strategic alliances becoming the partner of choice darryn pope, cfp ®, cfs
TRANSCRIPT
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
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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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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
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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
(866) 834-1040