Working with the Super-Rich and Single-Family Offices

https://cpatrendlines.com/?p=77973COVID-19 means referrals are your best way in.

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

Client-focused business development is fundamental. The Everyone Wins Process is effective at every level of wealth. As we said, the Everyone Wins Process is not only business-enhancing, it’s life-enhancing. So, if you are interested in working with the super-rich and with single-family offices, mastering the Everyone Wins Process will serve you well.

MORE: The Power of Stress Testing | Product-Neutral or Product-Inclusive? | Help Your Referral Sources Become Thought Leaders | What the Wealthy Want | The Essential Process for Building a High-Net-Worth Practice | 4 Components of a High-Net-Worth Practice | The Coming Boom in Tax Services for the Super-Rich
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On the other hand, you will need to make modifications to how you operate, including what you can deliver to these cohorts when it comes to your high-net-worth practice. An obvious example is that a single-family office will turn to you for all that most high-net-worth practices can deliver. This is extremely rare.
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The Power of Stress Testing

The four steps to take.

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

The Everyone Wins Process is at the center of how you can maximize wealthy client relationships. Most often, this is a function of aligning interests. The process is also core to generating new business from these clients and other professionals. The ability to add value often plays a significant role in being referred by other professionals to their best clients.

MORE: Product-Neutral or Product-Inclusive? | The Family Office Model | Guiding Clients through COVID | Help Your Referral Sources Become Thought Leaders | The New Way to Get the Best Clients | Maximize Referrals from Wealthy Clients | What the Wealthy Want | The Four-Step Process for Client-Focused Business Development | Building a High-Net-Worth Practice During COVID-19 | The Essential Process for Building a High-Net-Worth Practice | What the Wealthy Need | Setting Financial and Practice Goals
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At the same time, there are many different ways to frame your conversations based on the self-interests of the wealthy to optimize their financial worlds and accelerate results. Stress testing is one of those ways.
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Product-Neutral or Product-Inclusive?

Unbalanced brass scalesThere are benefits to both.

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

Accounting firms adopt one of two business models when it comes to offering financial products for fees or commissions. Either they do or they do not. A fancier way of saying this is that an accounting firm has adopted a product-neutral or product-inclusive financial product business model.

MORE: The Family Office Model | Guiding Clients through COVID | Maximize Referrals from Wealthy Clients | Building a High-Net-Worth Practice During COVID-19 | Setting Financial and Practice Goals During COVID-19 | Mistresses, Mister-esses and Accountants
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A product-neutral financial product business model is built around the delivery of services in exchange for a retainer, project or hourly fee. The typical services offered via a product-neutral model tend to be administrative, wealth planning or lifestyle in nature and might include accounting and tax work, estate and succession planning, and concierge support.
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The Family Office Model

Family of three using smartphones on couchALSO: Three drivers of exceptionalism.

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

When it comes to their financial and personal lives, the wealthy are increasingly attracted to the family office model. At the very high end, there is a strong preference to create a single-family office. For the wealthy for whom the costs of a single-family office are unreasonable or do not want the management or oversight responsibilities, there are multi-family offices and virtual family offices.

MORE: Guiding Clients through COVID | Help Your Referral Sources Become Thought Leaders | What the Wealthy Want | The Essential Process for Building a High-Net-Worth Practice | 4 Components of a High-Net-Worth Practice
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With the family office model, you are providing a broad array of expertise holistically. Consequently, you can deliver substantial value to the wealthy. Many accounting firms provide family office services. While family office is in the name of these practices, a large percentage of them are offering a limited menu of single-family office capabilities. The services tend to comprise business management expertise and other accounting and tax-related capabilities.
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Guiding Clients through COVID

You can lead a virtual workshop to help them focus their perspective.

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

Helping the wealthy think through where they are and what they can do is extremely powerful in establishing and strengthening relationships. It also expeditiously produces more business for accountants and other professionals.

MORE: Help Your Referral Sources Become Thought Leaders | The New Way to Get the Best Clients | The Four-Step Process for Client-Focused Business Development | Life Insurance as Part of Wealth Management
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We converted the Everyone Wins Process into a supportive workshop where the initial interaction can be conducted with a small group. It is also effective in one-on-one settings.
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Help Your Referral Sources Become Thought Leaders

Businessman smiling and talking on phoneThe pandemic has made knowledge more precious than ever.

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

An approach you can use and one that can strongly differentiate you from your competitors is to add value that helps the professionals reach their goals and become more successful. Some of the more viable approaches involve helping them become thought leaders and providing them with turnkey business development solutions.

MORE: The New Way to Get the Best Clients | Maximize Referrals from Wealthy Clients | Building a High-Net-Worth Practice During COVID-19 | Setting Financial and Practice Goals During COVID-19
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Adding value with thought leadership: Becoming a thought leader is one way just about any professional can become significantly more successful.
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The New Way to Get the Best Clients

executive on phone in officeFour essential concepts for leveraging the referral network you already have.

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

Most professionals, including accountants, get most of their client referrals from satisfied clients. The complication is that if you want to work with wealthier clients, the likely best way to source them is from other professionals they are currently engaging.

MORE: Maximize Referrals from Wealthy Clients | What the Wealthy Want | The Essential Process for Building a High-Net-Worth Practice | 4 Components of a High-Net-Worth Practice | The Coming Boom in Tax Services for the Super-Rich
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If you aim to work with the ultrawealthy and even the super-rich, be aware that as you move up the wealth hierarchy, they are less and less inclined to refer you to other people. It is something of a Catch-22. In general, the better you are, the more the very wealthy are disinclined to share. That is, they are less likely to refer you to their financial peers. Also, if you are maximizing your wealthy client relationships, there is hesitancy by these clients to make referrals because of a strong preference for extreme confidentiality (if not secrecy).
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Maximize Referrals from Wealthy Clients

Female executive greeting coupleHow to foster opportunities.

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

As part of the Discovery process, you are ascertaining who your wealthy clients can refer to you. In empirical study after study, accountants (as well as other professionals) say that they get most of their client referrals from their current clients. They also say that this happens because they do an excellent job for their clients.

MORE: What the Wealthy Want | The Four-Step Process for Client-Focused Business Development | Building a High-Net-Worth Practice During COVID-19 | The Essential Process for Building a High-Net-Worth Practice | What the Wealthy Need | 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-RichGoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Another insight we find in the research is that very few professionals are doing much to foster getting referrals from their highly satisfied clients.
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What the Wealthy Want

https://cpatrendlines.com/2020/10/14/maximizing-wealthy-client-relationships/Remember:  When managing high-net-worth clients, it’s all about them, especially in the time of COVID-19.

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

Take a moment to consider:

How hard is it to find and bring on a wealthy client?

What does it take to keep a wealthy client highly satisfied and doing more business with you?

MORE: The Four-Step Process for Client-Focused Business Development | Building a High-Net-Worth Practice During COVID-19 | The Essential Process for Building a High-Net-Worth Practice | What the Wealthy Need | 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
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

It commonly takes a lot to win a wealthy individual or family as a client. It takes a lot of effort to keep the wealthy as clients, let alone do more business with you. Not only must you deliver top-quality expertise, but you often need to create a sensational experience. You must build a high level of rapport. Yet, a great many accountants are not maximizing their relationships with their wealthy clients.
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