{"id":77973,"date":"2020-07-14t12:30:10","date_gmt":"2020-07-14t16:30:10","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=77973"},"modified":"2020-08-06t15:35:58","modified_gmt":"2020-08-06t19:35:58","slug":"the-three-new-business-models-delivering-significant-profits-for-accounting-firms","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/07\/14\/the-three-new-business-models-delivering-significant-profits-for-accounting-firms\/","title":{"rendered":"the three new business models delivering significant profits for accounting firms"},"content":{"rendered":"
how to upgrade your practice with successful, wealthy clients.<\/strong><\/p>\n by anthony glomski and russ alan prince competition for high-quality accounting clients is intense, and the current environment is making it harder for many accounting firms to excel.<\/p>\n see also: <\/strong>the 5 meetings of the (true) wealth management process<\/a> | collaborative wealth management: defining the framework<\/a> | protect your clients\u2019 assets<\/a> | even entrepreneurs must diversify<\/a> | when clients cash out: four smart financial moves<\/a> |<\/p>\n exclusively for pro members.<\/span>\u00a0<\/strong>log in here<\/a><\/span>\u00a0or 2022世界杯足球排名 today<\/a><\/span>.<\/p><\/blockquote>\n 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:<\/p>\n 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.<\/p>\n <\/p>\n 1 \u2013 personal cfo practice<\/strong><\/p>\n as many of these wealthy individuals are time-starved and want their lives to run smoothly, they rely on personal cfos more and more. for many successful and wealthy individuals, the ability to address all the tax issues concerning their wealth \u2014 especially when there are multiple and significant sources of income \u2014 can often be a real challenge. there is a need to accurately track and report the income while addressing the wealthy individual\u2019s tax obligations. the complexity of their finances and their lives is what is motivating them to turn to personal cfos.<\/p>\n personal cfos provide a range of services such as:<\/p>\n some personal cfos help them with various issues, such as negotiating real estate purchases or acquiring significant assets, including artwork. some of them are the cornerstone of financially overseeing the management of properties and household staff. it is common for personal cfos to get involved in a range of issues for their clients. many times, the personal cfo will need to call on other experts to help them address particular issues.<\/p>\n 2 \u2013 family office practice<\/strong><\/p>\n for wealthier clients, a personal cfo may not be adequate. instead, broader and more in-depth support is required. the answer is likely to be a family office practice. here accountants deliver a range of administrative services from compliance to bill paying to producing financial statements. most family office practices also deliver sophisticated wealth planning. just about all of them coordinate specialists such as concierge physicians and personal security specialists. some also provide financial products, such as investment management and life insurance.<\/p>\n a top-of-the-line family office practice can generate some of the best margins for accounting firms and can be instrumental in attracting high-net-worth clients. furthermore, the wealthy clients of a family office practice regularly benefit from many of the other practices at an accounting firm.<\/p>\n according to babette campbell, director of business management and family office services at armanino llp, \u201chandling the cfo role and accounting functions internally within a family office can be cost prohibitive depending on the size of wealth. our model spreads out the cost and expertise across a similar clientele. this optimizes resources for efficiency and effectiveness.\u201d<\/p>\n \u201calso, when selecting a firm offering family office services, there is a level of care that is essential, unlike any other type of practice. i like to call it the care quotient.\u201d<\/p>\n 3 \u2013 business coaching practice<\/strong><\/p>\n business coaching is where the accountants provide support and professional development services to expand and refine their clients’ knowledge and skills. as so many accountants informally deliver business coaching, formalizing the expertise into a practice area is the way to get paid for the value they provide.<\/p>\n as accountants are the primary advisor to business owners, business coaching is potentially in the sweet spot for many accounting firms. there are several different ways accountants can get compensated as business coaches. some of these ways are exponentially more profitable than fees based on hours worked.<\/p>\n conclusion<\/p>\n these three specialty practices are all in demand and can be quite profitable. they move accounting firms away from delivering more commoditized services to providing significant value-added services. they are better ways to serve clients while building substantial practices.<\/p>\n success with these practices is predicated on the interpersonal skills of the accountants. while technical proficiency is a necessity, the rapport between the accountants and these clients can be the more critical factor to success.<\/p>\n","protected":false},"excerpt":{"rendered":" <\/a> 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\nyour $5 million high-net-worth practice<\/a>
\n<\/em><\/p>\n\n
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\nhow to upgrade your practice with successful, wealthy clients.<\/strong>
\nby anthony glomski and russ alan prince
\nyour $5 million high-net-worth practice<\/a><\/em><\/p>\n