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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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Maybe 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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Plus the four attributes each must have.

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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