put care into negotiating roles.
by russ alan prince
building and growing your accounting firm’s elite wealth management practice hinges on a team of accountants, elite wealth managers, and other talented and capable professionals and providers working under close direction.
more: four core principles of elite wealth management | why accountants don’t get referrals from wealth managers | growth during a recession? here’s how | five business models for wealth management | four core principles for elite wealth management | wanna know what clients say about you?
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in the team approach that is pretty characteristic of the wealth management industry, the wealth managers have contacts with other experts they can refer to or call upon to help address various client matters. unfortunately, from the client’s perspective, this approach is commonly very inconsistent and sometimes even counterproductive. also, accountants usually play a subservient role, diminishing the value clients receive.
for each type of financial strategy and product an accounting firm’s elite wealth management practice chooses to provide, it is necessary to have processes in place so that implementation is always precise. because an elite wealth management practice can offer every legitimate financial strategy and product, it all comes down to the professionals’ quality. all these professionals must have specific characteristics, including:
- integrity is always essential. all elite wealth management team members have to be scrupulously honest and reliable. there are no excuses for moral lapses of any kind. for instance, each wealth management team member must be willing to turn down business if a client wants to cross some legal or ethical line.
- in every way, such as responsiveness to inquiries and attention to detail, all elite wealth management team members embrace professionalism. another example of professionalism is that elite wealth management team members continuously learn, and some contribute to their areas of expertise.
- there should be a strong level of comfort and appreciation among the elite wealth management team members. when elite wealth management team members recognize each other’s talents and abilities, they are much more effective, with clients extensively benefiting.
- for an elite wealth management team to run smoothly, each member must understand their role and the accountant’s overarching role. an assembly of high-powered, talented professionals can often lead to conflict, as egos get rubbed the wrong way. each elite wealth management team member must understand that the accountant introducing the client to the elite wealth management practice is ultimately in charge.
external experts are always part of an elite wealth management team. these specialists are brought in as needed, under the supervision of an elite wealth manager responsible to the accountant.
these external experts must be top-of-the-line experts in the fields. what matters is that the external experts who are members of the elite wealth management team are technically outstanding. there can be no question that they are among the very best at what they do.
it helps majorly if the specialists are also thought leaders. it also is beneficial if some of your elite wealth managers are thought leaders. being thought leaders, these specialists share their knowledge and perspectives without reservation. doing so validates their expertise, making introductions easier for your accountants.
concerning all external experts, your accounting firm’s elite wealth management practice has a negotiated, mutually beneficial arrangement. how the specialists work with the elite wealth management practice can be critical to success. the promise of elite wealth management is only possible when the compensation and working arrangements with each specialist are skillfully negotiated.
with the ultimate success of your accounting firm’s elite wealth management practice being highly dependent on your elite wealth management team, you must ensure every team member is entirely on board. therefore, you or your designee would be wise to put effort into the negotiations with the specialists about their roles, their fees and the working arrangements.
your elite wealth management team is foundational to building and growing an accounting firm’s elite wealth management practice. the team comprises accountants intent on bringing more value to their clients, elite wealth managers, external experts and support staff.