Murphy, Murphy & Murphy Hits a Triple with Advisor Lending Program
Call it the luck of the Irish - or just plain business smarts. Since its inception by twins Mike and Pat Murphy 22 years ago and subsequent merger with their father's accounting business, Murphy, Murphy & Murphy has grown to be one of the most respected mid-sized CPA firms in Southern California. Today, it processes about 2,000 individual tax returns and more than 200 business financial statements and returns, and employs a staff of 23 non-tax and 30-plus tax professionals.
"We're always looking for ways to add value to client services,? says Mike Murphy, CPA, partner. "So last year we decided to give the ClientWhys Advisor Lending Process a try."
The Murphys discovered three-fold benefits from extending home loan financing services to clients. "One, our clients needed a good source of advice on mortgages - someone they could trust and who was familiar with their finances, as opposed to an anonymous mortgage broker. That meant us. We're a known commodity, and our clients have a great deal of confidence in our recommendations.
"Two, our clients could realize a big savings on their home mortgages, with interest rates being so low," he continues. "We're always happy when we can recommend something that makes good financial sense.
"And three, we created a new profit center for ourselves, with little or no cost or extra effort. We've submitted more than $10 million in loans so far. The revenue represents pure profit for us, because the service aligns so well with our other offerings, and we don't have to pay for extra staff, equipment, office space or training programs."
Murphy notes that the Advisor Lending program has been easy to implement and administer. "The learning curve was extremely fast, because the process is simple to understand and well-organized," he says. "Also, our ClientWhys Account Executive has done an excellent job helping us launch and maintain the program."
Clients of Murphy, Murphy & Murphy have been pleased to turn to their CPA for mortgage advice. "The more services we can offer our clients, the less hassle for them and the more goodwill for us," Murphy explains. "Clearly, the ClientWhys Advisor Lending program has been a win for everyone concerned."