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How a Virtual Family Office Can Serve Your Wealthy Clients

It comes down to financial security.

By Anthony Glomski

Uberwealthy families like the Vanderbilts, Morgans and Rockefellers realized several centuries ago that managing all of their vast wealth and resources was extremely difficult. Sure, they had scores of advisors working exclusively for their families. Still, when each of those advisors was toiling away in their silo, there was no coordination of their efforts and lots of waste and inefficiency.

MORE: There’s More to Giving Than Tax Implications | See Your Client to a Graceful Exit | Check Tax Effects Before Liquifying | Why You Should Function As a Fiduciary | Your Entrepreneurs Need Advice, but Which Kind?
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So, they established formal office headquarters where all financial experts working on their behalf could meet in one place to make it easier to oversee and coordinate everything important to the extended family – their taxes, asset protection, wealth transfer, and their legacy planning, etc.
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There’s More to Giving Than Tax Implications

What is most important to your client?

By Anthony Glomski

A growing number of successful people like your clients want to have a major positive impact in their communities and on the world at large. Facilitating and increasing the effectiveness of charitable intent is very important to a burgeoning segment of high-net-worth investors.

MORE: See Your Client to a Graceful Exit | Is Your Client’s Wealth Truly Protected? | Control the Level of Risk | How to Flip the Switch to Wealth Preservation | Three Ways to Work Together on Wealth | Five Challenges of Liquidating a Business
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This area of advanced planning is all about helping your client fulfill their philanthropic goals – and maximizing the effectiveness of any charitable intent they may have. It’s very important to learn and use strategies that enable your client to give larger amounts than they would have been able to give otherwise.
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ADVISORY & CONSULTING

See Your Client to a Graceful Exit

man in glasses looking at document held by woman

It takes a few years, so get started.

By Anthony Glomski

Research from the Family Firm Institute shows that only three in 10 (30%) closely held family businesses survive into the second generation. Just one in eight (12%) are still viable into the third generation, and a mere 3 percent operate into the fourth generation or beyond. Those statistics are even more disturbing because the same research shows that the vast majority of business families are overly optimistic – they believe they will be in control of their companies five years hence.

MORE: Is Your Client’s Wealth Truly Protected? | Eight Questions for Estate Planning | Clients Who Don’t Listen | How to Outline Your Client’s Big Picture | Target the Family CEO
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Given this gloomy success record for family business transitions, it is no wonder that 60 to 70 percent of family wealth is lost by the second generation and that 90 percent is lost by the third generation. It does not have to be this way.
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ADVISORY & CONSULTING

Is Your Client’s Wealth Truly Protected?

man holding umbrella while standing in stormy ocean

Many policies are too small. Here’s another option.

By Anthony Glomski

No matter where your client grew up or how they accumulated their wealth, they can be a target for a host of unscrupulous people. Many affluent investors, including entrepreneurs, are worried about keeping their assets safe from potential creditors, litigants, children’s spouses, ex-spouses, and disgruntled former employees and partners. They also want to protect their assets from catastrophic losses that could cripple them financially. As a CPA, you have an important role here.

MORE: Eight Questions for Estate Planning | Check Tax Effects Before Liquifying | Why You Should Function As a Fiduciary | Your Entrepreneurs Need Advice, but Which Kind? | How to Implement Collaborative Wealth Management
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Wealth protection involves strategies you can use to ensure that your wealth is not unjustly taken from you by potential creditors, litigants, ex-spouses and children’s spouses. Wealth protection is also designed to protect you against catastrophic loss. Identity theft is another emerging threat to wealth protection that should be addressed carefully with your clients.
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PRO Member Exclusive

Eight Questions for Estate Planning

woman speaking across desk to couple

Difficult conversations: It’s difficult to talk about wealth transfer, but it’s vital.

By Anthony Glomski

Many accomplished entrepreneurs are looking beyond their own financial needs. They want to ensure that their heirs, parents, children and grandchildren are well taken care of in accordance with their wishes – with minimal difficulty and cost.

MORE: Check Tax Effects Before Liquifying | Control the Level of Risk | How to Flip the Switch to Wealth Preservation | Three Ways to Work Together on Wealth | Five Challenges of Liquidating a Business
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

According to Vanguard, more than half of affluent Americans say they are highly concerned about their kids’ (and grandkids’) financial situations. And yet, too many successful entrepreneurs have outdated estate plans or charitable giving plans that are not in sync with their current life circumstances and needs.
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