{"id":101558,"date":"2022-09-16t22:00:18","date_gmt":"2022-09-17t02:00:18","guid":{"rendered":"\/\/www.g005e.com\/?p=101558"},"modified":"2024-08-07t23:10:34","modified_gmt":"2024-08-08t03:10:34","slug":"are-you-missing-maximum-potential","status":"publish","type":"post","link":"\/\/www.g005e.com\/2022\/09\/16\/are-you-missing-maximum-potential\/","title":{"rendered":"the goldmine at your fingertips"},"content":{"rendered":"
competition is intensifying, but proper service to one client base could be all you need.<\/b><\/p>\n
by russ alan prince<\/em><\/p>\n in many ways, the accounting industry is under pressure. for example, fee compression is an issue for many accounting firms. more savvy and cost-sensitive clients are looking for a \u201cbargain.\u201d at the same time, competition for many of the services some accounting firms provide is intensifying. tax consulting, for instance, is being done by wealth managers, lawyers and even some life coaches.<\/span><\/p>\n more: <\/b>what level of advice do entrepreneurs need?<\/a> | three approaches to investment consulting<\/a> | the role of the personal cfo<\/a> | three components of collaborative wealth management<\/a> | cashing out: your business clients\u2019 five big issues<\/a> while many accounting firms are under pressure because of increased competition and more demanding clients, there are certain types of clients that prove exceedingly profitable. <\/span><\/p>\n the wealthy \u2013 individuals and families with a net worth of $10 million or more \u2013 are highly profitable because:\u00a0<\/span><\/p>\n many accounting firms have an untapped treasure chest of opportunities and profits in their current wealthy clientele. this takes the form of identifying ways to add exceptional value to the current wealthy clients, as well as leveraging these relationships to source new affluent clients.<\/p>\n when working with the wealthy, accounting firms can significantly profit by delivering tax planning, engaging in wealth management, or both. the choice is a function of the accounting firm’s strategy, culture and capabilities.<\/span><\/p>\n consider the ever-present situation of wealthy small business owners looking to lower their income taxes. there are several ways to help them accomplish this goal. still, an often overlooked possibility is qualified defined benefit plans, particularly the more sophisticated versions of these plans.<\/span><\/p>\n for the right successful, wealthy business owners, contributing considerably more than $1 million away annually to the sophisticated defined benefit retirement plan is a possibility. moreover, the business owners will usually receive 85 percent or more of the monies personally when they retire.<\/span><\/p>\n for accounting firms that have wealthy small business owner clients and are knowledgeable about these sophisticated defined benefit retirement plans, not only are they adding significant value to their clients, they can generate meaningful revenues. if the accounting firm is involved in wealth management, the gains are a function of implementing the plan and managing the assets in the retirement plan. otherwise, accounting firms often charge a project fee to manage the process. it is also justified to do both, manage the assets and charge a project fee to put everything in place.<\/span><\/p>\n when the accounting firm manages the process well, for every wealthy small business owner client who implements a sophisticated defined benefit retirement plan, the firm can expect two or more referrals to other wealthy small business owners. this is one example of where accounting firms can become more successful in working with the wealthy.<\/span><\/p>\n in sum, the wealthy are not going away. on the contrary, they are increasing. this is a great opportunity for accounting firms that understand this cohort and have the capabilities to serve them well. that is why more and more accounting firms are focusing on the wealthy.<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":"
\nexclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n\n