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PERSONAL FINANCIAL PLANNING

Build Your High-Performing Family Office Practice

Make your firm indispensable to elite clients.

By Russ Alan Prince

If you have an elite wealth management practice, you might want to “upgrade” to a family office practice.

MORE: Enhance Wealth by Mitigating Taxes | Your Client’s Instincts Are Wrong | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting | Cashing Out: Your Business Clients’ Five Big Issues
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Self-proclaimed family office practices are multiplying at an incredible rate. For a great many financial and legal professionals, professing to have family office practices is nothing more than a marketing ploy.

As there is no “official” definition of a family office practice, anyone can say they have a family office practice irrespective of the expertise they can deliver. Today, family offices are being described in all sorts of ways.

But, when you get right down to it, a family office is a very simple concept: “A family office is an expert coordinator of expertise that optimizes the lives of family members.”

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ADVISORY & CONSULTING

Is Elite Wealth Management Right for You?

It can result in a firmwide multiplier effect.

By Russ Alan Prince

Accounting firms are professional services firms. Many accounting firms have expanded into other areas. One of those areas is wealth management. When wealth management is part of a well thought out accounting firm’s strategy, it can be instrumental in delivering greater value to clients. An elite wealth management practice can also be core to generating substantially greater revenues for the firm.

MORE: Accelerate Your Success by Becoming a Thought Leader | Wanna Know What Clients Say About You? | The Goldmine at Your Fingertips | Three Components of Collaborative Wealth Management | Cashing Out: Your Business Clients’ Five Big Issues
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An elite wealth management practice – as opposed to a traditional wealth management practice – results in a firmwide multiplier effect. Most importantly, it can be central to optimizing clients’ financial lives. Your elite wealth management practice will also contribute significant revenues – directly and indirectly – to the accounting firm.

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ADVISORY & CONSULTING

Wanna Know What Clients Say About You?

If they can’t communicate your value, referrals will be tough.

By Russ Alan Prince

Accounting services are commodities, but that does not mean that accountants are inherently fungible. Without question, some accountants are better than others.

That said, a large majority of accountants are unable to differentiate themselves from their competitors. Many times even when they are more capable, they blend in with the morass of mediocre accountants.

MORE: What Level of Advice Do Entrepreneurs Need? | Three Approaches to Investment Consulting | The Role of the Personal CFO | Three Components of Collaborative Wealth Management | Cashing Out: Your Business Clients’ Five Big Issues
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The reason is simple. Very few accountants are proficient at communicating their value to their clients. Think of your situation. What value are you providing your various clients? Now, if those clients were asked what value they were receiving from you, how much alignment would there be?
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CLIENT SERVICE OPPORTUNITIES

Accelerate Your Success by Becoming a Thought Leader

Distinguish yourself from the competition by being the go-to pro. 

By Russ Alan Prince

Accounting services are commoditized. However, this does not mean that all accountants can deliver the same level of expertise, but it does mean that better accountants can provide better expertise. What is more telling is that clients—both individual and corporate clients—are usually unable to discern the quality of the accounting services they receive. For most clients, it can be tough to differentiate between accountants when it comes to filing tax forms or providing tax advice.

 

MORE: What Level of Advice Do Entrepreneurs Need? | Three Approaches to Investment Consulting | The Role of the Personal CFO | Three Components of Collaborative Wealth Management | Cashing Out: Your Business Clients’ Five Big Issues
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For higher-margin practices, the competition for clients is intense. For example, one of the most significant growth areas for accounting firms is having a family office practice. The wealthy—especially the ultra-wealthy—are regularly choosing to work with family office practices over other providers. Furthermore, the profitability of a well-run accounting firm’s family office practice is significantly better than most other practice areas. With so many accountants positioning themselves to provide family office services, even with exploding demand, some will seriously underperform.

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ADVISORY & CONSULTING

The Goldmine at Your Fingertips

Competition is intensifying, but proper service to one client base could be all you need.

By Russ Alan Prince

In many ways, the accounting industry is under pressure. For example, fee compression is an issue for many accounting firms. More savvy and cost-sensitive clients are looking for a “bargain.” At the same time, competition for many of the services some accounting firms provide is intensifying. Tax consulting, for instance, is being done by wealth managers, lawyers and even some life coaches.

MORE: What Level of Advice Do Entrepreneurs Need? | Three Approaches to Investment Consulting | The Role of the Personal CFO | Three Components of Collaborative Wealth Management | Cashing Out: Your Business Clients’ Five Big Issues
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While many accounting firms are under pressure because of increased competition and more demanding clients, there are certain types of clients that prove exceedingly profitable. READ MORE →