wealth management

four steps to take.

by anthony glomski and russ alan prince

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: six ways to offer financial products | family offices come in three types | how everyone can win | nurture referrals from wealthy clients | four steps to a high-net-worth practice | why tax planning matters so much to the wealthy
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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.
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how to grow your firm outside of wealth management.

by russ alan prince

a pervasive problem many accounting firms face with wealth management practices is how little wealth management business they generate. having an arrangement with a wealth manager or establishing their wealth management practices does not tend to result in very much business.

more: exceptional teams are key to high-net-worth practices | four keys to an elite wealth management team | the biggest obstacle to taking your firm upmarket | wealthy drive expansion of family offices | build your high-performing family office practice | are you missing maximum potential?
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indeed, some accountants will send clients over to the wealth management practice because the client asks them to. however, relying on clients to initiate the referral is something other than a solid business development strategy. instead, the wealth manager must show accountants how to identify opportunities and make the proper connections.
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plus three best practices.

by anthony glomski and russ alan prince

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.

more: family offices come in three types | help pros become experts through thought leadership | five questions for your high-net-worth practice | what your wealthy clients aren’t telling you | three ways the wealthy use life insurance
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a fancier way of saying this is that an accounting firm has adopted a product-neutral or product-inclusive financial product business model.

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how to build and manage them.

by russ alan prince

in serving the wealthy, polymaths do not exist. one individual cannot possibly have the knowledge, skills and wherewithal to deliver the diverse array of solutions the wealthy need and want; consequently, an exceptional team is required.

more: four keys to an elite wealth management team | four core principles of elite wealth management | what the wealthy getting wealthier means for your practice | does wealth management make sense for your firm? | create family dynasties and add value, roi | is elite wealth management right for you? | why accountants fail at wealth management
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your ability to surround yourself with high-caliber professionals is often essential to building a very successful high-net-worth accounting practice. you not only have to identify the specialists with whom you need to work, but you also need to manage the relationships between your experts and your affluent clients.
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their characteristics include 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: help pros become experts through thought leadership | where to find wealthy clients | take time to tune your practice goals | here’s where your next $5 million is coming from | help clients avoid fallout from personal complications
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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.
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put care into negotiating roles.

by russ alan prince

building and growing your accounting firm’s elite wealth management practice hinges on a team of accountants, elite wealth managers, and other talented and capable professionals and providers working under close direction.

more: four core principles of elite wealth management | why accountants don’t get referrals from wealth managers | growth during a recession? here’s how | five business models for wealth management | four core principles for elite wealth management | wanna know what clients say about you?
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in the team approach that is pretty characteristic of the wealth management industry, the wealth managers have contacts with other experts they can refer to or call upon to help address various client matters. unfortunately, from the client’s perspective, this approach is commonly very inconsistent and sometimes even counterproductive. also, accountants usually play a subservient role, diminishing the value clients receive.
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be certain to track results.

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: where to find wealthy clients | how everyone can win | five questions for your high-net-worth practice | take time to tune your practice goals | nurture referrals from wealthy clients | what your wealthy clients aren’t telling you | here’s where your next $5 million is coming from | four steps to a high-net-worth practice | three ways the wealthy use life insurance | help clients avoid fallout from personal complications | why tax planning matters so much to the wealthy
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adding value with thought leadership: becoming a thought leader is one way just about any professional can become significantly more successful.
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you may have to reorient your thinking.

by russ alan prince

the four core principles are not malleable or debatable for accounting firms that want to provide the highest quality wealth management expertise and an extraordinary experience to clients. let us take a closer look at these four core principles.

more: why accountants don’t get referrals from wealth managers | the biggest obstacle to taking your firm upmarket | wealthy drive expansion of family offices | build your high-performing family office practice | are you missing maximum potential?
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core principle #1: the primary goal of an elite wealth management practice is to help optimize the financial lives of clients

the goal of an accounting firm’s elite wealth management practice is not to generate more revenues for the firm. that will undoubtedly happen, but that is not the goal. with elite wealth management, providing financial strategies and products is the way to help optimize clients’ financial lives.
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four steps to maximizing your referral network.

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: how everyone can win | five questions for your high-net-worth practice | what your wealthy clients aren’t telling you | three ways the wealthy use life insurance
exclusively 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).
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reconsider your focus.

by russ alan prince

for accountants with high-net-worth practices, research study after research study has shown that there is no question that wealth managers and attorneys are the best referral sources for wealthy clients. moreover, accountants have enormous opportunities with these clients as a significant percentage are not getting optimal results.

more: the biggest obstacle to taking your firm upmarket | what the wealthy getting wealthier means for your practice | does wealth management make sense for your firm? | create family dynasties and add value, roi | is elite wealth management right for you? | why accountants fail at wealth management
exclusively for pro members. log in here or 2022世界杯足球排名 today.

generally speaking, quite a few of the wealthy up to multibillionaires are satisficing instead of maximizing. the results they are getting are good enough, and they do not know they can get more. however, once they understand they are not getting optimal results, they will likely change the professionals they’re working with. while the possibilities for accountants with high-net-worth practices are extensive, there is still the matter of being introduced to the wealthy clients of wealth managers and attorneys on a preferential basis.
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