Broker Check

How Tax Advisors Can Build a More Relevant Practice | Newport Capital Advisors

November 05, 2015
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Successful tax professionals often partner with a financial advisor to create a single-point resource to coordinate their clients' personal and business finances. But how are they able to find a good fit? Start with the advisor's website. Is it up-to-date? Does it present itself well? Does the homepage offer a clear planning and investment process? Then, check the advisor's credentials. Is the advisor an independent fiduciary or an employee stockbroker salesperson? Does he have regulatory issues? How many years in the industry? Years with his broker-dealer? What about his broker-dealer's reputation? Does he post his advisory fees? Are they clearly stated? Does he post his investment performance? Does he offer low cost investment options? How did he perform? Is the advisor able and willing to revenue share? If yes to all these questions, meet with the advisor over lunch. Carefully access his character, if he is willing to promote you and your practice, and reinforce you as the "go-to-person" of your profession. Would he be a good fit with some or many of your clients? If signs point to yes, recommend the advisor to a few clients who have a need for investment advice. See how it goes. Team up with the advisor and experiment with seminars or other marketing programs. Do this right and you may find your practice growing by leaps and bounds.

Charles Farrell is President/CEO of Newport Capital Advisors, an independent full-service financial services firm based in Orange County, California.

Contact Charles Farrell with any questions or to make an appointment.