COVID ESSENTIALS 

NEW! Your $5 Million High-Net-Worth Practice

Guidelines for Sourcing and Working with the Wealthy During the COVID-19 Crisis and Beyond

By Russ Alan Prince and Anthony Glomski

The proprietary step-by-step guide to launching and growing a lucrative book of business with the highly affluent.

Complete with diagnostic tools, strategic planning processes, essential attitudinal and behavioral traits, discovering new referral sources, positioning your firm’s credentials and your personal brand, scripts for tough conversations, charts, diagrams, action plans, agendas, and procedures for successful virtual client meetings.

Six Bonus Appendices, including:

  • Three Reasons Your Clients May Be Working with the Wrong Advisors
  • Virtual Family Offices & Multifamily Offices: The Affordable Approach
  • Stress Test Your Financial Plans Like a Billionaire

$229.50$249.50

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The Four Keys to Your $5 Million High-Net-Worth Practice

By Russ Alan Prince and Anthony Glomski

The world is changing in ways we can see and some that we do not yet understand. Some changes have been in process since before the COVID-19 crisis, such as greater competition, the use of artificial intelligence, and the immense increase in private wealth. Other changes, such as the way people are and will likely continue to interact, is a function of the crisis. For example, video calls and conferences are suddenly becoming a more significant part of how professionals interact with clients and each other.

All in all, the professions–from accounting to law to wealth management, and so forth – need to adjust to excel going forward. The good news is that as an accountant, you can create a very substantial practice that can be amazingly successful, irrespective, and sometimes because of, all the changes impacting the profession.

We work with the wealthy and have helped accountants build outstanding high-net-worth practices. Our intent with this handbook is to show you how you too can build an individual high-net-worth accounting practice generating at least $5 million a year. We are talking about individual accounting practices. We are not addressing management functions and not including any payments you receive because you’re an equity partner.

Let’s look at the four main components of your $5-million high-net-worth practice.

1. The Wealthy

We are gearing the approach to a particular cohort — the wealthy.

We define the wealthy as having a net worth of $10 million or more. There’s no upper limit when it comes to “more.” Let’s say the range runs from $10 million to multiple billions.

There are different types of wealthy clients with many overlapping needs and wants. At the same time, different types of clients have their own specific requirements, expectations, and possibilities. For example, business owners regularly have extensive needs for an array of accounting services and related expertise. Moreover, they are commonly willing to pay well for value. All in all, successful entrepreneurs can be a very meaningful source of revenue for you and your firm.

While accomplished business owners are often seen as “ideal clients,” that does not mean other affluent cohorts are not also very good clients for your high-net-worth practices. For example, working with the super-rich (net worth of $500 million or more) and with single-family offices can be outstanding as clients for some accounting firm high-net-worth practices. It’s your decision whom you want to work with.

2.  Conviction

Let’s start with good not being good enough.

A large percentage of accountants would be happy with a solid accounting practice generating $2 million in annual revenue. If that’s all you want and you’re not yet there, it will likely be very easy to reach the $2 million lev- el by implementing the approach we will detail. But, if you want to reach for the stars, just know that catching them is also possible with this approach.

Still, you need conviction.

3. Client-focused business development

As great believers in transparency, when it comes to client-focused business development, we want you to know there’s nothing really new in this handbook. The approach we’re advocating and describing is something you probably know works quite well from your own experience. It’s something you’re probably doing now and again, or even fairly regularly. We are confident that intellectually you know it’s the best way to work with any client and or other professional. That is the point.

We are dealing with human nature. And human nature has not changed much over the centuries.

In our own high-net-worth practices and in coaching professionals on this approach and related aspects, the biggest difference between sensational success and a lot less success is the extent to which professionals — including accountants — are pro-active, thoughtful, and highly systematic. Too often, many professionals get wrapped up in other matters and fail to do what they know they need to do to grow their high-net-worth practices and generate significantly more revenues.

That is what we are providing — a highly actionable, methodical approach you can readily implement to enable you to become significantly more successful. It’s called The Everyone Wins Process.

4.  Your high-net-worth practice

We’ll also be discussing the business model of your high-net-worth practice. One possibility is a family office. A large percentage of the wealthy — at all levels of wealth — are strongly attracted to the concept and capabilities of a family office. In many ways, and justifiably so, family offices represent the “smart money.”

A family office is very involved and comprehensive, which might not be the best high-net-worth practice model for you and your firm. There are other ways to structure a high-net-worth practice. You also need to decide whether to be compensated for providing financial products such as investment management and life insurance.

An approach — which can be a service for which you’re compensated — that is very effective irrespective of the type of high-net-worth business model you select is stress testing. It’s a way to help ensure a wealthy client is making smart decisions and not missing anything major.

Some accountants prefer to build a $5-million high-net-worth practice working with those at the pinnacle of the wealth pyramid — the super-rich and single-family offices. Working at this level necessitates taking a different approach, which usually entails being more specialized.

So, let’s begin. And the place to start is with you.

Assessing Goals, Challenges, and Opportunities

For your clients and for your practice:

  • What are the desired realistic outcomes you want to achieve now, and as we come out of this crisis?
  • What is presently happening financially good and bad?
  • What key factors are limiting you in reaching your goals?
  • In what ways can you make the crisis work for you?

Practical Advice and Guidance on Every Page

  • Pivoting your practice with the Covid crisis
  • Making the jump from tax planning to wealth planning in eight steps
  • Learning from leading ultra-wealthy entrepreneurs
  • The proprietary “everyone wins” process
  • Client-focused business development
  • Five questions to uncover clients’ hidden needs (and the responses that close the business)
  • Fostering referral opportunities
  • Determining who your wealthy client can refer
  • Seven services every business owner will need and how to track results
  • Six steps to getting tactical
  • Knowing when to walk away
  • The law of small numbers
  • Leveraging your referral partners’ wealthy client relationships
  • Constructing resources matrices to understand and establish your true value
  • Adding value without straining your time or resources
  • Identifying your top five referral sources and your top ten client opportunities
  • Running virtual meetings and events in the Covid Age
  • Why and how to run a business development workshop
  • Systematically building demand for the services only you can provide
  • How scenario planning works in real life
  • The ins-and-outs, pros-and-cons of family office business models
  • The rise of the new “virtual” multi-family office
  • Seven considerations for selecting a financial product business model
  • Three best practices for running a high-net-worth business line
  • Stress testing financial plans in five steps
  • Who most benefits from personal wealth creation coaching
  • How to develop and implement your thought leadership program
  • How to meet the elite
  • The seven-point “total client model”

PLUS: A baker’s dozen of new business opportunities – and how to evaluate them for your practice:

  1. Services and Products
  2. Administrative services
  3. Wealth planning
  4. Investment management
  5. Lifestyle services
  6. Special projects
  7. Trust and company services
  8. Stress testing
  9. Property and casualty insurance
  10. Life insurance
  11. Personal and business coaching
  12. Consulting
  13. Philanthropic advisory

Contents

Part I: Your $5-Million High-Net-Worth Practice

  • Chapter 1: Setting Your Goals
  • Chapter 2: The Wealthy
  • Chapter 3: What it Takes to Build a $5-Million High-Net-Worth Practice
  • Chapter 4: Why It Has Never Been Easier to Build a $5-Million High-Net-Worth Practice

Part II: Client-Focused Business Development

  • Chapter 5: Everyone Wins!
  • Chapter 6: Maximizing Wealthy Client Relationships
  • Chapter 7: Sourcing New Wealthy Clients from Other Professionals
  • Chapter 8: Workshop: Thriving Through the COVID-19 Crisis and Beyond

Part III: Your High-Net-Worth Practice

  • Chapter 9: The Family Office Model
  • Chapter 10: Product-Neutral or Product-Inclusive
  • Chapter 11: The Power of Stress Testing
  • Chapter 12: Working with the Super-Rich and Single-Family Offices.

Coda: You (and only YOU) Are in Charge of Your Success

BONUS APPENDICES

  1. Personal Wealth Creation Coaching
  2. Becoming a Thought Leader
  3. Three Reasons You May Be Working with the Wrong Advisors
  4. Virtual Family Offices & Multifamily Offices: The Affordable Approach
  5. A Single-Family Office Option for the “Merely Affluent”
  6. Stress Test Your Financial Plans Like a Billionaire

 

About the Authors

RUSS ALAN PRINCE AND ANTHONY GLOMSKI AG21HNW
Russ Alan Prince and Anthony Glomski

Russ Alan Prince is one of the foremost authorities in the private wealth industry and co-author of Everyone Wins! How You Can Enhance and Optimize Business Relationships Just Like Ultra-Wealthy Entrepreneurs. He regularly consults with the Super Rich, family offices, and select professionals. Prince is executive director of the Family Office Association. Institute and has authored or co-authored more than 60 books, including   The High-Functioning Single-Family Office: A Primer for Family Members and Senior Management and Maximizing Your Single-Family Office: Leveraging The Power Of Outsourcing And Stress Testing. Connect on LinkedIn.

Anthony Glomski is the founder of AG Asset Advisory, an SEC-registered Family Office. His team works extensively with entrepreneurs to optimize their financial world. This collaborative process addresses an array of family, financial, and lifestyle concerns along with coordination and oversight of various professionals to keep everyone focused tightly on their goals. Anthony began his career at KPMG and has been featured in Forbes, US News, and several other media outlets. He can be contacted at AG Asset Advisory.

 

See more Prince and Glomski on cpatrendlines.com here

NEW! Your $5 Million High-Net-Worth Practice

$229.50$249.50

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