The Essential Process for Building a High-Net-Worth Practice

Businessman working netbook outdoors, wearing sunglassesVital to coping with the COVID-19 crisis.

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

A lot goes into building a $5 million high-net-worth practice.

MORE: 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
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It is a given that you will need wealthy clients. For most accountants, most of these wealthy clients are very likely to be successful business owners. But that is not always the case. You can potentially achieve your financial end goals with wealthy inheritors, for example.

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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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The Clients that Keep You Awake at Night

Masked man carrying large money bagWhen even the best internal controls fail, guess who the client will blame?

By Ed Mendlowitz
Call Me Before You Do Anything: The Art of Accounting

I have addressed the importance of controls when trying to get a client. But it is also important to retain the client.

MORE: Clients Don’t Lose Sleep for Overpaying Taxes | 6 Ways to Increase Your Fees … If You Dare | The Clients that Got Away | Upselling Made Painless | Boosting a Fixed Fee Substantially | Creative Ways to Retain Staff | What CPAs Can Learn from Lawyers and Doctors | My Top 10(ish) Regrets
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A good system that is not monitored is a sure way to lose your client – and your sleep.

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Clients Don’t Lose Sleep for Overpaying Taxes

man lying awake in bedPoor controls are a different matter.

By Ed Mendlowitz
Call Me Before You Do Anything: The Art of Accounting

In my early days I would get many leads for clients who told me they were switching accountants because they believed they were paying “too much tax.” However, at most of those meetings, we only spent a few minutes on taxes and then most of the time expressing concern about whether their controls were good enough!

MORE: 6 Ways to Increase Your Fees … If You Dare | Creating a Cross-Selling Culture | Cross-Selling Beyond Your Comfort Zone | Value Pricing in Uncharted Waters | Advising Cheapskates | Getting Bonuses from Clients | Why You’re Only as Good as Your Staff
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My conclusion from these conversations is that the potential of loose controls is a major cause of keeping someone awake at night. No one stays awake at night wondering if they are paying too much tax. A pending tax audit might keep someone awake, but not paying too much tax.
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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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