{"id":83792,"date":"2021-05-10t13:00:48","date_gmt":"2021-05-10t17:00:48","guid":{"rendered":"\/\/www.g005e.com\/?p=83792"},"modified":"2023-10-05t09:12:38","modified_gmt":"2023-10-05t13:12:38","slug":"a-high-net-worth-practice-in-four-steps","status":"publish","type":"post","link":"\/\/www.g005e.com\/2021\/05\/10\/a-high-net-worth-practice-in-four-steps\/","title":{"rendered":"a high-net-worth practice in four steps"},"content":{"rendered":"
you have the knowledge. it\u2019s time to apply it. by anthony glomski and russ alan prince<\/i> the world has changed in ways we can see and some that we do not yet understand. some of these changes have been in process before the covid-19 crisis, such as greater competition, the use of artificial intelligence, and the immense increase in private wealth.<\/p>\n repeats: <\/b>don\u2019t ignore life insurance<\/a> | adultery and other messy situations<\/a> | how to attract the super-rich<\/a> other changes, such as the way people are and will likely continue to interact, are a function of the crisis. for example, video calls and conferences are going to become a bigger part of the way professionals interact with clients and each other. we work with the wealthy and have helped accountants build outstanding high-net-worth practices. our intent with this series is to show you how you can build an individual high-net-worth accounting practice generating at least<\/strong> $5 million a year. we are talking about individual accounting practices. we are not addressing management functions and not including any payments you receive because you\u2019re an equity partner.<\/p>\n let us look at the four main components of your $5 million high-net-worth practice.<\/p>\n we are gearing the approach to a particular cohort \u2013 the wealthy. we define the wealthy as having a net worth of $10 million or more. there is no upper limit when it comes to \u201cmore.\u201d let us say the range runs from $10 million to multiple billions.<\/p>\n there are different types of wealthy clients with many overlapping needs and wants. at the same time, different types of clients have their own specific requirements, expectations and possibilities. for example, business owners regularly have extensive needs for an array of accounting services and related expertise. moreover, they are commonly willing to pay well for value. all in all, successful entrepreneurs can be a very meaningful source of revenue for you and your firm.<\/p>\n while accomplished business owners are often seen as \u201cideal clients,\u201d that does not mean other affluent cohorts are not also very good clients for your high-net-worth practices. for example, working with the super-rich (net worth = $500 million or more) and single-family offices can be outstanding clients for some accounting firm high-net-worth practices. it is your decision who you want to work with.<\/p>\n let us start with good not being good enough. with a solid accounting practice generating $2 million annually, a large percentage of accountants would be happy to hit this revenue level. if that is all you want and you are not yet there, it will likely be very easy to reach the $2 million level by implementing the approach we will detail. but, if you want to reach for the stars, just know that catching them is also possible with this approach. still, you need conviction.<\/p>\n as great believers in transparency, when it comes to client-focused business development, we want you to know there is nothing really new in this book. the approach we\u2019re advocating and describing is something you probably know works quite well from your own experience. it is something you are probably doing now and again, or even fairly regularly. we are confident that intellectually you know it is the best way to work with any client and or other professional. that is the point.<\/p>\n we are dealing with human nature. and human nature has not changed much over the centuries.<\/p>\n in our own high-net-worth practices and in coaching professionals on this approach and related aspects, the biggest difference between sensational success and a lot less success is the extent to which professionals \u2013 including accountants \u2013 are proactive, thoughtful, and highly systematic. too often, many professionals get wrapped up in other matters and fail to do what they know they need to do to grow their high-net-worth practices and generate significantly more revenues.<\/p>\n that is what we are providing \u2013 a highly actionable, methodical approach you can readily implement to enable you to become significantly more successful. it is called the everyone wins process.<\/p>\n we will also be discussing the business model of your high-net-worth practice. one possibility is a family office. a large percentage of the wealthy \u2013 at all levels of wealth \u2013 are strongly attracted to the concept and capabilities of a family office. in many ways, and justifiably so, family offices represent the \u201csmart money.\u201d<\/p>\n a family office is very involved and comprehensive, which might not<\/strong> be the best high-net-worth practice model for you and your firm. there are other ways to structure a high-net-worth practice. you also need to decide whether to be compensated for providing financial products such as investment management and life insurance.<\/p>\n an approach \u2013 that can be a service for which you are compensated \u2013 that is very effective irrespective of the type of high-net-worth business model you select is stress testing. it is a way to help ensure a wealthy client is making smart decisions and not missing anything major.<\/p>\n some accountants prefer to build a $5 million high-net-worth practice working with those at the pinnacle of the wealth pyramid \u2013 the super-rich and single-family offices. working at this level necessitates taking a different approach, which usually entails being more specialized.<\/p>\n so, let us begin. and the place to start is with you.<\/p>\n","protected":false},"excerpt":{"rendered":" <\/a>
\n<\/strong><\/p>\n
\nyour $5-million high-net-worth practice<\/i><\/a><\/span><\/p>\n
\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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\nall in all, the professions from accounting to law to wealth management and so forth need to adjust to excel going forward. the good news is that as an accountant, you can create a very substantial practice that can be amazingly successful irrespective \u2013 and sometimes because \u2013 of all the changes impacting the profession.<\/p>\nthe wealthy:<\/strong><\/h3>\n
conviction:<\/strong><\/h3>\n
client-focused business development:<\/strong><\/h3>\n
your high-net-worth practice:<\/strong><\/h3>\n
\nyou have the knowledge. it\u2019s time to apply it.<\/strong>
\nby anthony glomski and russ alan prince<\/i>
\nyour $5-million high-net-worth practice<\/i><\/a><\/p>\n