Here’s what you’re looking for: Russ Alan Prince

GROWTH STRATEGIES

Five Business Models for Wealth Management

Choosing the wrong one could be detrimental to your firm.

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

Central to establishing your accounting firm’s wealth management practice is selecting a suitable elite wealth management business model. A lot of thought goes into deciding first if wealth management is applicable and meaningful at an accounting firm; and second, if so, the best way to establish and grow a wealth management practice.

MORE: Stop Selling and Start Discovering | Create Family Dynasties and Add Value, ROI | Four Core Principles for Elite Wealth Management | Is Elite Wealth Management Right for You? | Wanna Know What Clients Say About You? | Why Accountants Fail at Wealth Management
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

The choice of business model makes a great deal of difference. There are five main business models to choose from.

READ MORE →

CLIENT SERVICE OPPORTUNITIES

The Life Insurance That Your Firm Needs

https://cpatrendlines.com/2020/04/06/accountants-are-emergency-responders-who-will-help-us-recover-from-the-covid-19-crisis/

Guarantee funding when your business needs it the most.

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

There are times because of death when key people in a company are lost. Key person life insurance provides funds to a business to address the financial losses that can occur when a key person dies.

MORE: Why You Need a Team of Experts | Why a Virtual Family Office? Why Now? | Is Your Client’s Umbrella Big Enough? | Your Client’s Instincts Are Wrong | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Revenue losses can be offset, and money can be tapped to help ensure the business remains viable and doesn’t fail – for example, to find a replacement or train someone to take the job of the key person who died.

This is almost always the most cost-effective approach. Additionally, key person life insurance pretty much guarantees the money required will be available when needed.

READ MORE →

CLIENT SERVICE OPPORTUNITIES

Stop Selling and Start Discovering

Woman shaking hands with a man as another man looks on

Discover how not selling produces better business.

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

Selling is persuasion. It’s convincing someone – prospects and clients – that they should engage you for your services.

MORE: Create Family Dynasties and Add Value, ROI | Four Core Principles for Elite Wealth Management | Is Elite Wealth Management Right for You? | Wanna Know What Clients Say About You? | Why Accountants Fail at Wealth Management
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

As an accountant, you have a set of expertise and selling is about getting others to hire you for your expertise. However, a much more powerful way for you to grow your accounting practice is by not selling.

Allow me to explain.

READ MORE →

CLIENT SERVICE OPPORTUNITIES

Create Family Dynasties and Add Value, ROI

Having a well-formulated succession plan is essential.

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

A family dynasty is defined as a cohesive economic entity where the perpetuation of family wealth, values and objectives lasts for five or more generations. About 60 percent of ultrawealthy families (net worth = US $30 million or more) are strongly attracted to the concept of a family dynasty.

MORE: Why You Need a Team of Experts | Why a Virtual Family Office? Why Now? | Is Your Client’s Umbrella Big Enough? | Your Client’s Instincts Are Wrong | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

The interest in creating a family dynasty is strongest among ultrawealthy families with single-family offices. Nearly three-quarters of them think along these lines, according to senior management at these single-family offices. Percentagewise, the founders of the single-family offices find the prospect of a family dynasty more appealing. At the same time, two out of five C-level ultrawealthy business owners are very interested in potentially creating a family dynasty. In these cases, more inheritors than founders find the idea of a family dynasty appealing. As the research is based on a worldwide sample, it is evident that the appeal of family dynasties is extensive and widespread.

READ MORE →

CLIENT SERVICE OPPORTUNITIES

Four Core Principles for Elite Wealth Management

Keep these promises to your clients no matter what.

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

There are four unquestionable core tenets of an accounting firm’s elite wealth management practice.

MORE: Why You Need a Team of Experts | Why a Virtual Family Office? Why Now? | Is Your Client’s Umbrella Big Enough? | Your Client’s Instincts Are Wrong | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

It’s not debatable. And it’s not negotiable.

Think of the four rules as a professional oath for those who strive to have successful elite wealth management practices.

READ MORE →