Meeting with prospect & CPA

Bring your snuggie and teach him how to do Yoga. The Balsamic Chicken recipe might be a deal getter! Just don’t mention Ron Paul.

MJ, WTF are you talking about?

Hey wait…Windy used to fight with Voltmoie…and now MJ comes in and 2 days later is ragging on Voltmoie…hmmmmm…could it be???  Nahhhh…MJ says it’s not…LOLOL…as if we all don’t know for sure!

Just get it over with, Windy.  You saw my picture and now you think you have leverage against me.  Out me if you makes you feel better.  I won’t lose sleep, threaten legal action, or delete my account.    I of course would prefer not to have a sexy picture of myself in the hands of others but I’ve talked to a handful of people off here in person so I’m not exactly unknown.  Knock yourself out.

His CPA probably has no desire to meet you.  He knows that he doesn’t know squat about investing.  Unless there is a reason to think otherwise, I would go with the assumption that the purpose of the meeting is to meet and not talk about the specifics of the portfolio.   Why would you go over and meet the CPA first?

Hey…BTW…has anyone heart the new Fist of Five Album???

If he’s been the guy’s CPA for a while they’ve probably built a good relationship.  If the CPA has a financial advisor center of influence then I’d definitely want to be on your A game going in there.  Someone like a CPA won’t hesitate to tell their clients that the prospective advisor is a schmuck or “Don’t worry about him, he doesn’t have the experience necessary to help someone like you.  Let me get you in touch with one of my advisor buddies I’m close with.  He’s been doing this 10-12 years…”.  Keep in mind, the CPA is going to be the one calling YOU next April to get the clients tax documents organized.  If he thinks you’ll be lax and dis-organized he’ll tell his client to go somewhere else.  If he think you’ll be on time and will have the 1099’s and cost basis info for any realized gains/losses ready to go when he asks you, he’ll nudge the client over to your side.  It’ll all be about him wanting his client to have an advisor that won’t create more work for the CPA.

[quote=B24]MJ, WTF are you talking about?

[quote=anonymous]His CPA probably has no desire to meet you.  He knows that he doesn’t know squat about investing.  Unless there is a reason to think otherwise, I would go with the assumption that the purpose of the meeting is to meet and not talk about the specifics of the portfolio.   Why would you go over and meet the CPA first?[/quote]

I’m with Anonymous. Something doesn’t pass the smell test. This guy doesn’t trust you and he’s stupid enough to think that the cpa is smart enough to advise him on your proposal. The prospect is in control of this relationship, not you. Good luck.

Volt - Noones outting you or trying to get leverage. Just thought it was funny. I’m done arguing about Windy not being me though. Do whatever you guys want to that guy, cause its NOT MEEEEEEEEEEE. What do I care.

I worked in a large CPA firm years ago.

Volt - Noones outting you or trying to get leverage. Just thought it was funny. I’m done arguing about Windy not being me though. Do whatever you guys want to that guy, cause its NOT MEEEEEEEEEEE. What do I care.

7 figures got me nervous. 

Did you really just out yourself? Papa Weddell has a belt you know.

You guys really don't have a clue. This dude is getting so much flack from my presence. HAHA

[quote=MJ]

You guys really don't have a clue. This dude is getting so much flack from my presence. HAHA

Hey, whatever makes everyone feel better. I’m happy to be the guy getting everyone to laugh at someone else’s expense. HEEEEHEEE

voltmoie,

Above all else make sure the CPA feels that you value his/her input b/c of their pre-existing relationship to the client. CPA will see you as just a sales rep and will be skeptical of you by default.

I would try and speak to the CPA prior to the meeting so you don’t walk into an interview situation. Make the CPA feel comfortable that you’re not trying to poach the client for a friend of yours who happens to be a CPA and that you value the relationship they’ve cultivated with the client.

You never know, the CPA could be a good referral source down the line.

It sounds like a great opportunity to meet a new center of influence.  Don’t be worried at all.  See this as an opportunity to introduce yourself.  Don’t go there to talk product.

[quote=Greenbacks]I worked in a large CPA firm years ago.

Goodness knows that I don’t get NEAR the referrals from my PA/CPA contacts that all the books say I should, but one thing that I consistently do when I’m meeting a new one is to take along a sample realized gain/loss end of the year statement and an IRA annual distribution statement. My message is "See this? This is what you get from me at the end of the year when I’m working with you and Mr. Jones. Is this the format you prefer, or would you prefer the actual trade confirmations instead?"



PS. Make sure it’s one of the really clean, straight-forward, easy to read gain/loss statements, not one that has a bunch of AMCAP from 1986 with N/A listed as cost basis. That is, unless you would like to regale this CPA with tales of daring do in making up cost basis by seeing how far back you can get your quote screen to track. Not that anyone here has ever done that…

Okay… so I had my meeting with 7 figure prospect’s and CPA today and wanted to give you the happy ending.

Called the CPA prior to our meeting and made up some BS question “Is client subject to AMT”  - already knew the answer since I’ve reviewed their tax returns but he had no idea. CPA started ranting about inflation and how long term bonds were the devil. Good info to know.

Sold the client 50k in 5 yr BABS before meeting and a stock position.

Went into meeting without any specific investments, just strategy (nothing long term at this moment). CPA tried to vet me, side stepped it but answered his questions. CPA started talking about inflation. I ended up giving some crazy rant about inflation, pulling some paul volcker and the velocity of money references right out of my arse. Ended my rant by saying none of us had a clue what was going to happen and although we should mitigate risk we can’t let fear paralize us. CPA for some reason agreed with it, I honestly had no idea what I was talking about. 

CPA talked about some local bank offering a MM with a 2% rate … that cost me 250k. damn

Got account in the end, all but 250k and maybe some 100k CD.  CPA was a tool. My faliure to close the deal early in the process cost me 350k but it’s still a healthy 7 figures.

Thanks for the suggestions.

[quote=voltmoie]

Okay… so I had my meeting with 7 figure prospect’s and CPA today and wanted to give you the happy ending.

Called the CPA prior to our meeting and made up some BS question “Is client subject to AMT”  - already knew the answer since I’ve reviewed their tax returns but he had no idea. CPA started ranting about inflation and how long term bonds were the devil. Good info to know.

Sold the client 50k in 5 yr BABS before meeting and a stock position.

Went into meeting without any specific investments, just strategy (nothing long term at this moment). CPA tried to vet me, side stepped it but answered his questions. CPA started talking about inflation. I ended up giving some crazy rant about inflation, pulling some paul volcker and the velocity of money references right out of my arse. Ended my rant by saying none of us had a clue what was going to happen and although we should mitigate risk we can’t let fear paralize us. CPA for some reason agreed with it, I honestly had no idea what I was talking about. 

CPA talked about some local bank offering a MM with a 2% rate … that cost me 250k. damn

Got account in the end, all but 250k and maybe some 100k CD.  CPA was a tool. My faliure to close the deal early in the process cost me 350k but it’s still a healthy 7 figures.

Thanks for the suggestions.

[/quote]

Good for you.  You’ll get that money market and CD someday as you build credibility and trust with your client.  So he agreed to sign ACAT forms or was this money in MF and VA that you took representation on or a rollover or cash he agreed to invest with you?

They have accounts and CDs all over the place.  Signed ACAT forms for the three largest brokerage accounts.  Mostly in CDs and stocks. About 500k to invest now.  It was a pretty big rush when they signed those documents!

We’ll meet next week to start getting the rest moved over. 

[quote=voltmoie]They have accounts and CDs all over the place.  Signed ACAT forms for the three largest brokerage accounts.  Mostly in CDs and stocks. About 500k to invest now.  It was a pretty big rush when they signed those documents!

We’ll meet next week to start getting the rest moved over. 

[/quote]

I smell a nice fixed annuity sale for that non-qualified CD money!

be bless to post here…



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Fixed annuity now that would be a great way to loose  a  client.  

Fixed annuity now that would be a great way to loose  a  client.  

Let me weigh in; my father in law to be is a very well respected CPA in his community and the state. 
I think there are a few kinds of CPAs; some which are trying to masquerade as financial advisors, some which just focus on taxes (those are the ones you want to sell yourself and your process to).

What I have done successfully is, sit down and share process.  Give them access to you 100%.  I usually give them my cell number and give them a few scenarios-ask them, ‘do you think this makes sense?’, because, you know the cpa is going to be all over everything you do. Let them act like a know it all-ask them questions.  “How do you see this…”   Frankly, and I know I am biased, but I think it should be illegal for these people to be wearing several hats; my argument is, you don’t have the time to do all things well.  Especially during tax season.  What if September 2008 happened in March of 08?  Then what?  My grandmother is with one of these monkeys, and it’s painful for me.  But, she is too stubborn to do anything about it. 

My best clients have a cpa who is masquerading as an fa, using the HDVest (Wells) platform.  She sold my clients a bunch of Oppy funds, before we started working together, and, through time,  they hated them.  They transferred over to me :) 

It’s kind of a no-win; you’re going to be vetted, so good on you if you can sidestep it, or at least just come off as a decent, non-threatening person. 
That stuff about the MM is suspicious–does your client’s cpa also try to sell investments? 

Tell the CPA about how accurate the P/L reporting is…And how everything will be sent to him in one neat excel file.

F’n CPAs from an account at Merrill had me run P/Ls on every goddamn portfolio some bastard had. Its annoying because the guy owned every stock in the S&P. What I think the client is looking for is cooperation between the advisor and cpa… so that everything works in tandem.

My best friend is a CPA. They’re all alike. Masters of the calculator world.

Congratulations, Volt.