Great video! Would love to see an episode on how you structured production based pay. Sounds like a good pay structure up front, but I'm interested in what you settled on and why!!
Talking about pay based on production. Jason you ran a CAS practice, so whats a % of revenue per client that a staff member handles that the firm should plan to pay out? I'm hoping to bring on FTE's in the next few months, i was running numbers and I think 35% of revenue should be good, but is it? Is it too much? Special call out, if the FTE is doing the bookkeeping only, but the client is paying for bookkeeping plus taxes plus consulting, I suppose we would need to carve out each service line the FTE does and use that as the revenue to share. Thoughts?
@@JasonOnFirmsPodcast yes I’d love a podcast on this. A share of revenue for employees based on production. How it’s structured, how risk is managed by the firm as a whole when employee is so incentivised to self-manage the process….Tx
How would you structure a deal with a Tax CPA and a Financial Advisor CFP who want to create a new entity that will service clients who are also getting wealth management services. There are legal issues to deal with, but also logistics Because most say the CPA does not necessarily need the CFP, the CFP needs the expertise of the CPA to do tax planning and strategy and compliance.....so equity or profit share?
I would have 2 separate entities with a service agreement that has the CFP pay you commissions for clients. I’ve seen CFP’s willing to pay $100k to a CPA just to have the guaranteed access/introductions to all of their clients. And in addition to that, the CFP pays a commission for any clients that utilize the CFP. The CFP needs you. You don’t need the CFP.
@@brendanm87 I'm a new firm owner and based on the amount of CFP's that have reached out to me to do some kind of referral partner program, I'd say you're spot on.
New watcher really loving your content. 3 years into running my firm and really appreciate your guidance.
Welcome!
Great video! Wish I would of had this 5 years ago ☠️
same 💀
I've been loving your content!
Thanks for providing.
Thanks for being here!
Great video! Would love to see an episode on how you structured production based pay. Sounds like a good pay structure up front, but I'm interested in what you settled on and why!!
Yes working on pulling together some folks who can share their experience with production based pay!
This video is right on time! I'm actually currently on the lookout for a partner. Thanks, Jason.
Talking about pay based on production. Jason you ran a CAS practice, so whats a % of revenue per client that a staff member handles that the firm should plan to pay out?
I'm hoping to bring on FTE's in the next few months, i was running numbers and I think 35% of revenue should be good, but is it? Is it too much?
Special call out, if the FTE is doing the bookkeeping only, but the client is paying for bookkeeping plus taxes plus consulting, I suppose we would need to carve out each service line the FTE does and use that as the revenue to share. Thoughts?
I've seen a huge range from 20 to even 60 percent - going to pull some folks onto the pod soon to discuss the different flavors
@@JasonOnFirmsPodcast yes I’d love a podcast on this. A share of revenue for employees based on production. How it’s structured, how risk is managed by the firm as a whole when employee is so incentivised to self-manage the process….Tx
How would you structure a deal with a Tax CPA and a Financial Advisor CFP who want to create a new entity that will service clients who are also getting wealth management services.
There are legal issues to deal with, but also logistics
Because most say the CPA does not necessarily need the CFP, the CFP needs the expertise of the CPA to do tax planning and strategy and compliance.....so equity or profit share?
I would have 2 separate entities with a service agreement that has the CFP pay you commissions for clients. I’ve seen CFP’s willing to pay $100k to a CPA just to have the guaranteed access/introductions to all of their clients. And in addition to that, the CFP pays a commission for any clients that utilize the CFP. The CFP needs you. You don’t need the CFP.
@@brendanm87 I'm a new firm owner and based on the amount of CFP's that have reached out to me to do some kind of referral partner program, I'd say you're spot on.
"Partnerships are like a 2nd marriage, and half of all marriages end in divorce"
Instructions unclear, just proposed marriage to a business partner.
My firm- ”Is becoming a partner one of your career objectives?”
Me - internally- Uh NO! How would I get out? “I think I’d rather be a contractor.”
Great content but way too many sponsor breaks.