Well, Arby’s may have the meats. But here at Tax Master Network, we’ve got something even better, and that’s data. Let me explain.
The old TaxCoach system gave members a uniquely effective tool for writing prescriptions to pay less tax. But too many members hesitated to pull out the prescription pad in the first place, because they didn’t have the right data. They didn’t feel they knew enough about proactive tax planning to find the mistakes and missed opportunities that were costing their clients money they didn’t have to pay. And they didn’t have any idea how to price that service.
Those are both understandable reactions! If you aren’t confident you can identify the savings, you’re not likely to seek out those engagements, even if they fall right into your lap. And if you’re not confident in pricing those engagements, you’re not going to get paid what you’re worth.
Now the Tax Master Network has solved that problem for you, with the new Quote Tool. It’s an easy-to-use spreadsheet that lets you enter a few pieces of client information, gives you a target savings amount, and prices that engagement such that you can guarantee the client a 200% first-year ROI on their investment in your service. The whole process takes about five minutes. And it’s included in all three levels of Tax Master Network membership: Basic, Advanced, and Elite.
The Quote Tool asks for information on the client’s family, income, expenses, and number and type of businesses (proprietorship, S corp, etc). There are specific questions on health insurance premiums and out-of-pocket expenses (to address strategies like a MERP or HSA), and monthly living expenses (to understand how much discretionary cash flow is available for strategies like retirement plan contributions).
Here’s where the data comes in. The Quote Tool feeds that information into an algorithm built on hundreds of plans that Financial Gravity has prepared for clients across the country. It uses that data to determine how much your client can expect to save. Then it assigns a fee, in thousand-dollar increments from $1,000 to $10,000, that lets you charge what you’re worth and guarantee the client a 200% ROI on their fee.
You may not need a spreadsheet to tell you to charge $10,000 for a client netting a million a year in income. But the real beauty of the Quote Tool is apparent with bread-and-butter clients, where you can save them maybe $6,000, or maybe $8,000, or maybe $10,000. How can you know the difference, if you’re new to tax planning? And how can you price those plans to generate maximum value from the client? The data that goes into the Quote Tool is the key. And using the Quote Tool will help you confidently charge higher fees than you would have using the old “do-it-yourself” TaxCoach system. In fact, you can use Financial Gravity to prepare a “done-for-you” Tax Blueprint® for your client and stillcome out ahead, even after paying Financial Gravity’s fee, just by using our data.
Here’s what one member said after trying it the first time a month ago:
“I tried it with the latest plan I did, and the tool came out higher by about $1,500. I like it as a confidence booster and reasonableness check when pricing by myself.”
Now, you don’t have to use the Quote Tool price. You’re in charge of your business and your clients, and you’re free to charge them what you see fit. But if you’ve ever wondered to yourself, “how much can I reasonably expect to save this prospect?” or “how much can I reasonably expect to charge this client,” the Quote Tool can answer those questions with data, not guesswork.
Several of you have asked if the Quote Tool produces an itemized list of specific strategies and savings for each that you can review before you present the proposal to the prospect. The answer to that question is “not yet.” But that’s exactly where we’re looking to take this process. And that’s why we need even more data (and your feedback) to refine the tool and make it more valuable for everyone.
That’s why you’ll be doing everyone a favor — your clients, yourself, and the entire Tax Master Network — if you check out the tool and give it a spin now. You might even discover that it’s the key to the confidence you’re looking for now.