TaxMan2020 wrote:southparkcpa wrote:Taxman... Not sure why I can't respond directly... BUT
I was stuck at 20 MIL forever. In 2015 I joined a hybrid LPL RIA and rebranded myself. Hit 50 MIL by 2019 or so.
How’d you rebrand? That’s a good jump in that time frame
I literally stopped doing tax work for non asset clients. Created a foldout 4 color brochure talking about the advantages of using a CFP/CPA on distribution planning etc. Put it in each client tax folder from 2015 to 2019 when we had a paper deliverable. Honestly, confidence and the way I carried myself as well.
I stopped doing almost anything accounting related, got rid of my CPA website and created a CFP website. Sent out an E mail blast 2-3 times a year so people would think of me as the financial planner that does taxes and NOT the reverse.
If a client had 750K with me, all 1040 work was free. Many times a client had 300 to 400 in an IRA at another RIA. I offered them free 1040 tax work to roll it to me and I would invest it exactly like I was invested. I use models for myself and clients.
300K at 1 percent was 4 times his tax prep fee. So I now do about 50 tax returns free..... but each of those clients, on average brings in 4-8K in AUM fees.