The Win-Win Wealth Strategy for Accountants

Podcast

Summary

  • The Win-Win Wealth Strategy
  • Changing Your Mindset
  • Knowing What You’re Doing
  • Specializing
  • What Your Client Values

Resources

Connect with Tom Wheelwright

Meet Tom Wheelwright

Tom Wheelwright is an entrepreneur, international speaker, and the bestselling author of “Tax-Free Wealth.” Tom has spoken to over one-hundred-thousand entrepreneurs, small business owners, investors, and others. He is the CEO of WealthAbility and hosts two podcasts: WealthAbility Show: Tom Wheelwright CPA and WealthAbility Show For CPAs.

July 12, 2022, Tom launches his new book, “The Win-Win Wealth Strategy.” This book features the seven investments the government will pay you to make. “The Win-Win Wealth Strategy” focuses on:

  • What investments the government incentivizes the most
  • How to become an active partner with the government
  • How to become socially beneficial for the country and the world

Below are pieces of Tom’s crucial advice from “The Win-Win Wealth Strategy” you should apply to your current workflow and your life.

Changing Your Mindset

A change in mindset can positively shift your thoughts on how you view your tax law and your practice.

Tom says that you and the government can win together. The situation doesn’t have to end up as a “Win-Lose.” Just because the government is receiving fewer taxes now, they aren’t losing. Further down the road, they will receive more taxes.

In his book, Tom asks, “If you could be the government, would you?” You would judge and enforce rules while incentivizing investments. This method is likewise shown through tax benefits.

Once you see this pattern and pass it on to your clients, your mindset will shift.

“The Win-Win Wealth Strategy” is a worthwhile book you could give your clients for a better understanding of how tax law works.

If you invest in one of Tom’s suggested seven investments, he shares how you will build wealth as you pay taxes. Your mindset, though, will block you from executing these strategies. You have to overcome your apprehensive tendencies and move forward.

“The Win-Win Wealth Strategy” can assist you in learning more about how to latch onto these strategies and understand the beneficial effects.

Knowing What You’re Doing

As stated before, “The Win-Win Wealth Strategy” is a fantastic book to give to clients. However, if you give your clients this book but don’t necessarily understand it much yourself, then what are you doing?

You have to know what you’re doing. If you give your client “The Win-Win Wealth Strategy,” then make sure you have previously read the book and understand the content.

Furthermore, learn tax law. How can you help your client if you don’t understand what assistance they need? Set aside time to learn what you need to know. As you keep learning, you will become more profitable in your trade.

Specializing

You don’t want to be too much of a generalist. To master “The Win-Win Wealth Strategy,” you don’t have to be proficient in all of Tom’s methods. Tom encourages his readers to become specialists.

For example, if one of Tom’s seven investments in his book interests you more than the rest, why not specialize in it?

Tom began as a generalist. When he started his own first firm, he took in everyone. Yet, as he became more specialized, his services became more valuable.

While Tom loves real estate and partnership law, this may turn away other accountants. Focus on what you like and stick with it.

The better you define your demographics for the type of clients you are looking for, the more fun you will have. You will build your firm faster, become more successful, and make more money.

Tom’s Advice for Specializing

Tom emphasizes three key points to help you nail down your specialize and boost your value:

  1. Sell what the client values
  2. Be real with your client
  3. Ask your client questions

  1. Sell What the Client Values

Tom advises that accountants should not sell tax prep services and give away consulting services. Instead, reverse this method. Sell the consulting services and give away the tax prep services.

By selling consulting services, you are giving the client what they want. You are providing the client with what they value.

You can leverage the tax prep, but it’s challenging to leverage the consulting. With consulting, you also get to charge higher fees. This process is a win-win solution for you and your client.

As you build your reputation, clients will naturally see the value within you and your services. For example, Tom auctioned an hour of his time at a charity event. A person bought an hour of Tom’s time for $5,500.

If you think your services are well-respected, why not charge higher for your services? Before you can charge more for your services, you have to build your reputation. The person who purchased Tom’s time at a high amount is expecting to hear excellent advice from him.

In short, your client values your services and your reputation. With a good mixture of both, your client will greatly appreciate your efforts in aiding them with their needs.

  1. Be Real with Your Client

Tom says that he will not recommend a tax strategy to a client if he hasn’t worked through the same strategy himself. You have to practice what you preach. If you recommend a plan you don’t know, you create a risk for yourself and your client.

Clients will ask you if you are also doing this strategy that you recommend to them. If you give your clients something they are unsure of, they will want to ask you questions. Personal experience makes these questions easier to answer.

  1. Ask your Client Questions

What is the appropriate communication method to have a good relationship with your client?

Asking questions can help strengthen your relationship with your client. For example, ask your client, “Would it be helpful if we looked through your taxes on a more proactive basis? We’ve typically done a once-a-year basis, and you seemed okay with it. Would you like us to do more?”

Some clients might say no, while others will appreciate that you asked. Your clients want you to connect with them, be more proactive, and ask them questions.

Clients become frustrated when their accountant only does what they tell them to do. This client is looking for more out of their accountant.

Clients want to know how you can continue effectively or improve your services. Asking questions is the best way to discover what services you can provide and how you can improve to meet their expectations.

Book Recommendations

“The Win-Win Wealth Strategy” wants to assist you in becoming successful for you and your clients. Pre-order the book today!

Other book resources that Tom suggests in this podcast include:

“Better clients, better practice, better life.” This is WealthAbility’s tagline.

Through Tom’s proven methods, you can improve your practice, help your clients, and assist yourself towards a more successful firm and have fun doing it.

To learn more about Tom’s seven investments from his new book, listen to the full episode above and share it with a fellow firm owner that needs to hear his advice!

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