client service opportunities

why accountants fail at wealth management

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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.

more: what level of advice do entrepreneurs need? | three approaches to investment consulting | the role of the personal cfo | three components of collaborative wealth management | 2022世界杯32强赛程表时间
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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

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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.

more on advisory: how to read a financial statement | the kpi an absentee manager needs | which kpis do you need? | 77 thoughts about client needs | the seven-minute financikal statement
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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

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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:

more on advisory: when an audit is a great thing | the kpi an absentee manager needs | which kpis do you need? | 77 thoughts about client needs | the seven-minute financikal statement
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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

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yes, you can teach 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!”

more: when clients call you at home | how to handle referrals with attorneys | why checklists? | thirteen things to know before selling your practice | 10 reasons clients don’t pay
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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

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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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