WEALTH MANAGEMENT

Use A PACT to Manage Change

By

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

By

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

By

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?

By

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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Seven Keys to Maintaining Trust

By

portrait of Julie Johnson
Johnson
 Julie Johnson, CIMA, CFP,  is the founder and chief engagement officer of XY Communication and a former senior vice president with UBS. She helps financial professionals to increase engagement with existing clients, prospects and peers by improving their ability to communicate, connect, and build trust and loyalty.

Yes, with your clients, but also with your team.

By Julie S. Johnson
The Holistic Guide to Wealth Management

The Insurance Network for Fiduciary Advisors reported that 96 percent of clients are looking for wealth transfer advice from their advisors while they’re still alive, but fewer than one in four (25%) of financial professionals provided it to their clients.

Why is there such a disconnect?

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So many financial professionals have told me it’s not their job to hold clients’ hands during the emotional challenges of death, divorce, inheritance. “They hire us to take care of their financial goals and challenges, not be their therapist,” advisors tell me again and again. This comment, and multiple variations of it, are what I hear often after speaking or writing on this topic.

That disconnect is your opportunity as a CPA!
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