{"id":79565,"date":"2020-09-27t00:00:07","date_gmt":"2020-09-27t04:00:07","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=79565"},"modified":"2020-09-29t19:12:55","modified_gmt":"2020-09-29t23:12:55","slug":"building-a-high-net-worth-practice-during-covid-19","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/09\/27\/building-a-high-net-worth-practice-during-covid-19\/","title":{"rendered":"building a high-net-worth practice during covid-19"},"content":{"rendered":"

\"woman<\/a>the four types of professionals … and which one you need to be.<\/strong><\/p>\n

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

over the last decade with rising markets and the ranks of the wealthy swelling, it has certainly been possible to build a $5 million high-net-worth practice.<\/p>\n

more: <\/b>the essential process for building a high-net-worth practice<\/a> | what the wealthy need<\/a> | setting financial and practice goals during covid-19<\/a> | 4 components of a high-net-worth practice<\/a> | life insurance as part of wealth management<\/a> | mistresses, mister-esses and accountants<\/a> | the coming boom in tax services for the super-rich<\/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

even with soaring competition, using the very same approach as we are discussing, you could have consistently generated those kinds of revenues or better.<\/p>\n

so, what is the difference today? the difference is covid-19.
\n
\nconsider the modified equation from a previous post<\/a>:<\/p>\n

conviction + process + expertise + the covid-19 crisis =<\/p>\n

$5 million high-net-worth practice built quickly<\/p>\n

we, like everyone else in the world, eagerly wait for the covid-19 crisis to end. people dying, getting sick, and even those surviving getting sick, possibly having longer-term adverse health consequences, is something we all want to end as fast as possible. hopefully, medical science will come up with a solution quickly.<\/p>\n

this health care crisis has also morphed into a severe economic crisis. at one point, there were more people out of work in the united states than during the great depression. sadly, the financial pain is going to continue for some time to come.<\/p>\n

throughout this disaster, the wealthy persist. while some of them have seen their fortunes somewhat deplete, many others have substantially increased their net worth. what is also likely to happen is that as the world heals, the wealthy will collect assets and grow wealthier, and other people will not. as the saying goes, “the rich get richer.”<\/p>\n

implications of the covid-19 crisis for your high-net-worth practice<\/strong><\/p>\n

this disaster is providing you more opportunities to shine and cultivate the wealthy than before. pre-crisis the economy was going strong, and the markets were defying gravity. now, there are severe economic problems that are unlikely to disappear very soon.<\/p>\n

again, it was always possible to build a $5 million high-net-worth practice, but it would have likely taken longer. the covid-19 crisis is dramatically shrinking the time it takes to generate significant new business.<\/p>\n

becoming a hero to the wealthy and other professionals:<\/strong> if you are able to establish and enhance your business relationships, and you are able to deliver you and your firm’s expertise, more of the wealthy than ever before are likely to become your clients. you can establish and enhance the business relationship by using the everyone wins process. your expertise is the deliverables of your high-net-worth practice.<\/p>\n

your ability to bring some semblance of composure and rationality can alone make you a hero to the wealthy as well as professionals who can refer the wealthy to your high-net-worth practice. it is not as if you have the answers. you do not know when the covid-19 crisis will end. you do not know when the economy will be up and running strongly.<\/p>\n

what you can do is help other people better deal with some of the stresses and pain the covid-19 crisis is bringing. you can form sincere human connections that make it easier for other people to cope. you can provide ways for them to think through their circumstances to better deal with things today and come out strong when the covid-19 crisis abates.<\/p>\n

by being a hero to these people, you are also going to end up being incredibly more successful.<\/p>\n

very importantly, the pre-crisis environment hid a lot of flaws and mistakes the wealthy were making. these actions are now being uncovered. by connecting using the everyone wins process, you can help fix their problems and improve their situations.<\/p>\n

bottom line: the wealthy will pay you well for helping them through the covid-19 crisis. by doing so, you will also be their hero and their accountant now and afterward. you will also often end up with a lot more business.<\/p>\n

it has always been the case that a large percentage of the wealthy get poorly served. it has become much more evident because of the covid-19 crisis. an excellent way to understand this is to consider the four types of professionals.<\/p>\n

four types of professionals<\/strong><\/p>\n

we have been able to segment professionals working with their wealth based on their intent and expertise. of course, the wealthy want to work with experts who are focused on their well-being and who are extremely technically capable. these are the “true professionals.” the other three types are likely more pervasive in the accounting profession as well as all the other professionals catering to the wealthy:<\/p>\n