CPAs - Financial Professional - Clients - Help...?

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blue5349

New member
I am a financial professional... doing all types of insurances but mostly specialized in life, disability, education planning, long term care, retirment, estate planning, and business succession... I am just getting in Auto, home, business, health insurance... so I have this CPA who wants to work together in his office selling insurance... But as I was talking to him I never felt like he knows how to recomend people in certain financial product in order to save money on taxes for the clients.. I have a feeling that he never worked with any financial professional and don't know if I can teach him what to look for in terms of people's finances in order to referr business to me...another thing he told me was that he doesn't not solicit life insurance and if this is the case how he expects to work with me?? I want to hear what you all have to say ... and what should I do with him to help him understand what's behind financial planning... and how important it is... ??
 
First of all, consider yourself fortunate that you've found a CPA who is humble enough to realize that accountants are generally not as qualified to address these issues as financial planning specialists. Not only is this incredibly rare, but CPAs can be dangerously myopic when it comes to areas of both insurance and investments; and they are often completely ignorant of this fact. Each should have a reasonably solid grasp of planning areas and things like tax ramifications, business valuation and estate considerations and such, but each has areas of specialization and expertise that are invaluable.

In answer to your question, the solution is probably for the two of you to completely share your client bases. No actions should be taken by either professional with a client until both entities have had an opportunity to independently interview the client, then confer with each other. Neither of you has to concern yourself with when to bring the other in if each of you is ALWAYS brought in.

And as far as the P&C business goes, you need to ask yourself whether you want to be a financial professional or an insurance salesman. You may wish to reconsider.
 
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