wealth management

estate plans: can you ask clients these eight questions?

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businesswoman sitting across desk from woman and mandifficult conversations: it’s tough to talk about wealth transfer, but it’s vital.

by anthony glomski
the personal cfo

many accomplished entrepreneurs are looking beyond their own financial needs. they want to ensure that their heirs, parents, children and grandchildren are well taken care of in accordance with their wishes – with minimal difficulty and cost.

more: enhance wealth by mitigating taxes | your client’s instincts are wrong | preserving wealth is a different mindset | three approaches to investment consulting | cashing out: your business clients’ five big issues
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according to vanguard, more than half of affluent americans say they are highly concerned about their kids’ (and grandkids’) financial situations. and yet, too many successful entrepreneurs have outdated estate plans or charitable giving plans that are not in sync with their current life circumstances and needs.
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enhance wealth by mitigating taxes

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three people having discussion at table over document and water glassesremember this before a liquidity event.

by anthony glomski

the ideal investment plan can be hugely important to helping your clients meet their goals. the right investment strategies set your clients up very well to preserve their money.

more: your client’s instincts are wrong | when clients don’t listen | do you know your client’s total picture? | the role of the personal cfo
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

but when it comes to your client’s long-term financial health and well-being, investments are only part of the picture. to ensure that every part of their financial life is firing on all cylinders and working in a smooth, coordinated manner, you need to go beyond just the world of stocks, bonds and even complex alternative investments.
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when clients don’t listen

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plants growing out of ever taller stacks of coins in dirtsometimes hands-off is the best approach.

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

staying invested consistently is the all-weather approach. what do we mean by this?

more: what clients need to know | preserving wealth is a different mindset | three approaches to investment consulting | cashing out: your business clients’ five big issues
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some of our clients reside near us in los angeles, where the average annual temperature is a very comfortable 65 degrees. in southern california, our “seasons” don’t vary much from the average annual temperature of 65. other clients reside in new york city, where the average temperature is cooler, but still a very comfortable 56 degrees. however, the temperature swings are much more significant in the big apple, ranging from stifling heat and humidity in the summer to icy temperatures and falling snow in winter.
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what clients need to know

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diversify and function as a fiduciary.

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

the first thing you and your clients should understand as investors looking to make smart financial decisions is this: the broad asset classes you choose to own (such as stocks, bonds, alternatives, real estate, private equity and so on) and the percentage of your household wealth that you allocate to each of those asset classes will have a greater impact on your future investment returns than any other decision you make – including which individual stocks you buy.

more: preserving wealth is a different mindset | do you know your client’s total picture? | 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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

this means your first question as intelligent investors must be: how should i allocate my assets among the major asset categories?
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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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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 →

preserving wealth is a different mindset

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businessman sitting on stacks of paper currencyhard-charging entrepreneurs might need to flip their risk perspective.

by anthony glomski

after helping clients sell a business, it’s crucial to focus on preserving wealth. this may require them to adopt a new mindset about their money, investing and risk.

more: do you know your client’s total picture? | 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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in the old world, you could choose not to help your clients with their investments. now it’s expected that at a minimum you will understand their investment plan and overall retirement plan. you don’t have to be the expert in every aspect of their financial plan, but you do need to make sure that all the different parts of the plan are aligned – and that all the other specialists working on behalf of your clients are aligned in their efforts.
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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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do you know your client’s total picture?

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diagrambonus case study: the cpa who saved a family’s net worth.

by anthony glomski

i realize that not all of your clients are entrepreneurs. but, consider this: 90 percent of all the wealth in the u.s. is owned by business owners and 10 percent is inherited. nearly every cpa i know works with business owners and their families. with all the changes impacting the cpa profession today, it’s imperative that you get comfortable changing lanes and adopt a more consultative role with your clients.

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

if you’re a cpa and you’re not actively overseeing all the people helping your clients with their financial lives, then you’re missing a big opportunity with your practice. you’re overlooking the opportunity to make a massive impact on the lives of your best clients, their families and the causes they care about.
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what level of advice do entrepreneurs need?

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maze with word "plan" at the centerhelp them navigate the maze of options.

by anthony glomski

the financial services industry has failed some of your clients who are entrepreneurs. a big gap can exist between what they pay (and the services delivered) versus what they need.

more: three approaches to investment consulting | the role of the personal cfo
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we can agree that your clients will usually need an investment management solution. but how can you help your client sort through the different advice options to get them aligned with the right professional?  how can you determine who is the right fit for your practice to develop a working relationship? the diagram below is the hierarchy of advice available:
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three approaches to investment consulting

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two businesspeople meeting over coffeewhat “wealth management” means and what it doesn’t.

by anthony glomski
the personal cfo

the term “wealth management” comes up time and time again as you seek advice about helping your clients with their financial challenges and opportunities.

more: the role of the personal cfo | three components of collaborative wealth management | cashing out: your business clients’ five big issues
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people throughout the financial services industry like to call themselves “wealth managers” or “wealth advisors,” but research shows that only about 1 in 16 financial professionals really provide collaborative wealth management. this type of client relationship includes not only investment consulting, but all aspects of advanced planning and relationship management. mostly they focus on investment management services that everyone else provides. in most cases, standard investment management services are not enough to make a meaningful difference in your client’s total financial picture. but your role as your clients’ personal cfo does make a huge impact.
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the role of the personal cfo

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woman and man talking with coffee, laptopyour client? the family ceo.

by anthony glomski

truly consultative collaborative wealth management stands in stark contrast to how most investors and their advisors operate today. even the most affluent and successful people you know – professionals, entrepreneurs, executives – rarely take this type of coordinated and comprehensive approach with their finances.

more: three components of collaborative wealth management | cashing out: your business clients’ five big issues
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the vast majority of people tend to address retirement, estate planning and other financial goals on an ad hoc basis – treating these issues as separate concerns and placing each one in its own discrete box. given that, their efforts to deal with their many interconnected issues are not coordinated. this leads to challenges that can jeopardize their financial health as well as that of their families, their practices or their businesses.
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three components of collaborative wealth management

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two older businessmen talkingbonus: the five meetings that will follow.

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

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: cashing out: your business clients’ five big issues
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

but what most type-a business owners, executives and professionals you work with don’t realize is that they don’t have to do it alone. there is plenty of help available to empower them to close the gap between where they are today and where they want to be down the road. chances are they’re going to reach out to reach out to you (their cpa) first for guidance. will you be ready when they call?
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cashing out: your business clients’ five big issues

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five challenges to anticipate.

by anthony glomski

my years of experience helping successful entrepreneurs, combined with my research and interviews with experts in the area of successful business exits, have helped me to identify five key financial challenges that must be addressed by entrepreneurs who are planning to cash out of their businesses.

the objective is to help business owners make a smooth and successful transition from where they are today to where they want to be post-exit.

let’s look at five of the top challenges in more detail. read more →