{"id":108423,"date":"2023-02-09t13:07:17","date_gmt":"2023-02-09t18:07:17","guid":{"rendered":"\/\/www.g005e.com\/?p=108423"},"modified":"2024-08-07t23:09:46","modified_gmt":"2024-08-08t03:09:46","slug":"does-wealth-management-make-sense-for-your-firm","status":"publish","type":"post","link":"\/\/www.g005e.com\/2023\/02\/09\/does-wealth-management-make-sense-for-your-firm\/","title":{"rendered":"does wealth management make sense for your firm?"},"content":{"rendered":"

\"\"<\/a>remember, your current clientele is not the whole picture.<\/strong><\/p>\n

by russ alan prince<\/i>
\nyour $5-million high-net-worth practice<\/i><\/a><\/p>\n

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<\/strong> 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.<\/p>\n

more: <\/b>five business models for wealth management<\/a> | the life insurance that your firm needs<\/a> | build your high-performing family office practice<\/a> | are you missing maximum potential?<\/a> | why accountants fail at wealth management<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

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\u2019s strategy and is implemented well, it can be instrumental in delivering greater value to clients as well as substantially increasing accounting firm profits.
\n
\n\u201cwhen a wealth management practice is done right, the accounting firm benefits from a firmwide multiplier effect,\u201d says anthony glomski, principal and founder of ag asset advisory family office and co-author of your $5 million high-net-worth practice: guidelines for sourcing and working with the wealthy during the covid-19 crisis and beyond<\/em>. \u201cclients are better served, which is always the highest priority. at the same time, the accounting firm\u2019s wealth management practice generates substantial revenues, other practice areas benefit from the additional business, and new clients are consistently referred in. to date, while many accounting firms have established wealth management practices, only a small percentage of them have achieved anything close to their potential.\u201d<\/p>\n

the first decision is to determine if wealth management makes sense at your accounting firm. to garner the greatest success, it is regularly necessary to align all the resources and support of the firm\u2019s partnership. if everyone agrees on the strategic vision, implementation becomes comparatively straightforward. some of the questions that you need to answer are:<\/p>\n