Here’s what you’re looking for: Anthony Glomski and Russ Alan Prince

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How Everyone Can Win

High-net-worth business development in four steps.

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

When it comes to working with the wealthy, all your expertise and all your firm’s capabilities and all the other top-notch experts you can bring to the table are “givens.” Put another way … they are table stakes, and you must have table stakes to play. You absolutely need a top-of-the-line high-net-worth practice.

MORE: 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 | Why Tax Planning Matters So Much to the Wealthy
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As for your expertise, if you have a wealthy entrepreneur who wants to sell her business in a couple of years, there are some ways to mitigate capital gains and estate taxes. Tax mitigation could come from the use of selected trusts or establishment of an offshore pension plan. The fact that you can do all these things does not inherently differentiate you from another quality accountant and many other high-caliber professionals. It most likely will separate you from many possible competitors, but they are not really the competition.
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ADVISORY & CONSULTING

Five Questions for Your High-Net-Worth Practice

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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Take Time to Tune Your Practice Goals

Businessman pole vaulting toward his goalThree guidelines for setting financial targets.

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

The accounting business was changing even before the onset of the COVID-19 crisis.

MORE: 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
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Three of the factors that are possibly impinging on your ability to be as successful as you want include:

  • Significantly increased competition: From more accountants to other professionals encroaching on some of the expertise accountants provide, there is greater competition for the better clients.

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ADVISORY & CONSULTING

Nurture Referrals from Wealthy Clients

Female executive greeting coupleSix 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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PRO Member Exclusive

What Your Wealthy Clients Aren’t Telling You

https://cpatrendlines.com/2020/10/14/maximizing-wealthy-client-relationships/You need to listen between the lines.

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

Take a moment to consider:

How hard is it to find and bring on a wealthy client?

What does it take to keep a wealthy client highly satisfied and doing more business with you?

MORE: 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
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

It commonly takes a lot to win a wealthy individual or family as a client. It takes a lot of effort to keep the wealthy as clients, let alone do more business with you. Not only must you deliver top-quality expertise, but you often need to create a sensational experience. You must build a high level of rapport. Yet, a great many accountants are not maximizing their relationships with their wealthy clients.
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