Introduction: The Three Steps to Build a Virtual Family Office Through CPA Partnerships
Welcome to this training video! My name is Andy Anderson, co-founder of Elite Resource Team, and today we’ll be covering the three steps to help you build a virtual family office through CPA partnerships.
Who This Training Is For
This video is designed for wealth managers and insurance agents focused on:
- Bringing more value to their clients
- Building a seven-figure practice (or doubling if you're already there)
- Having a CEO mindset in their business development
This is not for advisors who:
- Are unwilling to adapt to industry changes
- Make excuses or complain
- Are looking for a get-rich-quick scheme
Building a successful business requires real work, but the rewards are worth it!
Preview of the Three Steps
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Virtual Family Office Experience
What does the experience look like for you? -
Local and National Relationships
Which specialists do you need on a local vs. national level, and how do you find them? -
CPA Partnerships
Where does a CPA fit in, and how do you build that relationship?
Bonus:
We’ll also cover five keys to CPA partnerships—identify, contact, engage, monetize, and maintain relationships.
Case Study: Success with CPA Partnerships
Meet David, an advisor who tried multiple CPA partnership programs with little success. After joining our model, his first case closed resulted in three annuities totaling $5 million. He has since closed dozens of cases with CPAs and specialists, including a $698,470 target premium within just three months.
Industry Changes: Why You Need This
The wealth management and life insurance industries are becoming commoditized. It’s getting harder to make a good living while marketing costs continue to rise. To survive and thrive, you need to adapt and evolve your practice.
My Story: From Struggle to Success
Back in the early 2000s, I was applying for a position at Merrill Lynch and didn’t get it. I needed sales experience, so I started selling knives with Cutco, going door-to-door. Eventually, I made my way to Smith Barney, where I was introduced to CPA alliances early in my career.
Fast forward a few years—I went independent, doing dinner seminars, buying cold leads, and working tirelessly to build relationships. Over time, I built 100% of my business through just three CPA partnerships and an attorney. Eventually, we grew the business to over $1.6 million in revenue.
The Power of the Virtual Family Office
A Virtual Family Office is about assembling a team of professionals—wealth managers, insurance agents, CPAs, and other specialists—to deliver holistic and proactive planning for your clients. By leveraging this team, you can provide higher-quality services and build stronger, long-term relationships with your clients.
Why Create a Virtual Family Office?
The red ocean in wealth management is filled with competition. Everyone’s offering similar services and competing for the same clients. In contrast, a blue ocean strategy means creating something new—where competition becomes irrelevant. By building a Virtual Family Office, you differentiate yourself and provide unique value to clients.
Step 1: Defining Your Virtual Family Office Experience
What does your family office look like? What services do you offer? Here's a simplified model for clients in the affluent and mass affluent space, focusing on five core areas:
- Insurance (life, P&C, annuities)
- Wealth Management (investment accounts, private placements)
- Legal Services (estate planning, buy-sell agreements)
- Business Advisory Services (key employee retention, succession planning)
- Tax Planning (proactive tax strategies)
This comprehensive approach protects the client and builds trust.
Step 2: Build Local and Leverage National
The second step is building your team with local professionals (e.g., estate planning attorneys, real estate agents) for 80% of your clients' needs, while leveraging national specialists for more sophisticated cases (e.g., cost segregation, captive insurance).
Step 3: Partner with CPAs and Centers of Influence (COIs)
Partnering with CPAs or other Centers of Influence (e.g., attorneys, bankers) is key to expanding your practice. The goal is to elevate the perceived value of the CPA in their clients' eyes, creating a win-win-win situation for you, the CPA, and the client.
Bonus: The Five Phases of a CPA Partnership
- Identify the ideal CPA partner.
- Contact the CPA through a warm relationship.
- Engage through formal meetings to solidify the relationship.
- Monetize by generating client introductions.
- Maintain the relationship through regular communication and fun activities.
Conclusion: Create Your Own Virtual Family Office
You can either go it alone or join a proven process like ours, with all the tools, scripts, and templates you need to succeed. Ready to build your Virtual Family Office? We offer free strategy sessions to help you map out an action plan tailored to your goals.
Apply now for a strategy session and take the first step toward transforming your practice!
