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Frequently Asked Questions on How Corvee Can Help Your Tax and Accounting Firm

Want to find out more about Corvee, such as how we work alongside tax and accounting firm owners to build, grow and optimize their firms for higher revenues and improved efficiency? The answers to this frequently asked question and more can be found below.

Frequently Asked Questions on How Corvee Can Help Your Tax and Accounting Firm

Want to find out more about Corvee, such as how we work alongside tax and accounting firm owners to build, grow and optimize their firms for higher revenues and improved efficiency? The answers to this frequently asked question and more can be found below.

What tools can I stop using if I purchase the software offered by Corvee?

Our software is designed to help you transition your tax and accounting firm from compliance to advisory through cloud-based tax planning, client collaboration and payment software. Corvee software will act as the gateway between you and your client’s files, agreements, engagement letters and questionnaires, allowing you to no longer need tools such as Dropbox, DocuSign, Adobe Sign, Typeform, Google Forms and ShareFile. It will also allow you to securely obtain sensitive information from your clients such as tax returns, social security numbers and key Internal Revenue Service (IRS) forms, allowing you to stop sending these secure documents via email.

Does Corvee integrate with any other software application?

Yes, Corvee currently integrates with 2,000+ web applications via Zapier, allowing you to seamlessly connect tools you need to run your firm efficiently and effectively. Corvee also provides step-by-step tutorials showcasing how easy it is to automate your workflow so you and your team can focus on your most important work.

Is it safe to use Corvee software for secure documents such as tax returns and social security numbers?

Corvee is encrypted from end-to-end. The basic building block of Corvee’s security lies in the fact that all data in the system is encrypted and decrypted using keys derived from the client’s side using a master password. This master password remains totally invisible to Corvee at every point and we have no access to it. To this end, we have designed our user authentication differently than traditional password-based user authentication. Instead of traditional authentication mechanisms, Corvee focuses on two points: avoiding the pitfalls of traditional user authentication by substituting it with the Secure Remote Password Protocol (SRP), and using the derived key from the SRP as a secret and secure pre-shared key (PSK) to enable end-to-end encryption. To learn more about how we’ve built Corvee’s security features, click here

What IT requirements are required to operate Corvee software?

Corvee’s software is cloud-based, meaning you can access it via any web browser. All you need is internet access and a web browser to log into Corvee and start sending file requests, questionnaires, agreements and engagement letters, and perform tax planning analysis for each client.

Is Corvee software a cloud-based or desktop-based application?

Corvee software is a cloud-based application accessible via any web browser. As a result, you are not required to download an application or keep any local files on your computer.

I see that Corvee provides the option of sending and receiving client file requests, questionnaires and agreements/engagement letters. Do I have to use the templates provided or can I create my own?

Inside of the software platform, you have the ability to send and receive files, questionnaires and agreements. We built the application to allow it to be fully customized based on the needs of both your firm and your clients. We also include suggested templates for each feature to help streamline your processes.

In addition, you have the ability to create and customize your own agreements and questionnaires, and save and store your own templates for further use.

When I send an engagement letter to a new client, is there a feature to also request payments from clients simultaneously?

Yes. Corvee Payments allows you to send and receive payment requests from your clients. This allows you to streamline the engagement letter process and have your clients easily make payments via our payments partner, Stripe.

What training will my team need or get when investing in Corvee software?

We provide our clients with step-by-step training modules that will allow you and your staff to get up to speed quickly. We have also included tooltips within the software to help you navigate it easily.

In addition, you will receive enhanced support via email, in-app chat as well as live step-by-step training. You will also get access to the private Corvee Facebook group to reach out to key support team members who will get your questions answered as soon as possible.

How does Corvee software help make my firm more efficient?

Corvee software allows you to effectively manage agreements, engagement letters, file requests, questionnaires, passwords and more in one easy-to-use platform, all while sending reminders to clients when they still have documents pending. You no longer have to ask your staff if you are waiting on certain documents to complete each engagement. With an easy-to-access dashboard, you can get a quick overview of which clients have outstanding items and which documents, engagement letters and questionnaires have been received.

Within the Tax Planning module, our application automatically scans, identifies and extracts key information from tax returns to save you time. When combined with questionnaire data, you’ll be able to obtain 99% of the necessary information to complete a proactive tax plan to save your client money every year moving forward. With our tax planning software, transitioning your tax and accounting firm from tax preparation to tax planning can be done in a matter of minutes.

Do Corvee growth and development programs help with marketing and sales for tax and accounting firm owners?

Developing an effective system to generate appointments and convert cold and warm leads into new clients is a necessary component of growing a tax and accounting firm. Within each of our Corvee growth and development programs, we’ve included a focus on developing the right tools, techniques, training and processes to launch proven marketing funnels, as well as core sales strategies to convert a prospect into a customer.

What makes tax planning different than just offering tax preparation services?

Most firms provide reactive tax preparation services. This means that you meet with your client annually, prepare their tax return, provide a few tidbits of advice and send your client out the door until next year’s tax season rolls around. Though you may have helped your client here and there, you did not fully analyze your client’s situation and determine what steps they should have taken in order to pay less in taxes. This is called tax planning, and you need to charge separately for it.

To define this further, tax planning is the process of reviewing your client’s business, life and the current regulatory environment to determine how you can help them proactively plan to pay less in taxes, while still achieving their overall financial objectives. If you are not meeting with your clients throughout the year to identify key areas they are overpaying for and aid them in setting up the right strategies to optimize their tax positions, you are doing your clients a disservice. Plus, you are missing out on a huge chunk of additional revenue as your clients will be able to see this service as a no-brainer ROI for which they wish they had been told about earlier.

What marketing methods are tax and accounting firms using to generate appointments?

Marketing strategies and systems are evolving constantly, and firm owners need to make sure to keep a pulse on how their marketing systems are performing. At the time of writing this FAQs section, the marketing methods that we have seen produce the highest results for client acquisition include Facebook advertising, LinkedIn marketing and email newsletters. Once you have built a system for client acquisition, the goal is to get those clients to become repeat buyers on monthly and annual recurring revenue. Without having a solid system, or systems, to generate new leads with business owners, your firm may be stagnant in its growth—or worse, start experiencing declines in revenue. 

How do you transition from a bookkeeper into an outsourced Chief Financial Officer (CFO) and have clients pay for this type of engagement?

The answer may sound obvious but the truth is, in order to transition from a bookkeeper to a highly-paid outsourced CFO, you must do one thing: help the client. Not with compliance-based services that are considered a necessary evil, but with actual value that will allow you to improve your clients’ financial futures. You will need to learn how to define problems, invent solutions for those problems and design the delivery of those solutions in a productized manner.

Once you establish the value you are providing to your clients, you can now begin to charge $1,000–5,000 per client for outsourced CFO services, utilizing the Corvee growth and development sales materials, to help you scale profitably.

How do I scale to a $1M+ firm as a sole proprietor firm owner?

As a sole proprietor firm owner, the key is to learn how to develop a new way of thinking and consistently help improve your clients’ financial futures. This can be in the form of offering tax planning services, CFO services and at times, wealth management services. As you begin to bring on higher-paying clients, while successfully delivering higher-value services in a productized format, you can work with less clients but still make more than a traditional tax or accounting firm.

From there, you can begin to recruit, hire, onboard and train key staff members to implement your proven processes and allow you to focus on building out successful marketing funnels that convert cold leads into high-paying clients. As you continue to scale with high-value advisory services and an effective team, hitting $1M in revenue is just right around the corner.

Do I need to become a Certified Public Accountant (CPA) or have a certain license to become a tax or accounting firm owner and offer high-value advisory services to my clients?

You do not need a CPA license to start either a tax or an accounting firm. However, you may need a license to provide certain services or work on specific engagements. For example, if you are planning on offering tax planning services, you do not need to have a license. However if you are offering tax resolution services, you need to be a CPA, Enrolled Agent (EA) or Juris Doctor (JD). Separately, if you are a bookkeeper who wants to become an outsourced CFO, you can do so without a specific license, but you’ll need to be a CPA if you plan on offering compilation or reviews, or signing opinions on audits. Finally, if you plan on referring clients to financial advisors and want to take a commission on the referral, you may or may not have to be a licensed financial advisor depending on the state you are located in.

We have provided in-depth information, by state, to determine what you can and cannot offer depending on the various licensing requirements. To further dive into this analysis, schedule a firm assessment with a Corvee growth and development strategy coach here.

How can I grow my tax and accounting firm’s profitability?

A large majority of tax and accounting firm owners fall into the trap of overpromising, overdelivering and undercharging. This leads them into a rat-race type of environment where they add a new client, add a new staff member, increase revenue and add more work for the firm to do. Without proper packaging, pricing and scoping of your services, you will continue to undercharge for your services, leading to diminishing profit margins with each new client onboarded.

The key is to understand how to offer high-value advisory services that actually produce high value for the clients, while allowing you as the firm owner to charge appropriately for those services. Our clients have transformed from a cost center into a profit center for their clients by helping small business owners increase sales, gross margins, net profits and the overall value of their businesses. Each engagement starts off by making or saving the client money, instead of just providing a compliance-based service. With this transformation, you will see high value, high fees and high profit margins with every new client you onboard.

How do I know if my firm is a good fit for the growth and development programs?

We will start with a firm assessment for any firm owner who is interested in one of our growth and development programs. During this assessment, we will dive into your specific situation, the key problems you may be facing, and the steps necessary to help your firm hit its next level of growth. After you have completed the firm assessment and laid out the key steps to take to scale your firm, you can make the decision on whether or not you would like our help to hit those goals sooner.

Do I need to be licensed to offer wealth management services to my clients?

There are 11 states in which you’re able to share in advisory fees (1% of assets under management) even if you don’t have a license. Those states are California, Florida, Texas, New York, Colorado, Kentucky, Louisiana, Ohio, Pennsylvania, South Dakota and Arkansas. If you’re not in one of these states, we recommend you work with Corvee Advisors to obtain a Series 65 license which will allow you to share in advisory fees. 

If you would like to offer wealth management services beyond referring your clients, you will need to obtain additional licenses depending on the services you wish to offer. Please click here to learn more about how to refer your clients to a financial advisor, become a financial advisor yourself or transition your financial advisory practice with Corvee Advisors.

Do you have a network of financial advisors I can refer my clients to?

Yes! Corvee Advisors will partner you with a licensed financial advisor who has either a Series 7, 66, 65 or other license. You can interview and choose the person you wish to work with. We will ensure that you know the compliance requirements and will help you set up disclosures in engagement letters. You’ll learn the process of tax-advantaged wealth management and the available products, and receive our education-based sales materials before you introduce your clients.

As a firm owner, what are the pathways available for me to start offering wealth management in my practice?

With Corvee Advisors, we offer you three different pathways to start offering wealth management in your practice:

  1. Refer Your Clients for Wealth Management
  2. Become a Financial Advisor
  3. Existing Advisors? Transition Your Firm.

With our network of over 8,900 tax and accounting professionals, we’re able to connect accountants with advisors to offer tax-advantaged wealth management to clients. When you join Corvee Advisors, we will help you choreograph the entire experience so you can start offering wealth management solutions to your clients.

What is the process of becoming a financial advisor?

If you are interested in becoming a financial advisor, the first step is to pass the required financial advisor exams. You can pass all of the exams needed to offer investments and insurance in 3–6 months. We recommend taking the following exams:

  • Securities Industry Essentials (SIE)
  • Series 7
  • Series 66
  • State life insurance exam

From there, you will start to learn and understand the different wealth management products you can offer to your clients. While you know everything about your clients, offering investments and insurance as part of a wealth management offering will take time. We’ll walk you through every step:

  • Assets Under Management (AUM)
  • Insurance (term life, Index Universal Life (IUL), Variable Universal Life (VUL), whole life, annuities)
  • Estate planning
  • Advanced planning

Once you have passed the exams and obtained the required knowledge, we will begin to teach you how to approach your clients. You’ll be trained to use our sales materials in a compliant way to upsell your existing clients, convert new clients and gain clients through referral partnerships we forge for you with other accountants.

How is Cambridge associated with Corvee Advisors?

Cambridge Investment Research, Inc. is the broker-dealer associated with Corvee Advisors’ Office of Supervisory Jurisdiction (OSJ). By partnering with Cambridge, we can support outside business activities (OBAs)—unlike most broker-dealers, which won’t allow tax and accounting services. We strike a balance between being compliant and being flexible so you can do what’s best for clients and for your firm. We also support paying other accountants for referrals through solicitor’s agreements.

How do I offer wealth management to my clients? Is there a script?

Most financial advisors don’t understand what they’re selling, and neither do their clients. Our goal is to educate and let the prospects make the buying decision themselves. We have 150+ education-based slide presentations for tax-advantaged wealth management and insurance planning. You’ll be trained to use the materials in a compliant way to upsell your existing clients, convert new clients and gain clients through referral partnerships we forge for you with other accountants.

When should I add wealth management to my existing tax and accounting practice?

You’re the most trusted advisor in your clients’ lives. This is why you need to be prepared when your clients start asking for your advice on investments, insurance or advanced planning. When you partner with Corvee Advisors, we’ll help you offer wealth management to your clients and share in advisory fees. We’ll work with you to determine your clients’ risk tolerances, timelines and objectives for investment returns. We’ll perform risk management and diversification planning, and look across their entire personal and business structures to ensure we optimize for growth in a tax-advantaged manner, while advising on protections against key risks on a per-client basis.

I’m already a financial advisor. What are the benefits of moving my clients to Corvee Advisors?

Most broker-dealers, Registered Investment Advisors (RIAs) and OSJs offer back office and administrative support. But they don’t offer the methods, or a proven model, for growing your firm. We start with growth coaching and accountability first. We then help you design marketing and sales systems to convert cold prospects into AUM and insurance clients. Additionally, we provide high-net-worth referrals from accountants and CPAs from our network of over 8,900 firms. Finally, we offer administrative support and a proactive compliance team with one of the top 10 broker-dealers with one of the best records in the industry—Cambridge Investment Research.

In which states am I allowed to share in commissionable fees without being licensed?

If you are not licensed, there are 11 states in which you will be able to share in advisory fees (1% of assets under management). These states are:

  1. California
  2. Florida
  3. Texas
  4. New York
  5. Colorado
  6. Kentucky
  7. Louisiana
  8. Ohio
  9. Pennsylvania
  10. South Dakota
  11. Arkansas

If you’re not in one of these states, we recommend you work with Corvee Advisors to obtain a Series 65 license which will allow you to share in advisory fees. 

What tools can I stop using if I purchase the software offered by Corvee?

Our software is designed to help you transition your tax and accounting firm from compliance to advisory through cloud-based tax planning, client collaboration and payment software. Corvee software will act as the gateway between you and your client’s files, agreements, engagement letters and questionnaires, allowing you to no longer need tools such as Dropbox, DocuSign, Adobe Sign, Typeform, Google Forms and ShareFile. It will also allow you to securely obtain sensitive information from your clients such as tax returns, social security numbers and key Internal Revenue Service (IRS) forms, allowing you to stop sending these secure documents via email.

Does Corvee integrate with any other software application?

Yes, Corvee currently integrates with 2,000+ web applications via Zapier, allowing you to seamlessly connect tools you need to run your firm efficiently and effectively. Corvee also provides step-by-step tutorials showcasing how easy it is to automate your workflow so you and your team can focus on your most important work.

Is it safe to use Corvee software for secure documents such as tax returns and social security numbers?

Corvee is encrypted from end-to-end. The basic building block of Corvee’s security lies in the fact that all data in the system is encrypted and decrypted using keys derived from the client’s side using a master password. This master password remains totally invisible to Corvee at every point and we have no access to it. To this end, we have designed our user authentication differently than traditional password-based user authentication. Instead of traditional authentication mechanisms, Corvee focuses on two points: avoiding the pitfalls of traditional user authentication by substituting it with the Secure Remote Password Protocol (SRP), and using the derived key from the SRP as a secret and secure pre-shared key (PSK) to enable end-to-end encryption. To learn more about how we’ve built Corvee’s security features, click here

What IT requirements are required to operate Corvee software?

Corvee’s software is cloud-based, meaning you can access it via any web browser. All you need is internet access and a web browser to log into Corvee and start sending file requests, questionnaires, agreements and engagement letters, and perform tax planning analysis for each client.

Is Corvee software a cloud-based or desktop-based application?

Corvee software is a cloud-based application accessible via any web browser. As a result, you are not required to download an application or keep any local files on your computer.

I see that Corvee provides the option of sending and receiving client file requests, questionnaires and agreements/engagement letters. Do I have to use the templates provided or can I create my own?

Inside of the software platform, you have the ability to send and receive files, questionnaires and agreements. We built the application to allow it to be fully customized based on the needs of both your firm and your clients. We also include suggested templates for each feature to help streamline your processes.

In addition, you have the ability to create and customize your own agreements and questionnaires, and save and store your own templates for further use.

When I send an engagement letter to a new client, is there a feature to also request payments from clients simultaneously?

Yes. Corvee Payments allows you to send and receive payment requests from your clients. This allows you to streamline the engagement letter process and have your clients easily make payments via our payments partner, Stripe.

What training will my team need or get when investing in Corvee software?

We provide our clients with step-by-step training modules that will allow you and your staff to get up to speed quickly. We have also included tooltips within the software to help you navigate it easily.

In addition, you will receive enhanced support via email, in-app chat as well as live step-by-step training. You will also get access to the private Corvee Facebook group to reach out to key support team members who will get your questions answered as soon as possible.

How does Corvee software help make my firm more efficient?

Corvee software allows you to effectively manage agreements, engagement letters, file requests, questionnaires, passwords and more in one easy-to-use platform, all while sending reminders to clients when they still have documents pending. You no longer have to ask your staff if you are waiting on certain documents to complete each engagement. With an easy-to-access dashboard, you can get a quick overview of which clients have outstanding items and which documents, engagement letters and questionnaires have been received.

Within the Tax Planning module, our application automatically scans, identifies and extracts key information from tax returns to save you time. When combined with questionnaire data, you’ll be able to obtain 99% of the necessary information to complete a proactive tax plan to save your client money every year moving forward. With our tax planning software, transitioning your tax and accounting firm from tax preparation to tax planning can be done in a matter of minutes.

Do Corvee growth and development programs help with marketing and sales for tax and accounting firm owners?

Developing an effective system to generate appointments and convert cold and warm leads into new clients is a necessary component of growing a tax and accounting firm. Within each of our Corvee growth and development programs, we’ve included a focus on developing the right tools, techniques, training and processes to launch proven marketing funnels, as well as core sales strategies to convert a prospect into a customer.

What makes tax planning different than just offering tax preparation services?

Most firms provide reactive tax preparation services. This means that you meet with your client annually, prepare their tax return, provide a few tidbits of advice and send your client out the door until next year’s tax season rolls around. Though you may have helped your client here and there, you did not fully analyze your client’s situation and determine what steps they should have taken in order to pay less in taxes. This is called tax planning, and you need to charge separately for it.

To define this further, tax planning is the process of reviewing your client’s business, life and the current regulatory environment to determine how you can help them proactively plan to pay less in taxes, while still achieving their overall financial objectives. If you are not meeting with your clients throughout the year to identify key areas they are overpaying for and aid them in setting up the right strategies to optimize their tax positions, you are doing your clients a disservice. Plus, you are missing out on a huge chunk of additional revenue as your clients will be able to see this service as a no-brainer ROI for which they wish they had been told about earlier.

What marketing methods are tax and accounting firms using to generate appointments?

Marketing strategies and systems are evolving constantly, and firm owners need to make sure to keep a pulse on how their marketing systems are performing. At the time of writing this FAQs section, the marketing methods that we have seen produce the highest results for client acquisition include Facebook advertising, LinkedIn marketing and email newsletters. Once you have built a system for client acquisition, the goal is to get those clients to become repeat buyers on monthly and annual recurring revenue. Without having a solid system, or systems, to generate new leads with business owners, your firm may be stagnant in its growth—or worse, start experiencing declines in revenue. 

How do you transition from a bookkeeper into an outsourced Chief Financial Officer (CFO) and have clients pay for this type of engagement?

The answer may sound obvious but the truth is, in order to transition from a bookkeeper to a highly-paid outsourced CFO, you must do one thing: help the client. Not with compliance-based services that are considered a necessary evil, but with actual value that will allow you to improve your clients’ financial futures. You will need to learn how to define problems, invent solutions for those problems and design the delivery of those solutions in a productized manner.

Once you establish the value you are providing to your clients, you can now begin to charge $1,000–5,000 per client for outsourced CFO services, utilizing the Corvee growth and development sales materials, to help you scale profitably.

How do I scale to a $1M+ firm as a sole proprietor firm owner?

As a sole proprietor firm owner, the key is to learn how to develop a new way of thinking and consistently help improve your clients’ financial futures. This can be in the form of offering tax planning services, CFO services and at times, wealth management services. As you begin to bring on higher-paying clients, while successfully delivering higher-value services in a productized format, you can work with less clients but still make more than a traditional tax or accounting firm.

From there, you can begin to recruit, hire, onboard and train key staff members to implement your proven processes and allow you to focus on building out successful marketing funnels that convert cold leads into high-paying clients. As you continue to scale with high-value advisory services and an effective team, hitting $1M in revenue is just right around the corner.

Do I need to become a Certified Public Accountant (CPA) or have a certain license to become a tax or accounting firm owner and offer high-value advisory services to my clients?

You do not need a CPA license to start either a tax or an accounting firm. However, you may need a license to provide certain services or work on specific engagements. For example, if you are planning on offering tax planning services, you do not need to have a license. However if you are offering tax resolution services, you need to be a CPA, Enrolled Agent (EA) or Juris Doctor (JD). Separately, if you are a bookkeeper who wants to become an outsourced CFO, you can do so without a specific license, but you’ll need to be a CPA if you plan on offering compilation or reviews, or signing opinions on audits. Finally, if you plan on referring clients to financial advisors and want to take a commission on the referral, you may or may not have to be a licensed financial advisor depending on the state you are located in.

We have provided in-depth information, by state, to determine what you can and cannot offer depending on the various licensing requirements. To further dive into this analysis, schedule a firm assessment with a Corvee growth and development strategy coach.

How can I grow my tax and accounting firm’s profitability?

A large majority of tax and accounting firm owners fall into the trap of overpromising, overdelivering and undercharging. This leads them into a rat-race type of environment where they add a new client, add a new staff member, increase revenue and add more work for the firm to do. Without proper packaging, pricing and scoping of your services, you will continue to undercharge for your services, leading to diminishing profit margins with each new client onboarded.

The key is to understand how to offer high-value advisory services that actually produce high value for the clients, while allowing you as the firm owner to charge appropriately for those services. Our clients have transformed from a cost center into a profit center for their clients by helping small business owners increase sales, gross margins, net profits and the overall value of their businesses. Each engagement starts off by making or saving the client money, instead of just providing a compliance-based service. With this transformation, you will see high value, high fees and high profit margins with every new client you onboard.

How do I know if my firm is a good fit for the growth and development programs?

We will start with a firm assessment for any firm owner who is interested in one of our growth and development programs. During this assessment, we will dive into your specific situation, the key problems you may be facing, and the steps necessary to help your firm hit its next level of growth. After you have completed the firm assessment and laid out the key steps to take to scale your firm, you can make the decision on whether or not you would like our help to hit those goals sooner.

Do I need to be licensed to offer wealth management services to my clients?

There are 11 states in which you’re able to share in advisory fees (1% of assets under management) even if you don’t have a license. Those states are California, Florida, Texas, New York, Colorado, Kentucky, Louisiana, Ohio, Pennsylvania, South Dakota and Arkansas. If you’re not in one of these states, we recommend you work with Corvee Advisors to obtain a Series 65 license which will allow you to share in advisory fees. 

If you would like to offer wealth management services beyond referring your clients, you will need to obtain additional licenses depending on the services you wish to offer. Please click here to learn more about how to refer your clients to a financial advisor, become a financial advisor yourself or transition your financial advisory practice with Corvee Advisors.

Do you have a network of financial advisors I can refer my clients to?

Yes! Corvee Advisors will partner you with a licensed financial advisor who has either a Series 7, 66, 65 or other license. You can interview and choose the person you wish to work with. We will ensure that you know the compliance requirements and will help you set up disclosures in engagement letters. You’ll learn the process of tax-advantaged wealth management and the available products, and receive our education-based sales materials before you introduce your clients.

As a firm owner, what are the pathways available for me to start offering wealth management in my practice?

With Corvee Advisors, we offer you three different pathways to start offering wealth management in your practice:

  1. Refer Your Clients for Wealth Management
  2. Become a Financial Advisor
  3. Existing Advisors? Transition Your Firm.

With our network of over 8,900 tax and accounting professionals, we’re able to connect accountants with advisors to offer tax-advantaged wealth management to clients. When you join Corvee Advisors, we will help you choreograph the entire experience so you can start offering wealth management solutions to your clients.

What is the process of becoming a financial advisor?

If you are interested in becoming a financial advisor, the first step is to pass the required financial advisor exams. You can pass all of the exams needed to offer investments and insurance in 3–6 months. We recommend taking the following exams:

  • Securities Industry Essentials (SIE)
  • Series 7
  • Series 66
  • State life insurance exam

From there, you will start to learn and understand the different wealth management products you can offer to your clients. While you know everything about your clients, offering investments and insurance as part of a wealth management offering will take time. We’ll walk you through every step:

  • Assets Under Management (AUM)
  • Insurance (term life, Index Universal Life (IUL), Variable Universal Life (VUL), whole life, annuities)
  • Estate planning
  • Advanced planning

Once you have passed the exams and obtained the required knowledge, we will begin to teach you how to approach your clients. You’ll be trained to use our sales materials in a compliant way to upsell your existing clients, convert new clients and gain clients through referral partnerships we forge for you with other accountants.

How is Cambridge associated with Corvee Advisors?

Cambridge Investment Research, Inc. is the broker-dealer associated with Corvee Advisors’ Office of Supervisory Jurisdiction (OSJ). By partnering with Cambridge, we can support outside business activities (OBAs)—unlike most broker-dealers, which won’t allow tax and accounting services. We strike a balance between being compliant and being flexible so you can do what’s best for clients and for your firm. We also support paying other accountants for referrals through solicitor’s agreements.

How do I offer wealth management to my clients? Is there a script?

Most financial advisors don’t understand what they’re selling, and neither do their clients. Our goal is to educate and let the prospects make the buying decision themselves. We have 150+ education-based slide presentations for tax-advantaged wealth management and insurance planning. You’ll be trained to use the materials in a compliant way to upsell your existing clients, convert new clients and gain clients through referral partnerships we forge for you with other accountants.

When should I add wealth management to my existing tax and accounting practice?

You’re the most trusted advisor in your clients’ lives. This is why you need to be prepared when your clients start asking for your advice on investments, insurance or advanced planning. When you partner with Corvee Advisors, we’ll help you offer wealth management to your clients and share in advisory fees. We’ll work with you to determine your clients’ risk tolerances, timelines and objectives for investment returns. We’ll perform risk management and diversification planning, and look across their entire personal and business structures to ensure we optimize for growth in a tax-advantaged manner, while advising on protections against key risks on a per-client basis.

I’m already a financial advisor. What are the benefits of moving my clients to Corvee Advisors?

Most broker-dealers, Registered Investment Advisors (RIAs) and OSJs offer back office and administrative support. But they don’t offer the methods, or a proven model, for growing your firm. We start with growth coaching and accountability first. We then help you design marketing and sales systems to convert cold prospects into AUM and insurance clients. Additionally, we provide high-net-worth referrals from accountants and CPAs from our network of over 8,900 firms. Finally, we offer administrative support and a proactive compliance team with one of the top 10 broker-dealers with one of the best records in the industry—Cambridge Investment Research.

In which states am I allowed to share in commissionable fees without being licensed?

If you are not licensed, there are 11 states in which you will be able to share in advisory fees (1% of assets under management). These states are:

  1. California
  2. Florida
  3. Texas
  4. New York
  5. Colorado
  6. Kentucky
  7. Louisiana
  8. Ohio
  9. Pennsylvania
  10. South Dakota
  11. Arkansas

If you’re not in one of these states, we recommend you work with Corvee Advisors to obtain a Series 65 license which will allow you to share in advisory fees. 

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