A Common Situation

When we work with a CPA firm, we position ourselves as their support team so all the recognition goes to them, not to us. Our role is to do the best we can for the firm’s clients while making their practice shine.

Part of our implementation strategy when engaging with a new firm involves a test run where the CPA identifies three of their clients who have an AGI over $300,000 and with whom the CPA has a good working relationship. We then “test” our process to prove how we can positively impact a CPA’s practice and add value to their best clients. In one such test run, I was introduced to John.

John was a successful businessman. At the outset, he told me that he was satisfied with the team of advisors he had put together and didn’t think we would be able to make any suggestions that his team had not already presented.

He completed our survey, which takes about eight minutes, gave us a balance sheet and permission to review his tax returns, and chatted about his short- and long-term goals for himself, his business, and his family. During this conversation John told us that his biggest concerns were asset protection and retirement, but that he was cash strapped and unable to address either concern until his twins graduated from college.

This is an excerpt from his feasibility study:

Client Stated Objectives:

1.  Reduce Income Taxes
2.  Asset Protection
3.  Accumulate Additional Retirement Assets

Using a combination of four advanced strategies, we propose to:

·  Reduce your taxable gross income.
·  Increase the amount of your itemized deductions.
·  Reposition some of the tax savings into a supplemental creditor-protected retirement vehicle
   that will generate annual income of just over $125,000 tax-free beginning at age 70.
·  Increase your spendable income.

Case Study 2 Table.jpg

This was a situation where the client and the CPA “didn’t know what they didn’t know.” The CPA and the client’s other advisors were using all the traditional strategies they were aware of; however, because of our relationships with some of the best experts in the nation, we identified and implemented techniques not normally applied to a client of this size.

As with all our engagements, the CPA was introduced to, trained on, and approved each strategy before it was introduced to the client.

Our CPA’s client now has a secure retirement and an extra $48,000 a year of spendable income, paid for with funds that he was overpaying to vendors and the IRS. The CPA now receives an additional $10,000 in annual fees to oversee and provide an expert opinion on John’s business and finances. In addition, the CPA has already received three quality referrals due to the successful outcome the firm was able to provide for John.