wealth management

family feud isn’t just a game show

by

jason p. trenton
jason p. trenton: how to avoid family feuds.

why you need an estate administrator pro.

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

being named executor of an estate places many legal and fiduciary responsibilities on that person. an executor is entrusted with settling the decedent’s affairs, arranging for the payment of any income and estate taxes, and distributing the assets of the decedent’s estate. in most cases, people choose a loved one or family member to serve as executor.

more: working with the ultra-wealthy | become a thought leader | working with the super-rich and single-family offices | the family office model | the new way to get the best clients | the four-step process for client-focused business development | life insurance as part of wealth management
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

“unfortunately, i have seen executors neglect their fiduciary duties during the estate administration period, which has exposed the decedent’s estate to unnecessary legal expenses, tax liability, and family feuds,” said jason trenton, a top trust and estate attorney in the los angeles office of venable llp’s tax and wealth planning practice.
read more →

working with the ultra-wealthy

by

jason zayon, a partner in the business management & family office group at armanino llp,
jason zayon, armanino: “the accountant becomes the true ‘trusted advisor’ for everything the client needs.”

and how the family office can deliver.

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

in many ways, the accounting industry is under pressure from fee compression and seriously increasing competition. the current crisis is exacerbating the problems some accounting firms are having.

more: become a thought leader | personal wealth creation can be coached | the power of stress testing | guiding clients through covid | maximize referrals from wealthy clients | building a high-net-worth practice during covid-19 | setting financial and practice goals during covid-19 | mistresses, mister-esses and accountants
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

at the same time, certain types of clients and sets of services prove to be extremely profitable for accounting firms. one such type of client is the ultra-wealthy. furthermore, a potentially highly profitable segment of the ultra-wealthy is those with single-family offices.
read more →

become a thought leader

by

the pros and cons of curation vs. creation.

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

becoming a thought leader is one of the most effective ways to effectively position you and your practice to the ultrawealthy and the other professionals who serve them. think of it as complementing and augmenting the powerful relationships you are building using the everyone wins process.

more: personal wealth creation can be coached | covid-19 brings high-net-worth opportunities | product-neutral or product-inclusive? | what the wealthy want | the essential process for building a high-net-worth practice | 4 components of a high-net-worth practice | the coming boom in tax services for the super-rich
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

while there are different ways people define a thought leader, the following captures the actions and outcomes of becoming a thought leader:
read more →

personal wealth creation can be coached

by

woman executive coaching a male employee across desksix qualities the best candidates have.

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

personal wealth creation coaching is a methodology we use with the wealthy, including the super-rich as well as select professionals. we start personal wealth creation coaching with clients by having them identify where they are today and where they want to be.

more: covid-19 brings high-net-worth opportunities | working with the super-rich and single-family offices | the family office model | the new way to get the best clients | the four-step process for client-focused business development | what the wealthy need
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we find there is always a gap. by leveraging and increasing their networks while enhancing the depth of their business relationships, we show them how to close the gap.
read more →

covid-19 brings high-net-worth opportunities

by

you (and only you) are in charge of your success.

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

we have presented the following equation:

conviction + process + expertise + the covid-19 crisis =

$5 million high-net-worth practice built quickly

more: working with the super-rich and single-family offices | the power of stress testing | guiding clients through covid | maximize referrals from wealthy clients | building a high-net-worth practice during covid-19 | setting financial and practice goals during covid-19
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

so, let us review. working backward …
read more →

five reasons new financial advisors fail

by

don’t be afraid of a learning curve.

by matt solomon

if you’re thinking about making the shift to financial advising, you might be wondering if you have the skills you need to succeed. the good news is that as an accountant, you already have all the tools you need to become a financial advisor.

more: you’re selling the wrong stuff | the path to a conscious business | tap into your gold mine | shift your practice: stop depending on compliance work
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

however, having the right tools does not automatically make you an advisor just like owning a hammer doesn’t make you a carpenter. you’ll need to develop a new skill set to use your accounting tools as a financial advisor. without these new skills, accountants often fail to achieve their goals and build a business that allows them to do meaningful work, make more money and spend less time doing it.
read more →

working with the super-rich and single-family offices

by

//www.g005e.com/?p=77973covid-19 means referrals are your best way in.

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

client-focused business development is fundamental. the everyone wins process is effective at every level of wealth. as we said, the everyone wins process is not only business-enhancing, it’s life-enhancing. so, if you are interested in working with the super-rich and with single-family offices, mastering the everyone wins process will serve you well.

more: the power of stress testing | product-neutral or product-inclusive? | help your referral sources become thought leaders | what the wealthy want | the essential process for building a high-net-worth practice | 4 components of a high-net-worth practice | the coming boom in tax services for the super-rich
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

on the other hand, you will need to make modifications to how you operate, including what you can deliver to these cohorts when it comes to your high-net-worth practice. an obvious example is that a single-family office will turn to you for all that most high-net-worth practices can deliver. this is extremely rare.
read more →

the power of stress testing

by

the four steps to take.

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

the everyone wins process is at the center of how you can maximize wealthy client relationships. most often, this is a function of aligning interests. the process is also core to generating new business from these clients and other professionals. the ability to add value often plays a significant role in being referred by other professionals to their best clients.

more: product-neutral or product-inclusive? | the family office model | guiding clients through covid | help your referral sources become thought leaders | the new way to get the best clients | maximize referrals from wealthy clients | what the wealthy want | the four-step process for client-focused business development | building a high-net-worth practice during covid-19 | the essential process for building a high-net-worth practice | what the wealthy need | setting financial and practice goals
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

at the same time, there are many different ways to frame your conversations based on the self-interests of the wealthy to optimize their financial worlds and accelerate results. stress testing is one of those ways.
read more →

product-neutral or product-inclusive?

by

unbalanced brass scalesthere are benefits to both.

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

accounting firms adopt one of two business models when it comes to offering financial products for fees or commissions. either they do or they do not. a fancier way of saying this is that an accounting firm has adopted a product-neutral or product-inclusive financial product business model.

more: the family office model | guiding clients through covid | maximize referrals from wealthy clients | building a high-net-worth practice during covid-19 | setting financial and practice goals during covid-19 | mistresses, mister-esses and accountants
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a product-neutral financial product business model is built around the delivery of services in exchange for a retainer, project or hourly fee. the typical services offered via a product-neutral model tend to be administrative, wealth planning or lifestyle in nature and might include accounting and tax work, estate and succession planning, and concierge support.
read more →

the family office model

by

family of three using smartphones on couchalso: three drivers of exceptionalism.

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

when it comes to their financial and personal lives, the wealthy are increasingly attracted to the family office model. at the very high end, there is a strong preference to create a single-family office. for the wealthy for whom the costs of a single-family office are unreasonable or do not want the management or oversight responsibilities, there are multi-family offices and virtual family offices.

more: guiding clients through covid | help your referral sources become thought leaders | what the wealthy want | the essential process for building a high-net-worth practice | 4 components of a high-net-worth practice
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

with the family office model, you are providing a broad array of expertise holistically. consequently, you can deliver substantial value to the wealthy. many accounting firms provide family office services. while family office is in the name of these practices, a large percentage of them are offering a limited menu of single-family office capabilities. the services tend to comprise business management expertise and other accounting and tax-related capabilities.
read more →

guiding clients through covid

by

you can lead a virtual workshop to help them focus their perspective.

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

helping the wealthy think through where they are and what they can do is extremely powerful in establishing and strengthening relationships. it also expeditiously produces more business for accountants and other professionals.

more: help your referral sources become thought leaders | the new way to get the best clients | the four-step process for client-focused business development | life insurance as part of wealth management
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we converted the everyone wins process into a supportive workshop where the initial interaction can be conducted with a small group. it is also effective in one-on-one settings.
read more →

help your referral sources become thought leaders

by

businessman smiling and talking on phonethe pandemic has made knowledge more precious than ever.

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

an approach you can use and one that can strongly differentiate you from your competitors is to add value that helps the professionals reach their goals and become more successful. some of the more viable approaches involve helping them become thought leaders and providing them with turnkey business development solutions.

more: the new way to get the best clients | maximize referrals from wealthy clients | building a high-net-worth practice during covid-19 | setting financial and practice goals during covid-19
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

adding value with thought leadership: becoming a thought leader is one way just about any professional can become significantly more successful.
read more →

the new way to get the best clients

by

executive on phone in officefour essential concepts for leveraging the referral network you already have.

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

most professionals, including accountants, get most of their client referrals from satisfied clients. the complication is that if you want to work with wealthier clients, the likely best way to source them is from other professionals they are currently engaging.

more: maximize referrals from wealthy clients | what the wealthy want | the essential process for building a high-net-worth practice | 4 components of a high-net-worth practice | the coming boom in tax services for the super-rich
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

if you aim to work with the ultrawealthy and even the super-rich, be aware that as you move up the wealth hierarchy, they are less and less inclined to refer you to other people. it is something of a catch-22. in general, the better you are, the more the very wealthy are disinclined to share. that is, they are less likely to refer you to their financial peers. also, if you are maximizing your wealthy client relationships, there is hesitancy by these clients to make referrals because of a strong preference for extreme confidentiality (if not secrecy).
read more →