{"id":62632,"date":"2019-06-29t12:00:12","date_gmt":"2019-06-29t16:00:12","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=62632"},"modified":"2020-08-06t15:36:13","modified_gmt":"2020-08-06t19:36:13","slug":"collaborative-wealth-management-defining-the-framework","status":"publish","type":"post","link":"\/\/www.g005e.com\/2019\/06\/29\/collaborative-wealth-management-defining-the-framework\/","title":{"rendered":"collaborative wealth management: defining the framework"},"content":{"rendered":"
<\/a>three key components<\/strong> for helping clients achieve financial success.<\/strong><\/p>\n by anthony glomski<\/i><\/p>\n just like starting a business or building a practice, most of your successful clients know that nothing truly valuable is free or easy. same goes for their pursuit of financial freedom. it will take hard work, discipline and smart thinking to overcome and solve those challenges.<\/p>\n more:<\/b> protect your clients\u2019 assets<\/a> | even entrepreneurs must diversify<\/a> | when clients cash out: four smart financial moves<\/a> but what most type-a business owners, executives and professionals don\u2019t realize is they don\u2019t have to do it alone. that\u2019s where you come in as your client\u2019s most trusted advisor. will you be ready when they reach out to you for help? sure, all kinds of financial services people like to call themselves \u201cwealth managers\u201d or \u201cwealth advisors,\u201d but only a small fraction of those folks really are. more on that in a minute.<\/p>\n wealth management is about having all<\/strong> of your clients\u2019 financial challenges answered and having their entire financial situations enhanced. collaborative wealth management goes beyond simply investment solutions. it addresses a wide variety of financial needs that clients have throughout the many phases of their lives \u2013 including before and after they experience a liquidity event. true collaborative wealth management enables you to help clients organize and manage their money so that all the components of their financial lives work together toward one purpose \u2013 achieving the goals they have for themselves, their families, their community and the world at large.<\/p>\n just because someone says they provide wealth management services doesn\u2019t mean they can actually deliver it. ask 10 so-called \u201cwealth managers\u201d to define what they offer and you\u2019re likely to get 10 different answers \u2013 and most explanations will be heavily focused on the standard investment management services that everyone else provides. in most cases, these standard services are not enough to make a meaningful difference in your clients\u2019 total financial picture.<\/p>\n true collaborative wealth management is designed to solve a full range of challenges that affluent entrepreneurs face on an ongoing, long-term basis. most importantly, collaborative wealth management coordinates all aspects of their financial lives that must be addressed if they are hoping to build a secure and meaningful future.<\/p>\n collaborative wealth management accomplishes these objectives in three important ways:<\/p>\n wealth management consists of three key components, summed up in the formula below that specifically addresses and solves the most pressing financial challenges that successful people face:<\/p>\n wealth management (wm) = investment consulting (ic) + advanced planning (ap) + relationship management (rm)<\/p><\/blockquote>\n let\u2019s take those components one at a time:<\/p>\n 1) investment consulting<\/strong>.<\/strong> this deals with the overarching concern shared by most successful entrepreneurs and their families: to make consistent, smart decisions about their finances. investment consulting aligns their financial assets to their goals, their return objectives, their time horizons and their risk tolerance. it is the foundation upon which a true collaborative wealth management solution is created.<\/p>\n through investment consulting, you can address what is perhaps the most pressing specific financial issue faced by successful people \u2013 wealth preservation. they want to keep the money that they have worked hard to earn \u2013 and not have it unjustly taken from them.<\/p>\n 2) advanced planning. <\/strong>this component addresses a broad range of important financial needs in five key areas beyond<\/strong> simply investing:<\/p>\n these non-investment-related concerns above are hugely important to your clients\u2019 long-term financial success. yet these concerns are often overlooked or viewed (incorrectly) as secondary concerns \u2013 even by financial professionals. indeed, research from ceg worldwide indicates that a mere 6 percent of financial advisors (one out of 16) deal with their clients\u2019 advanced planning issues. therefore, very few advisors address these five concerns above in any systematic, comprehensive way.<\/p>\n 3) relationship management <\/strong>is the third and final component of collaborative wealth management. it requires you to think like the quarterback of a client\u2019s financial life. <\/strong>to fulfill that role, you may have to get outside your comfort zone a little by assembling a team of specialized financial experts and coordinating their efforts on your client\u2019s behalf.<\/p>\n this team of experts could include attorneys, accountants, business consultants, valuation and risk specialists, and even financial therapists. no two client situations are the same. relationship management is essential to building and maintaining a collaborative wealth management process. when done right, it can provide your client with a full range of expertise and \u201cbench strength\u201d that\u2019s designed to address the complexities of their wealth. very few clients, no matter how smart and hardworking, have the bandwidth and connections to assemble a team of experts like this on their own. that\u2019s where you come in. this is where you evolve from tax preparer\/practitioner to personal cfo.<\/p>\n our experience working closely with cpa firms has demonstrated the power of joint venturing and strategic partnering. it greatly increases the revenue of the accounting partner and amplifies the value for the client.<\/p>\n","protected":false},"excerpt":{"rendered":" 3 key components for helping clients achieve financial success.<\/strong>
\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
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\nif you\u2019re familiar with a process called collaborative wealth management \u2013 many of your peers are not \u2013 then you\u2019ll be in excellent position to be your clients\u2019 go-to source of advice for the next chapter in their lives. collaborative wealth management is designed to help hard-charging entrepreneurs, execs and professionals get their financial lives on the right track \u2013 and stay there.<\/p>\n\u201cwealth management\u201d defined<\/h3>\n
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three key components<\/h3>\n
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\nby anthony glomski<\/em><\/p>\n","protected":false},"author":3122,"featured_media":59167,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1905,1363,2732,3120,3002,3139],"tags":[],"class_list":["post-62632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-clients-and-service","category-featured","category-personal-financial-planning","category-pro-member-exclusive","category-special","category-wealth"],"acf":[],"yoast_head":"\n