how to build and manage them.
by russ alan prince
in serving the wealthy, polymaths do not exist. one individual cannot possibly have the knowledge, skills and wherewithal to deliver the diverse array of solutions the wealthy need and want; consequently, an exceptional team is required.
more: four keys to an elite wealth management team | four core principles of elite wealth management | what the wealthy getting wealthier means for your practice | does wealth management make sense for your firm? | create family dynasties and add value, roi | is elite wealth management right for you? | why accountants fail at wealth management
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your ability to surround yourself with high-caliber professionals is often essential to building a very successful high-net-worth accounting practice. you not only have to identify the specialists with whom you need to work, but you also need to manage the relationships between your experts and your affluent clients.
most accountants with successful high-net-worth practices evolve their teams based on their wealthy clients’ expanding demands and preferences. this tends to leave holes that are filled on a just-in-time basis. there is, however, a four-step methodology for building and managing a team of specialists starting from the beginning.
step #1: understand your core competencies: the very best accountants with high-net-worth practices concentrate on what they do quite well – their core competencies – and are comfortable and capable of delegating other functions and responsibilities to top-quality professionals and staff they oversee. therefore, you need to become very clear about just what your core competencies indeed are and focus on them.
step #2: determine the specialists you need: the specialists you bring to the table are there to supplement and support the expertise you provide the affluent. by understanding the worldview and requirements of your wealthy clients, you can determine what experts are needed. central to deciding on particular specialists to align with is that everyone can work well together. this requires specifying, in advance, the working arrangements.
step #3: establish the ground rules: you will be well served if you can extensively delineate how you and your specialists will work with your wealthy clients. by being very clear from the beginning concerning the working arrangements among all the experts, you will likely avoid all sorts of problems. critical is that all the experts understand that these are your clients and that you are the advocate for your clients.
step #4: constantly refine the processes: while we are talking about this process as if it were linear, the reality is that you will regularly have to make modifications. an ongoing iterative approach is required.
in working with the wealthy, you will likely have to put together and manage a team of high-caliber specialists because of their often-complex situations. by setting the ground rules and getting everyone’s buy-in, you will regularly be able to ensure that your wealthy clients are being best served and that your team is running efficaciously with you in charge.