Teaming up with CPAs (or other “COI”s, Centers of Influence) is not a new idea. Other training programs exist that range from 1-time seminars, online training, and coaching programs. What do they all have in common? Nearly all are built by financial advisors!
When selecting a program to help you build the future of your business consider examining some key criteria. First, most CPAs and advisors have very different mindsets. It is often this opposite “view of the world” that makes it difficult to build a true alliance where you focus on delivering the best service and value to your clients. Make sure the program you are considering includes training on this issue and a proven system for building trust quickly. Afterall, waiting years before seeing results is a long time to waste!
Next, make sure the results created in the relationship are sustainable. Almost anyone can create one successful case. True success is consistent over time and results recur regularly. Most advisors have received at least a handful of referrals at one time or another from CPAs or other centers of influence. But it is repeated processes and systems for collaborating on joint cases that create sustainable results. Create your own annuity of lucrative business with your partner by choosing a program that models this outcome!
Finally, focus on what you bring to the relationship as a motivator for the CPA to collaborate. Many advisors have tried referring clients for tax needs or offering to strengthen a CPA- client relationship through investment advice.
I’m often asked why these tactics don’t work. The most successful alliances include an exchange of value where both parties benefit from the relationship. If what you’re offering the CPA isn’t perceived as valuable by them the bond may never get off the ground. Understanding a CPA’s most important priority is a great way to build trust and confidence in the alliance and get set a strong foundation for working together on a regular basis.
[/toggle] [toggle title=”Under the risk sharing fee model, what happens if I don’t hit the income growth targets?”]We have your back – we’re in this together – we’re going to make it happen!
We understand that it can be difficult to trust that a program like this can actually help you win in a big way. And we don’t take it personal! We know it’s the fact that you don’t know us well enough yet to trust that we will deliver on our promise. So instead of all the risk being put on you this early in our relationship, we reverse the risk. We put the risk on OUR shoulders instead, so if we don’t deliver, we’re the ones who lose out. Simply put – if you don’t hit the targets, you don’t pay. It’s as simple as that. You can only stand to gain.
[/toggle] [toggle title=”Why would a CPA want to partner with me – don’t they perceive that I’ll “steal” their client?”]We’ve noticed the most successful CPA/Advisor alliances are formed when mutual trust and confidence are built. This can happen quickly when you can solve your partner’s greatest problem. Understanding a CPAs highest priorities and supporting their growth and development provides a winning situation for everyone involved. You win, your CPA partner wins, and ultimate your clients win by receiving the best comprehensive service from their team of advisors.
[/toggle] [toggle title=”Will my CPA partner expect to split financial planning fees with me?”] We’ve found that the majority of CPAs we work with prefer not to split financial planning fees. They enjoy the success that comes from value pricing their tax expertise. Your support of their growth and development offers something they find valuable without licensing and disclosure issues that accompany fee splitting agreements. [/toggle] [toggle title=”Who owns the trademarks and rights to our program materials?”]Advisors who are actively linked as a Certified Tax Planning team have rights to bonus materials created by the Institute such as seminar kits, marketing flyers, postcards, ads, etc.
[/toggle] [toggle title=”Are the introductions I receive exclusive?”]This is not an exclusive agreement. Ultimately, you are searching for the best fit CPA for your business. CPAs in our network who are not actively linked as a Certified Tax Planning team may be introduced to additional advisors. The goal is to allow the right teams to partner together to create maximum results!
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