What the Wealthy Need

And 4 qualities they often have.

By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice

By design, the clientele of an accounting firm’s high-net-worth practice is the wealthy, defined as having a net worth of $10 million or more.

Join Glomski and Prince for “How to Build a Pipeline of New High-Value Clients” Oct. 6, 1 pm ET. Get the details here

More on Building a High-Net-Worth Practice: Setting Financial and Practice Goals During COVID-19 | 4 Components of a High-Net-Worth Practice | Life Insurance as Part of Wealth Management | Mistresses, Mister-esses and Accountants | The Coming Boom in Tax Services for the Super-Rich
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We know that with clients at this level of net worth, you can indeed build a $5 million high-net-worth practice.

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How to Build a Pipeline of New High-Value Clients

Live 1-hour webinar Oct. 6 at 1 pm ET.

With Anthony Glomski and Russ Alan Prince

For most accountants, the toughest part of building a highly successful practice is bringing in new business.

But sourcing high-value clients is a cornerstone of only the most accomplished accounting practices.

In this exclusive live 1-hour video workshop, you’ll learn how to:

  1. Identify Promising Referral Sources: Learn how the professionals you select will become your advocates and endorse you exclusively.
  2. Effectively Evaluate Other Professionals: Learn how to evaluate the most promising sources of new referrals.
  3. Build a Pipeline of New High-Value Clients: Clients who are interested in your services – without ever having to make a referral.

Prince and Glomski will explain a proven methodology for producing a steady stream of new high-value accounting clients for your practice — no matter what kind of accounting practice you have.

They will walk you through the process and show you how to build a pipeline of great clients exclusively interested in working with you, above all others.

(Sorry, no CPE for this exclusive 1-hour video workshop)

View Details

$59 General Admission

Only $39 for CPA Trendlines PRO Members with the Members-Only link below (login required):

(Not yet a PRO Member? Click here to go PRO today for instant savings.)

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Setting Financial and Practice Goals During COVID-19

Businessman pole vaulting toward his goal16 questions to consider.

By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice

The accounting business was changing even before the onset of the COVID-19 crisis.

MORE: 4 Components of a High-Net-Worth Practice | Life Insurance as Part of Wealth Management | Mistresses, Mister-esses and Accountants | The Coming Boom in Tax Services for the Super-Rich
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Three of the factors that are possibly impinging on your ability to be as successful as you want include:

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4 Components of a High-Net-Worth Practice

Businesswoman holding giant dollar symbolHow to apply what you already know.

By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice

The world has changed in ways we can see and some that we do not yet understand. Some of these changes have been in process before the COVID-19 crisis, such as greater competition, the use of artificial intelligence, and the immense increase in private wealth.

MORE: Life Insurance as Part of Wealth Management | Mistresses, Mister-esses and Accountants | The Coming Boom in Tax Services for the Super-Rich
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Other changes, such as the way people are and will likely continue to interact, are a function of the crisis. For example, video calls and conferences are going to become a bigger part of the way professionals interact with clients and each other.
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Life Insurance as Part of Wealth Management

Businesspeople having a meeting over coffee sitting together at a table discussing a document, young man and two middle-aged women presentIt’s not glamorous, but it’s important.

By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice

A percentage of accounting firms have chosen to be compensated by delivering financial products specifically investment management and life insurance. These firms see wealth management as a way to deliver greater value to clients. There are also solid business reasons for the decision, such as the profitability of wealth management practices, including the potential for consistent revenues.

MORE: Mistresses, Mister-esses and Accountants | The Coming Boom in Tax Services for the Super-Rich | The Seven Simple Steps to Thrive in the COVID Crisis | The Three New Business Models Delivering Significant Profits for Accounting Firms |
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The best wealth management practices anywhere tend to be all about developing a deep understanding of their clients’ goals and concerns. With these insights, wealth managers evaluate how they can use the range of financial strategies and products to help their clients’ achieve their agendas.
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Mistresses, Mister-esses and Accountants

How to deal constructively with messy situations.

By Anthony Glomski and Russ Alan Prince

The terms “mistresses” and “mister-esses” tend to have negative connotations, as they refer to out-of-marriage emotional or sexual relationships. All too often, wealthy individuals with a paramour (illicit partner) open themselves up to potentially very messy and costly situations.

MORE: The Coming Boom in Tax Services for the Super-Rich
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Family relationships are commonly impacted. For example, the matter of what assets become the property of the paramour can be especially problematic without the implementation of certain wealth planning strategies.
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The Coming Boom in Tax Services for the Super-Rich

Money tree growing in the middle of green meadowHow to get their business.

By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice

Tax planning is in very high demand by the wealthy, growing exponentially in importance as you move up the wealth hierarchy.

MORE: The Seven Simple Steps to Thrive in the COVID Crisis | The Three New Business Models Delivering Significant Profits for Accounting Firms | 5 Meetings of the (True) Wealth Management Process | Collaborative Wealth Management: Defining the Framework | Protect Your Clients’ Assets | Even Entrepreneurs Must Diversify | When Clients Cash Out: Four Smart Financial Moves
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For a large percentage of the super-rich (net worth of $500 million or more) with various private company interests, astute tax planning is the most valuable expertise far exceeding other services such as investment management.

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The Seven Simple Steps to Thrive in the COVID Crisis

https://cpatrendlines.com/2020/07/21/thriving-during-the-covid-19-crisis-and-beyond/Leveraging the relationships you already have. Step 1: Make a list.

By Anthony Glomski and Russ Alan Prince
Your $5 Million High-Net-Worth Practice

The COVID-19 crisis has put a lot of financial pressure on many businesses, including many accounting firms. At the same time, a percentage of professionals, such as accountants, lawyers, and wealth managers, are strategically taking action to deal with the economic pressures.

See also: The Three New Business Models Delivering Significant Profits for Accounting Firms | The 5 Meetings of the (True) Wealth Management Process | Collaborative Wealth Management: Defining the Framework | Protect Your Clients’ Assets | Even Entrepreneurs Must Diversify | When Clients Cash Out: Four Smart Financial Moves |

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The result is that they are doing well as the crisis progresses and are smartly positioned to do exceptionally well as the crisis abates.

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The Three New Business Models Delivering Significant Profits for Accounting Firms

Businessman sitting on stacks of paper currencyHow to upgrade your practice with successful, wealthy clients.

By Anthony Glomski and Russ Alan Prince
Your $5 Million High-Net-Worth Practice

Competition for high-quality accounting clients is intense, and the current environment is making it harder for many accounting firms to excel.

See also: The 5 Meetings of the (True) Wealth Management Process | Collaborative Wealth Management: Defining the Framework | Protect Your Clients’ Assets | Even Entrepreneurs Must Diversify | When Clients Cash Out: Four Smart Financial Moves |

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If you’re ready to serve successful business owners and wealthy individuals, then there are three practice models you should consider. Each of the three models shares specific characteristics that make them especially attractive, including:

  • High demand from accomplished prospects
  • High fee structures which these clients pay
  • High margins
  • High realization rates
  • High probability of needing the expertise of various accountants at the firm

Because all three practice models are relationship-based, many accountants are already well-positioned to provide new, high-caliber advisory services these highly coveted clients.

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