For Experienced CPAs. Minimal Time Commitment. Continual Income.
You have already worked hard for your clients for many years.
Make a referral and step back; we'll do the heavy lifting without any additional effort on your part.
Your referral is all that's needed to help set your new income flow in motion.
Make a referral and step back; we'll do the heavy lifting without any additional effort on your part.
Your referral is all that's needed to help set your new income flow in motion.
No Investment Licenses or Tests Required
Specific to Florida CPAs. CPAs can receive cash referral fees for clients in Florida with no additional Investment Advisory Registration nor any additional testing. This is applicable only for managed fees, also known as advisory account fees. This is not applicable for commissions, insurance, alternative investments, or anything else.
Earn Income from Investment Fees
Our clients pay quarterly portfolio management fees. This program provides you the opportunity to receive a share of these quarterly fees. These fees are based on a simple percentage of a client’s assets. Income to you is recurring and increases as the client’s portfolio grows.
Expand Your Firm's Service Offering
Consider this as the outsourced wealth management division of your firm. Leveraging an experienced Financial Advisory Group backed by one of the nation’s largest and most experienced financial institutions. Envision having Wells Fargo Advisors as your partner, working hard for you and your clients.
Minimal Time Commitment
The regulations state you are not allowed to make recommendations nor build investment plans. This is ideal as it means the extent of your effort is making the referral. Past that, there is no other time commitment, no additional work on your part.
Calculate Potential
Below are examples to help you visualize the income opportunities available through your client base.
Notes:
-Assuming a 1% management fee. Fees to clients are flexible, can be lower than 1% to remain competitive in the marketplace
-25% is your starting compensation. Your compensation rate can be increased
-Use of 3rd party investment managers would reduce income
-This information is hypothetical and is provided for illustrative and informational purposes only. It is not intended to reflect the performance of any specific investment, or security and is not representative of any particular structure or situation.
Notes:
-Assuming a 1% management fee. Fees to clients are flexible, can be lower than 1% to remain competitive in the marketplace
-25% is your starting compensation. Your compensation rate can be increased
-Use of 3rd party investment managers would reduce income
-This information is hypothetical and is provided for illustrative and informational purposes only. It is not intended to reflect the performance of any specific investment, or security and is not representative of any particular structure or situation.
Have any Business Owners as Clients?
If a business owner sells and nets $10 Million to invest:
Your income on a $10 million portfolio = $25,000 per year
Have any Retired Clients?
If a retired client has a "nest egg" portfolio of $2,000,000:
Your income on a $2,000,000 portfolio = $5,000 per year
Your income on a $2,000,000 portfolio = $5,000 per year
Quick Math for you to Visualize
Every referred client with a $1 million portfolio is $2,500 per year of income. Take some time to think through your client list. How many of these do you have? Usually when you actually take the time to look at your client list, there are many.
"Oh No What's my Client Going to Think"
You may feel your client's will consider this a conflict of interest? That is a logical thought. And there could be some of your client's that do feel it is a conflict.
From the perspective of your client, we believe they would be pleased to have their CPA and Financial Advisor motivated to collaborate closely on their behalf. Typically, when clients have a longstanding relationship with you, they place their trust in you. They know you'll only recommend professionals you deem skilled and trustworthy, regardless of any financial gain. Consequently, if you, as their CPA can earn some additional income, clients are generally pleased and supportive that you benefit. Your client understands that any costs to compensate you are not paid by them but by us.
When the disclosure is made to your client, we hope their reaction is something to the effect of “excellent, I have used my CPA for years, and am happy they can make extra income."
From the perspective of your client, we believe they would be pleased to have their CPA and Financial Advisor motivated to collaborate closely on their behalf. Typically, when clients have a longstanding relationship with you, they place their trust in you. They know you'll only recommend professionals you deem skilled and trustworthy, regardless of any financial gain. Consequently, if you, as their CPA can earn some additional income, clients are generally pleased and supportive that you benefit. Your client understands that any costs to compensate you are not paid by them but by us.
When the disclosure is made to your client, we hope their reaction is something to the effect of “excellent, I have used my CPA for years, and am happy they can make extra income."
Noah Rubin, CPA, CFP, MBA
Who Would be Your Client's Financial Advisor?
You and your clients work directly with Noah Rubin. He is a formerly practicing CPA.
Education & Credentials
C.P.A. - Certified Public Accountant (formerly practicing)
CFP® - Certified Financial Planner
M.B.A. - Global Entrepreneurship
B.S. - International Economics
Work Experience
Wealth Management – Wells Fargo Advisors, UBS, Oppenheimer & Co.
Accounting – Ernst & Young, CBIZ.
During his schooling years – started at Publix at 14, Papa Johns, Macy’s, Chili’s, and others to learn the value of hard work.
Passions
Studying economics, business and investments. Playing tennis, scuba diving, animal encounters, chess, history, brain science, food nutrition, motivational speaking engagements, watching football and basketball.
Building his charitable foundation.
Being a Dad.
Family Life
Noah was born in Boca Raton and is deeply rooted in this community. He and his wife Paola both attended Spanish River High where Noah fell in love (the luckiest day of his life). They have 4 children - 2 boys and 2 girls. Noah’s parents come to the house every Tuesday, Paola’s come every Saturday. With many aunts, uncles, cousins and life-long friends, he is fortunate to have a large, local loving family.
Education & Credentials
C.P.A. - Certified Public Accountant (formerly practicing)
CFP® - Certified Financial Planner
M.B.A. - Global Entrepreneurship
B.S. - International Economics
Work Experience
Wealth Management – Wells Fargo Advisors, UBS, Oppenheimer & Co.
Accounting – Ernst & Young, CBIZ.
During his schooling years – started at Publix at 14, Papa Johns, Macy’s, Chili’s, and others to learn the value of hard work.
Passions
Studying economics, business and investments. Playing tennis, scuba diving, animal encounters, chess, history, brain science, food nutrition, motivational speaking engagements, watching football and basketball.
Building his charitable foundation.
Being a Dad.
Family Life
Noah was born in Boca Raton and is deeply rooted in this community. He and his wife Paola both attended Spanish River High where Noah fell in love (the luckiest day of his life). They have 4 children - 2 boys and 2 girls. Noah’s parents come to the house every Tuesday, Paola’s come every Saturday. With many aunts, uncles, cousins and life-long friends, he is fortunate to have a large, local loving family.
Frequently Asked Questions
Q: Is this agreement an exclusive?
A: No. You can have similar referral relationships with other firms.
Q: For what types of products can I receive compensation?
A: Advisory fees only, sometimes referred to as AUM, managed accounts, fee based advisory accounts. No other products or services are eligible for compensation, such as life insurance, annuities, private deals, commission transaction. Only advisory fees are eligible for compensation.
Q: Which registration(s)/license(s) are required?
A: Referencing only advisory fee compensation, Wells Fargo’s Legal Department has performed a State-by-State Fee-Sharing Analysis. In the state of Florida, we believe no license is required. There is the regulatory risk that Florida's regulations may change at any time, and licenses and/or registrations may be required. It is your responsibility as a CPA to communicate with your state Board of Accountancy to determine if you can receive solicitation fees.
Q: What is the process to establish this agreement and join the program?
A: The first step in the process is to complete a Program Application. The application includes authorization for a background check, we cover the cost of this. Once completed, you will be sent a Finder Agreement defining the terms of our partnership. Once approved and signed by you, the referral process can begin.
Q: Are there any fees or costs for a CPA to join the program?
A: No.
Q: How much compensation can I receive?
A: Your fee-sharing starts at 25% and can increase. The compensation will continue to be paid for the life of the client relationship.
Q: Can I speak with a CPA that is part of the program?
A: Yes, CPAs in this program will speak with you to share their experience and best practices.
Q: What's the realistic time commitment?
A: The program is built to require no additional time commitment from you. In reality you communicate with your client's advisors occasionally. During the year we will speak with you on tax issues, changes in the client's life and other relevant issues...the normal conversations we should be having in order to provide our mutual client with excellent service.
Q: Are there any disclosures that must be made/provided to clients?
A: Yes. Each referred client must receive and sign the Finders Disclosure Statement & the Disclosure Acknowledgement Statement. Clients must be fully aware of this compensation arrangement.
Q: What is a common response heard when a client learns their CPA and Advisor share in the revenue?
A: "Ok. I have used my CPA for years, trust them completely, and am happy they can make some extra income."
Q: What is the most common objection when a client learns their CPA and Advisor share in the revenue?
A: "Do I have to pay any more?" The answer is no, the fee is the same. Either the brokerage firm keeps it all, or the brokerage firm shares it with your CPA.
Q: What is the suggested next step?
A: Reach out to Noah Rubin. Schedule a meal, get to know each other and see if there is a good fit. 561-338-8013. [email protected]
A: No. You can have similar referral relationships with other firms.
Q: For what types of products can I receive compensation?
A: Advisory fees only, sometimes referred to as AUM, managed accounts, fee based advisory accounts. No other products or services are eligible for compensation, such as life insurance, annuities, private deals, commission transaction. Only advisory fees are eligible for compensation.
Q: Which registration(s)/license(s) are required?
A: Referencing only advisory fee compensation, Wells Fargo’s Legal Department has performed a State-by-State Fee-Sharing Analysis. In the state of Florida, we believe no license is required. There is the regulatory risk that Florida's regulations may change at any time, and licenses and/or registrations may be required. It is your responsibility as a CPA to communicate with your state Board of Accountancy to determine if you can receive solicitation fees.
Q: What is the process to establish this agreement and join the program?
A: The first step in the process is to complete a Program Application. The application includes authorization for a background check, we cover the cost of this. Once completed, you will be sent a Finder Agreement defining the terms of our partnership. Once approved and signed by you, the referral process can begin.
Q: Are there any fees or costs for a CPA to join the program?
A: No.
Q: How much compensation can I receive?
A: Your fee-sharing starts at 25% and can increase. The compensation will continue to be paid for the life of the client relationship.
Q: Can I speak with a CPA that is part of the program?
A: Yes, CPAs in this program will speak with you to share their experience and best practices.
Q: What's the realistic time commitment?
A: The program is built to require no additional time commitment from you. In reality you communicate with your client's advisors occasionally. During the year we will speak with you on tax issues, changes in the client's life and other relevant issues...the normal conversations we should be having in order to provide our mutual client with excellent service.
Q: Are there any disclosures that must be made/provided to clients?
A: Yes. Each referred client must receive and sign the Finders Disclosure Statement & the Disclosure Acknowledgement Statement. Clients must be fully aware of this compensation arrangement.
Q: What is a common response heard when a client learns their CPA and Advisor share in the revenue?
A: "Ok. I have used my CPA for years, trust them completely, and am happy they can make some extra income."
Q: What is the most common objection when a client learns their CPA and Advisor share in the revenue?
A: "Do I have to pay any more?" The answer is no, the fee is the same. Either the brokerage firm keeps it all, or the brokerage firm shares it with your CPA.
Q: What is the suggested next step?
A: Reach out to Noah Rubin. Schedule a meal, get to know each other and see if there is a good fit. 561-338-8013. [email protected]
Disclosures
Advisory Disclosure: Advisory products are not designed for excessively traded or inactive accounts and are not appropriate for all clients. During periods of lower trading activity, client costs might be lower if our compensation was based on commissions. You must have a reasonable basis to believe that the specific program, investment manager or strategy you recommend is appropriate for the particular client based on that client’s investment profile, which takes into account, among other things, the client’s investment objectives, investment experience, time horizon, liquidity needs and risk tolerance. You and your client should carefully review the Wells Fargo Advisors' Advisory Disclosure Document associated with the program for a full description of our services, including fees and expenses and those fees or expenses that may be excluded. The minimum account size for these programs is between $10,000 and $2,000,000 depending on the program or strategy selected. If the program involves mutual funds or exchange-traded funds, your clients should consider that product’s investment objectives, risks, charges and expenses carefully before investing. Prior to recommending and opening advisory program accounts, Financial Advisors must be properly registered in their state of business.