FAQ – Strategic Alliance Team Program
What is this service exactly?
What we do is work with CPAs who are looking to provide their clients with exceptional quality service, but who sometimes get asked things that they might not do on a regular day to day basis. This includes things like Wealth protection/Transfer, Executive Compensation, Estate Planning, Retirement Planning, Investment and product research, and succession planning for the business.
By creating a convenient, one-stop-shop which provides your clients with a comprehensive, 360-degree view of their financial life, you will continue to add more value to your client relationships.
So rather than the CPAs hiring additional staff, or spending precious hours climbing the learning curve themselves, we provide that service through the CPA firm, to their client. And do so in a partnership style approach, where at the center of our relationship is a formal revenue-sharing agreement in which the CPA continues to own the client.
How easy is it to get started and what steps are involved?
Since there are a wide range of product and service offerings available there are different requirements for the various levels. Barring any professional code of conduct and state restrictions, it is entirely possible through the proper agreement to share some forms of revenue without the need for licensing/registration.
We offer a model that can be customized to you and your practice. Our goal is to arm you with the best information possible to determine if revenue sharing is of interest which model may be most appropriate for your practice.
Why should I consider working with Lincoln Financial Network’s Strategic Alliance?
Well, a couple of reasons. First, your clients sometimes ask you for advice or insight into things that quite frankly might be outside of the regular, day-to-day business and/or tax activities.
Things like wealth protection/transfer, executive compensation, estate planning, investment analysis and succession planning for the business just to name a few. And instead of spending precious time and resources climbing up the learning curve yourself, you have a trusted team of advisors who specialize in exactly those kinds of activities.
And secondly, our team brings years of experience to the table. Meaning the people, we have talking to your clients are top notch professionals in their field. This allows you to expand your existing products and services and create a retainer and fee-based business, WITHOUT having to add on any employees.
And one more thing: You keep the client. Meaning we create a formal revenue sharing agreement in which the CPA continues to own and directly work with the client as they see fit.
What makes you different from other firms?
Well that’s a good question, as we’ve all seen these companies who say one thing, but do another.
We’re NOT like that.
One of the main differences is our Strategic Alliance Group, which works directly with the CPAs to iron out all of the details associated with the relationship. Things like the contract itself, the revenue sharing splits, the amount of work they want to get involved with and all of the things beforehand that enables us to answer any and all questions, so that the CPA feels 100% confident in the work we're going to do with their client and their EXACT participation in it.
Number two, we were named one of the World’s Most Ethical Companies® for 2022. Ethisphere looked at companies throughout the world and the Lincoln Financial Group was considered one of the most ethical organizations. See the following link - https://worldsmostethicalcompanies.com/honorees
And last but certainly not least, as we’ve mentioned before our Trusted Advisors bring years of specialty experience that translate into real results for your clients. We’re talking about experience in the areas of executive compensation, estate planning, investment analysis and succession planning for the business and just to name a few.
Outside of generating additional revenue, what benefits do you see for our firm?
That’s another good question because as we all know, money isn’t everything.
Number one, you’ll continue to provide an exceptional client experience to clients who want services outside of the regular day-to-day business operations and/or tax preparation. And you’ll be able to do that WITHOUT hiring additional staff or climbing a time-consuming learning curve. You can just set up some time where we talk to your client, and if it looks like we can assist, then we can take it from there.
Number two, referrals. We all know that referrals are the lifeblood of our business, and what better way to increase those referrals than by providing high quality service in areas outside of day-to-day tax/business services. This will also allow you to differentiate yourself from the competition.
And third, it increases the versatility of your overall business offerings. We like to call this becoming a 360 Firm, because it allows you diversify your business offerings, that adds value to your clients, without adding on any additional staff, or spending time climbing the learning curve yourself.
When you put all of that together, in addition to the increased revenue, we feel like it’s a compelling offer for most CPAs.
Lincoln Financial Network is the marketing name for the retail and financial planning affiliates of Lincoln Financial Group and includes Lincoln Financial Securities Corporation and Lincoln Financial Advisors Corporation, broker/dealers (members FINRA and SIPC) and registered investment advisors. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Insurance offered through Lincoln affiliates and other fine companies. Neither Lincoln Financial Network nor its representatives offer legal or tax advice. CRN-4841502-071122