How Tax Prep Will Transform Your Business An Introduction to Tax Prep University

Transcription

1 How Tax Prep Will Transform Your Business An Introduction to Tax Prep University Executive Summary My name is Ed Rizzotto and as a personal producer I understand how frustrating, confusing and costly it can be to market yourself effectively in today s highly competitive environment. Your clients and prospects are constantly and systematically being targeted by your competition. If you haven t already, the question you should ask yourself and the question I asked myself over 3 years ago is what sets me apart from my competition? For me, the answer was Tax Preparation. With Tax Preparation I am able to constantly attract hundreds of highly qualified people in my community each and every year ready and willing to share every aspect of their financial picture. Will every tax client become a financial client? No, but a significant number of those qualified tax clients turn to me as their trusted Financial Advisor. Page 1

2 Tax Prep University will teach you how to become the most successful Advisor in your community. You will get in front of more qualified prospects; you will close more sales and streamline your business! Overview TPU is dedicated to teaching Financial Advisor s how to implement a successful Tax Practice into their existing Financial Services business. This turn-key business model will create more clients, strengthen existing relationships and earn you more referrals than ever before. We will show you how to avoid spending thousands every month on the latest Seminar System, CPA Referral Programs, Direct Mail Campaigns, TV/Radio Ads, Pre-Set Appointments, Networking Events and the list goes on and on. Tax Prep is the only business model that grows your Financial Practice each and every year. The best part is that prospects are paying you for the opportunity to become financial clients. Once you have completed 3 tax seasons your marketing expense will be paid for by the revenue generated from Tax Preparation! This is how you will establish yourself with a client base that will double your production and stand the test of time. In an independent survey of over 10,000 Financial Advisors we asked three key questions: 1. If you can add an additional 1 million to 2 million in annuity sales every year, uncover life insurance sales opportunities, and capture millions in assets under management would you want that? 78.7% said YES. 2. If you can get in front of 200 to 300 new potential Financial/Insurance Clients every year would you want that? 87.9% said YES. 3. Would you consider incorporating Tax Preparation into your Financial Practice if you did not have to personally prepare the tax return? 77.5% said YES. Page 2

3 Here were the results: Add $1 to 2 Million New Clients No Tax Prep Advisors 70% 75% 80% 85% 90% 2010 Independent Survey of Financial Advisors performed by Survey Monkey. As you can see 78.7% of the surveyed Financial Advisors wanted to write 1 to 2 million dollars more a year in annuity premium, uncover life insurance sales opportunities and capture millions in assets under management. 87.9% wanted to add new clients every year to keep their business growing. What was shocking is that an overwhelming 77.5% of Financial Advisors WOULD incorporate Tax Preparation into their Financial Service Business if they did not have to prepare the tax return themselves but less than 5% of those surveyed had incorporated Taxes into their Financial Services business! That is why Tax Prep University will transform your business. When you attend TPU we will dispel the following myths keeping Financial Advisors from implementing a successful Tax Preparation business. Myth #1: Tax preparation is a hassle. Myth #2: Tax preparation is hard to start up. Myth #3: I don t want to hire more people. Myth #4: I don t want the expense. Myth #5: I don t want the liability. Page 3

4 The bottom line is that if you are NOT preparing taxes for your clients and the thousands of prospective clients in your community; if you are not incorporating the tax return in your sales process, you are missing out on millions of dollars of annuity premium, missing potential life insurance sales and losing millions in assets under management. Tax Preparation is an added service for your clients. It has been proven, over and over again, that the more services you offer your clients, the more likely they are to keep you as their Financial Advisor. In my personal practice I use TAX PREPARATION to write millions of dollars a year in fixed annuity premium, enough life insurance sales to qualify for Top of the Table and capture millions in assets under management and you can too! The team at Tax Prep University looks forward to helping you grow your business by adding Tax Preparation. Please review the Frequently Asked Questions and give us a call to Enroll in the next Tax Prep University! Page 4

5 Frequently asked Questions and Answers Q: How much tax experience do I need to incorporate tax preparation into my practice? A: Most of our reps had very little or no experience at all with taxes when they came aboard with TPU. Our intense Tax Prep 101 and Tax Prep 102 training class will give you all you need to understand the tax return and how to incorporate tax preparation into your practice and your sales process. Q: Am I the one actually preparing the taxes for my clients? A: No. The experienced tax preparer that you hire will prepare all of your tax returns. Q: How do I find an experienced tax preparer? A: We show you how to find and hire a qualified tax preparer. Q: What role do I play during tax season? A: As the owner and financial professional, your only responsibility should be to deliver the tax return to the client. All other duties should be delegated to someone else in your firm. The step-by-step process of tax-return delivery is covered in our training session. Q: Do I need to hire additional staff for tax season? A: Generally, one good administrative assistant is sufficient to assist your tax preparer during tax season. The appointment process and the pickup and delivery of returns will require someone with good organizational skills. Keep in mind that your tax preparer is responsible for gathering info, inputting information, copying, printing and assembling all tax returns to get them ready for delivery. Page 5

6 Q: What additional equipment or supplies do I need during tax season? A: It is advisable to have a dedicated printer/copier for your tax preparer. The tax program will store the tax returns and backs up client information. Q: What do I charge for each tax return? How do I make money during tax season? A: We cover all of the details in Tax Prep 101 and give you the marketing material and price structure to entice new client s to join your firm. We will explain how the house keeps money on each return to cover your overhead and expenses. You will receive a rate manual from us that you can share with your tax preparer. This manual will lay out exactly what to charge in any scenario (i.e returns, extensions, IRS audits, etc.). If Tax Season is executed properly it will pay for itself even if you do not sell any other financial service! Q: What marketing must I do? How much is it going to cost? A: If you are doing any type of marketing now, whether it is educational seminars, print advertisement, radio or direct mail, we will show you how to incorporate tax preparation into your existing advertisements all year long. We will also show you how to bull s eye your target audience prior to tax season as well as midway through the season to maximize your success. All of the marketing pieces are developed, tested, proven and ready for your use. Q: How many returns can I expect to do my first tax season? A: If you follow our marketing program you should prepare 200 to 300 tax returns in your first tax season. Q: What is my liability? A: We require our preparers to carry individual E&O Insurance. This will limit your liability. Page 6

7 Q: How much revenue (i.e. financial services, annuity/life premium) can I expect from tax season? A: The first year our average TPU graduate earns approximately $90,000 in new commissions. Q: How does the delivery process work? A: ALL DELIVERY of client tax returns goes through you! This gives you the opportunity to review the return with the client before they sign off on it and before it goes to the IRS. Don t be afraid of the delivery process. This is where you will step into many sales opportunities and where you will present tax-savings solutions to your clients that their current advisor or CPA is not showing them! The step-by-step process is demonstrated to you when you attend Tax Prep University. Q: What is the ideal tax preparer candidate? A: Your ideal candidate is someone who is a retired tax preparer, IRS or enrolled agent only, looking for seasonal work. The candidate should be someone who is close to the median age of your clients so that they can relate to them. We show you exactly how to find the right candidate for your office. Q: How does my Broker Dealer view this activity? A: We have a step by step approval process for your Broker Dealer. We will guide you through the process of offering Tax Preparation as an outside business activity. Q: Will it be necessary for my firm to do electronic filing? A: Yes. Our firm electronically files 100% of the tax returns. It is more efficient. It saves you money. It saves postage for your client. The returns are processed with the IRS more quickly. Refunds are processed and sent to your client more quickly. TPU will help you file for your Electronic Filing Number and make sure you are compliant. Page 7

8 Q: What is my next step? A: Your next step is to set up a one-on-one call to find out how to get started. You will receive superior training, marketing materials and step-by-step instructions to implement a successful Tax Season now and for the rest of your profitable career. Enroll Today! 2440 W. Mission Lane, Suite 11 Phoenix, AZ Main Office: (800) Website: Page 8