CPAs Have a Problem
Unfortunately, most CPAs that work with Small Business Owners have a problem; they do not have the time, resources, or expertise to advise their clients on retirement plans beyond SEP, IRA, and 401k. There is too much involved and requires years of education and a dedicated team to assess a client’s situation, design the proper plan, run plan calculations, perform employee testing, bookkeeping, reports, file with IRS etc. So, they stick to what they know, SEP, IRA, and 401k recommendations.
Solving this problem is where the opportunity lies!
Partnering with CPAs
Partnering with the right CPA is the key to having a consistent referral stream of high-income clients. If you have tried this before without success, it is probably for the following reason.
Think about it from the CPAs point of view. You and every other advisor come into their office and say hi; I am a fantastic advisor, and the company and products I sell are the best! He has repeatedly heard this same thing from every advisor since the day he opened his practice. By taking this approach, you have asked him to risk his relationship with his client so that you can get paid. Good luck with that!
To create a successful relationship, you must have something of value for the CPA and their clients. Something that sets you apart from everyone else. By providing them solutions and your team of specialists in this underserved area of tax reduction and retirement planning, they can retain their best clients and get new clients from referrals. If they are securities and insurance licensed or are willing to get licensed, then you will have a revenue-sharing relationship, and that’s where a partnership with repeating referrals begins.
By taking this approach, you become the GoTo advisor. Why? Because you are bringing them tax planning solutions, resources, and a professional team that they need and don’t have.
Defined Benefit Presentation for CPAs
You’ve identified one or more CPAs who may have clients who are good candidates. Then, use our Designer DB Plus™ Proactive Tax Reduction & Retirement Strategy presentation to present to CPAs. Click here to request a marketing presentation
With this presentation, you can:
- Introduce CPAs to the Designer DB Plus™ (Proactive Tax Reduction and Retirement Strategy)
- Showcase examples and potential tax savings
- Show CPAs how to Identify ideal clients
- Gain referrals for your advisory practice
- Brand this presentation with your information and set a time to meet with CPAs.
Contact us for more information on how to successfully partner with CPA’s
Designer DB Plus™ and Defined Benefit plans is a powerful tool for High Income and Self-Employed Business Owners
Secure Act of 2020 Congress realized that America has a retirement planning crisis. So, to incentivize Software Engineer opens Designer DB Plus™ to offer retirement plans, they raised the tax credit limit from $1500 to $16,500. This dollar-for-dollar tax credit makes most plans a zero setup cost for the employer.
CalSavers Retirement Savings Trust Act. It requires California businesses with five or more California-based employees (one of whom is at least 18 years old) to offer either an employer-sponsored retirement plan or the state-sponsored retirement plan to their workers.
California implemented a new mandatory law requiring all companies with more than five employees to offer a retirement plan to their workers by June 30, 2022. Companies that don’t will be required to enroll in CalSavers, the state-sponsored individual retirement account (IRA), or face fines.
Although California was the first state to pass legislation related to mandatory retirement plans, it’s not the only state to do so. Similar laws exist or are being implemented in several places, including in CO, CT, IL, MD, MA, ME, NJ, NY, and OR. In addition, many other states are actively exploring a state-sponsored retirement option.
The Tax Cuts and Jobs Act (TCJA) changed the tax law that affects high-income Software Engineer opens Designer DB Plus™ and self-employed individuals.
The TCJA changes increased the value of high contribution retirement plans like Designer DB Plus™. Taking these large tax deductions of the top line, you may bring your small business and self-employed clients below the taxable income thresholds ($340,100 married taxpayer, $170,050 single taxpayer in 2022). In addition, they may qualify for the 20% QBI (Qualified Business Income) deduction and save them tens of thousands of dollars in tax liability.