CPA's and Referrals
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[quote=now_indy]Here’s a recommendation:
Take pizzas to your CPAs tomorrow or Wednesday, they will appreciate it.[/quote]That's just it... do you have any idea how much money we've spent on feeding this guy and his office? Sure, they have no problem coming to us for cost-basis, spin-off info, etc.., but refer a client? You must be joking!
When you say team are you all equally splitting revenue from his own personal account and the referrals he has given you. Or does just the one team member make the revenue? Also what is your investment strategy ie all asset allocated etf mutual fund accounts, SMA business, or do you guys pick stocks and invidual bonds?
[quote=etj4588] [quote=now_indy]Here’s a recommendation:
Take pizzas to your CPAs tomorrow or Wednesday, they will appreciate it.[/quote]That's just it... do you have any idea how much money we've spent on feeding this guy and his office? Sure, they have no problem coming to us for cost-basis, spin-off info, etc.., but refer a client? You must be joking!
[/quote] Ask him if he's ever had a client appreciation event. If not, offer to foot the bill at a nice restaurant/country club. Tell him that you will do ten minutes on the benefits of stretch IRAs (or whatever, but make sure it has a tax slant to it). It will cost some cash, but getting in front of 100 people who trust this guy (who is implicitly passing that trust on to you by having you talk) could generate some referrals immediately.
[quote=etj4588] [quote=now_indy]Here’s a recommendation:
Take pizzas to your CPAs tomorrow or Wednesday, they will appreciate it.[/quote]That's just it... do you have any idea how much money we've spent on feeding this guy and his office? Sure, they have no problem coming to us for cost-basis, spin-off info, etc.., but refer a client? You must be joking!
[/quote] Think of the business people whom you respect the most and you are most apt to refer someone to their business. How many of them feed your office? Spending money on him and feeding his office will give you the reputation as being the person who feeds their office.
I sort of agree. I shy away from doing the “feed the CPA office” thing. OTOH, I have heard of it working for some people. I think it depends on you and the CPA firm. If it is sort of a rural/suburban laid-back practice, they might find it very nice. But if they are focused, driven, and connected, the buying-pizza thing might be sort of a turn-off.
Think about it this way...if you had a very successful advisory practice, were connected with several CPA's, and you had some new CPA in the area start buying pizza for your office (obviously looking for you to refer business), would you think "oh yeah, this guy's gonna start getting my referrals"?? You might be thrilled to have pizza delivered to your office for free, but you won't be very impressed.I’m actually taking pizza to a group of CPAs today (third year I’ve done this for them). I’ve had countless referrals from them, including a lady who called me yesterday (referred from them) who has a 401k to roll over. I asked her the value on the phone, and she said “about half a million.” The pizza is well worth it. It just builds a friendship with the CPAs. Relationships are key.
now_indy, the difference is that you are taking pizzas to a group of CPAs who refer business to you.
The best way to get CPA’s to refer to you is to be the daughter of one. An all star that I had to hear about every other week at Jones was able to do just this.
Are you suggesting I get the guy to adopt me?The best way to get CPA’s to refer to you is to be the daughter of one. An all star that I had to hear about every other week at Jones was able to do just this.
LOL, definitely if possible! It would be a great way to gain instant credibility in that field. Referrals galore !!!!
Yep, there's a fella I've attended a few training classes with in St. Louis whose dad is a hot shot CPA.
He never prospects but is always exceeding expectations. Must be nice.The thing is I don’t hold it against the FA. If it is there for you take it. My problem was having to hear about it at every FA meeting month after month. A person with those connections is just not playing the same game. I guess it shouldn’t have bothered me, but it did. Just like it bothered guys who were hitting 30 homers when Mcgwire was hitting 60.