Tip:
Highlight text to annotate it
X
All kinds of sophisticated pension plans that include life insurance; plans for prepaid medical expenses following retirement
but actuarially financing them today as tax deductible expenses, a few millions to put aside;
inheritance plans - when there is inheritance tax, of course early inheritance plans, with a trust, I don't remember what is a trust called here
Ram, what is a trust called? (translates into Hebrew), a trust that also holds a policy, etc.
There are things that when you work with a CPA he can bring up. Not the product itself, but the need
It makes total sense that the CPA will pick up the phone and say: hello, we have not discussed this. It's about tax. Let's talk about it.
Tax is his business. Great. He can talk about tax. Not a problem
What do all these strategies I mentioned have in common; they usually includes a life insurance policy as well
and as a rule, the larger the better
As I developed expertise in this type of plans, I had the opportunity to work with plastic surgeons, and so on
People that earn each year $4 million, that write a check of $700,000 in taxes; all of a sudden at 58, except for the Lamborghini and the wife that has had plastic surgery all over, they have nothing put aside
Nothing means $2 million, for someone who makes today $4 million a year, just so we're clear; he thinks it's quite a sum, until he meets me.
It is very important to remember the basics.
Any place I come to, whatever public interaction I have, I never ever look for the client. Never.
It's a funny situation. I had lunch with a friend about a month ago; a good friend, in the same field
and he said: we're often together, and quite often we energize each other
We meet often, and he says: you know, it's interesting, but in our conversations I never hear anything from you about clients. As if finding clients is not an issue.
I do not think about it. I don't deal with it. It's not an issue.
It puts us in the same position as the poker player that has no facial movement
because I really do not care. I come to any place and look for leverages, I never look for clients.
When people tell me maybe we should do business, I say "Maybe, here's my card. Call me if you want to". Not interesting.
It's true that sometimes they call just because you have this attitude. But I am not interested. I'm looking for his CPA, I'm not looking for him.
I'm looking for the leverage. As Archimedes said, you saw his picture at the opening,
Give me a leverage long enough and a place to set it, and I will raise the world.
For me, to find clients, like those plastic surgeons - Who am I? What am I?
I arrived there knowing nothing. I barely knew English. How would I get to these people? No one knows me. Their CPAs know me.
Therefore, I never look for clients. I have overcome the urge. I have suppressed it, because it is not fun.
For a client, you have to prove to him who you are, what you are, he will start to look you up, will want you to show him your credentials.
I don't even know about these questions. No one ever asks me who I am and what are my credentials.
We have reached the point where John calls, but it is after 2-3 years of work, and says in English:
Hey, hi, he doesn't even introduce himself, they already know who is calling
(translates into Hebrew) I looked at your last year's tax returns. I think we can do something about it. When can you be here?
Who else could say something like this to a client except a CPAs?
And they come! They would sometimes be there within half an hour. John doesn't even tell them I'm there.
He says: I want to introduce you to Tibi. I think he can help solve your tax issue.
What will the client do now? Look me up on the Internet?
He does not ask me anything.
Never ever ever should the term "referral" be mentioned in such a relationship.
I don't know how that sounds in Hebrew, but in English "referral" became a dirty word.
Like all things that begging OK, but then wear out and become a dirty word, referrals is a dirty word.
First of all because it implies reciprocation. It hints to the fact that we would refer to each other: you will refer to me, and I will refer to you.
the ones I work with, do not want referrals; and I have no one to refer to them.
Partners do not refer to one another. Partners work on a mutual book of business, and share revenue.
Referrals mean you want access to their book. It's not what we are looking for.
The first introductory meeting with a client, when you already have a CPA partnership, would be more effective if held at CPA's office.
True, they do have clients that are closer friends, close enough to call them and say "Tibi".
Never ever do I take someone's name and call him to tell him that John asked me to call. Never.
Because John is a different person, and his client wants to hear John first. The fact that I will call and tell him John referred me,
turns into a referral again. It's not the same level of power as John calling him and telling him he wants to introduce him to someone.
You need to be presented, not referred.
None of the parties, as I mentioned before, will say or do anything he has not been doing for the last 25 years.
Reporting back is very important. Every step I take with the client, especially at the beginning. It loses its importance later on, but to begin with, for the first year
I call to tell him that I phoned so-and-so, met with this one; so they know we're working with the client, what is the status, and keep them in the picture
all the time. So when a client calls, they have all the information. Very very important.
Remember, CPAs's structure is based on figures not on people and sales.
It is very important. A different character. You have to understand they are the car, and we are the bird.
And most important, as in anything else, P A T I A N C E and persistance. Thank you very much.