Strategies for Revolutionizing Client-Centered Financial Advisory with Tyson Ray

08/05/24 • 45 min

“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 [email protected]
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

“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 [email protected]
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

Previous Episode

The Partner Every Firm Needs: Simplifying Business Startup and Compliance with Nellie Akalp

Episode Notes:

“Our mission is to educate, inspire, and support accountants, financial advisors, and CFOs who are representing a client with a need for any type of entity filings, entity setup, entity expansion, or payroll tax registration services.” – Nellie Akalp

The finer details of this episode:

Services offered by CorpNet and their benefits for accountants and clients
Challenges faced by accountants in providing comprehensive services to their clients
Importance of accountants offering entity filings, setup, expansion, and payroll tax registration services
CorpNet’s partner program and its benefits for accountants
Managing compliance requirements for clients' business entities
Benefits of outsourcing business filings and compliance tasks for accountants

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 [email protected]

Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/

Connect with Nellie here: https://www.linkedin.com/in/nellieakalp/

Check out CorpNet here: https://www.corpnet.com/

Timestamps:

Introduction to podcast (00:00:00)

Introduction to the podcast, mission statement, and topics covered.

Overview of CorpNet.com services (00:00:58)

Introduction to CorpNet.com and its services for accountants and their clients.

Nellie Akalp's entrepreneurial journey (00:01:18)

Nellie Akalp shares her entrepreneurial journey and the vision behind CorpNet.com.

Challenges faced by accountants (00:05:06)

Discussion on the challenges accountants face in offering comprehensive services to their clients.

Benefits of CorpNet.com partner program (00:11:09)

Explanation of the benefits of CorpNet.com's partner program for accountants.

Core services offered by CorpNet.com (00:17:14)

Description of the core services provided by CorpNet.com, including business filings, compliance, and payroll tax registration.

Impact of COVID-19 on CorpNet.com (00:19:22)

Discussion on the increased demand for services during COVID-19, particularly regarding payroll registration in multiple states.

Differences in starting a company in the past and present (00:22:26)

Comparison of the entrepreneurial experience in the past and present, including the challenges and differences in market entry.

Client consultation and advice (00:24:29)

Discussion on typical new client scenarios and advice provided when starting a new company.

Educational services for new business owners (00:24:44)

Nellie Akalp discusses the educational aspect of CorpNet.com's services for new business owners, including guides, webinars, and podcasts.

Support for accountants starting their own firm (00:25:19)

Nellie Akalp explains how CorpNet.com assists accountants in starting their own firm by providing guidance, resources, and educational materials.

Benefits of partnering with CorpNet.com (00:26:41)

Nellie Akalp outlines the advantages for accountants in partnering with CorpNet.com, including early client engagement, business growth, and a complete advisory service.

Enhancing firm capabilities through partnerships (00:28:02)

The discussion centers around the benefits of partnering with CorpNet.com for small firms to offer comprehensive services and appear as a larger, ful

Next Episode

Redefining Financial Planning and Reporting for Small Businesses and Startups with Blagoja Hamamdjiev

“The reason I started Modeliks is because it took me three weeks to create a proper financial model in Excel for every new client. With our predefined financial model template, you have that handed to you on a plate.” – Blagoja Hamamdjiev

The finer details of this episode:

Discussion about business planning and financial reporting software for startups and small businesses
Main features of Modeliks software, including financial planning, budgeting, and advisory services
Importance of driver-based financial planning and its impact on business results
Cost-effectiveness and pre-defined financial model templates by industry within the software
Integration of financial tables and charts with pitch decks and business plans
Efficiency and time-saving benefits of using the software for financial modeling and planning
Dashboard functionality, including tracking financial progress and accessing various charts
User experience and flexibility of the software, including multi-user collaboration and planned AI integration
Levels of support provided by Modeliks, including customer support and live sessions with screen sharing

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 [email protected]
Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
Check out Modeliks, here: www.modeliks.com

Timestamps:

The introduction (00:00:00)

The hosts introduce the podcast and its mission, setting the stage for the upcoming episode.

Guest Introduction and Background (00:01:48)

The hosts introduce Blagoja Hamamdjiev, CEO and founder of Modeliks, and discuss his personal and professional background.

Global Nature of Modeliks (00:04:22)

Blagoja discusses the global footprint of Modeliks, including the location of their team and their incorporation in Ireland.

Using Modeliks for Financial Planning and Advisory Services (00:07:51)

Blagoja explains how Modeliks can be used for creating financial plans, pitch decks, and business plans, including its applications for advisory services.

Driver-Based Financial Planning (00:11:32)

Blagoja delves into the concept of driver-based financial planning and its importance in managing and improving businesses.

Integration of Financials with Pitch Deck and Business Plan (00:16:29)

Discussion on how Modeliks integrates financials with pitch decks and business plans, providing a unique and efficient solution for businesses.

Cost and Industry-Specific Financial Model Templates (00:19:31)

Blagoja highlights the cost-effectiveness of Modeliks compared to other software and the availability of industry-specific financial model templates within the software.

Creating Financial Models (00:20:26)

Blagoja explains the time-consuming process of creating financial models in Excel and the efficiency of using Modeliks templates.

Flexibility and Data Integration (00:22:31)

Discussion on the flexibility and data integration capabilities of Modeliks, including the current and planned data input methods and integrations.

Dashboard and Reporting Functionality (00:28:12)

Blagoja details the dashboard and reporting functionalities of Modeliks, including variance analysis, charts, ratios, and custom KPIs.

Future AI Integration (00:32:01)

The planned integration of AI features in Modeliks,