Untapped Referral Sources
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The document outlines various untapped referral sources for financial advisors, emphasizing the importance of building relationships with other professionals like CPAs, attorneys, and business brokers. It presents solutions such as capital gains elimination trusts and private annuity trusts to address clients' financial needs. The text also encourages advisors to develop marketing strategies and scripts to attract potential referral partners.
Untapped Referral Sources
- 1. UNTAPPED REFERRAL SOURCES Provided Courtesy of Seniorleads Automated Internet Marketing to Bring You New Clients 888-893-2993
- 2. CPAS AND ATTORNEYS OKAY, BUT…… Every advisor is courting them Some are in competition with you They worry about losing a client if you lose their client money High threshold of competence required
- 3. OTHER BUSINESSES Already have relationships with the clients you want Relationships are generally transactional (not relational) Cannot judge your competence Most advisors ignore them Easy to answer –what can you do for them
- 4. COMMERCIAL REAL ESTATE BROKERS Do you ever have prospects that won’t sell because of tax reasons? Solutions: Capital Gains Elimination Trust, Private Annuity Trust Perfect for Seminars or joint meeting
- 5. CAPITAL GAINS ELIMINATION TRUST CGET CGET sells asset, has $1 million to reinvest for income and gains. Sale is Tax Free inside this trust. Requirement-- when both parents die, at least 10% of original gift must go to charity Parents Own $1 million low basis real estate (or stock). They gift it No estate tax as asset is removed from their estate = $470,000 savings Parents get annual income, e.g. hypothetical 10% for life = $2 million Parents get tax deduction for gift to trust = $284,000
- 6. PRIVATE ANNUITY TRUST Source: National Association of Financial and Estate Planning
- 7. Defers gain for years Converts equity into cash Basically an installment sale to heirs PRIVATE ANNUITY TRUST
- 8. HOSPITALS (LTC) They want to court seniors They advertise in their newsletter and senior center your Presentation on LTC (or How to Analyze an Assisted Living Arrangement) Use hospital for individual meetings with attendees, sell a boatload of LTC (or annuity and life combo policies)
- 9. OUTPLACEMENT FIRMS Outplacement firms want to deliver long list of services to their clients (Fortune 1000 companies) Clients of outplacement are executives with rollovers Your Class: How to Manage your Money Between Jobs Topics: Cash, credit, health insurance, cobra, stock options and foolishness of leaving $ in 401k plan
- 10. BUSINESS BROKERS They have clients that will have $$$ as they sell their business You can help them provide more comprehensive services such as the tax free sale of the business (qualified small business stock, Sec 1202 and 1045 of IRS code) Perfect for Seminars or joint meeting about estate planning, CGET to sell business,etc
- 11. WHO ELSE? Who else has relationships with clients you want? You can help them Under prospected by financial advisors Transactional relationships How about….
- 12. WHO ELSE? The luxury car dealer? The yacht dealer? High end residential real estate broker?
- 13. ACTION PLAN Make your list (phone book or CD from INFOUSA) Make your script (script is about what YOU can do for THEM) Create 6 drip letters Do your study of soultions Create a niche that pays like a slot machine