how to offer family office services

bonus: sample letter.

by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set

q:some of my clients are getting older and are becoming unable to handle their own financial affairs and i have been asked if i could assist them. what is involved and how do i charge for it?

more:why hiring out of school works|how to improve quality control|why no one listens to you|how to stop yourself|how to handle referrals with attorneys|why checklists?
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a:many large firms provide “family office” services. this is a complete one-stop financial service that helps clients manage their money, pay their bills, collect their dividends and interest, and make sure insurance isn’t cancelled; mortgage, car lease or condo fee payments aren’t skipped; and tax payments paid on time.
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captive insurance: a game changer for business clients

there are eight key advantages to captive insurance. just don’t get fooled by the hype.

huffman

by ken huffman, cpa
president,captive nationin fort worth, texas.

while there areseveral common objectionsskeptics throw out against captive insurance, including its perception as a hidden tax shelter, there are also multiple advantages.

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here we’ll look closer at the many advantages of a captive for your business owner clients, including flexibility, speed, financing source, wealth building and creditor protection.

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captive insurance: the top eight myths

huffman

deconstructing misconceptions about forming your own insurance company to optimize cash, mitigate taxes and build enterprise value

by ken huffman, cpa
president
captive nation

with continued economic uncertainty, companies of all sizes are looking toward captives as a way to manage high-severity risks and gain enhanced flexibility and greater control over their total cost of risk. and you don’t have to be a global behemoth to form a captive.

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captive insurance can be one of the most effective ways for businesses to protect themselves, optimize cash, mitigate taxes and build enterprise value. however, captives often arouse suspicion among those who are not well-informed. that’s because there have been widely publicized cases of companies using captives as illegal tax shelters, among other abuses.

to separate fact from fiction, i will walk you through some of the most frequently heard objections to captives and explain why those objections are often short-sighted.read more →

telling prospects too much

know when to stop.

by ed mendlowitz
202 questions and answers

q. i usually give away too much info at a meeting to get a new client. we simply answer too many of their questions during the initial meeting.

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we don’t know how much info to give away, so the possible new client will get hooked and not take the information and run to somebody else.usually, somebody else is cheaper.

how do i find the right balance?

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the new tax opportunities in real estate

maximize deductions and increase cash flow for real estate and construction clients.

by hank berkowitz

with a new tax landscape on the horizon, there’s never been more pressure (and more opportunities) for cpas to help their real estate and construction clients maximize deductions and increase cash flow.

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“we’re looking at some of the biggest changes to the tax regulation, code, stimulus in a generation,” observed rick telberg, founder and ceo of 卡塔尔世界杯常规比赛时间, at the ct society of cpas virtual real estate conference, produced in association with bedford cost segregation /source advisors.

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o.d. lanier: stepping into advisory

transformation talks: a leader at one of the fastest growing firms in the country describes transforming his career, pros and cons of building versus buying and the four (or five) steps to becoming a consulting firm.


transformation talks
with bill penczak
center for accounting transformation

center for accounting transformation

how does an accounting expert journey from audit and big four to starting his own firm and becoming a consultant? odysseus (o.d.) lanier, a founding partner of one of the fastest growing firms in the country, describes his start, why he left “boring” auditing (but why it is critical experience), as well as what he sees as pros and cons in building a consulting firm versus buying a consulting firm.

more on mcconnell jones:five global cpa leaders: four survival strategies

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why are cpas moving from tax and audit to get into consulting? lanier said the bottom line is that consulting is lower risk with a higher margin.

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hector garcia: success strategies of a quickbooks youtube superstar

the disruptors: his secret recipe for attracting and retaining clients and employees.
subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere:apple,google,spotify,iheart,deezer,amazon music and audible,player fm,audacy,gaana (india), andboomplay (africa).


the disruptors
with liz farr
for 卡塔尔世界杯常规比赛时间

any accountant who has ever met hector garcia will likely use the adjective “generous” to describe him. since 2011, he’s been sharing his encyclopedic knowledge ofquickbooks on a youtube channelthat has generated millions of views.

more:why doing nothing is not an option|blake oliver: why tax work yearns to be free|private equity explodes in u.k.|brannon poe: the status quo must go|accounting nerds, unlock your super powers|private equity vs. the cpa firm partnershipthe fintech flood: accounting will never be the same|think small to think big with matt wilkinson|your sales tax headaches are only just beginning|when financial statements go extinct with corey schmidt|can geraldine carter save accountants from themselves?|re-inventing accounting with tyler anderson|turning client service into new revenue

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because of that youtube channel, he hasn’t printed business cards for two years.

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accelerate your success by becoming a thought leader

distinguish yourself from the competition by being the go-to pro.

by russ alan prince

accounting services are commoditized. however, this does not mean that all accountants can deliver the same level of expertise, but it does mean that better accountants can provide better expertise. what is more telling is that clients—both individual and corporate clients—are usually unable to discern the quality of the accounting services they receive. for most clients, it can be tough to differentiate between accountants when it comes to filing tax forms or providing tax advice.

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for higher-margin practices, the competition for clients is intense. for example, one of the most significant growth areas for accounting firms is having a family office practice. the wealthy—especially the ultra-wealthy—are regularly choosing to work with family office practices over other providers. furthermore, the profitability of a well-run accounting firm’s family office practice is significantly better than most other practice areas. with so many accountants positioning themselves to provide family office services, even with exploding demand, some will seriously underperform.

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why accountants fail at wealth management

due to one reason. and it’s a big one.troubled businessman adobestock_73444359 1000w copy.jpeg

by russ alan prince

a growing percentage of accounting firms have wealth management practices by one name or another. most of these practices provide investment management services, life insurance, or both.

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but an estimated 75% to 90% of these wealth management practices are severely underperforming.

the reason why is both simple and difficult.

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when an audit is a great thing

two businessmen talking at officebonus breakdown: audits vs. reviews vs. compilations.

by ed mendlowitz
77 ways to wow!

one of my clients generously gave me his take on the benefits he received from the audited financial statements we issued for him. i was appreciative of this and want to share his views with you.

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he began with an introduction explaining how he started his business and shepherded its growth by concentrating on developing his services and delivering them quickly and on time to his clients. the business grew rapidly, and little time was spent on the recordkeeping except for getting invoices to the clients or making payroll, while keeping the back office as lean as he could. at the same time there were legal, regulatory, hr, occupancy and tax issues from operating in multiple states and countries and he was spending quite a lot of time and fees on these activities, because he had to, while pushing aside and neglecting the accounting work.
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how to read a financial statement

young black woman with magnifying glassfifty pages of notes? review them all.

by ed mendlowitz
77 ways to wow!

publicly traded companies are required to issue audited financial statements annually. there are seven parts of the statements that are briefly described here in the usual order they are presented:

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1. report of independent registered public accounting firm.this provides their opinion that the financial statements were in conformity with u.s. generally accepted accounting principles (gaap); that the company maintained effective internal controls; that the audits were conducted in accordance with standards of the u.s. public company accounting oversight board (pcaob) and some other things and that their audits provided a reasonable basis for their opinion; and that the internal control may not prevent or detect fraud. this needs careful reading and understanding, as do all seven elements of the statement, but on some level, this type of report is the gold standard for public companies.
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what good managers know about bad judgment

yes, youcanteach staffers how to make better decisions. here’s how.

by ed mendlowitz
202 questions and answers

q: recently, a colleague asked me, “how do you teach judgment?” and before i could respond, he answered it himself with, “you can’t teach judgment!”

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a:everyone working for you has and uses judgment – they have homes, families, organizations they belong to, and they manage their careers. each of these requires exercising judgment many times a day. they all have judgment.
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the kpi an absentee manager needs

psst … you might be that absentee and not know it.

by ed mendlowitz
77 ways to wow!

the author contends that almost every business owner or manager is an absentee owner or manager, regardless of the amount of time they spend at their business.

more on advisory:when an audit is a great thing|how to read a financial statement|which kpis do you need?|77 thoughts about client needs|the seven-minute financikal statement
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while many are ever-present either physically or virtually by phone, texts and emails, they are not managing but rather working in their business on what needs to be done at that moment or that day. they are responding to normal business routines; customer, supplier and personnel requests or problems; and myriad other situations that demand their time, such as banking relationships, cash flow planning, hr issues including hiring, discharging and compliance, interactions with outside professionals, including their attorneys and accountants, and regulatory and occupancy issues. some have partner issues and if they are managing a not-for-profit organization, then board and possibly funding and development issues. they are functioning as a necessary and essential employee and are not really running the business or organization – as if they were not there or were in another part of the country.
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when clients call you at home

consider privacy issues.

by ed mendlowitz
managing an accounting practice, the complete 2-volume set: 202 questions and answers:

q:i try to respond quickly to my clients’ calls and emails, but now they even call me at home. what can i do about this?

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a:you told me you have an office and also give your clients your cell number to use. you also told me that you carry a smartphone and told your clients you prefer emails and can respond quicker to them. you also told me you get many compliments on your responsiveness.
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what do you want advisory services to be?

woman on video conference with four other peoplebonus: a case study for bos work.

by penny breslin
it’s not just the numbers

what do you want to do for your clients? define it, implement it in yourself and build a team that wants to be a part of your defined image. watch it grow, and adapt it to the changing times.

more:meet the new bos|why ai is not the enemy
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added knowledge and insights assist the client in taking future action on sustainability and growth of their company. cooperation between the client, the account manager and the cloud ai makes this work in order to provide the space for advisory.
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