Ep 421: Integrating Tax Preparation Without Hiring In-House CPAs To Bring More Tax-Focused Value with Daniel Friedman

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Jan 21, 2025

Daniel Friedman, CEO of WMGNA, shares insights from his hybrid advisory firm managing $270 million in assets. He discusses integrating outsourced CPA tax preparation into client services, allowing his team to focus on tailored tax strategies. Friedman elaborates on the 'Restylement' concept, helping clients redefine life transitions, and underscores the importance of a ‘director of first impressions’ in client relations. He also highlights the unique subscription-based fee model and the rare invocation of a money-back guarantee, which speaks to his firm's commitment to exceptional service.

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INSIGHT

Target Demographics

WMGNA uses a "barbell" approach, serving both high-income earners with complex finances and those nearing "restylement."
Many clients accumulate significant assets and transition to AUM from subscription-based planning.

ANECDOTE

Restylement, Not Retirement

Daniel Friedman avoids the term "retirement," preferring "restylement" to emphasize life's next chapter, not its end.
He gave an example of a young, high-earning tech executive considering a family business as "restylement."

ADVICE

Subscriptions and AUM

While WMGNA offers subscription-based planning, many clients also use their AUM services.
Don't view subscriptions as replacing AUM revenue; they complement each other.

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