CPA Revenue Sharing?
Do you all have any insight on this? I’ve been told that a CPA,
or really any key referral center, can get licensed and enable us as
indies to pay them a split… is this true and what license would they
need to get?
[quote=Ready2Jump]Do you all have any insight on this? I've been told that a CPA, or really any key referral center, can get licensed and enable us as indies to pay them a split... is this true and what license would they need to get? [/quote]
I have that kind of set-up available at my firm. If all you revenue share on is fee-based only, they don't need any kind of license. If you want them to be able to revenue share on fee-based, and say, mutual fund and annuities, they need a 6/63 combo. If you want them to share on basically everything, they need a 7/63 combo just like you do.
Are you sure they don’t need to be licensed in order to refer fee-based
accounts? That would be great and easy AND HELP ME TAKE BUSINESS
from the EDJ top producers in the area who have all the CPA’s wrapped
(pardon the pun) around their fingers.
Really looking forward to input!
I’m with LPL and yes, I am sure that CPAs don’t need to be licensed fo fee-based revenue sharing. It’s called the partners program. An LPL recruiter could tell you more.
Is it just for CPA’s? Can Joe Client get in on the act? If not, what would he need, 6 & 63?
I’m leaning toward LPL Indy1, we’ll have to hook up. What state are you in if you don’t mind?
[quote=Indyone]I'm with LPL and yes, I am sure that CPAs don't need to be licensed fo fee-based revenue sharing. It's called the partners program. An LPL recruiter could tell you more.[/quote]
I could be wrong, but doesn't that depend on the state involved?
Mike...according to LPL branchnet site, it says it is not eligble in PA. Not sure why?
Ready I know for sure it's CPAs & Attys (if you can get one to squeeze out a referral) It also mentions something about institutional partners. Not sure what that means....? So I don't think joe client could do it. Unless Joe client is a CPA.
I honestly don't know if the state matters...I just know that I can here. That could have something to do with the "not eligible in PA" that devoted pointed out (thanks). I also think she did a fine job answering your Joe Client question, although there are other nice things you can do for Joe, like sending him a thank-you note with a gift certificate to his favorite restaurant...
...and for the sake of anonymity here, I'll leave it at somewhere in the Midwest...
It is dependent upon the state. Some require 65 to do fee sharing, some don't. LPL will only do this arrangement with CPAs, attorneys, P&C shops and institutional partners (I have no idea either).
[quote=mikebutler222]I could be wrong, but doesn't that depend on the state involved?[/quote]
Yes it does. My state, not PA, won't allow it.
As I’ve said on here before, I know a lot of Ed Jones guys doing a type of revenue sharing on just about everything.