tax alert: irs pledges to fix secure act 10-year rmd rule
the irs teases new update on ira beneficiary distribution rules.
by seymour goldberg, cpa, mba (taxation), jd
special for 卡塔尔世界杯常规比赛时间
wealth management
a high-net-worth practice in four steps
you have the knowledge. it’s time to apply it.
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.
repeats: don’t ignore life insurance | adultery and other messy situations | how to attract 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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don’t ignore life insurance
it’s an important part of wealth management.
by anthony glomski and russ alan prince
your $5-million high-net-worth practice
a percentage of accounting firms have chosen to be compensated by delivering financial products – specifically investment management and life insurance. these firms see wealth management as a way to deliver greater value to clients. there are also solid business reasons for the decision, such as the profitability of wealth management practices, including the potential for consistent revenues.
more: adultery and other messy situations | how to attract the super-rich
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the best wealth management practices – anywhere – tend to be all about developing a deep understanding of their clients’ goals and concerns. with these insights, wealth managers evaluate how they can use the range of financial strategies and products to help their clients’ achieve their agendas.
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adultery and other messy situations
dealing with mistresses and mister-esses.
by anthony glomski and russ alan prince
the terms “mistresses” and “mister-esses” tend to have negative connotations, as they refer to out-of-marriage emotional or sexual relationships. all too often, wealthy individuals with a paramour (illicit partner) open themselves up to potentially very messy and costly situations.
more: smaller firms can excel as family office practices | trendwatch: new revenues in financial stress testing | 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
family relationships are commonly impacted. for example, the matter of what assets become the property of the paramour can be especially problematic without the implementation of certain wealth planning strategies.
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how to attract the super-rich
make the boom in tax services work for you.
by anthony glomski and russ alan prince
your $5-million high-net-worth practice
tax planning is in very high demand by the wealthy, growing exponentially in importance as you move up the wealth hierarchy.
more: smaller firms can excel as family office practices | trendwatch: new revenues in financial stress testing | 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
for a large percentage of the super-rich (net worth of $500 million or more) with various private company interests, astute tax planning is the most valuable expertise – far exceeding other services such as investment management.
how small firms find new growth as family offices
size doesn’t matter. interpersonal skills do.
by anthony glomski and russ alan prince
your $5-million high-net-worth practice
the accounting industry is comprised of several colossuses, many midtier firms and thousands of small firms. in a bustling economy, most smaller firms can do quite well. when times get more difficult, as they are today, all accounting firms are under pressure. nevertheless, they can still do exceptionally well.
more: trendwatch: new revenues in financial stress testing | family feud isn’t just a game show | personal wealth creation can be coached | the power of stress testing | guiding clients through covid
one of the keys to success for small accounting firms is being able to provide integrated solutions. while continuing to deliver compliance services, small firms can benefit from developing and highlighting high-demand, value-added advisory capabilities. they can then use these advisory capabilities to differentiate themselves effectively. many larger firms continue to grow because of their advisory services, and smaller firms can duplicate this same approach.
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trendwatch: new revenues in financial stress testing
covid pivot: winning new high-value clients with: “trust, but verify.”
by anthony glomski and russ alan prince
your $5-million high-net-worth practice
now on sale: buy now | learn more
for the extremely wealthy, financial stress testing is quite common. just consider the following case.
more: family feud isn’t just a game show | working with the ultra-wealthy | covid-19 brings high-net-worth opportunities | product-neutral or product-inclusive? | help your referral sources become thought leaders | what the wealthy want
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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family feud isn’t just a game show
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
“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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working with the ultra-wealthy
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
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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become a thought leader
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
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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personal wealth creation can be coached
six 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
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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covid-19 brings high-net-worth opportunities
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
so, let us review. working backward …
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five reasons new financial advisors fail
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
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.
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