wealthy drive expansion of family offices
accounting firms have an opportunity, but they’ll need to loop in other experts.
by russ alan prince
wealth management
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
the choice of business model makes a great deal of difference. there are five main business models to choose from.
why and how to stress test client plans
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
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.
read more →
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
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.
three questions for clients who want to manage their own wealth
maybe 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
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.
read more →
how to build your team of experts
plus the four attributes each must have.
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
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.
read more →
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
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.
five experts your wealth management team needs
plus a few more specialists for occasional circumstances.
by anthony glomski
entrepreneurs and other successful people typically have complex and varied financial needs. the most successful among them typically work with five key professionals on a regular basis (see below). these are the experts who have the capabilities to solve the majority of the investment and advanced planning issues your clients are likely to face as they pursue the next stage of their lives:
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
- wealth manager
- private client lawyer
- accountant/cpa firm – ideally, a firm large enough to have multiple partners and a deep bench
- life insurance specialist, who is knowledgeable about current estate tax mitigation strategies
- property and casualty specialist
why you need a team of experts
it doesn’t undermine your most trusted advisor status, it cements it.
by anthony glomski
your $5 million high-net-worth practice
by now, you’ve gained a solid understanding of the many financial issues and challenges that your clients face, especially entrepreneurs who may be approaching a liquidity event. what’s more, you have seen the process that goes into addressing those challenges in a manner that coordinates each client’s entire financial life – from their investments through their broader non-investment issues. it’s not just about their taxes and their company’s financial statements.
more: why a virtual family office? why now? | maximize your client’s charitable giving | estate plans: can you ask clients these eight questions? | when clients don’t listen | do you know your client’s total picture?
as you seek to implement solutions in these areas, consider all the tasks that must be accomplished in order to maximize the probability of achieving what is most important to your clients and their families. among other responsibilities, it is essential to do the following seven steps:
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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
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.”
why a virtual family office? why now?
how complex is your client’s 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: maximize your client’s charitable giving | 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?
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.
is elite wealth management right for you?
it can result in a firmwide multiplier effect.
by russ alan prince
accounting firms are professional services firms. many accounting firms have expanded into other areas. one of those areas is wealth management. when wealth management is part of a well thought out accounting firm’s strategy, it can be instrumental in delivering greater value to clients. an elite wealth management practice can also be core to generating substantially greater revenues for the firm.
more: accelerate your success by becoming a thought leader | wanna know what clients say about you? | the goldmine at your fingertips | three components of collaborative wealth management | 2022世界杯32强赛程表时间
an elite wealth management practice – as opposed to a traditional wealth management practice – results in a firmwide multiplier effect. most importantly, it can be central to optimizing clients’ financial lives. your elite wealth management practice will also contribute significant revenues – directly and indirectly – to the accounting firm.