Introduction
You’ve landed here because someone at BKFi has told you about our client referral program. We appreciate you taking the time to check out how it works.We're grateful when you send your clients, friends and family our way!
What is BKFi
BKFi is a fee-only financial planning firm that specializes in doing financial planning, investment management, and taxes for high earning individuals that own their own company or who own significant shares of the companies that they work (think stock options). The firm was founded in 2017 by AJ Ayers and Shane Mason and now includes more partners and over 30 staff around the country. Its a completely remote firm, and they have clients all over the world.
What Does BKFi Do for Their Clients
Financial Planning involves retirement planning, investment planning, tax planning, college funding planning, estate planning, real estate analysis, etc.
Investment management involves picking an investment strategy that suits a clients risk portfolio and financial needs, implementing an model portfolio, tax-advantaged account analysis (401k’s vs SEP-IRAs vs. IRAs), back-door Roth IRA contributions, tax loss harvesting, and even assistance with rolling over those old hard to find accounts.
Tax Preparation includes your standard tax compliance, but each client also receives a year-end tax planning meeting with a BKFi CPA and a CFP that includes a tax projection, so your clients will know in October what their tax return will look like come April.
Referral Rewards
When a friend of BKFi refers a client to either financial planning or Client Accounting Services, they will be rewarded with a referral bonus. You must self-report any referrals you send to BKFi.
You will receive a minimum payment of $1,200 for each signed client and up to 20% of the total revenue that the client produces in year 1 when they sign up to become a client. For example, if a client signs a contract with BKFi for $7,500, you will receive a distribution of $1,500. You can check out our pricing at https://www.brooklynfi.com/pricing.
How Does BKFi Work with Your Firm
While BKFi does have a tax and CAS department, those are supplementary services that they offer and not their prime service offering. They do it because their clients have asked for it. They will not solicit tax or accounting work from other firms.
Note that members of BKFi such as the co-founders and directors have traveled to other firms such as yours to attend events to explain how they work in tandem with other firms. They’re also available for other types of events, such as a directors offsite or company all-hands over zoom.
Meet the Ideal Brooklyn FI Client
The ideal BKFi client is a high-achieving professional, aged between 30 and 55, with an annual income of at least $250,000. They are managers or C-suite executives at growth companies, often holding significant equity positions. With at least $500,000 in manageable assets, they have complex financial needs that require expert guidance.
These clients are US-based, primarily located in cities such as Austin, Seattle, Denver, the Bay Area, LA, and NYC. They value efficiency and are highly organized, always providing necessary documents on time and respecting the expertise of our team. They follow our advice diligently and are fully committed to our services, understanding the importance of the financial planning process and the time it requires.
They are not DIY-ers; they understand the value of delegation and seek our help in managing their personal finances to free up their time for professional and personal pursuits. They appreciate and apply our educational resources, digest our content, and are grateful and humble in their interactions. They are homeowners who have already made significant financial commitments and prefer a relationship-focused approach to financial management rather than a purely transactional one.
In summary, the ideal BKFi client is a successful, busy professional with a concentrated stock position, who values expert financial advice and efficient delegation, ensuring their personal finances are managed with the same level of care and precision they apply to their careers.
FAQs
What constitutes a referral? When one of your clients or contacts becomes a client of BKFi.
How do I report my referral? Please use your designated referral link by signing up HERE
When are bonuses paid out? They will be paid quarterly by the 30th day of the month following quarter close (e.g. referral earned in February will be paid out by April 30th.)
Onboard?
If so, here are some ways you can communicate with your staff, colleagues or friends and family.
Here’s an email you could share with your STAFF
We have some amazing successful clients that are fortunate enough to have enough disposable income and complexity to require a financial planner to guide them on the personal side of their financial lives. We’re a big fan of what the folks at Brooklyn Fi do for their clients when they have concentrated positions in their companies.
They are unique in that they do financial planning, investing, AND they actually file their clients’ personal tax return as part of an ongoing relationship. It’s like a subscription to financial advice when you need it. They specialize in concentrated positions in company stock, whether as a founder or an employee. They have a unique approach that includes creating a trading plan (basically a multi-year taw aware roadmap for selling shares in their company) as well as stock option exercise strategy. It’s really white glove. Also, their average client age is 39, so they’re not a typical wall-street advisor that sells products (like life insurance, annuities, or mutual funds with commissions, etc.) that your clients don’t need. They’re ‘fee only’ only get paid by their clients, so you’re not sending one of your clients to a snake oil salesman.
Full disclosure, BKFi does send us a referral fee, for which we’d love to share x% with you, which would be a minimum for you of $$. This referral fee is not designed to be hidden from clients or from you as BKFi stands 100% behind their work and has roughly a 90% client retention rate. The referral program is there because we know how hard you’re already working for your clients and its easy to forget to do even MORE work of referring clients. It’s a win-win-win in our eyes.
Here’s more about the BKFi: https://www.brooklynfi.com/what-we-do
Here’s a webinar they did recently on “What to Expect During an IPO”: https://www.brooklynfi.com/blog/how-to-prepare-for-an-ipo
Their podcast: https://podcasts.apple.com/us/podcast/the-liquidity-event/id1576748996
A podcast interview with one of the founders: https://www.kitces.com/blog/shane-mason-brooklyn-fi-rise-creatives-tech-company-options-niche/
Here’s a link to book a discovery call with them should you want to share with someone in your life: https://www.brooklynfi.com/discovery
Here’s an email you could share with your CLIENTS
Dear [Existing Client],
We’re incredibly impressed with the life you’ve built and the successes you’ve achieved in your business. With all that success comes complexity in business and in your personal life. While we excel at handling your business’s financial matters, we’d love if you would explore working with a friend of the firm on the personal side of your life. We’re a big fan of what the folks at Brooklyn Fi do for their clients when they have concentrated positions in their companies.
They are unique in that they do financial planning, investing, AND they actually file their clients’ personal tax return as part of an ongoing relationship. It’s like a subscription to financial advice when you need it. They specialize in concentrated positions in company stock, whether as a founder or an employee. They have a unique approach that includes creating a trading plan (basically a multi-year taw aware roadmap for selling shares in their company) as well as stock option exercise strategy. It’s really white glove. Also, their average client age is 39, so they’re not a typical wall-street advisor that focuses on retirees and sells products (like life insurance, annuities, or mutual funds with commissions, etc.) that your clients don’t need. They’re ‘fee only’ only get paid by their clients, so you’re not sending one of your clients to a snake oil salesman.
Here’s more about the firm: https://www.brooklynfi.com/what-we-do
Here’s a webinar they did recently on “What to Expect During an IPO”: https://www.brooklynfi.com/blog/how-to-prepare-for-an-ipo
Their podcast: https://podcasts.apple.com/us/podcast/the-liquidity-event/id1576748996
A podcast interview with one of the founders: https://www.kitces.com/blog/shane-mason-brooklyn-fi-rise-creatives-tech-company-options-niche/
Finally, here’s how to book a call with them: https://www.brooklynfi.com/discovery
Please mention that I sent you over when you book your call so we can share information back and forth between firms. The synergy and open communication between our firms is a big part of the value of working together.
Conclusion
We’re excited to work with you, your clients and share the wealth.
Please direct any questions you may have to John Owens at John@brooklynfi.com.
