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Here’s Where Your Next $5 Million Is Coming From

Businessman working netbook outdoors, wearing sunglassesThe three essential components.

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

A lot goes into building a $5 million high-net-worth practice.

It is a given that you will need wealthy clients. For most accountants, most of these wealthy clients are very likely to be successful business owners. But that is not always the case. You can potentially achieve your financial end goals with wealthy inheritors, for example.

MORE: 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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Your commitment to becoming wealthier, your integrity, and doing the best possible job for your wealthy clients all play into your success. All of this is not enough. You need more. Consider the following equation:
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Four Steps to a High-Net-Worth Practice

Businesswoman holding giant dollar symbolYou have the knowledge. It’s time to apply it.

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

The world has changed in ways we can see and some that we do not yet understand. Some of these changes have been in process before the COVID-19 crisis, such as greater competition, the use of artificial intelligence, and the immense increase in private wealth.

MORE: 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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Other changes, such as the way people are and will likely continue to interact, are a function of the crisis. For example, video calls and conferences are going to become a bigger part of the way professionals interact with clients and each other.
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Three Ways the Wealthy Use Life Insurance

Businesspeople having a meeting over coffee sitting together at a table discussing a document, young man and two middle-aged women presentIt’s an important part of planning and management.

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

A percentage of accounting firms have chosen to be compensated by delivering financial products – specifically investment management and life insurance. These firms see wealth management as a way to deliver greater value to clients. There are also solid business reasons for the decision, such as the profitability of wealth management practices, including the potential for consistent revenues.

MORE: Help Clients Avoid Fallout from Personal Complications | Why Tax Planning Matters So Much to the Wealthy
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The best wealth management practices – anywhere – tend to be all about developing a deep understanding of their clients’ goals and concerns. With these insights, wealth managers evaluate how they can use the range of financial strategies and products to help their clients’ achieve their agendas.
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ADVISORY & CONSULTING

Help Clients Avoid Fallout from Personal Complications

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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ADVISORY & CONSULTING

Why Tax Planning Matters So Much to the Wealthy

Money tree growing in the middle of green meadowMake the boom in these services work for you.

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

Tax planning is in very high demand by the wealthy, growing exponentially in importance as you move up the wealth hierarchy.

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

For a large percentage of the super-rich (net worth of $500 million or more) with various private company interests, astute tax planning is the most valuable expertise – far exceeding other services such as investment management.
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