wealth management

it comes down to financial security.

by anthony glomski

uberwealthy families like the vanderbilts, morgans and rockefellers realized several centuries ago that managing all of their vast wealth and resources was extremely difficult. sure, they had scores of advisors working exclusively for their families. still, when each of those advisors was toiling away in their silo, there was no coordination of their efforts and lots of waste and inefficiency.

more: there’s more to giving than tax implications | see your client to a graceful exit | check tax effects before liquifying | why you should function as a fiduciary | your entrepreneurs need advice, but which kind?
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so, they established formal office headquarters where all financial experts working on their behalf could meet in one place to make it easier to oversee and coordinate everything important to the extended family – their taxes, asset protection, wealth transfer, and their legacy planning, etc.
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what is most important to your client?

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: see your client to a graceful exit | is your client’s wealth truly protected? | control the level of risk | how to flip the switch to wealth preservation | three ways to work together on wealth | five challenges of liquidating a business
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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.
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difficult conversations: it’s difficult to talk about wealth transfer, but it’s vital.

by anthony glomski

many accomplished entrepreneurs are looking beyond their own financial needs. they want to ensure that their heirs, parents, children and grandchildren are well taken care of in accordance with their wishes – with minimal difficulty and cost.

more: check tax effects before liquifying | control the level of risk | how to flip the switch to wealth preservation | three ways to work together on wealth | five challenges of liquidating a business
exclusively for pro members. log in here or 2022世界杯足球排名 today.

according to vanguard, more than half of affluent americans say they are highly concerned about their kids’ (and grandkids’) financial situations. and yet, too many successful entrepreneurs have outdated estate plans or charitable giving plans that are not in sync with their current life circumstances and needs.
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how you as the personal cfo can help when your client’s instincts are wrong.

by anthony glomski

let’s examine in detail some key drivers of investment success:

1. diversification can provide a smoother investment journey – and greater
   wealth.
2. global exposure adds value.
3. diversity with fixed income.
4. control what you can control.

more: clients who don’t listen | why you should function as a fiduciary | your entrepreneurs need advice, but which kind? | how to implement collaborative wealth management | five challenges of liquidating a business
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andrew carnegie’s advice for growing assets – put all your eggs in one basket and watch the basket – is sage wisdom when it comes to building a great enterprise. that strategy has worked for you as an entrepreneur, and it’s likely why your clients are successful, too
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sometimes you need to take a hands-off 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: why you should function as a fiduciary | how to flip the switch to wealth preservation | three ways to work together on wealth | target the family ceo | five challenges of liquidating a business
exclusively for pro members. log in here or 2022世界杯足球排名 today.

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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at some point, entrepreneurs might need to change 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: how to outline your client’s big picture | your entrepreneurs need advice, but which kind? | three ways to work together on wealth | target the family ceo | five challenges of liquidating a business
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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the collaborative wealth management process outlined.

by anthony glomski

the financial services industry has failed some of your clients who are entrepreneurs. a big gap can exist between what they pay (and the services delivered) versus what they need.

more: three ways to work together on wealth | target the family ceo | how to implement collaborative wealth management | five challenges of liquidating a business
exclusively for pro members. log in here or 2022世界杯足球排名 today.

we can agree that your clients will usually need an investment management solution. but how can you help your client sort through the different advice options to get them aligned with the right professional?  how can you determine who is the right fit for your practice to develop a working relationship? the diagram below is the hierarchy of advice available:
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