{"id":81853,"date":"2022-06-01t00:00:46","date_gmt":"2022-06-01t04:00:46","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?post_type=product&p=81853"},"modified":"2024-02-08t22:43:57","modified_gmt":"2024-02-09t03:43:57","slug":"ag21hnw","status":"publish","type":"product","link":"\/\/www.g005e.com\/shop\/ag21hnw\/","title":{"rendered":"your $5 million high-net-worth practice"},"content":{"rendered":"
by russ alan prince and anthony glomski<\/em><\/p>\n the world is changing in ways we can see and some that we do not yet understand.\u00a0some changes have been in process since before the covid-19 crisis, such as greater competition, the use of artificial intelligence, and the immense increase in private wealth. other changes, such as the way people are and will likely continue to interact, is a function of the crisis. for example, video calls and conferences are suddenly becoming a more significant part of how professionals interact with clients and each other.<\/p>\n all in all, the professions\u2013from accounting to law to wealth management, and so forth \u2013 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, and sometimes because of, all the changes impacting the profession.<\/p>\n we work with the wealthy and have helped accountants build outstanding high-net-worth practices. our intent with this handbook is to show you how you too can build an individual high-net-worth accounting practice generating at least $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\u2019s look at the four main components of your $5-million high-net-worth practice.<\/em><\/p>\n we are gearing the approach to a particular cohort \u2014 the wealthy.<\/p>\n we define the wealthy as having a net worth of $10 million or more. there\u2019s no upper limit when it comes to \u201cmore.\u201d let\u2019s 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\u00a0regularly 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 of $500 million or more) and with single-family offices can be outstanding as clients for some accounting firm high-net-worth practices. it\u2019s your decision whom you want to work with.<\/p>\n let\u2019s start with good not being good enough.<\/p>\n a large percentage of accountants would be happy with a solid accounting practice generating $2 million in annual revenue. if that\u2019s all you want and you\u2019re not yet there, it will likely be very easy to reach the $2 million lev- el 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.<\/p>\n 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\u2019s nothing really new in this handbook. the approach we\u2019re advocating and describing is something you probably know works quite well from your own experience. it\u2019s something you\u2019re probably doing now and again, or even fairly regularly. we are confident that intellectually you know it\u2019s 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 \u2014 including accountants \u2014 are pro-active, 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 \u2014 a highly actionable, methodical approach you can readily implement to enable you to become significantly more successful. it\u2019s called the everyone wins process.<\/p>\n we\u2019ll also be discussing the business model of your high-net-worth practice. one possibility is a family office. a large percentage of the wealthy \u2014 at all levels of wealth \u2014 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 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 \u2014 which can be a service for which you\u2019re compensated\u00a0\u2014 that is very effective irrespective of the type of high-net-worth business model you select is stress testing. it\u2019s 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 \u2014 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\u2019s begin. and the place to start is with you.<\/em><\/p>\n for your clients and for your practice:<\/strong><\/em><\/p>\n plus: a baker’s dozen of new business opportunities \u2013 and how to evaluate them for your practice:<\/strong><\/em><\/span><\/p>\n part i: your $5-million high-net-worth practice<\/strong><\/p>\n part ii: client-focused business development<\/strong><\/p>\n part iii: your high-net-worth practice<\/strong><\/p>\n coda: you (and only you) are in charge of your success<\/strong><\/p>\n bonus appendices<\/strong><\/span><\/em><\/p>\n <\/p>\n russ alan prince <\/strong>is one of the foremost authorities in the private wealth industry, and co-author of everyone wins! how you can enhance and optimize business relationships just like ultra-wealthy entrepreneurs<\/em>. he regularly consults with the super rich, family offices, and select professionals. prince is the executive director of the family office association. institute has authored or co-authored more than 60 books, including\u00a0\u00a0 the high-functioning single-family office: a primer for family members and senior management <\/em>and maximizing your single-family office: leveraging the power of outsourcing and stress testing<\/em>.\u00a0connect on linkedin<\/a>.<\/p>\n anthony glomski <\/strong>is the founder of ag asset advisory, an sec-registered family office. his team works extensively with entrepreneurs to optimize their financial world. this collaborative process addresses an array of family, financial, and lifestyle concerns, along with coordination and oversight of various professionals to keep everyone focused tightly on their goals. anthony began his career at kpmg and has been featured in forbes, us news, <\/em>and several other media outlets. he can be contacted at ag asset advisory<\/a>.<\/p>\n <\/p>\n1. the wealthy<\/h4>\n
2.\u00a0 conviction<\/h4>\n
3. client-focused business development<\/h4>\n
4.\u00a0 your high-net-worth practice<\/h4>\n
assessing goals, challenges, and opportunities <\/strong><\/span><\/h2>\n
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practical advice and guidance on every page<\/strong><\/span><\/h2>\n
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contents<\/strong><\/span><\/h2>\n
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about the authors<\/strong><\/span><\/h2>\n