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wealthy drive expansion of family offices

couple sitting across desk from advisoraccounting firms have an opportunity, but they’ll need to loop in other experts.

by russ alan prince

single-family offices are proving to be the preferred way the super-rich (net worth = us $500 million or more) optimize their financial and personal lives. the power of the family office model has become well recognized by wealthy individuals and families who are far from super-rich. these wealthy individuals and families are gravitating to family office practices at an exponentially greater rate.

more: does wealth management make sense for your firm? | five business models for wealth management | four core principles for elite wealth management | are you missing maximum potential? | why accountants fail at wealth management
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in a 2018 study of 264 wealthy individuals, nearly three-quarters of them reported that they want the same advantages single-family offices can provide the super-rich. nearly nine out of 10 wealthy individuals with a net worth greater than us $30 million, eight out of 10 wealthy individuals with a net worth between us $10 million and us $30 million, and about three out of five wealthy individuals with a net worth between us $1 million and us $10 million are strongly attracted to the family office model.
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advisory & consulting

does wealth management make sense for your firm?

remember, your current clientele is not the whole picture.

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

not all accounting firms are interested in establishing a wealth management practice. it does not fit well with their strategies and culture. moreover, a great many accounting firms would not be successful in providing wealth management services and products. consequently, a percentage of accounting firms smartly choose not to get involved in delivering wealth management.

more: five business models for wealth management | the life insurance that your firm needs | build your high-performing family office practice | are you missing maximum potential? | why accountants fail at wealth management
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then there are accounting firms that choose to be in the wealth management business. when wealth management is part of a well-thought-out accounting firm’s strategy and is implemented well, it can be instrumental in delivering greater value to clients as well as substantially increasing accounting firm profits.
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growth strategies

five business models for wealth management

choosing the wrong one could be detrimental to your firm.

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

central to establishing your accounting firm’s wealth management practice is selecting a suitable elite wealth management business model. a lot of thought goes into deciding first if wealth management is applicable and meaningful at an accounting firm; and second, if so, the best way to establish and grow a wealth management practice.

more: stop selling and start discovering | create family dynasties and add value, roi | four core principles for elite wealth management | is elite wealth management right for you? | wanna know what clients say about you? | why accountants fail at wealth management
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the choice of business model makes a great deal of difference. there are five main business models to choose from.

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client service opportunities

the life insurance that your firm needs

//www.g005e.com/2020/04/06/accountants-are-emergency-responders-who-will-help-us-recover-from-the-covid-19-crisis/

guarantee funding when your business needs it the most.

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

there are times because of death when key people in a company are lost. key person life insurance provides funds to a business to address the financial losses that can occur when a key person dies.

more: why you need a team of experts | why a virtual family office? why now? | is your client’s umbrella big enough? | your client’s instincts are wrong | preserving wealth is a different mindset | three approaches to investment consulting
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revenue losses can be offset, and money can be tapped to help ensure the business remains viable and doesn’t fail – for example, to find a replacement or train someone to take the job of the key person who died.

this is almost always the most cost-effective approach. additionally, key person life insurance pretty much guarantees the money required will be available when needed.

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client service opportunities

stop selling and start discovering

woman shaking hands with a man as another man looks on

discover how not selling produces better business.

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

selling is persuasion. it’s convincing someone – prospects and clients – that they should engage you for your services.

more: create family dynasties and add value, roi | four core principles for elite wealth management | is elite wealth management right for you? | wanna know what clients say about you? | why accountants fail at wealth management
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as an accountant, you have a set of expertise and selling is about getting others to hire you for your expertise. however, a much more powerful way for you to grow your accounting practice is by not selling.

allow me to explain.

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client service opportunities

create family dynasties and add value, roi

having a well-formulated succession plan is essential.

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

a family dynasty is defined as a cohesive economic entity where the perpetuation of family wealth, values and objectives lasts for five or more generations. about 60 percent of ultrawealthy families (net worth = us $30 million or more) are strongly attracted to the concept of a family dynasty.

more: why you need a team of experts | why a virtual family office? why now? | is your client’s umbrella big enough? | your client’s instincts are wrong | preserving wealth is a different mindset | three approaches to investment consulting
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the interest in creating a family dynasty is strongest among ultrawealthy families with single-family offices. nearly three-quarters of them think along these lines, according to senior management at these single-family offices. percentagewise, the founders of the single-family offices find the prospect of a family dynasty more appealing. at the same time, two out of five c-level ultrawealthy business owners are very interested in potentially creating a family dynasty. in these cases, more inheritors than founders find the idea of a family dynasty appealing. as the research is based on a worldwide sample, it is evident that the appeal of family dynasties is extensive and widespread.

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client service opportunities

four core principles for elite wealth management

keep these promises to your clients no matter what.

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

there are four unquestionable core tenets of an accounting firm’s elite wealth management practice.

more: why you need a team of experts | why a virtual family office? why now? | is your client’s umbrella big enough? | your client’s instincts are wrong | preserving wealth is a different mindset | three approaches to investment consulting
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it’s not debatable. and it’s not negotiable.

think of the four rules as a professional oath for those who strive to have successful elite wealth management practices.

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personal financial planning

build your high-performing family office practice

make your firm indispensable to elite clients.

by russ alan prince

if you have an elite wealth management practice, you might want to “upgrade” to a family office practice.

more: enhance wealth by mitigating taxes | your client’s instincts are wrong | 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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self-proclaimed family office practices are multiplying at an incredible rate. for a great many financial and legal professionals, professing to have family office practices is nothing more than a marketing ploy.

as there is no “official” definition of a family office practice, anyone can say they have a family office practice irrespective of the expertise they can deliver. today, family offices are being described in all sorts of ways.

but, when you get right down to it, a family office is a very simple concept: “a family office is an expert coordinator of expertise that optimizes the lives of family members.”

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