here’s what you’re looking for: anthony glomski

it’s not all about tax implications.

by anthony glomski

a growing number of successful people like your clients want to have a major positive impact in their communities and on the world at large. facilitating and increasing the effectiveness of charitable intent is very important to a burgeoning segment of high-net-worth investors.

more: plan for your client to exit their business | is your client’s umbrella big enough? | your client’s instincts are wrong | preserving wealth is a different mindset
exclusively for pro members. log in here or 2022世界杯足球排名 today.

this area of advanced planning is all about helping your client fulfill their philanthropic goals – and maximizing the effectiveness of any charitable intent they may have. it’s very important to learn and use strategies that enable your client to give larger amounts than they would have been able to give otherwise. the actions involved in a charitable giving strategy include evaluating your client’s charitable options and determining how those options fit in with their other goals, such as retirement income needs and wealth transfer goals. various trusts, funds, foundations and gifting methods – including private foundations, donor-advised funds, charitable remainder trusts and charitable lead trusts – are routinely used to ensure one’s giving has the maximum positive impact.
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it takes a few years, so get started.

by anthony glomski

research from the family firm institute shows that only three in 10 (30%) closely held family businesses survive into the second generation. just one in eight (12%) are still viable into the third generation, and a mere 3 percent operate into the fourth generation or beyond. those statistics are even more disturbing because the same research shows that the vast majority of business families are overly optimistic – they believe they will be in control of their companies five years hence.

more: is your client’s umbrella big enough? | estate plans: can you ask clients these eight questions? | when clients don’t listen | do you know your client’s total picture? | the role of the personal cfo
exclusively for pro members. log in here or 2022世界杯足球排名 today.

given this gloomy success record for family business transitions, it is no wonder that 60 to 70 percent of family wealth is lost by the second generation and that 90 percent is lost by the third generation. it does not have to be this way.
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many policies are too small for true wealth protection.

by anthony glomski

no matter where your client grew up or how they accumulated their wealth, they can be a target for a host of unscrupulous people. many affluent investors, including entrepreneurs, are worried about keeping their assets safe from potential creditors, litigants, children’s spouses, ex-spouses, and disgruntled former employees and partners. they also want to protect their assets from catastrophic losses that could cripple them financially. as a cpa, you have an important role here.

more: estate plans: can you ask clients these eight questions? | enhance wealth by mitigating taxes | what clients need to know | what level of advice do entrepreneurs need? | three components of collaborative wealth management
exclusively for pro members. log in here or 2022世界杯足球排名 today.

wealth protection involves strategies you can use to ensure that your wealth is not unjustly taken from you by potential creditors, litigants, ex-spouses and children’s spouses. wealth protection is also designed to protect you against catastrophic loss. identity theft is another emerging threat to wealth protection that should be addressed carefully with your clients.
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remember this before a liquidity event.

by anthony glomski

the ideal investment plan can be hugely important to helping your clients meet their goals. the right investment strategies set your clients up very well to preserve their money.

more: your client’s instincts are wrong | when clients don’t listen | do you know your client’s total picture? | the role of the personal cfo
exclusively for pro members. log in here or 2022世界杯足球排名 today.

but when it comes to your client’s long-term financial health and well-being, investments are only part of the picture. to ensure that every part of their financial life is firing on all cylinders and working in a smooth, coordinated manner, you need to go beyond just the world of stocks, bonds and even complex alternative investments.
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sometimes hands-off is the best approach.

by anthony glomski
your $5 million high-net-worth practice

staying invested consistently is the all-weather approach. what do we mean by this?

more: what clients need to know | preserving wealth is a different mindset | three approaches to investment consulting | 2022世界杯32强赛程表时间
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some of our clients reside near us in los angeles, where the average annual temperature is a very comfortable 65 degrees. in southern california, our “seasons” don’t vary much from the average annual temperature of 65. other clients reside in new york city, where the average temperature is cooler, but still a very comfortable 56 degrees. however, the temperature swings are much more significant in the big apple, ranging from stifling heat and humidity in the summer to icy temperatures and falling snow in winter.
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hard-charging entrepreneurs might need to flip their risk perspective.

by anthony glomski

after helping clients sell a business, it’s crucial to focus on preserving wealth. this may require them to adopt a new mindset about their money, investing and risk.

more: do you know your client’s total picture? | what level of advice do entrepreneurs need? | three approaches to investment consulting | the role of the personal cfo | three components of collaborative wealth management | 2022世界杯32强赛程表时间
exclusively for pro members. log in here or 2022世界杯足球排名 today.

in the old world, you could choose not to help your clients with their investments. now it’s expected that at a minimum you will understand their investment plan and overall retirement plan. you don’t have to be the expert in every aspect of their financial plan, but you do need to make sure that all the different parts of the plan are aligned – and that all the other specialists working on behalf of your clients are aligned in their efforts.
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bonus case study: the cpa who saved a family’s net worth.

by anthony glomski

i realize that not all of your clients are entrepreneurs. but, consider this: 90 percent of all the wealth in the u.s. is owned by business owners and 10 percent is inherited. nearly every cpa i know works with business owners and their families. with all the changes impacting the cpa profession today, it’s imperative that you get comfortable changing lanes and adopt a more consultative role with your clients.

more: what level of advice do entrepreneurs need? | three approaches to investment consulting | the role of the personal cfo | three components of collaborative wealth management | 2022世界杯32强赛程表时间
exclusively for pro members. log in here or 2022世界杯足球排名 today.

if you’re a cpa and you’re not actively overseeing all the people helping your clients with their financial lives, then you’re missing a big opportunity with your practice. you’re overlooking the opportunity to make a massive impact on the lives of your best clients, their families and the causes they care about.
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