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Check Tax Effects Before Liquifying

Three people having discussion at table over document and water glasses

More than five out of six entrepreneurs don’t.

By Anthony Glomski

The ideal investment plan can be hugely important to helping your clients meet their goals. The right investment strategies set your clients up very well to preserve their money.

MORE: Control the Level of Risk | Clients Who Don’t Listen | How to Outline Your Client’s Big Picture | How to Implement Collaborative Wealth Management | Five Challenges of Liquidating a Business
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But when it comes to your client’s long-term financial health and well-being, investments are only part of the picture. To ensure that every part of their financial life is firing on all cylinders and working in a smooth, coordinated manner, you need to go beyond just the world of stocks, bonds and even complex alternative investments.
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Control the Level of Risk

$100 bill being built of blocks

How you as the personal CFO can help when your client’s instincts are wrong.

By Anthony Glomski

Let’s examine in detail some key drivers of investment success:

  1. Diversification can provide a smoother investment journey – and greater
    wealth.
  2. Global exposure adds value.
  3. Diversity with fixed income.
  4. Control what you can control.

MORE: Clients Who Don’t Listen | Why You Should Function As a Fiduciary | Your Entrepreneurs Need Advice, but Which Kind? | How to Implement Collaborative Wealth Management | Five Challenges of Liquidating a Business
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Andrew Carnegie’s advice for growing assets – put all your eggs in one basket and watch the basket – is sage wisdom when it comes to building a great enterprise. That strategy has worked for you as an entrepreneur, and it’s likely why your clients are successful, too
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Clients Who Don’t Listen

Sometimes you need to take a hands-off approach.

By Anthony Glomski
Your $5 Million High-Net-Worth Practice

Staying invested consistently is the all-weather approach. What do we mean by this?

MORE: Why You Should Function As a Fiduciary | How to Flip the Switch to Wealth Preservation | Three Ways to Work Together on Wealth | Target the Family CEO | Five Challenges of Liquidating a Business
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Some of our clients reside near us in Los Angeles, where the average annual temperature is a very comfortable 65 degrees. In Southern California, our “seasons” don’t vary much from the average annual temperature of 65. Other clients reside in New York City, where the average temperature is cooler, but still a very comfortable 56 degrees. However, the temperature swings are much more significant in the Big Apple, ranging from stifling heat and humidity in the summer to icy temperatures and falling snow in winter.
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ADVISORY & CONSULTING

Why You Should Function As a Fiduciary

 

Diversify and figure out which assets NOT to own.

By Anthony Glomski
Your $5 Million High-Net-Worth Practice

The first thing you and your clients should understand as investors looking to make smart financial decisions is this: The broad asset classes you choose to own (such as stocks, bonds, alternatives, real estate, private equity and so on) and the percentage of your household wealth that you allocate to each of those asset classes will have a greater impact on your future investment returns than any other decision you make – including which individual stocks you buy.

MORE: How to Flip the Switch to Wealth Preservation | How to Outline Your Client’s Big Picture | Your Entrepreneurs Need Advice, but Which Kind? | Three Ways to Work Together on Wealth | How to Implement Collaborative Wealth Management | Five Challenges of Liquidating a Business
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This means your first question as intelligent investors must be: How should I allocate my assets among the major asset categories?
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How to Flip the Switch to Wealth Preservation

Businessman sitting on stacks of paper currency

At some point, entrepreneurs might need to change their risk perspective.

By Anthony Glomski

After helping clients sell a business, it’s crucial to focus on preserving wealth. This may require them to adopt a new mindset about their money, investing and risk.

MORE: How to Outline Your Client’s Big Picture | Your Entrepreneurs Need Advice, but Which Kind? | Three Ways to Work Together on Wealth | Target the Family CEO | Five Challenges of Liquidating a Business
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In the old world, you could choose not to help your clients with their investments. Now it’s expected that at a minimum you will understand their investment plan and overall retirement plan. You don’t have to be the expert in every aspect of their financial plan, but you do need to make sure that all the different parts of the plan are aligned – and that all the other specialists working on behalf of your clients are aligned in their efforts.
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ADVISORY & CONSULTING

How to Outline Your Client’s Big Picture

Three worksheets to guide you.

By Anthony Glomski

I realize that not all of your clients are entrepreneurs. But, consider this: 90 percent of all the wealth in the U.S. is owned by business owners and 10 percent is inherited. Nearly every CPA I know works with business owners and their families. With all the changes impacting the CPA profession today, it’s imperative that you get comfortable changing lanes and adopt a more consultative role with your clients.

MORE: Your Entrepreneurs Need Advice, but Which Kind? | Three Ways to Work Together on Wealth | Target the Family CEO | How to Implement Collaborative Wealth Management | Five Challenges of Liquidating a Business
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If you’re a CPA and you’re not actively overseeing all the people helping your clients with their financial lives, then you’re missing a big opportunity with your practice. You’re overlooking the opportunity to make a massive impact on the lives of your best clients, their families and the causes they care about.
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Your Entrepreneurs Need Advice, but Which Kind?

two women looking at laptop

The collaborative wealth management process outlined.

By Anthony Glomski

The financial services industry has failed some of your clients who are entrepreneurs. A big gap can exist between what they pay (and the services delivered) versus what they need.

MORE: Three Ways to Work Together on Wealth | Target the Family CEO | How to Implement Collaborative Wealth Management | Five Challenges of Liquidating a Business
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We can agree that your clients will usually need an investment management solution. But how can you help your client sort through the different advice options to get them aligned with the right professional?  How can you determine who is the right fit for your practice to develop a working relationship? The diagram below is the hierarchy of advice available:
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Three Ways to Work Together on Wealth

Collaboration can be in house, but it doesn’t have to be.

By Anthony Glomski

The term “wealth management” comes up time and time again as you seek advice about helping your clients with their financial challenges and opportunities.

MORE: Target the Family CEO | How to Implement Collaborative Wealth Management | Five Challenges of Liquidating a Business
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People throughout the financial services industry like to call themselves “wealth managers” or “wealth advisors,” but research shows that only about 1 in 16 financial professionals really provide collaborative wealth management. This type of client relationship includes not only investment consulting, but all aspects of advanced planning and relationship management. Mostly they focus on investment management services that everyone else provides. In most cases, standard investment management services are not enough to make a meaningful difference in your client’s total financial picture. But your role as your clients’ personal CFO does make a huge impact.
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ADVISORY & CONSULTING

Target the Family CEO

woman and man having coffee, laptop open on table

Your role? Personal CFO.

By Anthony Glomski

Truly consultative collaborative wealth management stands in stark contrast to how most investors and their advisors operate today. Even the most affluent and successful people you know – professionals, entrepreneurs, executives – rarely take this type of coordinated and comprehensive approach with their finances.

MORE: How to Implement Collaborative Wealth Management | Five Challenges of Liquidating a Business
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The vast majority of people tend to address retirement, estate planning and other financial goals on an ad hoc basis – treating these issues as separate concerns and placing each one in its own discrete box. Given that, their efforts to deal with their many interconnected issues are not coordinated. This leads to challenges that can jeopardize their financial health as well as that of their families, their practices or their businesses.
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ADVISORY & CONSULTING

How to Implement Collaborative Wealth Management

closeup of two older businessmen talking

This is an ongoing process, not one and done.

By Anthony Glomski
Your $5 Million High-Net-Worth Practice

Just like starting a business or building a practice, most of your successful clients know that nothing truly valuable is free or easy. Same goes for their pursuit of financial freedom. It will take hard work, discipline and smart thinking to overcome and solve those challenges.

MORE: Five Challenges of Liquidating a Business
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But what most Type-A business owners, executives and professionals you work with don’t realize is that they don’t have to do it alone. There is plenty of help available to empower them to close the gap between where they are today and where they want to be down the road. Chances are they’re going to reach out to reach out to you (their CPA) first for guidance. Will you be ready when they call?
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