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• W2992478519 abstract "Bob Adams punched the buttons on his cell phone. Hi, Mary, it's Bob Adams, your CPA firm's insurance partner. My calendar says we had a three o'clock with your client to discuss $10 million in life insurance. Ah ... right, Bob. I canceled that meeting. I showed your analysis to another insurance agent not affiliated with our firm. He said it was wrong and that your commissions were way out of line. You should have told me. There's always something we can do--lower the premiums, adjust the terms. If your CPA firm has an insurance practice, you already may have been part of such a conversation. If not, it's probably in your future unless you take steps to prevent it. CPA firms that already have an insurance affiliate--or those contemplating setting one up--need to recognize the symptoms that ultimately lead to failure. Bumps in the road don't necessarily mean the relationship is doomed. However, all parties need to know how to spot the signs that a firm's insurance practice is failing and what steps to take to prevent it. EARLY EUPHORIA The relationship most CPAs have with their insurance affiliate's agents typically goes through a life cycle. During the first stage each participant works hard to figure the other one out. Both voice enthusiasm about the new relationship and its prospects for success. The CPA firm may even develop a plan to assess the insurance needs of each of its clients who may benefit from the affiliate's insurance services. Joint CPA/insurance agent/client meetings are frequent and productive. The relationship creates a pipeline for insurance transactions that are likely to close. Prospects for insurance services seem destined to grow. ANALYZE THE SYMPTOMS AND FIND THE CURE Like most relationships, there usually are three views of what's happening: The CPA firm's, the insurance affiliate's and the truth. Quite often, the truth makes little or no difference; all that matters is each party's perceptions. For CPA firms with existing or contemplated insurance affiliations, here's a checklist of the most common problems they may encounter, their symptoms and cures: Declining revenue. Money--or lack of it--often signals a greater problem. One astute CPA firm noticed a problem not on its insurance affiliate's P&L but in the pipeline of projected insurance transactions. Firms that allow the pipeline to empty often find it's too late to meet revenue targets. The cure is to monitor--at least monthly--not only insurance revenue but also the number of deals in the pipeline, their potential revenue and the time required to close them. Lack of professional regard. This happens when both the CPAs and their insurance partners begin missing meetings--sometimes with clients, often with each other. This indicates a lack of perceived value for time spent together and a disregard for the other's time. The opening vignette is an example of how this problem starts. To cure it, don't let the decline in communication fester. Confront the issue when it first occurs and fix it. Distrust of technical abilities. Watch for the perceived need to double- and triple-check each other's work on insurance matters. Sometimes the CPA firm brings in other insurance agents for a second opinion, as in the opening example. This indicates a belief on the CPA firm's part that its own agents don't understand the client's needs. It also questions the insurance agent's motivation (a focus on generating commissions rather than on accomplishing the client's financial goals). Both parties--the CPA firm and the insurance affiliate--should determine the reasons for this distrust and whether it's well founded, then take whatever steps are needed to correct the problem. Hours, commissions and disclosure. Complaints about commissions are endemic. This is a cultural issue. CPA firms sell their time. …" @default.
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• W2992478519 date "2002-06-01" @default.
• W2992478519 modified "2023-09-23" @default.
• W2992478519 title "Signs an Insurance Practice Is Failing: Problems, Symptoms and Cures" @default.
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