Welcome to this special episode of the podcast! Today, we have a unique opportunity to share a book with you that we helped our client write and publish, including creating the audiobook. We are incredibly proud of this achievement and see it as a testament to the power of short books to attract your ideal clients.
"The Due Diligence Project: How Open Source, Peer-Reviewed Due Diligence is Supercharging Elite CPA Firms and Family Officers While Disrupting a Multi-Trillion Dollar Industry" by Alex Sonkin, read by Tony Maree Torrey.
This audiobook is dedicated to all the hardworking CPAs who are passionate about delivering maximum value to their most important clients. It explores the concept of due diligence in advanced tax planning and how it can be a game-changer for CPA firms seeking to elevate their services to the ultra-high net worth market.
Throughout the audiobook, you will discover the importance of focusing on ultra high net worth clients, how to differentiate yourself in a competitive industry, and the value of depth over width. It provides actionable strategies and insights from a community of over 500 independent CPA firms and virtual family officers who are optimizing tax benefits for their wealthy clients.
The audiobook also touches on the power of open source peer review and how platforms like the Due Diligence Project are reshaping the financial world. It emphasizes the need for CPAs to adapt to a changing landscape and equip themselves with the tools and knowledge to navigate this new terrain.
Whether you're a CPA looking to attract high net worth clients, or simply interested in how due diligence is transforming the financial industry, this audiobook provides valuable insights and strategies. So sit back, relax, and let's dive into "The Due Diligence Project: How Open Source, Peer-Reviewed Due Diligence is Supercharging Elite CPA Firms and Family Officers While Disrupting a Multi-Trillion Dollar Industry."
About the Author: Alex Sonkin
https://duediligenceproject.com/
https://www.linkedin.com/in/alexsonkin/
About Your Host: Paul G. McManus is an accomplished author and expert in helping financial professionals grow their businesses. With over eight years of experience working exclusively with financial professionals, Paul has helped his clients generate tens of millions of dollars in fees and commissions.
As the author of three books, including The Short Book Formula: A Financial Professional's Guide To Writing A Book In Six Weeks To Attract Ideal Clients, and Million Dollar Producer: The Secret Playbook For Financial Professional's To Land High-Value Clients Using LinkedIn, Paul has become a leading authority for financial professionals on using writing and LinkedIn to attract high-value clients
You can get a complimentary copy of Paul's book at: www.theshortbookformula.com
Welcome to this special episode of the podcast! Today, we have a unique opportunity to share a book with you that we helped our client write and publish, including creating the audiobook. We are incredibly proud of this achievement and see it as a testament to the power of short books to attract your ideal clients.
"The Due Diligence Project: How Open Source, Peer-Reviewed Due Diligence is Supercharging Elite CPA Firms and Family Officers While Disrupting a Multi-Trillion Dollar Industry" by Alex Sonkin, read by Tony Maree Torrey.
This audiobook is dedicated to all the hardworking CPAs who are passionate about delivering maximum value to their most important clients. It explores the concept of due diligence in advanced tax planning and how it can be a game-changer for CPA firms seeking to elevate their services to the ultra-high net worth market.
Throughout the audiobook, you will discover the importance of focusing on ultra high net worth clients, how to differentiate yourself in a competitive industry, and the value of depth over width. It provides actionable strategies and insights from a community of over 500 independent CPA firms and virtual family officers who are optimizing tax benefits for their wealthy clients.
The audiobook also touches on the power of open source peer review and how platforms like the Due Diligence Project are reshaping the financial world. It emphasizes the need for CPAs to adapt to a changing landscape and equip themselves with the tools and knowledge to navigate this new terrain.
Whether you're a CPA looking to attract high net worth clients, or simply interested in how due diligence is transforming the financial industry, this audiobook provides valuable insights and strategies. So sit back, relax, and let's dive into "The Due Diligence Project: How Open Source, Peer-Reviewed Due Diligence is Supercharging Elite CPA Firms and Family Officers While Disrupting a Multi-Trillion Dollar Industry."
About the Author: Alex Sonkin
https://duediligenceproject.com/
https://www.linkedin.com/in/alexsonkin/
About Your Host: Paul G. McManus is an accomplished author and expert in helping financial professionals grow their businesses. With over eight years of experience working exclusively with financial professionals, Paul has helped his clients generate tens of millions of dollars in fees and commissions.
As the author of three books, including The Short Book Formula: A Financial Professional's Guide To Writing A Book In Six Weeks To Attract Ideal Clients, and Million Dollar Producer: The Secret Playbook For Financial Professional's To Land High-Value Clients Using LinkedIn, Paul has become a leading authority for financial professionals on using writing and LinkedIn to attract high-value clients
You can get a complimentary copy of Paul's book at: www.theshortbookformula.com
The Due Diligence Project how open source, peer-reviewed due diligence is supercharging elite CPA firms and family officers while disrupting a multi trillion dollar industry. By Alex Sonken, read by Tony Marie Torrey. Dedication I would like to dedicate this book to all the hardworking CPAs who are passionate about delivering maximum value to their most important clients. You are not appreciated for all the sacrifices and all the little things you do behind the scenes to make your clients' lives as great as possible. I've learned so much serving you the past 20 plus years and without the wisdom learned from our mutual experiences, this book would not be possible. I know the blood, sweat and tears that it takes to do what you do and I pray that this book can make a difference in your lives. Part one who should read this book? Time is precious and I don't want to waste your time if the Due Diligence Project book is not for you. So let me be upfront and crystal clear about exactly who this book is for.
Speaker 1:Picture a certified public accountant in their office amidst stacks of tax returns, yet harboring a grander vision, a vision that stretches beyond the numbers and paperwork. They see themselves as more than just number crunchers. They are game changers in the world of high finance. This CPA desires to integrate their expertise into the success stories of ultra high net worth business owners and families. For them, numbers are not the end game. They represent the potential to craft lasting financial legacies. If this resonates with you, then this book might be your compass.
Speaker 1:The Due Diligence Project book is meticulously tailored for the CPA who sees beyond the numbers. You're drawn to the dynamics of the ultra high net worth market, seeing more than just tax returns and audits. Seeks distinction In the vast ocean of financial professionals. You desire that unique edge, a value proposition so compelling it lures even billionaires to boutique firms. Aspires for trust. You aim to be your clients. Go to their primary advisor during pivotal financial moments. Values depth over width. Your preference is to provide unparalleled focus to your elite clients rather than spread thin across numerous B and C level clientele. Eyes on the prize. Your drive is twofold Passion for your work and the allure of fees that mirror your expertise and commitment has a seat at the elite table. You either cater to or strive to cater to those with an adjusted gross income of one million or more.
Speaker 1:By turning these pages, you'll gain access to insights and blueprints. These are not just theories but actionable strategies that are currently propelling a thriving community of over 500 independent CPA firms and virtual family officers. Their shared mission To optimize tax benefits for their wealthy clients. We're living in an era marked by disruptions. Think about it the way we hail a cab shop for a birthday gift, choose our Friday night entertainment, and even how we approach complex tax challenges has been revolutionized. Giants like Uber, amazon, netflix and ground breaking platforms such as the due diligence project are reshaping our world. If you're ready to be part of this financial renaissance and equip yourself with the tools to navigate this new terrain, then welcome aboard. This book is your guide, my Promise to you.
Speaker 1:Let's start with transparency. First, I come to you with nearly three decades 27 years, to be precise of devoted experience in guiding, mentoring and coaching CPAs on retaining and attracting ultra high net worth clientele. I've seen the industry change, evolve and innovate over the years, and I've stood shoulder to shoulder with professionals like you, understanding your challenges and dreams. Secondly, I'm not merely an expert on the sidelines. Along with my wife, I co-founded Go Macro, a front runner in the nutritional domain, drawing nine figures in revenue annually. Consequently, I've walked the path of an ultra high net worth individual, wrestling with the complexities of maintaining wealth while navigating a tax maze. I delve deeper into this personal story in chapter seven. Such experiences, both personal and professional, stoke my passion for aiding CPAs. I recognize the profound need for the concepts this book offers, comprehending the immense value they hold for the affluent business owner and the reward these high flyers are prepared to remunerate generously for tangible, impactful results. So here's the unparalleled proposition I present An opportunity for you to exponentially enhance the value you bring to your elite clientele. A foolproof strategy to allure even more of the ultra affluent and a lucrative compensation awaiting your expertise. In your hands is a succinct book brimming with transformative ideas. I won't be spending any time persuading you on the merits of focusing on ultra high net worth clients while minimizing engagements with B and C level clientele. If you're here, you likely already recognize its value and are keen on actionable, proven strategies to bring that vision to life. Introduction In a sunlit downtown San Diego penthouse, michael Thompson reflects on his journey from a beleaguered tax preparer to a renowned virtual family office leader.
Speaker 1:Through his windows, the city pulsates with ambition, echoing the newfound glint in Michael's gaze. Step into Michael's shoes a moment. Every time his phone rings, it's a dialogue with a titan, a game changer. They converse their voices, a blend of respect and comradery, rejoicing in mutual victories. To these luminaries, michael isn't just a CPA. He's the visionary behind their boldest financial strategies, new business ventures, transformative community initiatives and the building blocks of generational affluence. All these come to fruition under Michael's expertise, backed by a league of top tier professionals ready to assist at a moment's notice Outside of work.
Speaker 1:Imagine a life where time wants. A relentless taskmaster now gracefully dances to your tune. Your evenings are filled with cherished moments laughter filled dinners with family, nights at the opera where music tugs at your soul, or quiet moments under a canopy of stars, sipping on aged wine and contemplating the vastness of the universe. From Michael, this journey goes beyond financial freedom. It's about personal growth and emotional enrichment. It's about waking up with a heart full of passion, a day filled with purpose and a life brimming with pleasures you once thought were reserved for others. It's the epitome of success, not just in financial documents, but in every breath he takes, every emotion he feels.
Speaker 1:So what propelled Michael to such heights? The answer the due diligence project. Designed for dedicated CPAs, this platform provides members with cutting edge wisdom, access to thoroughly vetted strategies, backed by the expertise of global thought leaders, from elite CPAs to tax attorneys. Collaborative insight. The opportunity to add to an ever growing knowledge-based leveraging insights from hundreds of participating firms. Innovative solutions benefit from the combined strategies born from global collaborative sessions. Best in class resources deliver exceptional tax solutions, all supercharged by peer reviewed resources and specialists.
Speaker 1:Your journey ahead. Like Michael, you too can transcend traditional boundaries, unlocking realms of potential you never imagined. From deciphering why the established system for due diligence remains elusive to harnessing the strategies of thought leaders, to effectively positioning yourself amidst ultra high net worth clientele, our voyage ahead will illuminate the path. Each chapter offers deeper insights, uncovering principles of unparalleled due diligence and methods to not only elevate your clients but also reinvent your own life. The insights to be shared and not mere abstract concepts. They're practical tools. Each chapter a stepping stone to your own penthouse of success. You'll learn from a unique perspective grounded in experience and proven expertise that promises to challenge, enrich and inspire. Dive in with an open heart and a keen mind, for your about to embark on a journey that promises to redefine success and present a vision of the future. You've only dared to dream of Chapter one unmasking the secrets of due diligence in advanced tax planning. In the middle of difficulty lies opportunity, albert Einstein.
Speaker 1:In advanced tax planning, due diligence often seems like a puzzle. While almost every firm touts its commitment to this crucial process, the real mechanics behind it remain shrouded in mystery. What really is due diligence in this domain? How do firms wade through complex regulations, pinpoint news strategies and ensure they withstand audits and tax court rigor? Picture a classroom, a typical setting, with around 30 students. Among them, A couple stand out as the intellectual leaders, effortlessly navigating complex problems. On the other end of the spectrum, there are a handful who may struggle more than their peers. The rest, a considerable majority, exhibit competencies that lie somewhere in between. In such a setting, when faced with a particularly challenging problem, say in mathematics or science, the most straightforward form of due diligence would be to consult those top two students. Their perspectives and solutions would be invaluable, often offering clarity amidst confusion. These students later become the professionals shaping our world doctors, lawyers, cpas. Despite their accolades and qualifications, distinguishing among them becomes challenging. So the pressing question emerges In this vast sea of professionals, how do we discern those who possess the analytical acumen and creative prowess reminiscent of those top two students in the classroom? The search for excellence in the realm of advanced tax planning is akin to this quest, and as we delve deeper, we'll uncover the intricacies and challenges of due diligence in the modern financial world.
Speaker 1:The hidden world of due diligence. Picture a financial mall with prominent stores like Deloitte, kpmg, ey and Goldman Sachs. They're as prominent as popular department stores. Nearby there are smaller boutique shops equally bustling and inviting. Each of these stores, big or small, has a back room. In a typical shop, that's where they keep their inventory, but in our financial mall, these back rooms hold special strategies and tools tailored for clients. Think of it this way Just as a store might have an exclusive dress design, they keep hidden from competitors. These financial firms have exclusive financial strategies they keep close to their chest. They like to keep things in-house, recommending their own strategies and often overlooking or even disregarding external solutions. It's like a store only suggesting its brand and avoiding others, even if there might be something better out there. This approach lets them skip the rigorous checking process, saving both money and effort when institutional secrecy comes with a hefty price tag.
Speaker 1:Jenna Thompson, a savvy tech entrepreneur, had recently sold her startup for a pool of $100 million. Naturally, this meant a looming tax bill. Having had the foresight, jenna sought financial advice to minimize her tax liability. Enter two main characters. First Meet Max, a shrewd CPA associated with the due diligence project, with access to some of the brightest minds in tax mitigation. Max collaborated with one of our leading experts to meticulously craft a strategy aiming to shield Jenna from a looming $17.5 million tax hit. Then we have Richard, a silver-haired advisor from Mega Wealth Corp, a wealth management leviathan with the towering Manhattan skyscraper and revenues to match a staggering $38 billion last fiscal year. His strategy a saving of just $3 million for Jenna. But here's the kicker Richard had full access to Max's strategy. He had seen the steps, the tactics, every meticulous detail. Yet in what can only be described as a blend of corporate arrogance and the classic not invented here mindset, richard chose to sideline Max's plan, pushing forward his own, vastly inferior approach. In doing so, richard's decision risked costing Jenna a staggering $14.5 million, that's 83% of the total value she could have saved.
Speaker 1:Such a move might appear perplexing to many, but it underscores an underlying reality. With the grand corridors of the financial behemoths, there's a prevailing attitude we prioritize what's most convenient and lucrative for us. The expectation versus reality of modern CPA services In our dynamic, constantly evolving landscape. Successful business owners harbor a common misconception that their CPA will be at the forefront of innovative tax strategies tailored to their unique financial profile. Unfortunately, this expectation often remains unmet. At the heart of this disconnect is an overstretched system.
Speaker 1:Traditional CPA firms are inundated with a spectrum of tasks that go beyond tax planning. A significant portion of their daily grind involves managing tax returns and financial statements that are compliant with a maze of regulations. While this is critical, it's just the tip of the iceberg in terms of what ultra affluent clients seek. Many CPAs work mainly with smaller clients who take up a lot of their time and resources. Imagine a chief in a busy kitchen trying to cook many dishes at once. Every dish needs careful attention. In all this rush, there's not much time to try new things. As a result, cpas frequently resort to the standard playbook. For their wealthier clientele, this might include suggestions for regular individual retirement accounts or simplified employee pension contributions, coupled with generic year end projections and quarterly estimates. While these actions are undeniably valuable, they're akin to offering a basic dish to someone expecting gourmet cuisine.
Speaker 1:The crux of the issue emerges starkly when we consider clients with adjusted grossed incomes exceeding $1 million. For them, understanding their tax liability is just the starting point. Their primary quest revolves around optimizing their financial strategies to legally minimize their tax burden. They aren't merely looking for an accountant. They're seeking a financial architect who can draft a blueprint for long-term wealth preservation and growth. Why the ultra rich often pay less?
Speaker 1:Year after year, headlines abound regarding the tax practices of eminent figures like Mark Zuckerberg, jeff Bezos and Warren Buffett. It's both fascinating and puzzling to many. How is it that some of the wealthiest individuals on the planet, helming multi-billion-dollar corporations, manage to pay nominal taxes, while everyday business owners face exorbitant rates, sometimes losing over half their income to taxes? The answer, while multifaceted, is deeply embedded in the nuances of the US tax code. More than a mere legal document, it's a leviathan spanning an overwhelming 150,000 pages and still expanding. It resembles a vast archive, where each volume is filled with countless rules, exceptions and stipulations. The immense size and ever-changing nature of the code makes it a herculean task for any individual or firm to comprehend it in full, just as one believes they've mastered its vast expanse. Fresh regulations are introduced and established ones adapt. However, within this intricate web lies the answer.
Speaker 1:The select firms that cater to billionaires and the ultra affluence possess more than just skill in maneuvering the tax code. They've truly perfected the craft of recognizing and exploiting its subtleties. Their strategies not only depend on familiar roots, but also on discovering concealed pathways and efficient shortcuts that remain elusive to most Navigating the complex web of advanced tax strategies. When it comes to understanding and implementing complex tax strategies, the journey is not only time consuming but also demands a deep dive into the intricate nuances of each approach. To effectively explore a new tax mitigation strategy, cpa firms need more than just time. They require the expertise of a seasoned specialist in that domain. Unfortunately, the majority of CPA firms fall short of this area due to limited resources and access to such specialists.
Speaker 1:When CPAs consider branching out and consulting with a tax attorney or specialist, another set of challenges arises. Introducing their premier clients to a third party, especially one they haven't previously collaborated with, presents significant risks. There's always the looming uncertainty of how well the specialist will serve their client, potentially jeopardizing a long-standing professional relationship. On the flip side, if a CPA merely gives a nod to an innovative strategy proposed by a financial advisor eager to win their client, it's a gamble. Fully vetting such strategies requires considerable time and effort, both of which are precious commodities in the bustling life of a CPA. Failing to do their own, exhausting due diligence and simply going by another's word places their client relationship on a fragile foundation. Should the client feel their CPA, whom they regard as a pillar of expertise, lagged in suggesting such strategies earlier, it could strain, if not sever, the bond. This precarious balancing act is akin to being sandwiched between a rock and a hard place. Given the potential pitfalls of both paths, it's hardly surprising that many CPAs opt for the safer route. They often focus on B and C-level clients who, while not as revenue rich, provide steady, consistent work.
Speaker 1:In conclusion, navigating the complexities of advanced tax planning requires more than just expertise. It demands vision. As Albert Einstein aptly noted. With every challenge lies an untapped opportunity. As a CPA, are you merely following tradition or are you pioneering innovative strategies? With the dawn of technology, the chance to amplify your service and value is at your fingertips. Are you ready to seize it? In the next chapter, we'll journey into Silicon Valley, gleaning insights from its tech juggernauts. As we demystify how these titans leverage innovation, you'll be prompted to envision a transformative future for your practice in the world of finance. The horizon is teeming with possibilities. Are you prepared to embrace them.
Speaker 1:Chapter 2, from the Traditional to the Revolutionary A New Dawn in Tax Planning In times of change. Learners inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists. Eric Hoffer. Mrs Jane Thompson, a revered CPA with a stellar reputation built over two decades, sips her coffee as she reviews two case files on her desk. Both belong to business owners, but the outcomes of their tax journeys are as different as night and day. On the left is Mr Daniel Brooks, a successful entrepreneur who recently sold his tech startup. Despite his achievements, daniel is now staring at a tax bill in the millions. He had entrusted his tax matters to a large, reputable firm, expecting them to have all the solutions, but the traditional methodologies they employed, although sound, weren't equipped to deal with the intricacies of his unique situation. The result A massive liability, the weight of which bears down on Daniel, causing sleepless nights and anxiety about the financial future of his family.
Speaker 1:To the right is Mrs Clara Martinez's file. She too sold her business recently, a chain of boutique fitness centers, but her story is different. By some twist of fate, she stumbled on a tax attorney who specialized in her specific business domain. This attorney, deep in the niche trenches of tax codes, had devised a strategy to significantly reduce, even eliminate, hefty capital gains taxes on such sales. Clara's financial outcome Millions saved, allowing her to invest in a new venture and secure her family's future.
Speaker 1:Jane contemplates these contrasting tales One business owner shackled by a monumental tax debt and another reaping the benefits of specialized expertise. She ponders the silent barriers that prevent professionals like her from accessing the esoteric knowledge of specialized tax attorneys. These experts, bound by legal constraints, can't openly share their groundbreaking strategies. So how can Jane and countless CPAs like her bridge this knowledge chasm? It's a conundrum emblematic of a broader challenge in the tax planning world. In a realm where the difference between the right and wrong advice can mean millions, how do professionals ensure they're not just knowledgeable but also connected to the very best in every niche field?
Speaker 1:The shift to open source peer review. While the term open source may originally hail from the world of software development, its ethos collaboration, transparency and community driven progress has permeated various aspects of our digital lives. And if there's a barometer for this change, it's the seismic shifts we witnessed post March 2020. The pandemic quickly changed many aspects of our lives. One major change was in shopping habits. Before COVID-19, amazon made up about 4% of US retail sales. With lockdowns and safety worries, online shopping grew from a nice to have to a must have. Ubs predicts that by 2025, a quarter of all retail sales will be online. This isn't just a shift. It's a revolution to the tune of trillions.
Speaker 1:But what catapulted Amazon to its early and sustained success? It wasn't just vast product selection or speedy deliveries. It was trust. Amazon's early championing of an open source peer review system meant that customers could make informed choices. No longer did they solely rely on brand promises or glossy advertisements. Instead, they leaned on the collective wisdom of their peers. A five star product review wasn't just a rating. It was a recommendation from someone who'd been there and done that.
Speaker 1:This democratization of review isn't exclusive to Amazon. Consider how you choose your entertainment. Platforms like Netflix or IMDB thrive on user reviews. Watching a five star movie or series is less of a gamble and more of a sure shot at quality viewing time. Or take Airbnb. Would you opt for a place with no reviews or one where previous travelers rave about their stay? This paradigm shift has redefined success in the digital age. Titans like Google, netflix and Uber haven't just provided services. They've harnessed the power of community feedback to refine, improve and excel. They've understood a fundamental truth of our times In an age of information overload, trust is the most prized currency, and this trust is forged in the crucible of open, transparent peer review.
Speaker 1:As we stand at this crossroads of digital transformation, it's time to ask how can the tax planning profession, rooted in traditional paradigms, leverage the power of an open source peer review when tradition meets disruption? A glimpse into advanced tax planning's future Imagine an organization of hundreds of independent elite CPAs where, instead of relying solely on prestigious law school degrees or glossy resumes, they actively rate tax attorneys and other leading tax specialists. Envision a platform where these top tier CPAs assess and rank tax strategies based on peer reviews, ensuring that individuals and businesses are paired with the most effective and innovative tax solutions. This transformative approach could revolutionize how we perceive and engage with the world of tax planning. This idea may seem radical, but it's worth pondering. What if the tax planning industry adopted Amazon's open source peer review model?
Speaker 1:Consider the pivotal role of CPAs in this renewed framework. No longer merely passive advisors, they evolve into the very gatekeepers of excellence in tax planning. Through a demographic and transparent system, they have the power to endorse and vouch for those specialists who don't just have the knowledge but consistently deliver unparalleled results. This seal of CPA approval, a collective nod from a community of financial custodians, would be a gold standard in its own right. Can the mighty edifices of the tax planning world pivot, embracing an open source, peer reviewed model? Can they truly become the Amazon or Uber of their domain, changing the game for millions of hardworking business owners seeking trusted financial guidance?
Speaker 1:In conclusion, this chapter poses a challenge not just to CPAs and tax planners, but to all professionals. It's an invitation to step into the future, to be not just witness but active participants in the unfolding revolution. The world of tax planning is on the cusp of greatness and it's a journey worth embarking on. So the real question is are you prepared to step into this role? Can you pivot from being a conventional CPA to a holistic financial concierge with the ultra-wealthy? It requires a radical shift in thinking, a willingness to collaborate and a commitment to prioritize the client's overarching vision above all else. As we venture into the next chapter, we'll delve deep into the strategies, tools and mindset required to position oneself as the go-to financial custodian for the elite In the sprawling maze of wealth management. Are you ready to be the guiding light for those with the most at stake.
Speaker 1:Chapter 3 Virtual Family Offices the future of ultra-high net worth advisory. The art is not in making money but in keeping it. Proverb Two entrepreneurs, two approaches, a tale of strategy and chaos. In the heart of the bustling financial district, two businessmen, richard and John, stand juxtaposed against the backdrop of gleaming skyscrapers, each facing the complexities of enormous business deals. Richard a picture of stress. Richard's tie seems to tighten with every call he takes. His phone, an unending source of contrasting advice, feels more like a burdensome chain than a tool.
Speaker 1:Imagine trying to create a harmonious melody, but every musician you hire plays a different tune and not one of them listens to the other. That's Richard's world right now. Take a moment and walk in his shoes. One moment, his accountant is advising him to stockpile cash for the rainy days, highlighting recent market volatilities. The next, his lawyer interjects, pointing out potential pitfalls and legal risks, emphasizing caution. Then, out of the blue, his financial planner is buzzing about an exciting new investment opportunity. It's a whirlwind of advice and Richard, despite his business acumen, feels like he's navigating through a maze, blindfolded. John just a few steps away. John exudes calm with every confident step. He's a beacon of strategy in the chaos that is big business. His secret the family office. Imagine having a personal orchestra where every member already knows the song in your heart and plays it to perfection. John doesn't face the discord, richard does. With a single call, he ensures that every piece of advice, every strategic move aligns perfectly with his vision.
Speaker 1:Family offices A historical glimpse. The modern concept of a family office took shape in the US in the 19th century. One of the earliest and most notable examples was the family office of John D Rockefeller, the American business magnet. In 1882, to manage his burgeoning wealth, he established one of the first family offices, known as Room 56 in New York's Standard Oil Building. The office wasn't just about investments. It also coordinated philanthropic efforts, ensuring the Rockefeller legacy.
Speaker 1:Historically, the establishment and maintenance of traditional models like the single family office were rightfully reserved for billionaires. The sheer enormity of costs involved in setting up these institutions made them an exclusive domain for the world's wealthiest, often rendering them elusive to the larger public and even to some affluent individuals. This exclusivity is a key reason why many remain unaware of or only vaguely familiar with the concept of family offices, from corporate ladders to independent pioneers. The 1990s heralded a significant shift in the professional landscape. Elite professionals, once content in their roles at powerhouse firms like Deloitte, kpmg and Goldman Sachs, began to seek new pastures. This wasn't just a fickle change of heart. Irs data corroborates this trend. Between 2000 and 2014, 1099 filings surged by 22%, while W2s lagged behind with a mere 2% growth.
Speaker 1:Fast track to the 2020s A world equated with zooming thanks to the unforeseen catalyst of the 2020 pandemic demonstrates the monumental shift in our approach to work and collaboration. The app, which gained a staggering 2,900% growth, epitomizes this era's preference flexibility, autonomy and the liberty to function from any nook of the globe. Today, top tier experts are forging their paths, establishing boutique firms and enjoying the freedom and rewards that come with it. The rise of the Virtual Family Office Enter the Virtual Family Office, a paradigm tailor made for today's high net worth clientele. This model addresses the complexities and limitations of traditional setups with Finesse. Over the past seven years, we've been at the forefront, assisting a legion of elite CPAs in crafting their bespoke VFO services. Leveraging tools like the due diligence project and the Virtual Family Office Hub, we've harnessed top tier, peer reviewed resources to deliver unparalleled service. These platforms are engineered for precision, streamlining, data analysis, bolstering risk mitigation, optimizing time and instilling confidence. A relentless pursuit of excellence ensures that we pinpoint and collaborate with the creme de la creme across various specialties, be it in income tax mitigation, estate planning or niche international tax planning domains. Through rigorous evaluation, we're always in the know about who's leading the charge and who's right behind, ensuring our clients always have access to the best minds in the industry. Much like how giants such as Amazon, netflix and Uber redefined their industries, the due diligence project is poised to redefine the advanced tax planning sector, ushering in a transformative, multi-trillion dollar era, redefining financial expertise in the digital age.
Speaker 1:Our evolution into the realm of VFO wasn't just about embracing new technologies or merely shifting from physical to digital. It's about understanding the fundamental changes in how the world's brightest minds want to operate and serve their clientele. These professionals are no longer content with the limitations and structures of traditional financial behemoths. Instead, they're looking for a blend of freedom, control and the ability to provide unparalleled service that's tailored to each client's unique needs. Furthermore, consider the rising expectations of the modern, ultra-high net worth client. They're technologically savvy, value efficiency and demand transparent, accessible expertise. Traditional family office models often come with layers of bureaucracy which can stifle innovation and responsiveness. In contrast, the agility of the VFO model means that clients get swift, direct access to the specialized knowledge they seek without the red tape. In conclusion, the VFO also acknowledges the significance of a globalized world, with assets, interests and connections spanning continents. Today's elite clientele requires a service model that's as interconnected as their portfolios. The specialists we collaborate with understand international nuances, ensuring our clients are not just compliant but also optimized across borders.
Speaker 1:In a world where industries are being disrupted by technology and new ways of thinking, the financial world cannot remain an exception. Our journey with the Due Diligence Project and the VFO Hub is a testament to this. By embracing change, continuously updating our methodologies and placing our clients at the center of everything we do, we are setting new benchmarks in advanced tax planning. As we look to the future, our commitment remains unwavering We'll continue to pioneer, refine and elevate our offerings.
Speaker 1:For the discerning, high net worth individual or entity, the choice becomes clear. It's not just about wealth management, but wealth management adapted to the modern age. And in this new era, the virtual family office stands unmatched. As we turn the page, we delve into the 10 pillars of extraordinary due diligence for advanced tax planning. Each pillar is not just a principle. It's a testament to how due diligence, when approached with foresight and innovation, can reshape outcomes, redefine value and reimagine possibilities. If you thought this chapter was enlightening, brace yourself. The journey ahead promises to be even more illuminating, offering you the roadmap to becoming an undeniable force in the tax planning domain. Stay with us. The best is yet to come.
Speaker 1:Chapter 4 the Ten Foundational Pillars of Due Diligence Coming together is a beginning. Keeping together is progress. Working together is success. Henry Ford In a quaint office in rural Kansas.
Speaker 1:Linda Tyson, a CPA, would often daydream imagining the towering skyscrapers of New York and San Francisco. These concrete giants, symbolic of the colossal old big brand CPA firms, felt both daunting and distant. The Byzantine world of advanced tax planning seemed almost mythical, an unreachable star in her professional cosmos. Then, one evening, as golden hues of sunset poured over her desk, a beacon emerged from the shadows the Due Diligence Project. This wasn't just a discovery, it was a paradigm shift. Three years later, the quiet countryside still surrounded Linda, but her stature in the tax planning world had reached those towering heights she once only dreamed of. She wasn't merely competing with the Titans, she was outshining them, leaving a trail of astonishment in her wake. How Linda had unlocked the magic of a collaborative sanctuary where limitations of location and brand dissolved. The Due Diligence Project, a brainchild of the Virtual Family Office Hub, became her guiding North Star. It provided her with a space pulsating with innovation, where a tapestry of global intellects wove together cutting-edge strategies resulting in groundbreaking tax solutions, staggering boosts to client wealth and an enriched community life. Behind this transformative magic was a meticulously crafted foundation, an open-source, peer-reviewed platform anchored by the ten pillars of extraordinary due diligence. Dive in with me as we delve deep into each of these pillars, unveiling the blueprint of revolution in the world of tax planning.
Speaker 1:Pillar number one independent feedback versus the dangers of groupthink. Imagine a boardroom in one of the city's sleek high-rises. The leading partner of a renowned CPA firm lays out a strategic blueprint for a client. As his words settle, the room remains silent. Each junior member, each associate is well aware that dissent could be a mark against them. Even if they spot a flaw or foresee potential complications, their voices remain hushed. This phenomenon, often seen in large corporations, governments and military organizations, is known as groupthink.
Speaker 1:Groupthink is an environment where conformity is prized over innovation and where questioning the status quo might lead to one being sidelined. It prioritizes harmony and consensus, even at the expense of the best outcomes. In such settings, the fear of rocking the boat suppresses diverse perspectives and valuable insights. But what if there was a paradigm shift? Enter the due diligence project. Here the shadows cast by towering hierarchies dissipate. Cpas, tax attorneys, family office leaders and specialists converge in this arena, bringing them a wealth of experience and expertise. Their collective mission To challenge, deliberate and refine strategies, ensuring they are both innovative and robust, fertibular.
Speaker 1:Number 2 Feedback from Experienced, tax-focussed CPAs and Attorneys. During parallels with the foundation of our nation, not as a full-fledged democracy but as a republic, we understand the essence of filtered participation. Just as our forefathers discerned that unbridled democracy might lead to chaos, we recognize that in the realm of tax planning, the spotlight must be on the seasoned and knowledgeable and the astute. Our circle of trust encompasses CPAs, tax attorneys and family office leaders who have not only traversed the challenging terrains of the IRS tax code, but have mastered them. Their expertise isn't merely theoretical. It's been honed through years of hands-on experience and sharpened by the myriad challenges they've tackled. In short, while we value feedback, we prioritize its quality. It's this rigorous standard that sets the due diligence project apart, ensuring that the advice our clients receive isn't just sound, it's gold standard Furniture.
Speaker 1:Number three hand-picking the creme de la creme. Let's take the world of sports as an analogy. There is a marked difference between a local team's star player and an Olympian. Both might be good in their own right, but the latter has showcased unparalleled expertise on the world stage, making them the best of the best. This is the level of distinction we seek in our specialists. When we delve into a specialist's background, it's more than a cursory glance at their resume. We venture deep, examining their career trajectory, their influence in their respective fields and the waves they've made within their communities. Are they the Olympians of their domain or just local champions? Do they lead discussions and inspire new ways of thinking, or do they merely follow existing trends? But even as we uphold our stringent standards, we believe in evolution and growth. Our doors are perpetually ajar, inviting fresh talent recommended by our trusted member CPA firms. These newcomers are then ushered into our arena where they undergo the crucible of our community's assessment.
Speaker 1:Pillar number four the scale of true value, weighing benefits against costs. Imagine yourself, as an art enthusiast, standing before two masterpieces One is a vibrant van Gogh with its signature brushstrokes and the other is a serene Monet with its soft color palette. Both are undeniably beautiful, but each offers a different aesthetic experience and, of course, comes at a different price tag. The choice isn't merely about the price. It's about which art resonates with you more, considering both its allure and its cost. In the world of tax planning, we see a myriad of solutions, each with its own set of benefits and associated costs. It's akin to comparing the van Gogh to the Monet. Rather than hastily jumping to conclusions based on surface level details, we dive deeper, dissecting every layer of benefit against its cost. We ask how does this solution stack up against others and which brings maximum advantage to this specific client, considering their unique circumstances and aspirations? Our meticulous comparative analysis isn't just an exercise in number crunching. It's a commitment to our client's best interests.
Speaker 1:Pillar number five walking the tightrope, balancing risk with reward. Picture this a high wire artist poised on a tightrope, the city skyline silhouetted behind him Below an expanse of air and the distant hum of the audience. Every step he takes is a dance of precision and intuition, of risk and reward. A slight misstep could send him plummeting, but with perfect balance he can glide to the other side, greeted by awe and applause. In the realm of tax planning. We too find ourselves on this metaphorical tightrope. On one side is the risk the looming shadows of audit risks, the unpredictable winds of tax court risks. These aren't just abstract concepts but tangible realities that can have profound impacts on our client's financial health. On the opposite end is the reward, often quantifiable, glittering with potential savings and financial growth. It's the beacon that draws many to seek out innovative tax strategies in the first place.
Speaker 1:Our role we are the balance pole in our client's hands, helping them traverse this high wire act. We meticulously evaluate each strategy, weighing the potential pitfalls against the prospective gains. We delve deep into the intricacies of audit risks, parsing through the tax code, private letter rulings and other historical data. Against this we juxtapose the clear, tangible benefits, ensuring our clients have a comprehensive understanding of what they stand to gain. For every strategy, it's essential to see both the full panorama of possibilities and the minute details. Only then can we, as trusted advisors, guide our clients across the tightrope, ensuring they reach their goals with both security and success.
Speaker 1:Pillar number six deciphering the IRS's footprints, a deep dive into audit history. Imagine, if you will, a dense forest where every twist and turn holds the potential for both discovery and danger. Navigating through this forest is a challenge, but there are footprints on the path, clear markers of those who've walked here before. In the world of tax planning, the IRS's stance on certain structures is akin to this mysterious forest. The paths they've chosen, their decisions on past and current structures, act as our guiding footprints. They provide crucial insights into the likelihood of a structure being audited or facing scrutiny. When we set out to evaluate a structure, we don't just look at the path ahead, we look for these footprints. What has the IRS said about similar structures in the past? Are there existing guidelines or memos that shine a light on their thinking? Are there tales of old, of structures that faced audits and what the outcomes were? But here's where the due diligence project sets itself apart. We don't rely on a single set of eyes. We harness the collective expertise around our entire community, using hundreds of independent data points, collecting and organizing feedback from CPAs to tax attorneys, to former IRS agents to pour over this history. This communal perspective ensures we aren't just relying on one interpretation, but are gaining a multifaceted, comprehensive view.
Speaker 1:Pillar number seven the timeless art of intuition in tax strategy. Picture a seasoned sailor standing at the bow of his ship, looking out over the vast expanse of the ocean. The tools of modern navigation are all around him compasses, charts and sophisticated technology. Yet there is an inexpressible factor guiding him the intuitive understanding of the sea, honed over countless voyages. Each waves motion telling a story, only he can read. Similarly, in the seascape of tax planning, while modern tools and in-depth analysis are invaluable, there's a certain wisdom, an intuitive gut feel that only comes with time and experience. This is not some mysterious sixth sense, but the result of countless hours spent understanding, debating and navigating the intricacies of tax codes, cases and strategies. Take the case of a new tax deferral method introduced last year. On paper, everything looked impeccable and the early calculative benefits were promising. Yet a few of our seasoned professionals had reservations, not based on anything overly tangible, but more of a gut feel that emerged from their decades of experience. Their intuition suggested a closer look was needed.
Speaker 1:Pillar number eight the crucible of collective analysis. So what did we do? We held an intensive review session, inviting all our member firms from the due diligence project. It was a deep dive, almost forensic in nature, into every facet of the new method. The result a collective intuition was spot on. Hidden amidst the layers was a potential area of contention that might not withstand rigorous IRS scrutiny. This is the unique strength of our collective we trust in the power of intuition as much as we do in analytical rigor. It's a melding of heart and head, art and science, and it ensures that our strategies are not just rooted in present facts but also carrying the weight and wisdom of decades of experience a safety net that every client richly deserves.
Speaker 1:Pillar number nine the undying spark of curiosity. Curiosity might be the least tangible of our pillars, yet it's arguably the most significant force that drives innovation In the world of tax planning and diligence. It is the insatiable thirst for knowledge that propels us forward. I am the one who once remarked I have no special talent, I'm only passionately curious. Now envision a seasoned tax attorney, celebrated and recognized, pouring over a new tax code amendment on a quiet evening. Not because they have to, but because they're genuinely intrigued. This enduring spirit of curiosity is what differentiates the good from the truly great. Our world isn't static. Every day there are new legislations, amendments and insights. If we're to stay ahead, resting on our laurels isn't an option. We need to be like children in a vast library, eyes wide with wonder, always ready to pull out the next book and dive into its mysteries. This unyielding curiosity is what fuels our quest for excellence and ensures that we never miss an opportunity to better serve our clients.
Speaker 1:Pillar number 10, navigating through the herd. Imagine, if you will, a vast savannah with a massive herd of gazelles gracefully making their journey across the landscape. It's a breathtaking sight, but within it lies an essential lesson on strategy and risk. In the world of tax planning and due diligence, being at the vanguard or the rear guard can be equally perilous, much like our gazelles. Those at the front, while visionaries and pioneers, might become easy prey for lurking predators, a manifestation of the unforeseen risks of uncharted territories. Those at the back, although benefiting from the experience of others, might lag too far behind, missing out on critical opportunities and consequently fighting them selves at risk from those same predators. Our aim is to position ourselves and our clients in the golden middle of the herd. By aligning our strategies with this principle, we strike a balance between innovation and caution, ensuring we stay relevant and competitive, but without falling prey to the dangers of the uncharted or the obsolete. In essence, the 10th pillar underscores the importance of goal alignment with the broader ecosystem. It's not about being the first or the last, but about being timely, insightful and, above all, safe in our strategies and actions. In conclusion, throughout this chapter, we've illuminated the paramount importance of due diligence, the guiding lights for mastering advanced tax planning and the profound impact of serving with integrity as tax advisors. We are the linchpin between our clients' present and a future brimming with potential. As we transition into chapter five, prepare to embark on a transformative journey, one we're helping our clients win big is intrinsically woven into our own quest for a richer, more fulfilling life.
Speaker 1:Chapter 5 Help your Clients Win Big While Creating a Better Life for Yourself. To be trusted is a greater compliment than to be loved. George MacDonald, the high-rise sweet door, read Tim Anderson, ceo Anderson Virtual Family Office. Having a deep breath, sarah stepped inside. She remembered Tim's influential book Exit how to Eliminate the Capital Gains Tax. Hope and skepticism are evident in her eyes.
Speaker 1:Sarah Torrey, a seasoned entrepreneur, was about to sell her business for $50 million, but her CPA's casual approach to the massive capital gains tax had unsettled her. She needed a specialist, someone who'd understand her years of dedication To her. This was more than just business. It was her legacy. Tim's office blended modernity with classic elegance. As they sat, he began Sarah, before we talk numbers, tell me about your journey. How did you build this enterprise? His sincere tone surprised her a bit.
Speaker 1:While discussing the $50 million transaction, tim showcased not just his expertise but an empathy that distinguished him from others. Given your legacy and future vision, may I review the recent valuation of your business? Sarah appreciated this personal touch. She briefly shared tales of her struggles and breakthroughs, to which Tim listened intently. Following out a document, he highlighted the strategies his specialized tax attorney had devised, showcasing substantial tax savings for past clients. Sarah, capital gains tax is complex, but we're here to navigate it. Our objective is to keep as much of your earnings with you as possible.
Speaker 1:The ambience lightened as the afternoon progressed. Sarah found herself entrusting Tim with her concerns, comforted by his tailored approach. Tim, this isn't just about numbers for me, it's my heart and soul, she confided. He nodded understandingly. I recognize that Every financial figure here is a chapter of your story. It deserves respect and precision. As they delved deeper, discussing potential strategies, sarah sensed she wasn't just gaining an advisor, but a partner in her financial journey. The weight of the looming transaction seemed less daunting, with Tim's expertise to rely on. As Sunset painted the city. Golden Sarah felt she'd discovered her beacon amidst a maze of financial uncertainty. It wasn't just about the capital gains or the looming transaction. This was about collaboration, understanding and respect for a shared vision Transforming your practice.
Speaker 1:The CPA's journey to establishing a virtual family office Building a virtual family office has never been more seamless, thanks to our expansive community of over 500 distinguished independent CPA and law firms, along with specialized agencies. Each of these firms generously contributes their top resources to the community. In turn, every new and existing resource undergoes rigorous vetting to ensure unmatched quality. Imagine the independent peer reviews of platforms like Amazon, netflix and Yelp. Just as these marketplaces rely on trusted feedback, our CPA member firms desire a similar caliber of peer review. They seek this so they can establish their virtual family offices with nothing less than the creme de la creme of resources, which are all peer reviewed for excellence. This high standard is precisely what empowers our CPA firms to catch the attention of ultra-high net worth clients, even billionaires. When such affluent clients recognize the unparalleled value our member firms offer, they're not just interested, they're eager to collaborate. For over six years, we've assisted our CPAs in sculpting their unique family offices entities they solely govern and manage. The result, they've risen to prominence, setting a new gold standard in the financial advisory sector, maximizing revenue with selective clientele.
Speaker 1:A close look and the realm of elite financial advisory quality, trump's quantity. Working with fewer clients but providing them a holistic, unparalleled service not only sets you apart but can also be a gold mine in terms of revenue. But how do you quantify your value and ensure you're being justly rewarded? Let's break it down with a simple scenario. Scenario the million dollar tax save. Imagine you've crafted a financial strategy for Mr Smith, a billionaire entrepreneur. This strategy, through its intricate planning and astute execution, saves him a whopping $1 million in taxes for the year. Now, if Mr Smith were to invest that same amount in the stock market or in one of his ventures, even a modest 10% return would net him $100,000 in profit. In essence, your strategy has not only saved him $1 million upfront, but has the potential to earn him much more in the long run.
Speaker 1:Why hourly billing doesn't resonate? From my perspective, the hourly billing method is an ill-fitted approach, especially in the realm of advanced tax planning. Why? Because it fails to capture the depth of expertise, specialized knowledge and holistic solutions you offer. Imagine, if you well, a Michelin star chef being paid by the hour versus the unique culinary experience they provide. Moreover, clients often find themselves agitated by the ticking clock of hourly billing. Every office visit, call or email becomes a race against time, sometimes discouraging open communication. This can inadvertently push them to seek DIY solutions, leading them back to the labyrinth of making multiple calls to various specialists, trying to decipher the maze of financial advice without a guide.
Speaker 1:The case for value pricing. The journey from hourly billing to value pricing doesn't merely represent a change in methodology. It signifies a monumental shift in how we perceive and quantify value in the world of tax planning. Gone are the days when financial services were seen purely through the lens of hourly inputs. Today, clients, especially those in the higher echelons of wealth, yearn for clarity, efficacy and, most importantly, results that resonate with the magnitude of their financial undertakings.
Speaker 1:In catering to affluent clients, the financial stakes are not just high, they're colossal. When you're entrusted with strategies that could result in millions of dollars in tax savings, the scope of the financial landscape you operate in becomes vast. Such significant dealings come with heightened expectations, intricate complexities and the need for unparalleled expertise. Yet they also open up avenues for unparalleled remuneration. It's crucial to understand that as the financial stakes rise, so does the scale of value. When you're facilitating tax savings in the millions, your remuneration isn't just a reflection of your time or effort. It's a testament to the magnitude of the problem you're solving, the value you're creating and the trust you've fostered. It's no longer about routine calculations and standard procedures. It's about crafting strategies that have profound implications on a client's wealth, legacy and financial future.
Speaker 1:Affluent clients are more than willing to remunerate generously when they witness tangible, significant results. When you're saving them seven or eight figures in taxes, your fees, even if they run into the tens or hundreds of thousands or occasionally touch the million mark, become not just justifiable but are seen as a worthy investment. After all, in the world of high finance, value is often relative to the scale of impact. This elevated financial landscape doesn't just bring with it lucrative opportunities. It also brings immense satisfaction. There is an undeniable thrill in navigating the intricate mazes of high stakes finance, in crafting strategies that have monumental impacts and in witnessing the tangible results of your expertise. It's the kind of work that doesn't just fill your bank account. It fills you with a sense of purpose, achievement and pride. Moreover, as you immerse yourself in solving substantial financial conundrums for affluent clients, your work becomes more than just a job. It becomes a craft. Every strategy you devise, every tax saving solution you recommend reflects your expertise, innovation and commitment to delivering excellence. In conclusion, the move to value pricing in high stakes finance transcends mere monetary gains. It embodies the joy of resolving complex challenges, the pride of offering unmatched value and the thrill of cultivating deep and rewarding relationships with discerning clients. In this domain, each challenge is a doorway to opportunity, each solution a testament to your expertise and every triumph a stride towards a brighter, prosperous future.
Speaker 1:Next up, paul G McManus. The force behind numerous success tales in our community, reveals his strategies for effortlessly attracting the affluent to your fold. Are you prepared to delve into these trade secrets, to surpass conventional methods and transform your client engagement? Brace yourself. We're about to delve deep into techniques designed to change the way you connect with top tier clientele. Stay with us. What follows promises to revolutionize your approach to courting the elite. The horizon is thrilling and, under Paul's guidance, chapter 6 Captivating Ultra Affluent Clients Without the Chase Guest chapter by Paul G McManus, ceo and founder of MCMF Publishing.
Speaker 1:Having a book positions you in the marketplace in a way nothing else can. It's your ticket to the inner circles of influence. Dan Kennedy, I've always been one to shy away from the limelight, always lurking in the background and observing Traditional sales roles. Not for me. Hard pitches Even worse. But there's one thing I've always had a passion for Solving problems and developing transformative concepts and ideas. This intrinsic love led me down a path I hadn't initially expected. It taught me an invaluable lesson you don't need to be a natural salesperson if you can communicate your value and expertise effectively. Enter the power of a book.
Speaker 1:I realized I could communicate everything I needed to through a well-structured, purposeful book. Not just any book, but a meticulously crafted one, targeting a specific problem for a particular audience. It became my way of communicating my value proposition, setting the tone and positioning myself as an authority figure. Here's the beauty of this approach I no longer chase clients. Instead, I attract them. The dynamic completely shifted. With my book In their Hands, potential clients already had a clear understanding of what I bought to the table. By the time they reached out to me, they were pre-qualified, already resonating with my message and, more importantly, genuinely seeking my help. This not only saved time but also ensured that the conversations I did engage in were meaningful, deep and with those who genuinely valued my expertise. It was like filtering out the noise and only hearing the music. So if you find yourself resonating with my journey, if you're someone who thrives in creating and problem-solving yet dreads the traditional sales pitch, consider this alternative path. Think of your book as more than just a collection of pages. View it as your personal salesperson imprint. Let it pave the way, making your client acquisition journey smoother, more genuine and, most importantly, aligned with who you truly are Authorship and the speed of trust.
Speaker 1:Everyone understands the value of having a visible, respected corporate brand, but few understand the power of a personal brand. Most financial professionals launch a business and focus on building visibility or equity for the corporate logo and name, whether it be through high-end graphic design, expensive advertising campaigns, a dominant social media presence, even PR. When you focus on your corporate brand, you're not only playing a game. Everyone else is playing. You're often playing against some of the biggest brands in the world. When you go head-to-head with large, established brands, you often find yourself in a losing battle because you're chasing a brand that has a several decades headstart in terms of awareness and often a large marketing budget. This is a fool's errand, as you just don't have the resources or name recognition to compete with the biggest corporate brands in the industry. Authorship levels the playing field by focusing on an individual's personal brand, meaning that you essentially become your own brand.
Speaker 1:Against the backdrop of a marketplace that is increasingly skeptical of large corporate brands, authorship can help accelerate the speed of trust like nothing else. Imagine a business owner's company was just acquired for an eight-figure amount and the owner, bob, was interviewing four different financial professionals who specialize in exit planning and advanced tax strategies, and each of these professionals has the expertise and experience necessary to earn the business and provide sound financial advice. Assuming each of the four financial professionals is trustworthy and has good relationship skills, what makes one stand out versus another, especially if each one is associated with large firms that have established brands? Not much right Now. Imagine that one of our four professionals, ryan, has published several short books on the topics of exit planning and advanced tax planning. Ryan is frequently quoted in the news. When business owner Bob does a Google search on Ryan's name, there are a plethora of links to his books as well as well-known media sites. Bob orders copies of two of Ryan's books from Amazon and spends an hour reading each book from cover to cover. Who do you think Bob the business owner chooses to hire? Because Ryan had already established his credibility before Bob ever met him in person. Instead of feeling like he's about to receive a sales pitch, Bob feels fortunate to have gotten a meeting with such an authority and Ryan now has a significant edge as his prescribing solutions instead of selling services, clients, case files, from commoditized CPA to leading authority.
Speaker 1:How Steve used authority marketing to stand out in a crowded field. Steve reviewed his notes in the car on the way to the conference centre. He couldn't help but feel a mix of excitement and nerves. He had been preparing for this moment for weeks and now it was finally here. As the car pulled up to the building, steve took a deep breath and steeled himself for the task ahead. He was about to appear on stage to speak to a group of affluent dentists and he was determined not to let nerves get the best of him.
Speaker 1:Just a few years ago, steve was a typical CPA engaged in tax preparation for clients. Now, as a recognized authority in his field, he was waiting to speak on stage to a group of affluent dentists. How had things changed so much for Steve His transition from a commoditized CPA to a recognized authority in his field began with the decision to play a game no one else knew was being played. He recognized that he was fighting an uphill battle in a crowded space and knew he had to do something to stand out from his competitors. He wanted to work smarter, not harder, so he embraced the idea of authority marketing by publishing his first book Using his expertise and credentials, steve was able to build his authority and leverage it to great success. He wrote several more short books, spoke at events and used media appearances to showcase his knowledge and skills. And it paid off. Steve became a well-known expert in his field and was able to attract the exact type of clients he had always dreamed of attracting. And he was getting paid the fees that a few years ago would have seemed impossible to command.
Speaker 1:As he waited backstage at the conference center, steve couldn't help but feel grateful for the opportunity to speak to such a prestigious group of dentists. He knew that his message would be well received and he was excited to share his expertise with the audience. Finally, it was time for Steve to take the stage. He walked out to a packed room of dentists, all eager to hear what he had to say. Steve took a deep breath and began his presentation confident in his ability to deliver a valuable and informative talk. As he spoke, steve could see the dentists hanging on his every word. They were engaged and interested in what he had to say and Steve knew that he was making a real impact. When he finished his presentation, the room erupted in applause and Steve knew that he had done his job well. After his talk, steve was approached by many of the dentists in attendance, all eager to learn more about his advanced tax planning strategies. Steve was happy to oblige and he spent the rest of the conference answering questions and sharing his expertise with the attendees. End of Steve's Case File.
Speaker 1:The single most valuable benefit to becoming an author is accelerating the speed of trust. When you do so, you're not seen as someone who has something to sell, but instead as a thought leader that has something to teach. The key is to use authorship to establish trust before you ever sit down with someone. When you do this, you don't have to establish your credibility or make the case as to why you're the best resource. You can go right to discussing the problem and determining whether you are the right person to help. Your prospects are more willing to take your recommendations and agree to your fees without shopping around. In other words, authority reduces the sales cycle. Your prospects feel lucky to be talking to you and are going with you because of who you are rather than what you offer. This is because you have demonstrated in advance that you are a trustworthy expert.
Speaker 1:Author Equals Authority. The word author is part of the word authority and that connection is no coincidence. When you become an author, you are taking on a position of authority in your field. By writing a book, you are showcasing your expertise and establishing yourself as a thought leader in your industry. This not only sets you apart from your competition, but also gives you the credibility and confidence to charge higher fees and attract the clients you want to work with. In short, becoming an author is a powerful way to build your authority and grow your business.
Speaker 1:A book can be gifted. How many sales have you lost over the years after someone had a great conversation with you? You were confident they were going to buy and then they came back and said I talked to so-and-so and I don't think this is right for me. Now here's what actually happened in that exchange. Your prospect tried and failed to sell your service or offer to someone who didn't also watch that webinar, listen to that podcast or consume that sales message, because the trusted advisor wasn't there. They didn't get it.
Speaker 1:The best part about a book is that it can do the talking for you and it even does the talking for your prospect who needs to sell your ideas to their spouse or other trusted advisor. You can see this in your own buying behavior. How many times have you told someone to check out a book that you enjoyed? I would bet that it's significantly more times than you have told someone to go check out a webinar that you've watched. It is culturally normal behavior to share books. It is culturally abnormal and weird to share sales presentations such as webinars or video sales letters.
Speaker 1:Many clients of mine report stories of their prospects sitting down and reading their book together with their spouse and a couple coming up with the conclusion together to purchase my clients financial planning services. In highly conceptual niches like advanced tax planning, the book can become a tool your prospects use to pass around and to get outside opinions While they're trying to make a buying decision. You're getting more and more exposure for free. In conclusion, paul has been fortunate to partner with over 500 CPAs, financial advisors, tax attorneys and business advisors since 2016, exploring diverse strategies to enhance their financial practices. Time and again, the strategy that consistently emerges as a front runner in captivating the intention of the wealthy elite is the power of writing, publishing and marketing a book tailored to their needs and concerns. If you'd like to dive deeper, paul invites you to get a complimentary copy of his book, the Short Book Formula a financial professionals guide to writing a book in six weeks to attract ideal clients. Go to wwwTheShortBookFormulacom to claim your free copy. Additionally, feel free to reach out to Paul at Paul at more clients, more funcom with any questions you may have. Just mention in your email that you're reading this book, chapter 7, why I'm Uniquely Qualified to Help you.
Speaker 1:Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful. Albert Schweitzer. In every successful partnership, there is a symbiotic relationship One thrives, the other flourishes, and the harmony between the two fosters growth. This philosophy has not only shaped my approach to business, but also encapsulates my personal journey. Let me share with you my unique qualifications that I believe can pave a transformative path for CPAs looking to escalate their practices. The Genesis of Go Macro. Life has a way of placing signs on our journey when we least expect them.
Speaker 1:About 20 years ago, a family health crisis led me to the miraculous benefits of a macrobiotic diet. It wasn't a business idea at first. It was survival. My aunt, having battled cancer, emerged victorious, attributing her success to the macrobiotic diet. Then, as fate would have it, my mother-in-law faced the same battle. She too, fortified with the nutritional goodness of macrobiotic ingredients, overcame the illness. This wasn't just about survival. It was about thriving. The diet was a blend of strict ingredients from a 3,000-year-old tradition which, to my delight, resulted in flavorsome delicacies. Every bite of brown rice, syrup-infused cookies and pies bought forth an epiphany. The health benefits were evident, but what if we could share this taste with the world? The idea of Go Macro was born.
Speaker 1:My wife, once a schoolteacher, embarked on this entrepreneurial journey with my complete support, initiating connections with health food stores. A humble endeavor morphed into Go Macro, a pioneer in the health food industry, now commanding over $150 million in annual revenue, translating success to the accounting industry. The genesis of Go Macro wasn't merely an exploration into the world of health foods. It was a journey of identifying a gap in the market and subsequently seizing the potential of that space long before it became mainstream. This spirit of pioneering didn't stop with the food industry. It expanded and became a mindset, enabling me to perceive similar untouched avenues in the accounting sector. Hence, ideas like the due diligence project and the Virtual Family Office Hub were born out of this ability to anticipate the future demands of the industry. Our triumph with Go Macro was a testament to the power of innovation and foresight.
Speaker 1:But here's the thing I wasn't merely observing this growth from a safe distance. I was at the heart of it. As a result, I've had the first-hand experience of walking the path of an ultra-high net worth individual. This journey had its own set of challenges, from understanding the intricacies of wealth preservation to making sense of the intricate world of advanced tax planning. But why does this matter to you? Because I've been both on the front lines of business and in the boardrooms where financial strategies are crafted. I've wrestled with the very challenges that high net worth clients present to CPAs.
Speaker 1:My experiences, both as a business leader and as an individual navigating the complexities of wealth, have deepened my appreciation for the accounting profession and honed my insight into the invaluable role CPAs play. It is this dual perspective that ignites my passion for supporting CPAs. I'm acutely aware of the value they bring to the table, especially for prosperous business owners, who, in turn, don't hesitate to reward expertise that delivers concrete, game-changing results, making a difference Beyond the numbers. Every business, at its foundation, is shaped by its purpose and the legacy it aspires to leave. For me, the true value of adventure isn't in its profitability, but in the meaningful impact it imparts. This belief has been continually reinforced through my interactions with CPAs. They've shared that their role is far from being mere number crunchers. It's about becoming stewards for their clients' financial dreams and aspirations.
Speaker 1:Let's momentarily revisit the transformative journey of Michael Thomas, whose story I shared with you in the beginning of this book. It's worth noting that Michael didn't merely find success. He redefined it. To the high-end net worth individuals he served, he wasn't just an accountant, but a strategist, a confidant and a partner in their ambitions. Through their shared successes, michael's role evolved into that of a trusted guardian of their financial legacies. The satisfaction CPAs feel when guiding such clients, ensuring their wealth not only grows but also makes a lasting impact on their communities, is immeasurable. It's in those moments when they're celebrated, not for the taxes they've saved, but for the futures they've secured that their true influence shines brightest. Michael's story encapsulates this transformative power. His rise, catalyzed by the due diligence project, serves as a beacon of what's achievable. And this is my clarion call to magnify this potential, to guide CPAs in harnessing tools and insights that can propel them to become more than accountants, to be the architects of legacies.
Speaker 1:The power of community In any endeavor, the true mark of its influence, isn't solely in its achievements, but also in the community it builds. The Due Diligence Project is not simply an entrepreneurial venture. It's a pulsating ecosystem where visionaries, industry experts and passionate learners converge to reshape the paradigm of financial consultancy. Consider the kind of intellectual prowess and credibility that is brought to the table when industry titans such as the notable CPA from the WebMD IPO choose to align with our mission. These are not just passive endorsements, but active collaborations Teaming with insights, experiences and shared aspirations. For me, every interaction is a learning curve, a chance to assimilate and a prospect to amplify our combined potential. Yet it's not merely about the luminaries. Every member, every enthusiast, every curious learner adds to the tapestry of our community, weaving a narrative of continuous evolution, innovation and transformative action, from ideation to real world implementation.
Speaker 1:In the next chapter we'll delve into the specifics. You'll be equipped with the tools, methodologies and blueprints to establish your own virtual family office. But, more than the technicalities, you'll be initiated into a community, a fraternity of trailblazers, pioneers and visionaries, a collective that doesn't just talk about change but embodies it. My narrative, ranging from health foods to financial consultancy, echoes an unwavering dedication to innovation, meaningful impact and collaborative try-ups. The path has been charted, the foundation laid. The question now is are you ready to embark on this transformative voyage with us? Part 3, chapter 8, the Next Step.
Speaker 1:The path to success is to take massive, determined action. Tony Robbins, every professional milestone, every advancement in your career trajectory and every added skill enriches the tapestry of your professional journey. Adding the virtual family office service is akin to weaving in threads of gold into that tapestry. It doesn't just add monetary value but a rich legacy of expertise and trust, redefining Success. In today's rapidly evolving financial landscape, success is no longer measured solely by figures on a balance sheet. It's about the relationships you cultivate, the trust you instill and the intricate solutions you craft for each unique client need.
Speaker 1:As a CPA, introducing VFO services is your trump card to redefine success on your terms. From aspiration to actualization. I understand change can be daunting and innovation can be challenging. It's one thing to dream, but another to realize that dream. The potential of VFO services is immense, but it is the visionary CPA that translates this potential into tangible results. By venturing into this space, you are not just foreseeing the future, you are actively molding it, paving your professional journey with not just gold, but with purpose, passion and unparalleled excellence. Remember, the future is not something that just happens. It's something you create and with the VFO services in your arsenal, you're well equipped to create a future shimmering with possibilities and gleaming with golden opportunities.
Speaker 1:The path ahead, your three options One reflect and decide. The journey through this book has equipped you with a wealth of information. If you choose, you can simply close it and move forward without acting on the insights. However, given the commitment you've shown by reaching this point, I'm optimistic you'll see the potential and take action Two step into the future If you're inspired by the possibilities ahead and eager to be part of our dynamic community. The time to act is now.
Speaker 1:Jumpstart your journey by enrolling at https. Forward slash forward slash due diligence projectcom. Forward slash charter. Member. Three discuss and deliberate. Still have some lingering questions. That's perfectly okay. I value clarity and making informed decisions. Let's connect directly for a no obligation 15 minute call. We can address any questions or concerns you might have about joining as a charter member. To make it easy for you, I've set up an online scheduler. Secure your slot now at https. Forward slash. Forward slash due diligence projectcom. Forward slash call with Alex.
Speaker 1:Remember, the choice is entirely yours. Each step, whether it's seeking more information or diving right in, brings you closer to transforming your practice and achieving unparalleled success. A legacy of excellence the privilege of knowledge is the ability to apply it. In your hands, you hold the power to not just elevate your practice, but to shape the financial destinies of countless clients. You're on the cusp of being not just a service provider but a beacon of trust, expertise and innovation in a rapidly changing financial landscape. Yet, as with every great endeavor, the final decision rests with you. The insights, the stories, the strategies shared in these pages are the compass, but you, dear reader, are the captain of your ship. This concludes the due diligence project. How open source, peer reviewed due diligence is supercharging elite CPA firms and family offices while disrupting a multi trillion dollar industry. By Alex Sonkin, read by Tony Marie Torrey, a production of MCMF publishing.