high-net-worth business development in four steps.
by anthony glomski and russ alan prince
your $5-million high-net-worth practice
when it comes to working with the wealthy, all your expertise and all your firm’s capabilities and all the other top-notch experts you can bring to the table are “givens.” put another way … they are table stakes, and you must have table stakes to play. you absolutely need a top-of-the-line high-net-worth practice.
more: 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 | why tax planning matters so much to the wealthy
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as for your expertise, if you have a wealthy entrepreneur who wants to sell her business in a couple of years, there are some ways to mitigate capital gains and estate taxes. tax mitigation could come from the use of selected trusts or establishment of an offshore pension plan. the fact that you can do all these things does not inherently differentiate you from another quality accountant and many other high-caliber professionals. it most likely will separate you from many possible competitors, but they are not really the competition.
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