wealth management

their characteristics include 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: help pros become experts through thought leadership | where to find wealthy clients | take time to tune your practice goals | here’s where your next $5 million is coming from | help clients avoid fallout from personal complications
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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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put care into negotiating roles.

by russ alan prince

building and growing your accounting firm’s elite wealth management practice hinges on a team of accountants, elite wealth managers, and other talented and capable professionals and providers working under close direction.

more: four core principles of elite wealth management | why accountants don’t get referrals from wealth managers | growth during a recession? here’s how | five business models for wealth management | four core principles for elite wealth management | wanna know what clients say about you?
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in the team approach that is pretty characteristic of the wealth management industry, the wealth managers have contacts with other experts they can refer to or call upon to help address various client matters. unfortunately, from the client’s perspective, this approach is commonly very inconsistent and sometimes even counterproductive. also, accountants usually play a subservient role, diminishing the value clients receive.
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be certain to track results.

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: where to find wealthy clients | how everyone can win | five questions for your high-net-worth practice | take time to tune your practice goals | nurture referrals from wealthy clients | what your wealthy clients aren’t telling you | here’s where your next $5 million is coming from | four steps to a high-net-worth practice | 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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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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you may have to reorient your thinking.

by russ alan prince

the four core principles are not malleable or debatable for accounting firms that want to provide the highest quality wealth management expertise and an extraordinary experience to clients. let us take a closer look at these four core principles.

more: why accountants don’t get referrals from wealth managers | the biggest obstacle to taking your firm upmarket | wealthy drive expansion of family offices | build your high-performing family office practice | are you missing maximum potential?
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core principle #1: the primary goal of an elite wealth management practice is to help optimize the financial lives of clients

the goal of an accounting firm’s elite wealth management practice is not to generate more revenues for the firm. that will undoubtedly happen, but that is not the goal. with elite wealth management, providing financial strategies and products is the way to help optimize clients’ financial lives.
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four steps to maximizing your referral network.

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: how everyone can win | five questions for your high-net-worth practice | what your wealthy clients aren’t telling you | three ways the wealthy use life insurance
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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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reconsider your focus.

by russ alan prince

for accountants with high-net-worth practices, research study after research study has shown that there is no question that wealth managers and attorneys are the best referral sources for wealthy clients. moreover, accountants have enormous opportunities with these clients as a significant percentage are not getting optimal results.

more: the biggest obstacle to taking your firm upmarket | what the wealthy getting wealthier means for your practice | does wealth management make sense for your firm? | create family dynasties and add value, roi | is elite wealth management right for you? | why accountants fail at wealth management
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generally speaking, quite a few of the wealthy up to multibillionaires are satisficing instead of maximizing. the results they are getting are good enough, and they do not know they can get more. however, once they understand they are not getting optimal results, they will likely change the professionals they’re working with. while the possibilities for accountants with high-net-worth practices are extensive, there is still the matter of being introduced to the wealthy clients of wealth managers and attorneys on a preferential basis.
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and four qualities of these wealthy clients.

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: take time to tune your practice goals | nurture referrals from wealthy clients | four steps to a high-net-worth practice | why tax planning matters so much to the wealthy
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we know that with clients at this level of net worth, you can indeed build a $5 million high-net-worth practice.

admittedly, the $10-million criterion is somewhat arbitrary. but in extensively researching the wealthy, coupled with “in the trenches experience,” clients with a net worth of $10 million or more consistently prove very rewarding for most accounting firms.
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it’s a strong opportunity for your high-net-worth practice.

by russ alan prince

there is a high probability that the u.s. will go into a recession. a recession, especially a severe recession, can be very detrimental to the accounting business. there are likely to be fewer wealthy clients looking to their accountants for advice and services.

more: wealthy drive expansion of family offices | does wealth management make sense for your firm? | create family dynasties and add value, roi | is elite wealth management right for you? | why accountants fail at wealth management
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on the other hand, a recession can prove – from a business development perspective – very advantageous to proactive, astute accountants working with wealthy individuals and families. generally speaking, many wealthy individuals and families are poorly served in the best of times. a recession can act as a catalyst for the wealthy to realize they can get much more value than they’re currently receiving by working with competent accountants who are genuinely client-centered.
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six steps to maximizing opportunities.

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: what your wealthy clients aren’t telling you | here’s where your next $5 million is coming from | four steps to a high-net-worth practice | three ways the wealthy use life insurance | help clients avoid fallout from personal complications | why tax planning matters so much to the wealthy
exclusively 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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