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

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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