personal financial planning

the goldmine at your fingertips

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competition is intensifying, but proper service to one client base could be all you need.

by russ alan prince

in many ways, the accounting industry is under pressure. for example, fee compression is an issue for many accounting firms. more savvy and cost-sensitive clients are looking for a “bargain.” at the same time, competition for many of the services some accounting firms provide is intensifying. tax consulting, for instance, is being done by wealth managers, lawyers and even some life coaches.

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 | cashing out: your business clients’ five big issues
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while many accounting firms are under pressure because of increased competition and more demanding clients, there are certain types of clients that prove exceedingly profitable. read more →

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 | cashing out: your business clients’ five big issues
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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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a woman named wanda leaves an ira nightmare

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why estate planners may now need to re-think an uncountable number of revocable trusts in at least 30 jurisdictions.

by seymour goldberg, cpa, mba (taxation), jd
the practitioner’s guide to the ira distribution rules under the secure act

a kansas court case may make it necessary to redo many ira trusts and change them from revocable trusts to irrevocable trusts, affecting an untold number of estate plans in at least 30 jurisdictions. the case revolves around a woman named wand and a $93,314.48 promissory note to a bank.

wanda was living in a retirement home and getting by on medicaid when she died in 2003, leaving an estate that owed more than it owned. wanda’s ira accounts were set up to be payable to her revocable trust. but the court ruled that, because the estate’s assets were inadequate, the bank could seize wanda’s ira accounts.

more: why you really need a protective trust | irs updates pub. 590b on ira distributions | irs pledges to fix secure act 10-year rmd rule

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so, from an asset protection point of view, it may be worthwhile to use an irrevocable standalone trust, instead of a revocable standalone trust, as the beneficiary of an ira account. this may be especially true in jurisdictions that have adopted versions of the uniform trust code.

the reason this case is so important is that during an ira owner’s lifetime, ira accounts are protected from creditors, except the irs, of course. but there has never been a case prior to the kansas case in which the deceased ira owner’s creditors – other than the irs – could collect from a beneficiary of a deceased ira owner’s ira account unless the beneficiary the ira account of the deceased ira owner was his or her estate.

since many attorneys in the u.s. use revocable trusts in estate planning and not irrevocable trusts, there may be many revocable trusts that have been selected as the ira owner’s beneficiary of his or her ira account. based on the kansas case, it may be necessary to review an uncountable number of trusts and change them from revocable to irrevocable trusts.

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family feud isn’t just a game show

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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
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“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.
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the seven simple steps to thrive in the covid crisis

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//m.g005e.com/2020/07/21/thriving-during-the-covid-19-crisis-and-beyond/leveraging the relationships you already have. step 1: make a list.

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

the covid-19 crisis has put a lot of financial pressure on many businesses, including many accounting firms. at the same time, a percentage of professionals, such as accountants, lawyers, and wealth managers, are strategically taking action to deal with the economic pressures.

see also: the three new business models delivering significant profits for accounting firms | the 5 meetings of the (true) wealth management process | collaborative wealth management: defining the framework | protect your clients’ assets | even entrepreneurs must diversify | when clients cash out: four smart financial moves |

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the result is that they are doing well as the crisis progresses and are smartly positioned to do exceptionally well as the crisis abates.

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the three new business models delivering significant profits for accounting firms

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businessman sitting on stacks of paper currencyhow to upgrade your practice with successful, wealthy clients.

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

competition for high-quality accounting clients is intense, and the current environment is making it harder for many accounting firms to excel.

see also: the 5 meetings of the (true) wealth management process | collaborative wealth management: defining the framework | protect your clients’ assets | even entrepreneurs must diversify | when clients cash out: four smart financial moves |

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

if you’re ready to serve successful business owners and wealthy individuals, then there are three practice models you should consider. each of the three models shares specific characteristics that make them especially attractive, including:

  • high demand from accomplished prospects
  • high fee structures which these clients pay
  • high margins
  • high realization rates
  • high probability of needing the expertise of various accountants at the firm

because all three practice models are relationship-based, many accountants are already well-positioned to provide new, high-caliber advisory services these highly coveted clients.

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deborah fox launches new tech platform for wealth advisors

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^ click to play video: deborah fox on financial planning for accountants, interviewed at aicpa engage 2019.

fox financial network rebrands as advisortouch with interactive training, resources, tools, and systems for advisors and staff.

by 卡塔尔世界杯常规比赛时间 research
advisortouch.com

fox financial planning network, a leading consulting company for wealth management firms and the institutions that serve them, has rebranded to advisortouch and is rolling out a new interactive social platform with the training, resources, tools, and systems for advisors and staff at  advisortouch.com/collaborative.

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the 5 meetings of the (true) wealth management process

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flow chart of process

why each is necessary.

by anthony glomski

as discussed in collaborative wealth management: defining the framework, it’s in vogue for financial services workers to call themselves wealth managers or wealth advisors. but, research shows that only a small fraction of these workers really provide clients with a complete and consultative approach to managing their complex financial lives.

more: protect your clients’ assets | even entrepreneurs must diversify | when clients cash out: four smart financial moves
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regardless of which acronym(s) you have on your business card after “cpa,” one way to assure clients and prospective clients that you’re a true wealth manager is to have a carefully defined wealth management process in place.
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collaborative wealth management: defining the framework

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three key components for helping clients achieve financial success.

by anthony glomski

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: protect your clients’ assets | even entrepreneurs must diversify | when clients cash out: four smart financial moves
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but what most type-a business owners, executives and professionals don’t realize is they don’t have to do it alone. that’s where you come in as your client’s most trusted advisor. will you be ready when they reach out to you for help?
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protect your clients’ assets

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digital visualization of a blue alarm clockget the plans locked down.

by anthony glomski

let’s look at ways to help your clients minimize taxes when they sell their business, to avoid leaving money on the table and to reduce concentration risk.

more on liquidity: even entrepreneurs must diversify | when clients cash out: four smart financial moves
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here we’ll take a closer look at two common missteps that business owners and their advisors make during the exit process – and how to avoid them.
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even entrepreneurs must diversify

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also: don’t let them undervalue themselves.

by anthony glomski

based on my years of experience helping successful entrepreneurs, as well as my research and interviews with experts in the area of successful business exits, i have identified key financial challenges that entrepreneurs who are about to cash out must address.

more on liquidity: when clients cash out: four smart financial moves
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the idea is to ensure that you can help them make a smooth and successful transition from where they are today to where they want to be post-exit. read more →