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keep their cleverness from turning fraudulent.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

for the extremely wealthy, financial stress testing is quite common. just consider the following case.

more: why the ultrawealthy favor family offices | three steps to thought leadership | six ways to offer financial products | where to find wealthy clients | take time to tune your practice goals | here’s where your next $5 million is coming from | help clients avoid fallout from personal complications
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a super-rich individual (net worth = $500 million or more) asked us to examine a tax mitigation strategy he was using. he was quite proud of how ingenious it was and how well it worked. the complication was that some of his business dealings were under scrutiny, and he wanted to make sure his wealth planning would not cause any problems. as part of this tax strategy, he had done several things:
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six benefits they offer.

by russ alan prince and anthony glomski
your $5-million high-net-worth practice

in many ways, the accounting industry is under pressure from fee compression and seriously increasing competition. the current crisis is exacerbating the problems some accounting firms are having.

more: three steps to thought leadership | referrals best for gaining wealthy clients | family offices come in three types | how everyone can win | nurture referrals from wealthy clients | four steps to a high-net-worth practice | why tax planning matters so much to the wealthy
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at the same time, certain types of clients and sets of services prove to be extremely profitable for accounting firms. one such type of client is the ultrawealthy. furthermore, a potentially highly profitable segment of the ultrawealthy is those with single-family offices.
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they enhance not only their businesses but their lives.

by anthony glomski and russ alan prince

personal wealth creation coaching is a methodology we use with the wealthy, including the super-rich as well as select professionals. we start personal wealth creation coaching with clients by having them identify where they are today and where they want to be.

more: referrals best for gaining wealthy clients | why stress testing matters | help pros become experts through thought leadership | five questions for your high-net-worth practice | what your wealthy clients aren’t telling you | three ways the wealthy use life insurance | why tax planning matters so much to the wealthy
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we find there is always a gap. by leveraging and increasing their networks while enhancing the depth of their business relationships, we show them how to close the gap.
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some of your potentials prefer obscurity.

by anthony glomski and russ alan prince

client-focused business development is fundamental. the everyone wins process is effective at every level of wealth. as we said, the everyone wins process is not only business-enhancing, it’s life-enhancing. so, if you are interested in working with the super-rich and with single-family offices, mastering the everyone wins process will serve you well.

more: why stress testing matters | six ways to offer financial products | where to find wealthy clients | take time to tune your practice goals | here’s where your next $5 million is coming from | help clients avoid fallout from personal complications
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on the other hand, you will need to make modifications to how you operate, including what you can deliver to these cohorts when it comes to your high-net-worth practice. an obvious example is that a single-family office will turn to you for all that most high-net-worth practices can deliver. this is extremely rare.
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four steps to take.

by anthony glomski and russ alan prince

the everyone wins process is at the center of how you can maximize wealthy client relationships. most often, this is a function of aligning interests. the process is also core to generating new business from these clients and other professionals. the ability to add value often plays a significant role in being referred by other professionals to their best clients.

more: six ways to offer financial products | family offices come in three types | how everyone can win | nurture referrals from wealthy clients | four steps to a high-net-worth practice | why tax planning matters so much to the wealthy
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at the same time, there are many different ways to frame your conversations based on the self-interests of the wealthy to optimize their financial worlds and accelerate results. stress testing is one of those ways.
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plus three best practices.

by anthony glomski and russ alan prince

accounting firms adopt one of two business models when it comes to offering financial products for fees or commissions.

either they do or they do not.

more: family offices come in three types | help pros become experts through thought leadership | five questions for your high-net-worth practice | what your wealthy clients aren’t telling you | three ways the wealthy use life insurance
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a fancier way of saying this is that an accounting firm has adopted a product-neutral or product-inclusive financial product business model.

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their characteristics include three drivers of exceptionalism.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

when it comes to their financial and personal lives, the wealthy are increasingly attracted to the family office model. at the very high end, there is a strong preference to create a single-family office. for the wealthy for whom the costs of a single-family office are unreasonable or do not want the management or oversight responsibilities, there are multi-family offices and virtual family offices.

more: help pros become experts through thought leadership | where to find wealthy clients | take time to tune your practice goals | here’s where your next $5 million is coming from | help clients avoid fallout from personal complications
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with the family office model, you are providing a broad array of expertise holistically. consequently, you can deliver substantial value to the wealthy. many accounting firms provide family office services. while family office is in the name of these practices, a large percentage of them are offering a limited menu of single-family office capabilities. the services tend to comprise business management expertise and other accounting and tax-related capabilities.
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be certain to track results.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

an approach you can use and one that can strongly differentiate you from your competitors is to add value that helps the professionals reach their goals and become more successful. some of the more viable approaches involve helping them become thought leaders and providing them with turnkey business development solutions.

more: where to find wealthy clients | how everyone can win | five questions for your high-net-worth practice | take time to tune your practice goals | nurture referrals from wealthy clients | what your wealthy clients aren’t telling you | here’s where your next $5 million is coming from | four steps to a high-net-worth practice | three ways the wealthy use life insurance | help clients avoid fallout from personal complications | why tax planning matters so much to the wealthy
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adding value with thought leadership: becoming a thought leader is one way just about any professional can become significantly more successful.
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four steps to maximizing your referral network.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

most professionals, including accountants, get most of their client referrals from satisfied clients. the complication is that if you want to work with wealthier clients, the likely best way to source them is from other professionals they are currently engaging.

more: how everyone can win | five questions for your high-net-worth practice | what your wealthy clients aren’t telling you | three ways the wealthy use life insurance
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if you aim to work with the ultrawealthy and even the super-rich, be aware that as you move up the wealth hierarchy, they are less and less inclined to refer you to other people. it is something of a catch-22. in general, the better you are, the more the very wealthy are disinclined to share. that is, they are less likely to refer you to their financial peers. also, if you are maximizing your wealthy client relationships, there is hesitancy by these clients to make referrals because of a strong preference for extreme confidentiality (if not secrecy).
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and four qualities of these wealthy clients.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

by design, the clientele of an accounting firm’s high-net-worth practice is the wealthy, defined as having a net worth of $10 million or more.

more: take time to tune your practice goals | nurture referrals from wealthy clients | four steps to a high-net-worth practice | why tax planning matters so much to the wealthy
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we know that with clients at this level of net worth, you can indeed build a $5 million high-net-worth practice.

admittedly, the $10-million criterion is somewhat arbitrary. but in extensively researching the wealthy, coupled with “in the trenches experience,” clients with a net worth of $10 million or more consistently prove very rewarding for most accounting firms.
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