CPA Alliance Programs
Ya think? I bet he says "Here is Joe Blow's card. I get 50% of his fees. He does a great job."
Nope. I get good referrals from him. I refer lots of business to CPA's and attorneys. I do the same thing. I refer to 2-3 at the same time. This is much better because it gives the client a choice. The attorneys who send me business do the same thing. They feel like they might have some liability if they just refer to one person and something goes wrong.
Well I won't say it's impossible, but doesn't sound realistic. I would bet you get referals UNDER Joe Blow's minimum, or those that refuse fee based. Remember Joe's minimum could be $1,000,000 or more. I don't doubt you get referals I just bet Joe is getting better ones.
CPA,Attorney’s will not put there reputation on the line for a rookie. Would you?[/quote]
But what if you got a 30% kickback and some nice cannoli’s?
“Leave the gun, take the cannoli’s.”
[quote=ExPropTrader]We have an alliance with several CPA and attorney firms, took 4 years to get the legalities past the Business Prevention Unit but has worked out well for those involved. There are fairly strict guidelines that have to be followed but if it's a good fit it works out well. You can't overcome the ethics issue however. If that is their objection you are pretty much SOL.[/quote]
Congrats. How is this working out for you? How much business do they send you? Is it huge or a small part? What problems have you had?
Unfortunately I have not personally got an alliance started, my team leader and some of the older producers have several set up and they love it although they are a little reluctant to talk about specific $$$ amounts.
gad12, it's very realistic. Their CPA practice comes first and it's all about CYA.
When you have a good client who needs a CPA, to whom do you refer your client? I tend to refer up to 4 CPA's. 1) My own personal CPA who is my client and sends business to me 2) A second CPA who is a client and sends business to me 3)A third CPA who sends business to me, but is not a client 4)A 4th CPA who is not a client and does not send business to me, but I'm trying to cultivate.
I then send an e-mail or call the CPA and say something like, "I just referred Pete Rose to you. His basic situation is blah, blah, blah. I'm not sure if he's going to call you or not. If he does, please let me know and I'll get his permission to discussion any pertinent specifics." All 4 of the CPAs will get the same basic phone call.
Unfortunately I have not personally got an alliance started, my team leader and some of the older producers have several set up and they love it although they are a little reluctant to talk about specific $$$ amounts.[/quote]
In my firm, the program allows the CPA firm to be paid fees of 10%-30% of the gross sales credit for the lifetime of the client’s relationship with my firm. The FA has the discretion to set the fee anywhere within that range. However, the fees are only eligible to be paid on managed accounts that the client opens up. The CPA firm does not get paid on any other business the client does.
I just sent out the prospecting letters this week. (sent to 130 CPAs) I’ll post an update in the future.