pfp

4 components of a high-net-worth practice

by

businesswoman holding giant dollar symbolhow to apply what you already know.

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: life insurance as part of wealth management | mistresses, mister-esses and accountants | the coming boom in tax services for the super-rich
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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.
read more →

the coming boom in tax services for the super-rich

by

money tree growing in the middle of green meadowhow to get their business.

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.

more: the seven simple steps to thrive in the covid crisis | the three new business models delivering significant profits for accounting firms | 5 meetings of the (true) wealth management process | collaborative wealth management: defining the framework | protect your clients’ assets | even entrepreneurs must diversify | when clients cash out: four smart financial moves
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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.

read more →

the seven simple steps to thrive in the covid crisis

by

//www.g005e.com/2020/07/21/thriving-during-the-covid-19-crisis-and-beyond/leveraging the relationships you already have. step 1: make a list.

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

the covid-19 crisis has put a lot of financial pressure on many businesses, including many accounting firms. at the same time, a percentage of professionals, such as accountants, lawyers, and wealth managers, are strategically taking action to deal with the economic pressures.

see also: the three new business models delivering significant profits for accounting firms | the 5 meetings of the (true) wealth management process | collaborative wealth management: defining the framework | protect your clients’ assets | even entrepreneurs must diversify | when clients cash out: four smart financial moves |

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the result is that they are doing well as the crisis progresses and are smartly positioned to do exceptionally well as the crisis abates.

read more →

the three new business models delivering significant profits for accounting firms

by

businessman sitting on stacks of paper currencyhow to upgrade your practice with successful, wealthy clients.

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

competition for high-quality accounting clients is intense, and the current environment is making it harder for many accounting firms to excel.

see also: the 5 meetings of the (true) wealth management process | collaborative wealth management: defining the framework | protect your clients’ assets | even entrepreneurs must diversify | when clients cash out: four smart financial moves |

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

if you’re ready to serve successful business owners and wealthy individuals, then there are three practice models you should consider. each of the three models shares specific characteristics that make them especially attractive, including:

  • high demand from accomplished prospects
  • high fee structures which these clients pay
  • high margins
  • high realization rates
  • high probability of needing the expertise of various accountants at the firm

because all three practice models are relationship-based, many accountants are already well-positioned to provide new, high-caliber advisory services these highly coveted clients.

read more →

how improved longevity could affect life insurance planning

by

pink elephant in the sky with a watering can. illustration

new medical findings may impact how advisors and fiduciaries can get the best results for their clients  

by steven zeiger
waxman lawson financial

in 1977 epidemiologist, richard peto from oxford university posed “the elephant paradox.” peto theorized that a biological protective mechanism prevented cancer in elephants. elephants are 100 times larger than humans.  therefore, their cells have replicated 100 times more than humans, and each replication is a chance for a cancerous mutation.  according to huntsman cancer institute’s oncologist dr. joshua schiffman, “they (elephants) should all be dropping dead of cancer and going extinct. but they have less cancer (than humans).”1

if scientists could understand why elephants don’t get cancer, they could control or eliminate cancer in humans. this resulting increase in longevity would affect all aspects of insurance and investments.  financial and estate planning strategies would need to be re-evaluated. fortunately, scientists did solve the mystery in late 2015.

read more →

enhancing client financial health through collaborative services

by

clients benefit when cpas and investment advisors work together.

by martin e. levine, chfc, cpa, mba
4thought financial group, inc.        

martin levine 4thought
levine

even if the client isn’t always right, helping clients understand and make the best financial decisions is always the right course of action. 

cpas understand the implications of financial decisions and strive to advise clients in ways that improve their financial well-being.  however, clients frequently have multiple – sometimes conflicting – financial goals, and use other financial professionals, including financial advisors, attorneys and business consultants, to achieve them.  read more →

financial services up at largest firms, down at smaller ones

by

couple meeting with investment advisor.conflict of interest is one reason smaller firms shy away from rias.

the largest cpa firms are by far the leaders in providing investment advisory services, but the rest of the profession does not appear to be following their lead too closely.

fifty-eight percent of the profession’s largest firms, with more than $20 million in annual fees, offer investment advisory services, up from 51 percent in 2012, and another 9.1 percent were at least somewhat likely to add the services to their menus, according to the “the national map survey of cpa firm statistics: the rosenberg survey.”

read more →