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

Client-focused 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: Conviction + Process + Expertise = Your Next $5 Million | A High-Net-Worth Practice in Four Steps | Don’t Ignore Life Insurance | Adultery and Other Messy Situations | How to Attract the Super-Rich
Exclusively for PRO Members. Log in here or upgrade to PRO today.

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.
READ MORE →

This is your essential process.

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.

MORE: A High-Net-Worth Practice in Four Steps | Don’t Ignore Life Insurance | Adultery and Other Messy Situations | How to Attract the Super-Rich
Exclusively for PRO Members. Log in here or upgrade to PRO today.

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.

READ MORE →

And what they need.

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.We know that with clients at this level of net worth, you can indeed build a $5 million high-net-worth practice.

MORE: A High-Net-Worth Practice in Four Steps | Don’t Ignore Life Insurance | Adultery and Other Messy Situations | How to Attract the Super-Rich
Exclusively for PRO Members. Log in here or upgrade to PRO today.

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.
READ MORE →

It’s an important part of wealth 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: Adultery and Other Messy Situations | How to Attract the Super-Rich
Exclusively for PRO Members. Log in here or upgrade to PRO today.

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.
READ MORE →