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ADVISORY & CONSULTING

How to Conduct a Proper Discovery Meeting

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What are your clients’ dreams? How do you know?

By Rory Henry
The Holistic Guide to Wealth Management

A client discovery meeting, or even better, a rediscovery meeting, can be an ideal opportunity for you to deepen your relationship with the client. Even better, when done correctly, the meeting can lead to self-discovery for the client.

MORE: Understand Clients’ Relationship with Money | From Services to Experiences to Transformations | How Behavioral Finance Works | Manage Change through A PACT | Priority No. 1: Your Mental and Physical Health | Build Stronger Financial Futures with Health Care Planning | Marketing Strategies for Wealth Management Services | Trust Is the Primary Ingredient | Use Goodwill to Maximize Exit Readiness | An Accountant’s Role in Exit Planning | How to Prepare Your Clients’ Kids for Their Inheritance | A Question of Trust: Not Just for the Wealthy
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Historically, clients turn to financial professionals for help solving a financial problem or for alleviating financial concerns. They ask questions such as:

  • “What type of entity should I select and what are the tax implications?”
  • “How do I increase my gross margins?”

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ADVISORY & CONSULTING

Understand Clients’ Relationship with Money

Businessman tightly holding briefcase with dollar sign on it

Start with which of four “money scripts” they follow.

By Rory Henry
The Holistic Guide to Wealth Management

Joy Lere Psy.D., licensed clinical psychologist and co-founder of Shaping Wealth, a learning platform transforming the human experience of money, told me on my podcast that she was amazed by how often money was the cause of her clients’ anxiety and unhappiness. Research confirms this phenomenon.

MORE: From Services to Experiences to Transformations | How Behavioral Finance Works | Manage Change through A PACT | Priority No. 1: Your Mental and Physical Health | Build Stronger Financial Futures with Health Care Planning | Marketing Strategies for Wealth Management Services | Trust Is the Primary Ingredient | Use Goodwill to Maximize Exit Readiness | An Accountant’s Role in Exit Planning | How to Prepare Your Clients’ Kids for Their Inheritance | A Question of Trust: Not Just for the Wealthy | Trust and Estate Planning Is for Clients of All Ages | Annuities and Insurance Growing More Attractive | Bridge the Advice Gap for Better Financial Futures
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According to the American Psychological Association (APA), money has consistently topped Americans’ list of stressors ever since the first Stress in America survey was conducted in 2007. According to the APA:

  • 72 percent of adults report feeling stressed about money at least some of the time
  • 22 percent reported feeling “extreme stress” about money at some point during the past month
  • 26 percent of adults report feeling stressed about money most or all of the time

It shouldn’t be this way and this is where financial advisors can be a huge help.
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ADVISORY & CONSULTING

From Services to Experiences to Transformations

illustration of the progression of economic value

Every client interaction is an opportunity.

By Rory Henry
The Holistic Guide to Wealth Management

In tracing the trajectory of economic evolution, each phase represents a profound transformation, often driven by technological advancements. For instance, the Industrial Revolution transformed the U.S. from an agrarian economy to a manufacturing economy that created tangible assets (i.e., finished goods) out of raw materials. In recent decades, the U.S. went through a digital revolution, moving us from a manufacturing economy to a service-based economy that produces intangible assets.

MORE: How Behavioral Finance Works | Manage Change through A PACT | Marketing Strategies for Wealth Management Services | An Accountant’s Role in Exit Planning | Trust and Estate Planning Is for Clients of All Ages | Help Clients Manage and Embrace Investment Risk | Tax Advisory Services: A Pathway to Greater Financial Freedom | Leverage AI to Grow and Protect Revenue: Six Steps | Four Ways to Provide Wealth Management in Your Accounting Practice | What Multiples Mean to Accounting Firms | How Wealth Management Has Evolved | Why Now Is the Time for CPAs to Embrace Wealth Management
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This shift was emblematic of a broader transition from making tangible goods to delivering intangible services. The service economy burgeoned, with a focus on delivering services, e.g., tax services, financial services and estate planning legal services.

Now, we are in the midst of another paradigm shift. Artificial intelligence (AI) is transforming us from a service economy to one based on providing the consumer with experiences and guiding them through life transformations. The AI era is not just about automating routine tasks, but fostering an environment in which we transcend traditional service delivery.
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GROWTH STRATEGIES

Johnson, Lohrfink: Estate Planning’s the Next Frontier | Holistic Guide to Wealth Management

Technology streamlines the process, but strong communication builds the needed relationships.

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By Rory Henry CFP®, BFA™
For CPA Trendlines

Research shows that 93% of people want estate planning services from their financial advisor, but only 22% are actually getting that advice. As detailed in my new book, Holistic Guide to Wealth Management, for CPAs, estate planning offers practitioners the ability to provide a family office level of care to clients, whether they are business owners, retiring boomers, or next Gen. 

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Danny Lohrfink, co-founder and chief product officer of estate planning software Wealth.com, said estate planning has long been an antiquated profession that costs a lot of money, takes a great deal of time, and often delivers an outcome that is too complex for the client/family to understand. “These are the kinds of core problems that technology is meant to solve,” notes Lohrfink, a contributor to my book. “How do you reduce the cost and amount of time spent doing things?”  

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PODCAST

Bryant, Crabtree: Ownership, Flexibility, and Empathy Matter | Holistic Guide to Wealth Management

Only firms embracing culture, collaboration, and client impact will survive the next era.

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Subscribe to CPA Trendlines podcasts anywhere: Apple, Google/YouTube, Spotify, iHeart, Deezer, Amazon Music, Audible, Player FM, Audacy, RSS

By Rory Henry CFP®, BFA™
For CPA Trendlines

The traditional CPA firm model is at a major crossroads. With an aging leadership base, evolving client expectations, and growing private equity interest, firms must rethink how they operate—or risk falling behind. 

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BUY the Holistic Guide to Wealth Management

“Many firms are still stuck in outdated models centered around hours and billables,” observes Randy Crabtree, CPA, founder of Tri-Merit Specialty Tax Professionals, during a recent panel discussion for contributors to my new book Holistic Guide to Wealth Management. Crabtree says he’s avoided time tracking for most of his career because he believes it distracts from real value delivery. 

“We can do things better and more efficiently,” says Crabtree. He argues that if working more efficiently means it takes less time to get the work done, then we shouldn’t be paid less money.  
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