Homer Smith

3 weeks ago | fa-mag.com | Russ Prince |Jerry D. Prince |Homer Smith

Many accounting firms have family office practices to better serve their clients and generate new business. The wealthy increasingly prefer working with multi-family offices to other private wealth industry professionals, such as wealth managers (Exhibit 1). Moreover, the more affluent the individual or family is, the more inclined they are to work with multi-family offices.

2 months ago | fa-mag.com | Russ Prince |Jerry D. Prince |Homer Smith

Due to the increase in ultra-wealthy families and the wealth they control, single-family offices are becoming more prevalent. While high-performing single-family offices can optimize family members' financial and personal lives, some established and newer single-family offices are not achieving these outcomes. Single-family offices that apply the following five behavioral best practices produce the highest quality outcomes for their super-rich families. They are: • Results-driven.

2 months ago | fa-mag.com | Russ Prince |Homer Smith

A successful female entrepreneur with a strong charitable intent seeks to enhance her long-term impact on the causes she cares about. She possesses substantial private and public equities and has already utilized her lifetime exemption. She also believes her children have sufficient resources. Her $70 million investment generates approximately $2.5 million annually in taxable income. To help her meet her goals, we structured a policy to invest just under $25 million over five years.

Jan 8, 2025 | fa-mag.com | Jerry D. Prince |Homer Smith

Wealth planning can be vital in sourcing and working with wealthy physicians. Therefore, wealth managers who want to build a clientele of wealthy physicians are wise to provide this expertise directly or in partnership with other professionals.

Oct 22, 2024 | fa-mag.com | Russ Prince |Jerry D. Prince |Homer Smith

About nine out of 10 private wealth industry professionals, such as wealth managers, T&E attorneys and accountants, want to work with wealthier clients and move up the market (Exhibit 1). When these professionals talk about wealth, it can mean different things. For example, if a T&E attorney's clients provide estate planning for clients worth $10 to $50 million, wealthier might mean clients with a net worth greater than $50 million.