“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:
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
The Modern CPA Success Show