wealth management

and four qualities of these wealthy clients.

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

by design, the clientele of an accounting firm’s high-net-worth practice is the wealthy, defined as having a net worth of $10 million or more.

more: take time to tune your practice goals | 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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we know that with clients at this level of net worth, you can indeed build a $5 million high-net-worth practice.

admittedly, the $10-million criterion is somewhat arbitrary. but in extensively researching the wealthy, coupled with “in the trenches experience,” clients with a net worth of $10 million or more consistently prove very rewarding for most accounting firms.
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it’s a strong opportunity for your high-net-worth practice.

by russ alan prince

there is a high probability that the u.s. will go into a recession. a recession, especially a severe recession, can be very detrimental to the accounting business. there are likely to be fewer wealthy clients looking to their accountants for advice and services.

more: wealthy drive expansion of family offices | 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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on the other hand, a recession can prove – from a business development perspective – very advantageous to proactive, astute accountants working with wealthy individuals and families. generally speaking, many wealthy individuals and families are poorly served in the best of times. a recession can act as a catalyst for the wealthy to realize they can get much more value than they’re currently receiving by working with competent accountants who are genuinely client-centered.
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six steps to maximizing opportunities.

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

as part of the discovery process, you are ascertaining who your wealthy clients can refer to you. in empirical study after study, accountants (as well as other professionals) say that they get most of their client referrals from their current clients. they also say that this happens because they do an excellent job for their clients.

more: 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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another insight we find in the research is that very few professionals are doing much to foster getting referrals from their highly satisfied clients.
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this requires a certain level of trust.

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

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: why tax planning matters so much to the wealthy
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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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remember, your current clientele is not the whole picture.

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

not all accounting firms are interested in establishing a wealth management practice. it does not fit well with their strategies and culture. moreover, a great many accounting firms would not be successful in providing wealth management services and products. consequently, a percentage of accounting firms smartly choose not to get involved in delivering wealth management.

more: five business models for wealth management | the life insurance that your firm needs | build your high-performing family office practice | are you missing maximum potential? | why accountants fail at wealth management
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then there are accounting firms that choose to be in the wealth management business. when wealth management is part of a well-thought-out accounting firm’s strategy and is implemented well, it can be instrumental in delivering greater value to clients as well as substantially increasing accounting firm profits.
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