client service opportunities

4 components of a high-net-worth practice

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businesswoman holding giant dollar symbolhow to apply what you already know.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

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.

more: life insurance as part of wealth management | mistresses, mister-esses and accountants | the coming boom in tax services for the super-rich
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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.
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judy trepeck on how to think beyond accounting, with steven sacks

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clients need so much more than basic accounting & write-up.

^ click to play the video

with steven sacks
the new fundamentals

armed with the latest technologies, accountants can do more than ever – faster, better, and cheaper. but too many accountants are missing the biggest opportunity that technology creates, according to judy trepeck, long a leading figure in the profession.

more from steven sacks: bill reeb: new rules for the covid era | is your message open to interpretation? |  effective communications in the age of covid | why proper communication is critical | how to create effective internal communications | how to select your firm’s board | trust is a key organizational ingredient | real influence vs. immediate gratification | fake it ‘til you make it: an ultimate goal? | 4 ways to boost job satisfaction | have you gauged your staff’s enthusiasm? | why knowledge maintenance is key
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in her conversation with steven sacks, trepeck, currently senior vice president for customized training at the michigan state cpa society,  outlines how cpas can go beyond basic accounting to provide more value-added services. it requires experience, talent, ambition, and, maybe most of all, intuition.


^ click to play the podcast

trepeck provides a framework for any accountant to add advisory services to their menu of offerings.

some of the key takeaways and the full transcript:

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opportunities in common and uncommon services

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bar chartwhat do your clients want that your competition doesn’t offer?

by 卡塔尔世界杯常规比赛时间

virtually every cpa firm faces two common challenges:

  • get the work done.
  • find more work.

more: three hidden surprises in ppp loan forgiveness | cloudy forecasts call for rainmaking  |the forecast: partly gloomy, chance of doom  |  busy season benchmarks in free fall  | say hello to the new 24-month busy season | maybe the pandemic isn’t all bad |  covid drives new m&a trends  |  re-thinking today’s firm with five global leaders|  clients want to pay you more (really!)

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

or, to put it another way:

  • satisfy clients.
  • find more clients.

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creating a cross-selling culture

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two businessmen talking at officeif you can help, why wouldn’t you?

by ed mendlowitz
call me before you do anything: the art of accounting

part of my success in getting new business was getting additional work from existing clients.

more: when time-based pricing works | the clients that got away | upselling made painless | boosting a fixed fee substantially | creative ways to retain staff | what cpas can learn from lawyers and doctors | advising cheapskates | getting bonuses from clients | be an accountant, not a salesperson for other things | when clients don’t know
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i was always good at this, and i think it was because of my attitude of helping the client beyond what the routine services were. early on i felt queasy about mentioning that there would be an additional fee for the extra services, but after a few times, i got over that.
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cloudy forecasts call for rainmaking

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have you assessed your clients’ needs, or just provided what they asked for?

the average monthly price paid for accounting services: clients who do not receive advisory services pay their firms an average of $1,108 a month. they’d be happy to pay $564 more.

by 卡塔尔世界杯常规比赛时间

rainmaker alert! the cloudy skies of 2020 show a good chance of precipitation.

more in surveys & research: covid impact: 17,500 tax & accounting jobs lost | cas: critical success factors for the covid age | clients want to pay you more (really!) | the forecast: partly gloomy, chance of doom | busy season benchmarks in free fall | say hello to the new 24-month busy season | accounting firms take billions in ppp payouts | the more monitors, the better | the top portable monitors for working from home

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

but praying for rain isn’t going to work. neither will a rain dance. the most effective action is often simply a matter of asking and offering.

a new survey of small and midsized businesses and their cpa firms finds that clients are generally willing to pay 50 percent or more for additional accounting-related advisory services … but only if their accounting firm offers them.

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