Strategic Alliances Becoming the Partner of Choice Darryn Pope, CFP ®, CFS.

Strategic AlliancesBecoming the Partner of Choice

Darryn Pope, CFP®, CFS

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Magic Formula

$

3

Friday Morning Quiz

Definition of a CPA …

A. The most trusted advisor of my favorite clients

B. A green-visored pencil-pusher who doesn’t understand or appreciate the myriad wonders of life insurance

1 point

2 points

4

Friday Morning Quiz

If I could show you a way to __________ and __________, could we do business today?

A. Yes

B. No

1 point

2 points

5

Friday Morning Quiz

A synonym of CPA is …

A. Potential partner

B. Deal-killer 0 points

2 points

6

Friday Morning Quiz

Would you rather pay taxes NOW, LATER, or NEVER?

A. Yes

B. No

1 point

2 points

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Friday Morning Quiz

Do you know how to play craps?

A. Yes

B. No

12 points

0 points

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Friday Morning Quiz

• 20 points

• 4-19 points

• 3 points

A+

Passing

?

Grades:

9

Agenda

• Finding Strategic Alliance Prospects

• Recruiting Strategic Alliances

• The 3 Keys to Managing the Relationship

• Compensation Alternatives

• CPA Firm Dashboard

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Finding PSFs

Strategic Alliances are:

Mutually beneficial

Fair

Transparent

Accountable

Strategic Alliances are not:

≠ Referral-based

≠ Transaction-based

≠ Unpredictable

≠ Focused on you

the whole is greater than the sum of its parts.

Partnerships:

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Finding PSFs

1. Current relationships

2. Your own book

3. Events

4. Wholesalers

5. Seminars

6. Donut/pizza runs

7. Direct mail and e-mail

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Finding PSFs

Prioritize by type:

– Location

– Size

– Look and Feel

Prioritize by

registration:

– Licensed

– Previously licensed

– Not licensed

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Recruiting PSFs

Competitors

Revenue

Experienced

Ethical

Good service

Great products

Client-centered

#1

#2

#3

#4

#5

Why choose you?

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Advisor

Advisor

Recruiting PSFs

Advisor

Advisor

Advisor

ProcessCPA Firm

Advisor Advisor

Marketing

Sales

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Recruiting PSFs

What really makes you different?

What really makes you

better?

Build their brands

Involvement

Fair compensation

Transparency

Process

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Plans and Processes

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Business Development TimelineR

evie

w a

nd

R

esetReview

•Business Plan•Existing book•Top 10 Clients•Top 10 Opps

Set meetings with Top 10s

Set goals

Th

e F

irm

D

ash

boardSegment

Prioritize and rank

Top 40Management:Over-deliverOver-serve

Imp

lem

en

t an

d

Exp

an

d 10/10 Focus•Priority 1•Priority 2•Priority 3

Expand solutions

Influence

Process

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The Three Keys

After Tax Season Schedule – May

Neal /

Shelt

on

Neal /

Shelt

on

Mannin

g

Consistency

Accountability

Transparency

Consistency

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The Three Keys

Accountability

Consistency

Transparency

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Compensation Alternatives

• Fee-splitting*(State and b/d licensing requirement may apply.)

• Facilities and services agreement

• Referral fees

• Ownership

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CPA Firm Dashboard

• TP and SP Ages

• AGI

• Interest Income and Tax-exempt Income

• Schedules B, C, D, E, F

• Invoice

Demographics:

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Firm Dashboard

23

Firm Dashboard

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Firm Dashboard

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Trading on Action

“So many moviestrade on action,

andnobody really

cares about the outcome.”

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Key Points

• Stop hoping for referrals.– Think like a partner.– Interview.

• Be consistent, accountable, and transparent.– Develop your process.– Manage the relationship.

• Do it differently – care about the outcome.

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CPA2Connect Coaching Program

cpa2connect

@cpa2connect cpa2connect

Darryn Pope, CFP®, CFS

[email protected]

(866) 834-1040