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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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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.

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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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