advisory & consulting

what’s the worst that could happen? ask that now.

by anthony glomski

i wrote this series of posts to help successful entrepreneurs and their advisors learn how they can build on their impressive accomplishments and utilize their wealth to achieve even greater things going forward – for themselves, for their families, for their communities and for the causes they care about.

more: when clients want to manage their own wealth | four attributes your experts need | how a virtual family office can serve your wealthy clients | is your client’s wealth truly protected? | control the level of risk | how to flip the switch to wealth preservation | three ways to work together on wealth | five challenges of liquidating a business
exclusively for pro members. log in here or 2022世界杯足球排名 today.

the fact is, your clients should take their financial health as seriously as they take their physical health. one of the best ways to ensure that their financial plan is strong enough to withstand whatever the market, the economy and life circumstances throw their way is to perform a regular “stress test” of their financial plan.
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can they? maybe. but should they?

by anthony glomski

i have told you that your business owner clients will face new challenges, new transitions and new opportunities as they navigate their way through a liquidity event and emerge on the other side. i also have emphasized that you must do everything in your power to help them preserve, protect and maintain the wealth that they have worked so hard to build.

more: four attributes your experts need | your wealth management team needs these five people | there’s more to giving than tax implications | eight questions for estate planning | clients who don’t listen | how to outline your client’s big picture
exclusively for pro members. log in here or 2022世界杯足球排名 today.

nassim taleb, author of the bestselling book “the black swan: the impact of the highly improbable,” argues that we can not only learn to navigate these frightening and overwhelming events, but learn to become stronger as a result of them and to take advantage of the opportunities they provide.

by helping your clients prepare the right way to withstand the next black swan event, you can help ensure that they’ll be able to have a huge impact not only in their life, but in their family’s life, in their community and even in the world at large.
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plus more tips on building your team.

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

take a look at the chart above showing an example of the type of professional network to use in your client’s financial life. you can see that the personal cfo is at the center, acting as the coordinator of the team and the single point of contact. his or her primary relationships are with the four other core experts: private client lawyer, accountant, life insurance specialist and the property and casualty agent. these team members then have relationships with the other types of specialists you may need from time to time.

more: your wealth management team needs these five people | wealth management calls for a team of experts | see your client to a graceful exit | check tax effects before liquifying | why you should function as a fiduciary | your entrepreneurs need advice, but which kind?
exclusively for pro members. log in here or 2022世界杯足球排名 today.

finding the right people to help

if you are building your own expert team from scratch, you will need to do your homework and identify good candidates in the key areas in which you need help.
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details on each, plus 10 other specialists to consider for occasional circumstances.

by anthony glomski

entrepreneurs and other successful people typically have complex and varied financial needs. the most successful among them typically work with five key professionals on a regular basis (see below). these are the experts who have the capabilities to solve the majority of the investment and advanced planning issues your clients are likely to face as they pursue the next stage of their lives:

more: wealth management calls for a team of experts | how a virtual family office can serve your wealthy clients | is your client’s wealth truly protected? | control the level of risk | how to flip the switch to wealth preservation | three ways to work together on wealth | how to implement collaborative wealth management | five challenges of liquidating a business
exclusively for pro members. log in here or 2022世界杯足球排名 today.

1. wealth manager
2. private client lawyer
3. accountant/cpa firm – ideally, a firm large enough to have multiple partners and a deep bench
4. life insurance specialist, who is knowledgeable about current estate tax mitigation strategies
5. property and casualty specialist

expert #1: wealth manager. wealth managers who use the collaborative wealth management process we’ve described focus mainly on helping investors grow and preserve their wealth through the investment consulting process. then, to help clients meet their advanced planning needs, these wealth managers develop strong relationships with the other professionals listed below.
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you don’t know everything … and you don’t need to.

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

by now, you’ve gained a solid understanding of the many financial issues and challenges that your clients face, especially entrepreneurs who may be approaching a liquidity event. what’s more, you have seen the process that goes into addressing those challenges in a manner that coordinates each client’s entire financial life – from their investments through their broader non-investment issues. it’s not just about their taxes and their company’s financial statements.

more: how a virtual family office can serve your wealthy clients | there’s more to giving than tax implications | eight questions for estate planning | clients who don’t listen | how to outline your client’s big picture | target the family ceo | how to implement collaborative wealth management
exclusively for pro members. log in here or 2022世界杯足球排名 today.

as you seek to implement solutions in these areas, consider all the tasks that must be accomplished in order to maximize the probability of achieving what is most important to your clients and their families. among other responsibilities, it is essential to do the following seven steps:
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