Question About Partnering with CPA and Lawyers

[lmt125]

Hello,

So I have been able to partner with P&C Agents, though they only give me like 3 or 4 referrals a year. Also, try and partner with mortgage brokers, they seem to like the concept of mortgage protection. But they never follow through with giving me referrals. I even have a simple marketing system for them, they don't even have to ask any questions just basically let them know that I'll be calling them to make an appointment about their mortgage protection.

Do you have any tips? I'm really interested in partnering with lawyers and cpa's but don't really know how to start a conversation with these other professionals which is where I really want to offer my services.

I specialize in life insurance don't do much health.

Thanks,

Lorena Tomasini

 

[jhuang]

Keep yourself top of mind of them (postcards, network mixers, pop-by's) and find more of "them"
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For CPA's and Lawyers, it's a credibility issue. Make yourself known, talk to a few 1 to 1, and go from there. If they feel you are not credible enough, they won't do business.

Open up to other professions that share the same clients. P&C folks are good, but what about AFLAC agents (or similar) or maybe find turn downs from captive agencies?

 

[lmt125]

Thank you for your reply. I understand what you are saying but I don't know what to say to get them interested in offering my services to their clients. Honestly, I haven't tried just want to get an idea of what approach I should use.

 

[Tahoe Ray]

I'm new to this forum but have worked in this market extensively. I agree with jhuang in that you need to be "top of mind". Attending their (CPAs and Attorneys) events, subscribing to their trade mags and creating a brand that highlights your support of these individuals is important.

The quickest way in: clients in common. If you ask your top relationships who their accountant/attorney is, you will find an immediate common ground. There is no better way to build credibility than propose a CRAT or ILIT (for a client that needs one) and proceed to loop in the CPA and/or Attorney.

Ask the client for permission to contact the other professional and you have an easy in for showcasing your abilities.

 

[VolAgent]

CPAs and attorneys generally aren't interested in mortgage protection clients. For a good attorney or CPA, their clients are in need of different things. Think deferred compensation, estate cases, buy/sell policies, golden handcuffs, etc.

If you want mortgage protection, go find tax preparers. Look for the guys who e-file and advance tax refunds. Problem is, when they are busy they won't have time for you, and the rest of the year they have no relationship with their customers.

 

[lmt125]

I'm looking to get more into the buy sell agreements. I figured the business owners'accountants or lawyers are a good way to get into that field.

What questions night be good ice breakers?

I've been doing "mortgage protection" for about 6 years just looking for something a bit more challenging.

 

[Tahoe Ray]

If you're going to focus on closely held businesses (buy/sell), a major COI is the commercial lender. They often require insurance on the borrower and it may give you an in to some buy/sell arrangements. Use the same approach as you would a CPA or Attorney.

I hope this helps.

 

[lmt125]

At Tahoe do you mean banks?Wouldn't banks be harder? Thanks for the help...sorry for the ignorance :-*

 

[Tahoe Ray]

At Tahoe do you mean banks?Wouldn't banks be harder? Thanks for the help...sorry for the ignorance :-*

These types of relationships are never easy to build. They often take years but the work is well worth the reward.

Leads groups like BNI sometimes have a commercial lending professional as part of the group. Of course, you'd have to find a group that needs an insurance agent....

 

[insurehound]

I would agree, Mortgage Protection would be more of an issue for a tax preparer, not a CPA and attorney.

Buy/Sell, Key Person, Estate Planning, Deferred Comp are all good subjects. But as my mentor told me, you better know what you are doing with those products. And he suggested to bump up your E&O

On another note, we have found it extremely difficult to partner with a good CPA. I find that many are not "insurance friendly". And the ones that are, seem to sell insurance themselves.