NT - Latest e-mail solicitation

[Jack from Ohio]

I am considering this, what to you all think? (s)

As a registered Tax Professional, you have been selected to participate in a new program.

 We will actually pay you upfront $5,000 - $20,000 to train you to add Financial Services to your practice.

 Have you ever thought about adding Financial Services to your practice, or have you tried unsuccessfully to integrate your advice in the past?

 Attend our webinar to learn more about how our proven approach can positively impact your business while providing a better overall advice package that your clients are already demanding.

21st Century Tax Professionals has a National Network of Financial Advisors specifically trained to partner with CPAs, Enrolled Agents and other Tax Professionals interested in making serious money adding financial planning services into their tax practice.

In fact, we are so confident in the success of our program, that if you qualify we will compensate you upfront for participating in our training program to learn how to partner with a trained financial professional.

Average upfront/lump-sum training compensation for qualifying candidates is $5,000 - $20,000.

To learn more, register now to attend our online webinar being held on Thursday, June 25th at 1:00 PM Eastern Time.

Click here to register:

Edited June 13, 2015 by Jack from Ohio

[Cathy]

A quick Google search didn't turn up a company entitled "21st Century Tax Professionals".  The closest name match showed a similar named site stationed in Dayton, NV.  No info on the NV State website though.  Just remember the old saying about if something sounds too good to be true, it probably is.

 

The idea is a good one, however, I would ask what firms others are with in our community before I would waste valuable time with a company that seems shaky/too good to be true.  Good luck with whatever decision you make!  ????

 

 

[JohnH]

Personally, I've always considered offering financial advice to be an inherent conflict with tax preparation services, an insurmountable ethical breach.  (But then I also think it's unethical for banks to offer brokerage services, so I guess I'm just too old-fashioned in this area.)  On the other hand, I see so many instances of people getting ripped off by financial advisors that I want to do something to help them.

I've settled on telling them that I don't trust anyone who is paid to give so-called financial advice, and to point out that over 85% of financial advisors can't even consistently beat a simple low-cost total market index fund. (If it weren't for "survivor bias", the figure would be even higher).

I urge them to read John Bogle's work in this area in order to learn that the "financial advisor" industry is a huge scam.  Sadly, most won't do the simple math, nor will they take the time to learn the basics.  And so they keep coming in with these statements clearly designed to obfuscate the facts & hide the reality that their financial advisor is looking out for nobody but himself.  

[Possi]

I have a financial advisor, and I respect most of them. I had one firm courting me to work my own business out of one of their offices. They were going to give me an office and even a receptionist.

I politely declined because it would have been a conflict of interest in my own eyes, because I work with several financial advisors.

I fully agree with you, JohnH, about the inherent conflict.

[Jack from Ohio]

Did no one see the (s) after the title?

[JohnH]

My post addressed the Financial Advisor industry itself, irrespective of whether or not your post was tongue-in-cheek. In any event, I couldn't make any money as a FA because the extent of my advice is always to say "Here, read this - http://www.vanguard.com/bogle_site/lib/sp19991016.html "

Edited June 13, 2015 by JohnH

[joanmcq]

I give general advice much like ^^. I can discuss different types of funds, IRAs vs Roths, mention the big three (Fidelity, Vanguard, T. Rowe Price) and I'll generally recommend index or target date retirement funds.  I also discuss risk tolerance.  I don't recommend a particular company or funds.

[FDNY]

As a CFP I only give advice to point people in the right direction, much as joanmcq does.  I also agree that it feels like a conflict of interest if I would try to sell a product to put in someone's retirement plan so they could reduce their taxes.   My clients know I am a CFP  and if they need me to review an insurance policy, retirement plan, or an estate plan or lack of one, I will charge accordingly if it becomes time intensive.   I was doing taxes before any financial planning and worked on getting the CFP designation because I wanted a  better knowledge of the field to answer all the questions that were being presented because as you know, our clients trust us.  But selling....that's just not me, and be careful if that's what you decide to do. 

[BulldogTom]

I try to get everyone to invest with Edward Jones because I like their year end statements and it makes my job a lot easier to prepare their tax returns.

Tom

Newark, CA