here’s what you’re looking for: anthony glomski and russ alan prince

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four steps to a high-net-worth practice

businesswoman holding giant dollar symbolyou have the knowledge. it’s time to apply it.

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

the world has changed in ways we can see and some that we do not yet understand. some of these changes have been in process before the covid-19 crisis, such as greater competition, the use of artificial intelligence, and the immense increase in private wealth.

more: 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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other changes, such as the way people are and will likely continue to interact, are a function of the crisis. for example, video calls and conferences are going to become a bigger part of the way professionals interact with clients and each other.
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three ways the wealthy use life insurance

businesspeople having a meeting over coffee sitting together at a table discussing a document, young man and two middle-aged women presentit’s an important part of planning and management.

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

a percentage of accounting firms have chosen to be compensated by delivering financial products – specifically investment management and life insurance. these firms see wealth management as a way to deliver greater value to clients. there are also solid business reasons for the decision, such as the profitability of wealth management practices, including the potential for consistent revenues.

more: help clients avoid fallout from personal complications | why tax planning matters so much to the wealthy
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the best wealth management practices – anywhere – tend to be all about developing a deep understanding of their clients’ goals and concerns. with these insights, wealth managers evaluate how they can use the range of financial strategies and products to help their clients’ achieve their agendas.
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advisory & consulting

help clients avoid fallout from personal complications

this requires a certain level of trust.

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

the terms “mistresses” and “mister-esses” tend to have negative connotations, as they refer to out-of-marriage emotional or sexual relationships. all too often, wealthy individuals with a paramour (illicit partner) open themselves up to potentially very messy and costly situations.

more: why tax planning matters so much to the wealthy
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family relationships are commonly impacted. for example, the matter of what assets become the property of the paramour can be especially problematic without the implementation of certain wealth planning strategies.
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advisory & consulting

why tax planning matters so much to the wealthy

money tree growing in the middle of green meadowmake the boom in these services work for you.

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

tax planning is in very high demand by the wealthy, growing exponentially in importance as you move up the wealth hierarchy.

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for a large percentage of the super-rich (net worth of $500 million or more) with various private company interests, astute tax planning is the most valuable expertise – far exceeding other services such as investment management.
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keep clever from turning fraudulent

turn stress testing into a profitable revenue stream.

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: six benefits of family offices | how to profit by being a thought leader | the best wealth coaching candidates | opportunities within covid-19 | clients who prefer obscurity | four steps of stress testing | the smart way to handle financial products
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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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three reasons to use pros for estates

jason p. trenton
jason p. trenton: how to avoid family feuds.

family members might not know all the risks.

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

being named executor of an estate places many legal and fiduciary responsibilities on that person. an executor is entrusted with settling the decedent’s affairs, arranging for the payment of any income and estate taxes, and distributing the assets of the decedent’s estate.

more: six benefits of family offices | how to profit by being a thought leader | the best wealth coaching candidates | opportunities within covid-19 | clients who prefer obscurity
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in most cases, people choose a loved one or family member to serve as executor.
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six benefits of family offices

jason zayon, a partner in the business management & family office group at armanino llp,
zayon

why the ultra-wealthy might prefer them.

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: how to profit by being a thought leader | the best wealth coaching candidates | the smart way to handle financial products | there are 4 types of professionals | 6 steps to maximize referrals
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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 ultra-wealthy. furthermore, a potentially highly profitable segment of the ultra-wealthy is those with single-family offices.
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how to profit by being a thought leader

will you create or curate?

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

becoming a thought leader is one of the most effective ways to effectively position you and your practice to the ultrawealthy and the other professionals who serve them. think of it as complementing and augmenting the powerful relationships you are building using the everyone wins process.

more: the best wealth coaching candidates | opportunities within covid-19 | clients who prefer obscurity | four steps of stress testing | the smart way to handle financial products | three types of family offices for the wealthy
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while there are different ways people define a thought leader, the following captures the actions and outcomes of becoming a thought leader:
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