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what if? better to ask now.

by anthony glomski

i wrote this series of posts to help successful entrepreneurs and their advisors learn how they can build on their impressive accomplishments and utilize their wealth to achieve even greater things going forward – for themselves, for their families, for their communities and for the causes they care about.

more:three questions for clients who want to manage their own wealth|how to build your team of experts|why a virtual family office? why now?|preserving wealth is a different mindset|three approaches to investment consulting|2022世界杯32强赛程表时间
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the fact is, your clients should take their financial health as seriously as they take their physical health. one of the best ways to ensure that their financial plan is strong enough to withstand whatever the market, the economy and life circumstances throw their way is to perform a regular “stress test” of their financial plan.
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maybe they can. but should they?

by anthony glomski
your $5 million high-net-worth practice

i have told you that your business owner clients will face new challenges, new transitions and new opportunities as they navigate their way through a liquidity event and emerge on the other side. i also have emphasized that you must do everything in your power to help them preserve, protect and maintain the wealth that they have worked so hard to build.

more:how to build your team of experts|five experts your wealth management team needs|maximize your client’s charitable giving|estate plans: can you ask clients these eight questions?|do you know your client’s total picture?|2022世界杯32强赛程表时间
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nassim taleb, author of the bestselling book “the black swan: the impact of the highly improbable,” argues that we can not only learn to navigate these frightening and overwhelming events, but learn to become stronger as a result of them and to take advantage of the opportunities they provide.
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plus the four attributes each must have.

by anthony glomski
your $5 million high-net-worth practice

take a look at the chart below showing an example of the type of professional network to use in your client’s financial life. you can see that the personal cfo is at the center, acting as the coordinator of the team and the single point of contact. his or her primary relationships are with the four other core experts: private client lawyer, accountant, life insurance specialist and the property and casualty agent. these team members then have relationships with the other types of specialists you may need from time to time.

more:five experts your wealth management team needs|why you need a team of experts|plan for your client to exit their business|enhance wealth by mitigating taxes|what clients need to know|what level of advice do entrepreneurs need?|three components of collaborative wealth management
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finding the right people to help

if you are building your own expert team from scratch, you will need to do your homework and identify good candidates in the key areas in which you need help.
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plus a few more specialists for occasional circumstances.

by anthony glomski

entrepreneurs and other successful people typically have complex and varied financial needs. the most successful among them typically work with five key professionals on a regular basis (see below). these are the experts who have the capabilities to solve the majority of the investment and advanced planning issues your clients are likely to face as they pursue the next stage of their lives:

more:why you need a team of experts|why a virtual family office? why now?|is your client’s umbrella big enough?|your client’s instincts are wrong|preserving wealth is a different mindset|three approaches to investment consulting
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1. wealth manager
2. private client lawyer
3. accountant/cpa firm – ideally, a firm large enough to have multiple partners and a deep bench
4. life insurance specialist, who is knowledgeable about current estate tax mitigation strategies
5. property and casualty specialist

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it doesn’t undermine your most trusted advisor status, it cements it.

by anthony glomski
your $5 million high-net-worth practice

by now, you’ve gained a solid understanding of the many financial issues and challenges that your clients face, especially entrepreneurs who may be approaching a liquidity event. what’s more, you have seen the process that goes into addressing those challenges in a manner that coordinates each client’s entire financial life – from their investments through their broader non-investment issues. it’s not just about their taxes and their company’s financial statements.

more:why a virtual family office? why now?|maximize your client’s charitable giving|estate plans: can you ask clients these eight questions?|when clients don’t listen|do you know your client’s total picture?
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as you seek to implement solutions in these areas, consider all the tasks that must be accomplished in order to maximize the probability of achieving what is most important to your clients and their families. among other responsibilities, it is essential to do the following seven steps:
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it’s not all about tax implications.

by anthony glomski

a growing number of successful people like your clients want to have a major positive impact in their communities and on the world at large. facilitating and increasing the effectiveness of charitable intent is very important to a burgeoning segment of high-net-worth investors.

more:plan for your client to exit their business|is your client’s umbrella big enough?|your client’s instincts are wrong|preserving wealth is a different mindset
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this area of advanced planning is all about helping your client fulfill their philanthropic goals – and maximizing the effectiveness of any charitable intent they may have. it’s very important to learn and use strategies that enable your client to give larger amounts than they would have been able to give otherwise. the actions involved in a charitable giving strategy include evaluating your client’s charitable options and determining how those options fit in with their other goals, such as retirement income needs and wealth transfer goals. various trusts, funds, foundations and gifting methods – including private foundations, donor-advised funds, charitable remainder trusts and charitable lead trusts – are routinely used to ensure one’s giving has the maximum positive impact.
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it takes a few years, so get started.

by anthony glomski

research from the family firm institute shows that only three in 10 (30%) closely held family businesses survive into the second generation. just one in eight (12%) are still viable into the third generation, and a mere 3 percent operate into the fourth generation or beyond. those statistics are even more disturbing because the same research shows that the vast majority of business families are overly optimistic – they believe theywillbe in control of their companies five years hence.

more:is your client’s umbrella big enough?|estate plans: can you ask clients these eight questions?|when clients don’t listen|do you know your client’s total picture?|the role of the personal cfo
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given this gloomy success record for family business transitions, it is no wonder that 60 to 70 percent of family wealth is lost by the second generation and that 90 percent is lost by the third generation. it does not have to be this way.
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