WEALTH MANAGEMENT

What Does Money Mean to Your Client?

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woman and man smiling and talking in business setting

Use behavioral finance to guide decisions.

By Rory Henry
The Holistic Guide to Wealth Management

I decided to call my book “The Holistic Guide to Wealth Management” because leveraging a suite of financial services offerings that work in harmony with each other is a powerful business model that can transform your firm. The transformative power of this model, however, is based on the human side of the advice we provide clients and how we can improve their lives. It’s about shifting the conversation from integrating and delivering services to clients to gaining a deep understanding of a client’s values and what gives them a sense of well-being.

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What is behavioral finance?

The Corporate Finance Institute defines behavioral finance as “the study of the influence of psychology on the behavior of investors, as well as on financial analysts.” Dr. Daniel Crosby, chief behavioral officer at Orion, and author of best sellers “The Behavioral Investor” and “The Laws of Wealth: Psychology and the Secret to Investing Success,” takes it a step further.
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Use A PACT to Manage Change

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portrait of Will Hill
Hill
 Will Hill is the founder and owner of Will Hill Consults, LLC,  a coaching and consulting firm serving the tax and accounting profession. He has been serving the tax and accounting community since 2001.

Effective communication needs to happen in three stages.

By Will Hill
The Holistic Guide to Wealth Management

The pace of change in the tax and accounting profession has increased dramatically in the last 20 years. Some change, such as regulatory change, is forced. Other forms of change, such as technology change, is imperative to make. But when it comes to making changes to your client engagement strategy, that choice is yours. I have not spoken to a firm owner yet over the past half decade who hasn’t had at least one significant change to their practice during that time. Many have gone through multiple changes per year.

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But just because you have gone through changes to your practice doesn’t mean you’ll be more successful. So, when we look at firms that have navigated change successfully to make a positive impact on their business, what sets them apart? They have one thing in common: They make “A PACT” for success.
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Prioritize Your Mental and Physical Health

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Henry
 Rory Henry, a Behavioral Financial Advisor, is the director at Arrowroot Family Office and co-founder of AFO Wealth Management Forward. He has created a program to help accounting professionals incorporate holistic wealth management and proactive planning services into their practice.

Before you start adding new service offerings, read this.

By Rory Henry
The Holistic Guide to Wealth Management

Most of you reading this article are highly motivated, highly disciplined individuals with a keen eye for detail and incredible dedication to your clients. I’m sure many of you are thinking about ways to squeeze even more productivity out of your day so you can find time to incorporate financial advisory services into your thriving practice.

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We all know about the burnout epidemic plaguing the accounting profession, and it’s not just a mental health issue. Before you start burning the candle at both ends, please review the cautionary tales of highly accomplished CPAs and entrepreneurs below who’ve had to make significant recalibrations to their lives when their health ultimately failed them.
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Add Health Care Planning to Your Firm’s Services

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portrait of Christine Simone
Simone
 Christine Simone is the CEO & co-founder of Caribou, a software solution for the finance industry to include health care costs and plan optimization in financial plans.

Reduce client stress and build stronger financial futures.

By Christine Simone
The Holistic Guide to Wealth Management

Financial advisors are well suited to help clients with all the important decisions in their lives. But that doesn’t mean advisors always recognize the areas in which clients need the most help.

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Take health insurance, a big concern for people across all income groups. According to a 2021 report from Spectrem Group (now part of CEG Insights), two-thirds of affluent investors (65%) say they want their advisors to help them with health insurance, but only 4 percent said their financial advisors are providing it to them (see bar chart). Further, among people who don’t have financial advisors, the top areas for which they would want guidance are retirement income planning, Social Security planning and Medicare advice.
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Who Is Your Ideal Wealth Management Client?

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portrait of Kelly Waltrich
Waltrich
 Kelly Waltrich is the co-founder of Intention.ly, a leading marketing consultancy to fintech and finserv companies.

You’ll need to market, but set business goals first.

By Kelly Waltrich
The Holistic Guide to Wealth Management

For CPAs, offering holistic wealth management services can be a game changer for your practice. These services are a clear opportunity to provide top-notch guidance to clients while fueling additional revenue streams.

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But let’s be real – simply hanging out a “wealth management” shingle won’t cut it in an industry in which competition is abundant, and differentiation is key. Making your clients and prospects aware of your expanded offerings, and growing your business as a result of those offerings, requires a much more targeted approach.
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