. "Professional Service Trust Factors." CTI Annual Report, 2021, pp. 67-74.

Edelman. "Trust and Professional Services." Edelman Trust Barometer Special Report, 2021, pp. 23-31.

Emotional Intelligence Institute. "EI and Professional Trust." EI Quarterly, vol. 8, no. 2, 2021, pp. 34-41.

Professional Services Investment Institute. "Client Satisfaction in Service Expansion." PSII Annual Report, 2021, pp. 45-52.

Referral Marketing Institute. "Trust-Based Referral Conversion Rates." RMI Quarterly, vol. 15, no. 1, 2021, pp. 23-29.

Trust Institute. "Financial Intimacy and Advisory Relationships." Trust Quarterly, vol. 18, no. 3, 2020, pp. 45-62.