wealth management

do you know your client’s total picture?

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diagrambonus case study: the cpa who saved a family’s net worth.

by anthony glomski

i realize that not all of your clients are entrepreneurs. but, consider this: 90 percent of all the wealth in the u.s. is owned by business owners and 10 percent is inherited. nearly every cpa i know works with business owners and their families. with all the changes impacting the cpa profession today, it’s imperative that you get comfortable changing lanes and adopt a more consultative role with your clients.

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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if you’re a cpa and you’re not actively overseeing all the people helping your clients with their financial lives, then you’re missing a big opportunity with your practice. you’re overlooking the opportunity to make a massive impact on the lives of your best clients, their families and the causes they care about.
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what level of advice do entrepreneurs need?

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maze with word "plan" at the centerhelp them navigate the maze of options.

by anthony glomski

the financial services industry has failed some of your clients who are entrepreneurs. a big gap can exist between what they pay (and the services delivered) versus what they need.

more: three approaches to investment consulting | the role of the personal cfo
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we can agree that your clients will usually need an investment management solution. but how can you help your client sort through the different advice options to get them aligned with the right professional?  how can you determine who is the right fit for your practice to develop a working relationship? the diagram below is the hierarchy of advice available:
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three approaches to investment consulting

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two businesspeople meeting over coffeewhat “wealth management” means and what it doesn’t.

by anthony glomski
the personal cfo

the term “wealth management” comes up time and time again as you seek advice about helping your clients with their financial challenges and opportunities.

more: 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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people throughout the financial services industry like to call themselves “wealth managers” or “wealth advisors,” but research shows that only about 1 in 16 financial professionals really provide collaborative wealth management. this type of client relationship includes not only investment consulting, but all aspects of advanced planning and relationship management. mostly they focus on investment management services that everyone else provides. in most cases, standard investment management services are not enough to make a meaningful difference in your client’s total financial picture. but your role as your clients’ personal cfo does make a huge impact.
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the role of the personal cfo

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woman and man talking with coffee, laptopyour client? the family ceo.

by anthony glomski

truly consultative collaborative wealth management stands in stark contrast to how most investors and their advisors operate today. even the most affluent and successful people you know – professionals, entrepreneurs, executives – rarely take this type of coordinated and comprehensive approach with their finances.

more: three components of collaborative wealth management | 2022世界杯32强赛程表时间
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the vast majority of people tend to address retirement, estate planning and other financial goals on an ad hoc basis – treating these issues as separate concerns and placing each one in its own discrete box. given that, their efforts to deal with their many interconnected issues are not coordinated. this leads to challenges that can jeopardize their financial health as well as that of their families, their practices or their businesses.
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three components of collaborative wealth management

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two older businessmen talkingbonus: the five meetings that will follow.

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

just like starting a business or building a practice, most of your successful clients know that nothing truly valuable is free or easy. same goes for their pursuit of financial freedom. it will take hard work, discipline and smart thinking to overcome and solve those challenges.

more: 2022世界杯32强赛程表时间
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but what most type-a business owners, executives and professionals you work with don’t realize is that they don’t have to do it alone. there is plenty of help available to empower them to close the gap between where they are today and where they want to be down the road. chances are they’re going to reach out to reach out to you (their cpa) first for guidance. will you be ready when they call?
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2022世界杯32强赛程表时间

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five challenges to anticipate.

by anthony glomski

my years of experience helping successful entrepreneurs, combined with my research and interviews with experts in the area of successful business exits, have helped me to identify five key financial challenges that must be addressed by entrepreneurs who are planning to cash out of their businesses.

the objective is to help business owners make a smooth and successful transition from where they are today to where they want to be post-exit.

let’s look at five of the top challenges in more detail. read more →

keep clever from turning fraudulent

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turn stress testing into a profitable revenue stream.

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

for the extremely wealthy, financial stress testing is quite common. just consider the following case.

more: six benefits of family offices | how to profit by being a thought leader | the best wealth coaching candidates | opportunities within covid-19 | clients who prefer obscurity | four steps of stress testing | the smart way to handle financial products
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a super-rich individual (net worth = $500 million or more) asked us to examine a tax mitigation strategy he was using. he was quite proud of how ingenious it was and how well it worked. the complication was that some of his business dealings were under scrutiny, and he wanted to make sure his wealth planning would not cause any problems. as part of this tax strategy, he had done several things:
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three reasons to use pros for estates

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

family members might not know all the risks.

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.

more: six benefits of family offices | how to profit by being a thought leader | the best wealth coaching candidates | opportunities within covid-19 | clients who prefer obscurity
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in most cases, people choose a loved one or family member to serve as executor.
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six benefits of family offices

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jason zayon, a partner in the business management & family office group at armanino llp,
zayon

why the ultra-wealthy might prefer them.

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: how to profit by being a thought leader | the best wealth coaching candidates | the smart way to handle financial products | there are 4 types of professionals | 6 steps to maximize referrals
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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.
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how to profit by being a thought leader

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will you create or curate?

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: the best wealth coaching candidates | opportunities within covid-19 | clients who prefer obscurity | four steps of stress testing | the smart way to handle financial products | three types of family offices for the wealthy
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while there are different ways people define a thought leader, the following captures the actions and outcomes of becoming a thought leader:
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the best wealth coaching candidates

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woman executive coaching a male employee across deskthey share six qualities.

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: opportunities within covid-19 | clients who prefer obscurity | four steps of stress testing | the smart way to handle financial products | three types of family offices for the wealthy | virtual workshops guide clients through covid | thought leadership is more precious than ever
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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.
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opportunities within covid-19

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your path to higher net worth.

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: clients who prefer obscurity | four steps of stress testing | the smart way to handle financial products | three types of family offices for the wealthy | virtual workshops guide clients through covid
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so, let us review. working backward …
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clients who prefer obscurity

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//www.g005e.com/?p=77973referrals are your best way to gain the trust and business of the super-rich.

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: four steps of stress testing | the smart way to handle financial products | three types of family offices for the wealthy | virtual workshops guide clients through covid | thought leadership is more precious than ever
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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.
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