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Why Didn't My Accountant Tell Me That?






     I shared that the difference between those who are successful at building permanent wealth and those who aren't, is how they use their resources. The resource I used as an example last week is one that everyone has - YOURSELF.

Many of you got the concept of focusing on tasks you enjoy to maximize the results of your personal efforts in your wealth strategy. You also had one very important follow up question:

What do I do with those tasks in my wealth strategy that I don't enjoy doing?

I'll answer this question with another question:

What Are The Three Most Expensive Words in a Wealth Strategy?

Do It Yourself

I believe these three words are not only the most expensive words in a wealth strategy but the most expensive words in the English language.

The great news is, you don't have to do everything yourself. Identify the tasks you want to do (these are the ones you enjoy doing), then have someone else do the other tasks. This is where your wealth team comes into play.

Your Wealth Team Is a Resource

Building your own personal wealth team is perhaps the most important step you can take to creating massive amounts of wealth. Why? Quite simply, it's a matter of leverage.

When we try to do things all by ourselves, we are ignoring the fact that we all have only 24 hours in the day. By building a wealth team, we are leveraging those hours into hundreds or even thousands of hours each day.

A typical wealth team will include:

Advisors Employees

Vendors

Customers/Clients

Coach

Are You Utilizing Your Team Members Correctly?

Your wealth team is a valuable resource in your wealth strategy and one that I often see used incorrectly.

Most people understand who is involved in a wealth team, but few truly understand how to utilize each team member to their full potential.

My profession is a great example of this. I talk with prospective clients every day and most have the following relationship with their accountant:

Their accountant prepares their tax return.

Outside of their tax return preparation process, they contact their accountant when they have a question and their accountant answers their question.

When I share how ProVision works with clients, I usually get asked "Why didn't my accountant tell me that?"

Why Didn't My Accountant Tell Me That?

I find that most business owners and investors don't enjoy spending hours reading the tax law. But I do!!

One of the ways I want my clients to leverage me as a resource is to share my knowledge with them so they don't have to do it themselves. This includes providing them with answers to questions they didn't even know to ask.

Here's an example.

At least once a week I am asked the question, "What type of entity should I form for my business/investing?"

With a few follow up questions, most accountants will answer this question and the client will be happy with the answer.

Then what usually happens is the client starts to learn more things as they progress in their business or investing. These may be things they should have been doing or should not have been doing, but they are all things they wished they would have known sooner.

This is why ProVision doesn't just answer the specific question at hand; we also anticipate what the client doesn't know to ask. We have tremendous experience in the long-term implications of a tax strategy, which includes forming an entity, and we want to share our knowledge and experience with our clients so our clients can avoid common mistakes (that sometimes can set their business or investing back by years).

Even though the client has come to us with one specific question, we typically find ourselves asking the client many more questions that cover bookkeeping, tracking expenses, business or investing operations, additional goals they have, estate planning and exit strategy (to name a few).

Eventually most people learn these details, but usually it is not until they are at a point where they wish they had known about them sooner. This goes back to that question I hear when talking to prospects - "Why didn't my accountant tell me that?"

Every team member should be pushing your wealth strategy forward and not keeping it from moving forward.

Get Started Now

Often, with a few changes, struggling wealth strategies can be turned around and become quite successful in a surprisingly short period of time simply by making better use of their resources.




Article Source: http://www.abcarticledirectory.com


The great news is, you don't have to do everything yourself. Identify the tasks you want to do (these are the ones you enjoy doing), then have someone else do the other tasks. This is where your wealth team comes into play. www.ProVisionWealth.com


Posted on 2010-08-31, By: *

* Click on the author's name to view their profile and articles!!!


Note: The content of this article solely conveys the opinion of its author,


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