Today's Features

Building a High-Net-Worth Practice During COVID-19

woman and man wearing masks, looking at laptopThe four types of professionals … and which one you need to be.

By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice

Over the last decade with rising markets and the ranks of the wealthy swelling, it has certainly been possible to build a $5 million high-net-worth practice. Even with soaring competition, using the very same approach as we are discussing, you could have consistently generated those kinds of revenues or better.

MORE: The Essential Process for Building a High-Net-Worth Practice | What the Wealthy Need | Setting Financial and Practice Goals During COVID-19 | 4 Components of a High-Net-Worth Practice | Life Insurance as Part of Wealth Management | Mistresses, Mister-esses and Accountants | The Coming Boom in Tax Services for the Super-Rich
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So, what is the difference today? The difference is COVID-19.

Client Accounting Services: The Definitive Guide

There are challenges, but also great opportunities.

Client Accounting Services:
Challenges and Opportunities
Join the Conversation. Launch the Questionaire.

With this post, CPA Trendlines is launching a new series of articles and an expansion of our coverage into client accounting services, the fast-growing, but still much-misunderstood growth opportunity. With a special mix of technology savvy and visionary insight, Hitendra Patil, the best-selling author of Accountaneur for CPA Trendlines, is uniquely positioned to tackle the tough questions, and to unearth the best solutions.  We look forward to hearing from you – your experiences, opinions, questions, comments, ideas and suggestions. – Rick Telberg, editor and publisher

By Hitendra Patil

Client Accounting Services is becoming an increasingly important new revenue and growth segment for accounting firms of all sizes. Yet, professionals are still grasping for the best practices, adjusting service bundles, searching for the right technologies, and optimizing prices.

MORE ON ENTREPRENEURIAL STRATEGIES: Top 4 Personality Traits of Successful Accountants | Client Accounting Services Poised to Surge in Post-Corona World | 20 Ways to Grow Your Firm in 2020 | 3,771 Accountants Help Uncover CAS Success Secrets | A.I. vs. Auditors | Automation Makes It Easier for Accountants to Offer Cybersecurity | The What, Why and How of Artificial Intelligence for Accountants | Six Never-Before Opportunities for the Accounting Profession
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CAS is, first, a mindset. It exists in every professional accountant. Some know it exists in them. Some don’t. Some know that the CAS mindset exists in them but do not make the most of it. Instead, they try to become everything to everyone. They become more of “need-fillers” than “accounting entrepreneurs (Accountaneurs®).” They find it challenging to become the “most trusted advisors” of their clients. Those who don’t know that the CAS mindset exists in them feel it will be overwhelmingly difficult to “learn” the CAS mindset. They may try to acquire the mindset but give up too soon.

Listening: How a Conversation Works

Man in business suit listening attentively to coworkerIt’s the best way to create a sense of trust.

By Steven E. Sacks
The NEW Fundamentals

You have probably heard the aphorism, “God gave you two ears and one mouth, so you should be listening twice as much as speaking.”

MORE: Make News, Not Noise | Have a Real-Life Conversation | Is Your Message Open to Interpretation? | Why Proper Communication Is Critical | How to Create Effective Internal Communications | Trust Is a Key Organizational Ingredient | Real Influence Vs. Immediate Gratification | 4 Ways to Boost Job Satisfaction
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It, therefore, stands to reason that if you intend to listen, you should know how to manage a conversation. One of the quickest ways to create an obstacle to a two-way conversation is beginning a sentence with words that will elicit only a “yes,” “no” or “I don’t know.”

Hate Billing? Use a Different Method

Businessmen standing on dollar billWhat services do your clients value the most?

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

When I attend CPA conferences across the United States, I often hear from CPAs: “I don’t want to bill for my time.”

MORE: Protect Client Files from Cyberthreats | Boost Efficiency with Tech Stacks | The Only 3 Metrics You Need | How We Sell Audits Online | 3 Steps to Better Client Communication in a Crisis | Four Key Financial Metrics for Growing Any Business | Transferring Clients to a New Employee
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So, how do you bill your clients?

How Are You Programming Your Mind?

Calm balanced businessman sitting outdoors on bench in Yoga lotus pose meditating, with office building and blue sky in backgroundMeditation is one way, but there are others.

By Bill Reeb

Your mind is the most powerful resource available to you. It is easy to think of it as a supercomputer, running your physical being: constantly compiling data, processing complex transactions, creating internally revealed reports and so on.

MORE: Have Your Beliefs Stopped Serving You? | Your Obligation to Yourself | Work Smarter, Not Harder | Why We Risk Change | Learn to Embrace Failure | What Would Make You Happy? | Do You Have a Goal or Just a Speed?
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We know through research that most of us barely tap into our brain’s full capability, so it is also not hard to get complacent and deem the brain to be some magical organ that we just hope keeps running properly. As well, it is easy for us to get comfortable interacting with our minds as if we were only data entry operators rather than the brain’s lead programmer.

Why Lists Are Not Leads

Jassen Bowman: "Client dollars are really the only vote that matters when it comes to marketing decisions."Marketing requires ruthless accountability.

By Jassen Bowman

At all times and in all circumstances, you need to hold your marketing ruthlessly accountable for results.

MORE: The Secrets of Multi-Hit Marketing | Grow Faster, Be More Efficient | Your Sales Funnel Needs Systems | How Tax Resolution Works | 4 Tax Resolution Industry Flaws | Need a New Service Line? Consider Tax Resolution
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This is an inherent difference between direct response marketing and image advertising or branding. In a practical sense, this means that you need to test, track and measure everything you do in your marketing.

Is It Time to Hire a Marketing Consultant?

two masked people meeting in an officeFour questions to ask yourself first, plus 10 more things to know.

By Marc Rosenberg
CPA Firm Growth: Keys to Practice Development

Many firms struggle with revenue growth for many years and then, reach the point when reality sets in: The partners recognize they don’t have the skills or the desire to be active and effective at business development.


MORE: How and Why to Hire a Marketing Director | Marketing Plans and Why You Need One | Working Business Development into Your Day | How Marketing Systems Produce Business Growth | 6 Keys to Developing New Client Prospects | Protect and Grow Existing Clients | 19 Takeaways from the History of CPA Firm Practice Development
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Many of these firms decide to hire a marketing consultant to jump-start their marketing and get them on a path to growth.


Three W’s for Networking the Right Way

People standing, holding food and talkingWho, what and where: The keys to smarter networking.

By Ty Hendrickson

Do you ever feel frustrated that you put yourself out there in networking situations, but you just don’t see the results you want?

MORE: The One Big Reason Your Hiring Sucks | 5 Crucial Areas of Firm Culture Not to Ignore | Maybe the Pandemic Isn’t All Bad | Can You Really Grow Without Adding Clients?
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So, what’s the secret to being efficient with business development and not getting burnt out on all of these after-hours networking events?