what your wealthy clients aren’t telling you

//www.g005e.com/2020/10/14/maximizing-wealthy-client-relationships/you need to listen between the lines.

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

take a moment to consider:

how hard is it to find and bring on a wealthy client?

what does it take to keep a wealthy client highly satisfied and doing more business with you?

more: 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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it commonly takes a lot to win a wealthy individual or family as a client. it takes a lot of effort to keep the wealthy as clients, let alone do more business with you. not only must you deliver top-quality expertise, but you often need to create a sensational experience. you must build a high level of rapport. yet, a great many accountants are not maximizing their relationships with their wealthy clients.
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here’s where your next $5 million is coming from

businessman working netbook outdoors, wearing sunglassesthe three essential components.

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

a lot goes into building a $5 million high-net-worth practice.

it is a given that you will need wealthy clients. for most accountants, most of these wealthy clients are very likely to be successful business owners. but that is not always the case. you can potentially achieve your financial end goals with wealthy inheritors, for example.

more: 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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your commitment to becoming wealthier, your integrity, and doing the best possible job for your wealthy clients all play into your success. all of this is not enough. you need more. consider the following equation:
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four steps to a high-net-worth practice

businesswoman holding giant dollar symbolyou have the knowledge. it’s time to apply it.

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

the world has changed in ways we can see and some that we do not yet understand. some of these changes have been in process before the covid-19 crisis, such as greater competition, the use of artificial intelligence, and the immense increase in private wealth.

more: 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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other changes, such as the way people are and will likely continue to interact, are a function of the crisis. for example, video calls and conferences are going to become a bigger part of the way professionals interact with clients and each other.
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three ways the wealthy use life insurance

businesspeople having a meeting over coffee sitting together at a table discussing a document, young man and two middle-aged women presentit’s an important part of planning and management.

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

a percentage of accounting firms have chosen to be compensated by delivering financial products – specifically investment management and life insurance. these firms see wealth management as a way to deliver greater value to clients. there are also solid business reasons for the decision, such as the profitability of wealth management practices, including the potential for consistent revenues.

more: help clients avoid fallout from personal complications | why tax planning matters so much to the wealthy
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the best wealth management practices – anywhere – tend to be all about developing a deep understanding of their clients’ goals and concerns. with these insights, wealth managers evaluate how they can use the range of financial strategies and products to help their clients’ achieve their agendas.
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help clients avoid fallout from personal complications

this requires a certain level of trust.

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

the terms “mistresses” and “mister-esses” tend to have negative connotations, as they refer to out-of-marriage emotional or sexual relationships. all too often, wealthy individuals with a paramour (illicit partner) open themselves up to potentially very messy and costly situations.

more: why tax planning matters so much to the wealthy
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family relationships are commonly impacted. for example, the matter of what assets become the property of the paramour can be especially problematic without the implementation of certain wealth planning strategies.
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why tax planning matters so much to the wealthy

money tree growing in the middle of green meadowmake the boom in these services work for you.

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

tax planning is in very high demand by the wealthy, growing exponentially in importance as you move up the wealth hierarchy.

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for a large percentage of the super-rich (net worth of $500 million or more) with various private company interests, astute tax planning is the most valuable expertise – far exceeding other services such as investment management.
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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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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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why and how to stress test client plans

//www.g005e.com/2021/03/29/use-financial-stress-testing-to-get-more-business/what if? better to ask now.

by anthony glomski

i wrote this series of posts to help successful entrepreneurs and their advisors learn how they can build on their impressive accomplishments and utilize their wealth to achieve even greater things going forward – for themselves, for their families, for their communities and for the causes they care about.

more: three questions for clients who want to manage their own wealth | how to build your team of experts | why a virtual family office? why now? | 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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the fact is, your clients should take their financial health as seriously as they take their physical health. one of the best ways to ensure that their financial plan is strong enough to withstand whatever the market, the economy and life circumstances throw their way is to perform a regular “stress test” of their financial plan.
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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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three questions for clients who want to manage their own wealth

businessman sitting on stacks of paper currencymaybe they can. but should they?

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

i have told you that your business owner clients will face new challenges, new transitions and new opportunities as they navigate their way through a liquidity event and emerge on the other side. i also have emphasized that you must do everything in your power to help them preserve, protect and maintain the wealth that they have worked so hard to build.

more: how to build your team of experts | five experts your wealth management team needs | maximize your client’s charitable giving | estate plans: can you ask clients these eight questions? | do you know your client’s total picture? | 2022世界杯32强赛程表时间
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nassim taleb, author of the bestselling book “the black swan: the impact of the highly improbable,” argues that we can not only learn to navigate these frightening and overwhelming events, but learn to become stronger as a result of them and to take advantage of the opportunities they provide.
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how to build your team of experts

plus the four attributes each must have.chart illustrating a sample professional network

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

take a look at the chart below showing an example of the type of professional network to use in your client’s financial life. you can see that the personal cfo is at the center, acting as the coordinator of the team and the single point of contact. his or her primary relationships are with the four other core experts: private client lawyer, accountant, life insurance specialist and the property and casualty agent. these team members then have relationships with the other types of specialists you may need from time to time.

 

more: five experts your wealth management team needs | why you need a team of experts | plan for your client to exit their business | enhance wealth by mitigating taxes | what clients need to know | what level of advice do entrepreneurs need? | three components of collaborative wealth management
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finding the right people to help

if you are building your own expert team from scratch, you will need to do your homework and identify good candidates in the key areas in which you need help.
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