How to Generate More Referrals from
Lawyers, CPAs, and Charities
Excerpts from the Best Practices Workshop
1
© Tim Voorhees, JD, MBA, 1996-2009
Greater Alignment
Decide on the Level of Partnership with Lawyer,
CPA, or Charitable Development Officer (“CDO”)
1. Ask for Referrals
2. Sell/Provide services and products to
Lawyer/CPA/CDO for use with retail clients
3. Have an Lawyer/CPA/CDO get insurance
licenses to share in commissions
4. Have Lawyer/CPA/CDO get insurance and
securities licenses to track revenue
5. Co-own an LLC with the Lawyer/CPA/CDO to
minimize licensing hassles and maximize revenue
6. Open an office at the office of the
Lawyer/CPA/CDO
2
© Tim Voorhees, JD, MBA, 1996-2009
Asking for Referrals Does Not Work Well
for Most Advisers
1. JD/CPA/CDO is skeptical of your marketing
materials with insurance company branding
2. JD/CPA/CDO is skeptical of your training when
you have mostly insurance industry credentials
3. JD/CPA/CDO is skeptical of your back office
planning when you use commercial “black box”
software.
4. JD/CPA/CDO is skeptical of your case
management when you focus on a few simple
concepts and lack experience integrating strategies.
3
© Tim Voorhees, JD, MBA, 1996-2009
Professional Partnerships Overcome the
Problems on the Previous Slide
1. You co-brand marketing materials focused on
helping the JD/CPA/CDO tell his/her story better.
2. You provide a broad array of Continuing Education
Courses with training on the hottest planning tools.
3. You display a brochure showing highly credentialed
and experienced planning team members.
4. You offer web-based project management resources
with a broad array of reports to keep clients and
planning team members informed and united.
4
© Tim Voorhees, JD, MBA, 1996-2009
Professional Partners See All Sides of the Planning Puzzle
5
Professional Partners Integrate
Ideas into a Blueprint
6
© Tim Voorhees, JD, MBA, 1996-2009
Professionals Partner to Develop a Wealth Blueprint
7
Developing an Integrated
Blueprint Requires
Partnerships with Lawyers,
CPAs, and CDOs as Described
on the Following Slides
8
How Successful Advisers Position
Themselves in the Market
•
•
•
•
•
Maintain an inventory of tactical tools
Offer virtual back office support
Do educational seminars
Engage clients for joint cases
Work with lawyers (QPRTs, GRATs, IDITs,
etc.), CPAs (Captives, etc.) and CDOs
(TCLATs, CRTs, Super CLATs, etc.)
• Help implement cases!
9
© Tim Voorhees, JD, MBA, 1996-2009
Developing Alliances
With Lawyers (JDs)
10
© Tim Voorhees, JD, MBA, 1996-2009
Benefits of Working with lawyers
• Gain access to high net worth legal clients
• Receive favorable introductions
• Maintain control over process using high-tech
solutions like those at vBlueprint.com,
vTasker.com, and vFos.com
11
© Tim Voorhees, JD, MBA, 1996-2009
Benefits of Working with lawyers
Continued
• Offer a turn-key solution with brochures,
protocols, etc.
• Focus on your unique abilities
• Enter into agreements with lawyers to cohost seminars and schedule free Discovery
Sessions.
12
© Tim Voorhees, JD, MBA, 1996-2009
Prepare a Marketing Kit for
Presenting Concepts to lawyers
• Pre-approach letter from Adviser to Attorney to discuss
benefits of the proposed relationship
• Brochure outlining concept for use by Adviser firm with
Attorney
• PowerPoint slide show with notes for producer to use
with attorney to sell program
• Sample Family Wealth Blueprints and Tactical Plans
customized with attorney’s name
• Outline of marketing suggestions
• Sample brochure from Attorney to customer outlining
program
13
© Tim Voorhees, JD, MBA, 1996-2009
Prepare a Marketing Kit for
Presenting Concepts to lawyers
• Sample letters from attorney to customer outlining
reason to come in for visit; e.g., TOLI review.
• Sample introductory Data Organizer (to be provided
by the attorney to the customer to initiate the factfinding process.)
• Outline of the work flow process from fact finding
to family education
• Sample Costs and Benefits of program for attorney
• Enrollment Notebook detailing compliance issues
and procedures
14
© Tim Voorhees, JD, MBA, 1996-2009
Steps in Process
• Learn to use the best illustrative software.
• Customize Sample Plans
– QPRTs, IDITs, GRATs, etc. for estate plans
– Captives, Pension Rescue, etc. for cash flow plans
– CRTs, TCLATs, etc. for charitable plans
• Offer training to lawyers
• Track cases in the best project management
software
• Learn to communicate a compelling Value
Proposition.
15
© Tim Voorhees, JD, MBA, 1996-2009
Value Proposition Letter – Sample Summary
•“Heirs receive immediately” refers to what heirs receive during the 9 months after decedent’s death.
© Tim Voorhees, JD, MBA, 1995-2003
© Tim Voorhees, JD, MBA
16
Developing
Professional
Partnerships With
Accountants
17
© Tim Voorhees, JD, MBA, 1996-2009
Distinctions of Successful CPA
Alliance Programs
• Define equitable and proper compensation
arrangements.
• Distinguish firm from others by providing
tactical plans as well as comprehensive plans
• Maintain the highest professional standards
of technical competence and long-term
commitment to clients
18
© Tim Voorhees, JD, MBA, 1996-2009
Distinctions of Successful CPA
Alliance Programs
• Offer a full range of non-proprietary financial
services
• Offer Independent Assessments – provide
objective review of amount and type of
insurance or investments
19
© Tim Voorhees, JD, MBA, 1996-2009
Distinctions of Successful CPA
Alliance Programs
• Offer strong local representation backed by
comprehensive national resources
• Provide clear written client disclosures
• Support clients with comprehensive
technical, marketing, and computer services
provided by professional specialists
20
© Tim Voorhees, JD, MBA, 1996-2009
The Adviser Must Assist the CPA
• In spotting estate planning opportunities
• In spotting insurance sales opportunities
• In spotting investment sale opportunities
Email info@vfos.com to request 50+
questions to spot opportunities
21
© Tim Voorhees, JD, MBA, 1996-2009
The Adviser Must Assist the CPA
• In communicating the message with brochures, web
sites, and sample plans
• With conducting Discovery Sessions and Family
Retreats
• With plan design and illustration
• With advanced sales support
22
© Tim Voorhees, JD, MBA, 1996-2009
Developing Alliances
With Charitable
Development Officers
23
© Tim Voorhees, JD, MBA, 1996-2009
Embrace the 21st Century Role
of the Donor’s Adviser
Transactions
Planned Giving Person
Strategies
Organizational Needs
Limited Resources
Disposable Income
Fixed Income Tools
Limited Donor Control
Barbarians at the Gate
Zero Estate Taxes
versus
versus
versus
versus
versus
versus
versus
versus
versus
versus
Relationships
Planning Team
Optimized Wealth Plans
Donor Needs/Vision
Abundant Resources
Unneeded Assets
Tax-efficient Portfolios
Much Donor Control
Collaboratives
Zero Income/Estate Tax
24
© Tim Voorhees, JD, MBA, 1996-2009
Difficult to Give Out of
Cash Flow
Liquid Assets
3%
Illiquid Assets
25
© Tim Voorhees, JD, MBA, 1996-2009
Developing Alliances With
Charitable Development Officers
• Most charitable development officers focus on
the 3% of assets that are liquid
• You can help the CDO focus on the illiquid
97% using advanced asset monetization
strategies.
• The client generates more tax benefits and
shares some of the tax savings with the charity.
• You generate new commissions and possibly
share some with the charity.
26
© Tim Voorhees, JD, MBA, 1996-2009
Developing Alliances With
Charitable Development Officers
• Display the sample plans
• Prepare initial plans for board members
• Provide current gifts equal to twice the fees
paid
• Provide millions of deferred gifts
27
© Tim Voorhees, JD, MBA, 1996-2009
Developing Alliances With
Charitable Development Officers
• Identify the development officers with the
best relationships
• Offer turnkey support with brochures, slide
shows, etc.
• Position your firm as the objective third party
• Target the over-taxed and charitably-inclined
• Communicate the message to the donor
28
© Tim Voorhees, JD, MBA, 1996-2009
When You Partner with Professionals,
You Can Develop a Wealth Blueprint to
Offer Zero-Tax Planning, Wealth
Counseling, Legacy Funding, and OneStop Family Office Services
© Tim Voorhees, JD, MBA, 1996-2009
29
Family Office Services
Tim Voorhees, JD, MBA
Phone:
Fax:
Email:
800-447-7090 or
949-878-9400
866-447-7090
info@vfos.com
Email info@vfos.com to request a summary
of the 34 most effective resources for serving
lawyers, accountants, and CDOs.
30
© Tim Voorhees, JD, MBA, 1996-2009