Filed Under:Life Insurance, Life Planning Strategies

Cultivate High Profit Partnerships with CPAs

dan
dan

Every day I wake up in the morning and ask myself this question:

Who else in my community is doing business with my ideal client?

I have found over the years that perhaps the best way to get in front of highly qualified prospects is to be introduced to the prospect by someone they trust. I believe that partnering with a CPA is oftentimes the best way to leverage one relationship into a steady stream of highly qualified prospects.

Now I have to admit that, in the past, I have been intimidated by the idea of approaching a CPA. Last year, however, I ventured outside my comfort zone and sponsored a Continuing Professional Education (CPE) training for area CPAs and enrolled agents. What I discovered in the process was enlightening.

Simply put, CPAs are looking for help. Their clients are asking them for help, and CPAs want to find high quality professionals who they trust will take great care of their clients. I also found that many CPAs are aware that they don’t have the answers when it comes to financial planning and advice; their expertise is usually limited to tax advice. So they’re hungry to find an outstanding professional who can take care of this client need.

So how do you begin cultivating a relationship with a CPA or enrolled agent? The key is in the word I just used: “relationship.” Get to know the CPA. Find out how he or she uniquely serves clients. Demonstrate how you uniquely serve your clients as well. Invest some time into becoming friends, because people do business with friends.

You may also be able to form an actual partnership with a CPA. Many are looking for ways to increase revenue. Of course, they will have to become appropriately licensed to participate in any revenue sharing, but if approached correctly, revenue sharing can be a tremendous boon for both of your businesses.

Always approach the idea of a partnership with great care. The principal motivation of the CPA is usually to ensure that their client is taken care of appropriately. Many CPAs will actually prefer not to create a formal partnership; they simply want to know their clients are provided for, and they do not wish to profit from it. Either type of partnership works. 

If you wish to dramatically change your business for the better, focus on developing a couple of key CPA relationships. It's one of the best ways to invest your time.

For more on building strategic partnerships, see: 

P&C Agents: Alliance Opportunity or Waste of Time?

CPAs, Enrolled Agents, Accountants ... What's the Difference?

Should I Build My Own Tax Practice?


Top Sales and Marketing Ideas - 2014

Special Feature

2014 100 Best Sales & Marketing Ideas

There are a million ways to sell an insurance product, and any one of them may work depending on your target market, your product lineup and your own unique skill set.

Explore Now
More Resources

Comments

Close

Advertisement. Closing in 15 seconds.