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

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clients who prefer obscurity

//www.g005e.com/?p=77973referrals are your best way to gain the trust and business of the super-rich.

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

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: four steps of stress testing | the smart way to handle financial products | three types of family offices for the wealthy | virtual workshops guide clients through covid | thought leadership is more precious than ever
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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 of stress testing

check the bottom line.

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

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: the smart way to handle financial products | three types of family offices for the wealthy | four ways to leverage your referral network | four qualities of the wealthy | it’s all about your wealthy clients
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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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the smart way to handle financial products

accounting firms either do or don’t. but here’s how to do it right.unbalanced brass scales

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

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: three types of family offices for the wealthy | virtual workshops guide clients through covid | high-net-worth business development in four steps | 16 questions to set your practice goals | conviction + process + expertise = your next $5 million
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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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three types of family offices for the wealthy

family of three using smartphones on couchalso: 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: virtual workshops guide clients through covid | thought leadership is more precious than ever | there are 4 types of professionals | 6 steps to maximize referrals | a high-net-worth practice in four steps
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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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client service opportunities

virtual workshops guide clients through covid

help them focus their perspective.

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

helping the wealthy think through where they are and what they can do is extremely powerful in establishing and strengthening relationships. it also expeditiously produces more business for accountants and other professionals.

more: thought leadership is more precious than ever | four ways to leverage your referral network | four qualities of the wealthy | it’s all about your wealthy clients
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we converted the everyone wins process into a supportive workshop where the initial interaction can be conducted with a small group. it is also effective in one-on-one settings.
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thought leadership is more precious than ever

businessman smiling and talking on phonehelp your referral sources position themselves.

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: four ways to leverage your referral network | high-net-worth business development in four steps | 16 questions to set your practice goals | conviction + process + expertise = your next $5 million
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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 ways to leverage your referral network

executive on phone in officehow to get the best clients.

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: high-net-worth business development in four steps | 16 questions to set your practice goals | conviction + process + expertise = your next $5 million
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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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high-net-worth business development in four steps

using the “everyone wins process.”

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

when it comes to working with the wealthy, all your expertise and all your firm’s capabilities and all the other top-notch experts you can bring to the table are “givens.” put another way … they are table stakes, and you must have table stakes to play. you absolutely need a top-of-the-line high-net-worth practice.

more: 16 questions to set your practice goals | 6 steps to maximize referrals | a high-net-worth practice in four steps | how to attract the super-rich
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as for your expertise, if you have a wealthy entrepreneur who wants to sell her business in a couple of years, there are some ways to mitigate capital gains and estate taxes. tax mitigation could come from the use of selected trusts or establishment of an offshore pension plan. the fact that you can do all these things does not inherently differentiate you from another quality accountant and many other high-caliber professionals. it most likely will separate you from many possible competitors, but they are not really the competition.
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there are 4 types of professionals

woman and man wearing masks, looking at laptopwhich one should you be?

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

over the last decade with rising markets and the ranks of the wealthy swelling, it has certainly been possible to build a $5 million high-net-worth practice.

more: 16 questions to set your practice goals | 6 steps to maximize referrals | a high-net-worth practice in four steps
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

even with soaring competition, using the very same approach as we are discussing, you could have consistently generated those kinds of revenues or better.

so, what is the difference today? the difference is covid-19.
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four qualities of the wealthy

and what they need.

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: 16 questions to set your practice goals | 6 steps to maximize referrals | a high-net-worth practice in four steps | how to attract the super-rich
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we know that with clients at this level of net worth, you can indeed build a $5 million high-net-worth practice.
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checklist

16 questions to set your practice goals

businessman pole vaulting toward his goalplus three guidelines for setting financial targets.

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

the accounting business was changing even before the onset of the covid-19 crisis.

more: 6 steps to maximize referrals | it’s all about your wealthy clients | conviction + process + expertise = your next $5 million | a high-net-worth practice in four steps | don’t ignore life insurance | adultery and other messy situations | how to attract the super-rich
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

three of the factors that are possibly impinging on your ability to be as successful as you want include:

    • significantly increased competition: from more accountants to other professionals encroaching on some of the expertise accountants provide, there is greater competition for the better clients.

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6 steps to maximize referrals

female executive greeting couplehow to foster opportunities from your wealthiest clients.

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

as part of the discovery process, you are ascertaining who your wealthy clients can refer to you. in empirical study after study, accountants (as well as other professionals) say that they get most of their client referrals from their current clients. they also say that this happens because they do an excellent job for their clients.

more: it’s all about your wealthy clients | conviction + process + expertise = your next $5 million | a high-net-worth practice in four steps | don’t ignore life insurance | adultery and other messy situations | how to attract the super-rich
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

another insight we find in the research is that very few professionals are doing much to foster getting referrals from their highly satisfied clients.
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foster opportunities from wealthy clients

female executive greeting couplehow to maximize referrals.

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

as part of the discovery process, you are ascertaining who your wealthy clients can refer to you. in empirical study after study, accountants (as well as other professionals) say that they get most of their client referrals from their current clients. they also say that this happens because they do an excellent job for their clients.

more: it’s all about your wealthy clients | conviction + process + expertise = your next $5 million | a high-net-worth practice in four steps | don’t ignore life insurance | adultery and other messy situations | how to attract the super-rich
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

another insight we find in the research is that very few professionals are doing much to foster getting referrals from their highly satisfied clients.
read more →