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

© Tim Voorhees, JD, MBA, 1996-2009

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Excerpts from the Best Practices Excerpts from the Best Practices WorkshopWorkshop

How to Generate More How to Generate More Referrals from Lawyers, CPAs, Referrals from Lawyers, CPAs,

and Charitiesand Charities

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 clients3. Have an Lawyer/CPA/CDO get insurance

licenses to share in commissions4. Have Lawyer/CPA/CDO get insurance and

securities licenses to track revenue5. 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


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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.


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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.


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Professional Partners See All Sides of the Planning Puzzle


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Professional Partners Integrate Ideas into a

Blueprint

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Professionals Partner to Develop a Wealth

Blueprint

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Developing an Integrated Blueprint Requires Partnerships with

Lawyers, CPAs, and CDOs as Described on the Following Slides


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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!



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Developing Alliances With Lawyers (JDs)


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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


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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.


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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


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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


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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.

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Value Proposition Letter – Sample Summary

© Tim Voorhees, JD, MBA, 1995-2003•“Heirs receive immediately” refers to what heirs receive during the 9 months after

decedent’s death. © Tim Voorhees, JD, MBA

Developing Professional Partnerships

With Accountants


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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


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• Offer a full range of non-proprietary financial services

• Offer Independent Assessments – provide objective review of amount and type of insurance or investments


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• 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


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The Adviser Must Assist the CPA

• In spotting estate planning opportunities• In spotting insurance sales opportunities• In spotting investment sale opportunities


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Email [email protected] to request 50+ questions to spot

opportunities

mailto:[email protected]

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


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Developing Alliances With

Charitable Development

Officers


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Embrace the 21st Century Role of the

Donor’s AdviserTransactions versus RelationshipsPlanned Giving Person versus Planning Team Strategies versus Optimized Wealth PlansOrganizational Needs versus Donor Needs/VisionLimited Resources versus Abundant ResourcesDisposable Income versus Unneeded AssetsFixed Income Tools versus Tax-efficient PortfoliosLimited Donor Control versus Much Donor ControlBarbarians at the Gate versus CollaborativesZero Estate Taxes versus Zero Income/Estate

Tax


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Difficult to Give Out of Cash Flow


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3%3%

Illiquid Assets

Liquid Assets

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.


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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


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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


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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


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Phone: 800-447-7090 or 949-878-9400

Fax: 866-447-7090Email: [email protected]

Family Office ServicesTim Voorhees, JD, MBA

Email [email protected] to request a summary of the 34 most effective

resources for serving lawyers, accountants, and CDOs.

mailto:[email protected]

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

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