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Three Tools to Keep Your Strategy on Track
Accountability is key.
By Domenick J. Esposito
8 Steps to Great
In my experience, making sure that your economic model becomes reality only happens with persistent and consistent accountability.
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To achieve accountability, I recommend three management tools that will help you create focus and improve performance:
Jason Ackerman: The Roth IRA Mistakes That Can Cost Clients | The Concierge CPA
The strategy may be simple, but the execution is not.
The Balanced Millionaire: Building a 7-Figure Firm in 4 Hours a Week. – See Today’s Special Offer
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The Concierge CPA
With Jackie Meyer
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Roth IRAs can provide tax-free growth and qualified withdrawals, but eligibility rules, reporting requirements, and conversion mechanics leave plenty of room for costly mistakes. Meyer and Ackerman examine direct contributions, backdoor Roth strategies, the often-misunderstood five-year rules, and the documentation advisers need to implement these strategies correctly.
A central warning: A backdoor Roth is not a product or a one-click transaction. It is a multistep process that requires advisers to examine the client’s existing IRA balances, properly report nondeductible contributions and conversions, and reconcile Form 8606 with Form 1099-R.
“Messing up the backdoor Roth is probably the one that can hurt the most,” Ackerman says.
Help Clients Envision Their Future Selves
Ask the “best hopes” question.
By Rory Henry
The Holistic Guide to Wealth Management
When helping clients plan for retirement, exit their businesses or reach other major financial goals, we tend to default to the numbers. Financial projections, spending needs, drawdown rates and risk tolerance are great navigational aids, but as Lewis Carroll wrote in “Alice in Wonderland,” “If you don’t know where you’re going any road will take you there.” However, a new approach is showing that getting in tune with our future selves is one of the best ways for clients and their advisors to plan for retirement.
MORE: How to Use Values-Based Financial Planning | Life Planning: Going Beyond the Financials | Understand Clients’ Relationship with Money | From Services to Experiences to Transformations | How Behavioral Finance Works | Priority No. 1: Your Mental and Physical Health | Trust Is the Primary Ingredient | How to Prepare Your Clients’ Kids for Their Inheritance | Quantifying the Value of an Advisor | Raise Your Rates to Change Your Clientele | How WealthTech Is Reshaping the Future of Holistic Advice | Profile of a Modern Firm: Putting the Vision into Practice | Tsunami of M&A, PE Is Disrupting the Accounting Profession | Introducing You to a Fulfilling Return on Relationships
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As a result, we must continually adjust our goals, including retirement planning, and that comes by getting well acquainted with our “future selves,” according to UCLA Professor Hal Hershfield. He said that while it’s important for you to consider the goals for yourself when it comes to money and saving, it’s just as important to think carefully about the goals you have for your future self long after you have stopped earning an income.
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Your Balanced Millionaire Journey Begins Now
How to bring it all together.
By Jackie Meyer
This is is the beginning of your revolution. You’ve journeyed with me through the trenches of hourly billing, felt the weight of burnout, and witnessed the exhilarating transformation to a seven-figure advisory firm built on my terms.
MORE: How to Cultivate Holistic Wealth | Five Hard-Earned Lessons from Exiting an Accounting Firm | Reclaim Your Hours with Time Management and Productivity Hacks | Hiring Strategies for Your Dream Team | Streamline Your Operations with Systems and Processes | From Compliance to Advisory: Shifting the Value Proposition | How I Became an Accidental Entrepreneur
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But this story, this blueprint, it was never truly about me. It was always about you, about the spark within you waiting to ignite. You’ve seen me go from an exhausted CPA, trading time for dollars, to an empowered entrepreneur, crafting a life where work supports my dreams, not suffocates them. And now, it’s your turn to step into that power.
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Make Your KPIs More Meaningful
What are employees working toward? They need to know.
By Jody Padar
Radical Pricing – By The Radical CPA
Key performance indicators separate the signals from the noise. Throwing timesheets into the trash is your opportunity to focus all your attention on what is most important to your firm’s continued success.
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Good KPIs are quantifiable measurements agreed to beforehand. They must be important to the organization as a whole and specific. Here are a few examples you might consider adopting:
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