“The total relationship is about making life better for the client, focusing on what they need in the next 6 to 12 months, and helping them prioritize their financial decisions.” –Tyson Ray

The finer details of this episode:

• The concept of the "total relationship" in financial planning
• The importance of understanding clients' short-term goals and concerns
• The role of wealth advisors in understanding clients' motivations and aspirations
• Proactive planning and collaboration between financial advisors, CPAs, and attorneys
• Educating clients about tax planning, investment decisions, and trade-offs
• Seeking deeper, more fulfilling connections beyond just financial matters

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com
• Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
• Connect with Tyson here: https://www.linkedin.com/in/tysonray/
• Check out Form Wealth Advisors here: https://formwealth.com/
• Tyson’s resources mentioned in the episode: https://totalrelationship.com/moderncpa

Timestamps:

The welcome and introduction (00:00:00)

Introduction to the podcast and the mission of providing insights for accounting firms.

Guest introduction and perspective (00:00:30)

Discussion about the unique perspective of the guest, Tyson Ray, and the value he brings to the audience.

Introduction to the show and guest (00:00:53)

The host and guest host introduce themselves and welcome the audience to the show.

Tyson Ray's background and mission (00:01:19)

Tyson Ray introduces himself, his role, and his mission to help clients and the community.

The total relationship and client value (00:02:43)

Discussion about the importance of understanding the client's needs and building a valuable relationship.

Expanding services and expertise (00:03:40)

Tyson Ray's decision to expand his expertise and focus on business exit planning.

The Total Relationship book (00:05:05)

Introduction to the book "The Total Relationship" and its focus on client relationships and communication.

Client-focused planning approach (00:06:31)

Explanation of the three parts of the total relationship: life plan, wealth plan, and care plan.

Client relationship parallels (00:08:10)

Discussion about the similarities in client-focused approaches between wealth management and financial business services.

Prioritizing client needs (00:08:31)

The importance of prioritizing client needs and guiding them through their financial journey.

Life plan and client background (00:10:04)

Exploration of the life plan, including family, health, and personal goals, to better understand the client's needs.

Client's family and personal life (00:11:28)

The significance of understanding the client's family dynamics, including parents, children, and personal experiences.

Life plan and client's lifestyle (00:14:18)

Discussion about the life plan, including travel, recreation, home improvements, and major purchases, to enhance the client's lifestyle.

Client's life plan and financial decisions (00:15:53)

The importance of aligning financial decisions with the client's life plan and rewarding themselves for their hard work.

The Total Relationship and client permission (00:17:10)

Exploration of the client's permission to prioritize their life plan and the role of advisors in supporting their goals.

Life Plan (00:19:16)

Advisors asking forward-looking questions, encouraging clients to enjoy their wealth and plan for personal goals.

Virtual CFO Playbook (00:19:57)

Promotion of a comprehensive online series to equip firms with essential tools for scalable CFO services.

Wealth Advisor Conversations (00:20:40)

Discussing the process of building trust with clients, understanding motivations, and opening conversations about personal and business goals.

Life Plan and Wealth Plan Intersection (00:22:03)

Exploring the connection between life and wealth plans, emphasizing the importance of understanding clients' personal and business needs.

Wealth Plan Proactivity (00:23:58)

Identifying cash management, business debt, and proactive planning to navigate financial crises and business transitions.

Business Succession and Life Plan (00:27:03)

Addressing business owners' plans for exiting their businesses, including transitions and contingency planning.

Collaboration and Tax Planning (00:28:50)

Highlighting the benefits of collaboration between financial advisors, CPAs, and law firms for better client outcomes.

Future-Focused Financial Advice (00:30:44)

Emphasizing the importance of future-focused financial advice and the collaboration between wealth management and tax planning.

Caring for Financial Future (00:31:23)

Reminding clients of their goals, proactive service, and helping clients make informed financial decisions.

Personal Wealth Building (00:34:09)

Encouraging clients to consider personal wealth-building options and the impact on business sustainability.

Tax Planning and Client Education (00:35:01)

Educating clients on tax deductions, structure, planning, and the importance of making informed financial decisions.

Wealth Building Strategies (00:35:49)

Encouraging personal wealth building for business owners to reduce stress and secure financial stability.

Roth Tax-Free and Deductions (00:36:45)

Navigating discussions on Roth tax-free options, deductions, and the impact on future tax liabilities.

Client Engagement and Care Plan (00:37:48)

Frequency of client engagement, revisiting life plans, and maintaining a standard cadence for care planning.

Clients' Meeting Frequency (00:37:48)

Tyson discusses the importance of tailoring meeting frequency to clients' needs and life events.

Adjusting Meeting Frequency (00:38:42)

Tyson explains how the frequency of client meetings should be adjusted based on the rhythm of life and life events.

Over-servicing Clients (00:39:37)

Tyson shares his experience of over-servicing clients and emphasizes the need to align service frequency with clients' actual needs.

Client Scheduling Expectations (00:41:11)

Jamie and Tyson discuss the importance of understanding clients' preferences for meeting schedules and setting expectations.

Final Thoughts and Relationship Building (00:43:51)

Adam and Tyson emphasize the value of building relationships and learning from professionals in different industries.

Virtual Relationship Building (00:45:04)

Tyson highlights the opportunity to build relationships virtually and reach clients beyond traditional demographics.

Securities through Raymond James Financial Services, Inc. Member FINRA / SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors Inc.  FORM Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services. Raymond James and its advisors do not provide tax advice. Podcast guest is Tyson Ray, CEO, Founding Partner, Senior Wealth Advisor at FORM Wealth Advisors. FORM Wealth Advisors is located at 431 Geneva National Ave S, Lake Geneva, WI, 53147; 262-686-3005.