you may have to reorient your thinking.
by russ alan prince
the four core principles are not malleable or debatable for accounting firms that want to provide the highest quality wealth management expertise and an extraordinary experience to clients. let us take a closer look at these four core principles.
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core principle #1: the primary goal of an elite wealth management practice is to help optimize the financial lives of clients
the goal of an accounting firm’s elite wealth management practice is not to generate more revenues for the firm. that will undoubtedly happen, but that is not the goal. with elite wealth management, providing financial strategies and products is the way to help optimize clients’ financial lives.
the nature of elite wealth management will likely consistently produce remarkable direct revenues for an accounting firm. by being singularly focused on helping clients optimize their financial lives, an accounting firm’s elite wealth management practice will likely be exceedingly profitable.
core principle #2: elite wealth management is all about delivering exceptional value
elite wealth management and selling do not mix. selling entails persuading someone to purchase something, in this case, financial strategies and products. elite wealth management is about determining clients’ latent needs, wants, aspirations and concerns. then, the financial strategies and products that are most appropriate to help clients optimize their lives are introduced.
not selling will be one of the most consistently powerful advantages of an accounting firm’s elite wealth management practice. the ability to understand the complexities of clients’ worlds and use financial strategies and products to help them most effectively optimize their financial lives enables an accounting firm’s elite wealth management practice to add value in ways that make an enormous difference.
core principle #3: the accountant is always central when working with clients
the success of an accounting firm is a function of the value accountants provide clients and the quality of the relationships accountants have with those clients. it is commonly recognized that accountants are the most cited trusted professionals by entrepreneurs, physicians, celebrities, corporate executives and inheritors. because accountants have a central place in their client’s financial lives, it makes perfect sense to maintain – if not expand – these trusted relationships.
invariably, the client is the client of the accountant. the accountant best understands the client and has built a solid relationship based on delivering value. one of the aims of elite wealth management is to enhance these relationships further, often leading to more business and referrals to new high-quality clients for accounting expertise. this is only possible as long as the accountants stay involved.
core principle #4: elite wealth management is woven into the fabric of the accounting firm
elite wealth management is not a standalone practice, nor is it ancillary. to do the best job possible for clients and get the most benefits for an accounting firm, elite wealth management is integrated into the thinking and philosophy of the accounting firm.
the way elite wealth management practices become woven into the fabric of accounting firms is often a combination of education and experience. education covers a lot of ground, from understanding the difference between wealth management and elite wealth management, to how various financial strategies and products work for clients.