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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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PRO Member Exclusive

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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ADVISORY & CONSULTING

Five Challenges of Liquidating a Business

Help your clients anticipate and prepare.

By Anthony Glomski

My years of experience helping successful entrepreneurs, combined with my research and interviews with experts in the area of successful business exits, have helped me to identify five key financial challenges that must be addressed by entrepreneurs who are planning to cash out of their businesses.

MORE: Why and How to Stress Test Client Plans | Three Questions for Clients Who Want to Manage Their Own Wealth | Five Experts Your Wealth Management Team Needs | Your Client’s Instincts Are Wrong
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The objective is to help business owners make a smooth and successful transition from where they are today to where they want to be post-exit.
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FEATURED

Why and How to Stress Test Client Plans

https://cpatrendlines.com/2021/03/29/use-financial-stress-testing-to-get-more-business/What if? Better to ask now.

By Anthony Glomski

I wrote this series of posts to help successful entrepreneurs and their advisors learn how they can build on their impressive accomplishments and utilize their wealth to achieve even greater things going forward – for themselves, for their families, for their communities and for the causes they care about.

MORE: Three Questions for Clients Who Want to Manage Their Own Wealth | How to Build Your Team of Experts | Why a Virtual Family Office? Why Now? | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting | Cashing Out: Your Business Clients’ Five Big Issues
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The fact is, your clients should take their financial health as seriously as they take their physical health. One of the best ways to ensure that their financial plan is strong enough to withstand whatever the market, the economy and life circumstances throw their way is to perform a regular “stress test” of their financial plan.
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FEATURED

Three Questions for Clients Who Want to Manage Their Own Wealth

Businessman sitting on stacks of paper currencyMaybe they can. But should they?

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

I have told you that your business owner clients will face new challenges, new transitions and new opportunities as they navigate their way through a liquidity event and emerge on the other side. I also have emphasized that you must do everything in your power to help them preserve, protect and maintain the wealth that they have worked so hard to build.

MORE: How to Build Your Team of Experts | Five Experts Your Wealth Management Team Needs | Maximize Your Client’s Charitable Giving | Estate Plans: Can You Ask Clients These Eight Questions? | Do You Know Your Client’s Total Picture? | Cashing Out: Your Business Clients’ Five Big Issues
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Nassim Taleb, author of the bestselling book “The Black Swan: The Impact of the Highly Improbable,” argues that we can not only learn to navigate these frightening and overwhelming events, but learn to become stronger as a result of them and to take advantage of the opportunities they provide.
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FEATURED

How to Build Your Team of Experts

Plus the four attributes each must have.chart illustrating a sample professional network

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

Take a look at the chart below showing an example of the type of professional network to use in your client’s financial life. You can see that the personal CFO is at the center, acting as the coordinator of the team and the single point of contact. His or her primary relationships are with the four other core experts: private client lawyer, accountant, life insurance specialist and the property and casualty agent. These team members then have relationships with the other types of specialists you may need from time to time.

 

MORE: Five Experts Your Wealth Management Team Needs | Why You Need a Team of Experts | Plan for Your Client to Exit Their Business | Enhance Wealth by Mitigating Taxes | What Clients Need to Know | What Level of Advice Do Entrepreneurs Need? | Three Components of Collaborative Wealth Management
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Finding the right people to help

If you are building your own expert team from scratch, you will need to do your homework and identify good candidates in the key areas in which you need help.
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