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© Tim Voorhees, JD, MBA, 1996-2009 1 Excerpts from the Best Practices Workshop How to Generate More Referrals from Lawyers, CPAs, and Charities.

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Presentation on theme: "© Tim Voorhees, JD, MBA, 1996-2009 1 Excerpts from the Best Practices Workshop How to Generate More Referrals from Lawyers, CPAs, and Charities."— Presentation transcript:

1 © Tim Voorhees, JD, MBA, Excerpts from the Best Practices Workshop How to Generate More Referrals from Lawyers, CPAs, and Charities

2 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 © Tim Voorhees, JD, MBA, Greater Alignment

3 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. © Tim Voorhees, JD, MBA,

4 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. © Tim Voorhees, JD, MBA,

5 5 Professional Partners See All Sides of the Planning Puzzle

6 © Tim Voorhees, JD, MBA, Professional Partners Integrate Ideas into a Blueprint

7 7 Professionals Partner to Develop a Wealth Blueprint

8 8 Developing an Integrated Blueprint Requires Partnerships with Lawyers, CPAs, and CDOs as Described on the Following Slides

9 © Tim Voorhees, JD, MBA, 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! © Tim Voorhees, JD, MBA, © Tim Voorhees, JD, MBA,

10 © Tim Voorhees, JD, MBA, Developing Alliances With Lawyers (JDs)

11 © Tim Voorhees, JD, MBA, 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

12 © Tim Voorhees, JD, MBA, 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 co- host seminars and schedule free Discovery Sessions.

13 © Tim Voorhees, JD, MBA, 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

14 © Tim Voorhees, JD, MBA, 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 fact- finding 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

15 © Tim Voorhees, JD, MBA, 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.

16 16 Value Proposition Letter – Sample Summary © Tim Voorhees, JD, MBA, “Heirs receive immediately” refers to what heirs receive during the 9 months after decedent’s death. © Tim Voorhees, JD, MBA

17 Developing Professional Partnerships With Accountants © Tim Voorhees, JD, MBA, © Tim Voorhees, JD, MBA, © Tim Voorhees, JD, MBA,

18 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 © Tim Voorhees, JD, MBA,

19 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 © Tim Voorhees, JD, MBA,

20 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 © Tim Voorhees, JD, MBA,

21 The Adviser Must Assist the CPA In spotting estate planning opportunities In spotting insurance sales opportunities In spotting investment sale opportunities © Tim Voorhees, JD, MBA, to request 50+ questions to spot

22 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 © Tim Voorhees, JD, MBA,

23 Developing Alliances With Charitable Development Officers © Tim Voorhees, JD, MBA,

24 Embrace the 21 st Century Role of the Donor’s Adviser TransactionsversusRelationships Planned Giving Person versusPlanning Team Strategiesversus Optimized Wealth Plans Organizational Needs versus Donor Needs/Vision Limited Resources versus Abundant Resources Disposable Income versus Unneeded Assets Fixed Income Tools versusTax-efficient Portfolios Limited Donor ControlversusMuch Donor Control Barbarians at the GateversusCollaboratives Zero Estate TaxesversusZero Income/Estate Tax © Tim Voorhees, JD, MBA,

25 Difficult to Give Out of Cash Flow © Tim Voorhees, JD, MBA, % Illiquid Assets Liquid Assets

26 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. © Tim Voorhees, JD, MBA,

27 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 © Tim Voorhees, JD, MBA,

28 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 © Tim Voorhees, JD, MBA,

29 © Tim Voorhees, JD, MBA, When You Partner with Professionals, You Can Develop a Wealth Blueprint to Offer Zero-Tax Planning, Wealth Counseling, Legacy Funding, and One- Stop Family Office Services

30 © Tim Voorhees, JD, MBA, Phone: or Fax: Family Office Services Tim Voorhees, JD, MBA to request a summary of the 34 most effective resources for serving lawyers, accountants, and


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