Jim Hoogasian: We develop new clients for our firm in four ways. The first is simply through referrals from current clients. We work extremely hard at providing customized, highly responsive service and a planning model that we think can enhance the probabilities of success for a client in meeting their retirement-income needs. Our clients appreciate our efforts and, in general, provide many excellent referrals, including family members, friends, and associates.
The second source for business development is through a variety of marketing programs that are primarily content-based and educational. Our main goal there is to prompt prospective clients to seek a “second opinion” on their current financial and retirement-planning efforts. Many people do not have a realistic plan in place to allow them to live the way they want to in retirement. Our job, if they choose to work with us, is to help them allocate their resources in a way that allows them to progress toward their lifetime income needs.
The third way we develop new clients is through our work with small businesses, including medical practices. We provide a variety of professional services for small businesses, including consultative services for qualified retirement plans, primarily 401(k)s. As we work through the retirement-plan process with the principal of a business, we often find that they have personal wealth-management and retirement-planning needs that we can help them address. We might also receive a referral from them leading to a relationship with one or more of their key employees.
The final source of business development comes through our firm’s robust CPA affiliation program, which Ed will describe.
Ed Gay: Our firm, Integrated Financial Partners (IFP), has a major focus on what is called “The Professional Partners Program.” IFP advisors will bring comprehensive financial planning to the clients of CPA firms, law firms, property and casualty agencies, associations, banks, and credit unions. The program is designed to assist professional partners in increasing revenues, improving retention, and attracting new business, while providing additional value to existing clients.
Jim and I are aligned with a CPA firm in our area, and we think the relationship brings many benefits to our clients, our firm, and our CPA partner. For our clients, if they do not already have a CPA, we can refer them to an excellent resource. But even if they do, they reap the benefit of knowing we have a partner in place who can assist us in our development of tax-advantaged financial and investment plans on their behalf.
For our firm, we have a highly professional tax-planning resource, as well as a partner who can provide valued referrals to their own client base. For our CPA partner firm, they also have the opportunity for referrals, as well as being able to provide their current clients with a trusted financial-planning resource. Additionally, for shared clients, we think the sophisticated integration of the services from our two firms is a major benefit and represents a win-win-win outcome for all involved.
- Provide customized, highly responsive service.
- Develop content-based, educational marketing material.
- Provide professional services for small businesses.
- Use a CPA affiliation program.
Disclosure: Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Integrated Wealth Concepts, a registered investment advisor. Integrated Wealth Concepts and Integrated Financial Partners are separate entities from LPL Financial. All investing involves risk including loss of principal. No strategy assures success or protects against loss.
Photography by Glenn Perry
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