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037: Revolutionizing Wealth Management: Insights from 'Wealth Unleashed' with Jim Lavorgna
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In this episode, I have the pleasure of hosting Jim Lavorgna, the author of "Wealth Unleashed: Navigating Wealth and Taxation for Business Owners, Wealthy Families, and their Advisors." Our discussion is set to be insightful as we dive into Jim's unique insights and the innovative strategies outlined in his book.
Jim is also a valued client. He'll lead us through the complex world of wealth management and taxation. His book serves as a guide for business owners, affluent families, and their advisors, simplifying the intricacies of financial strategies. We'll explore how Jim's clear solutions enable individuals to confidently manage the often perplexing aspects of wealth and taxes.
Challenges with the referral model
- The referral model can create challenges in finding the right professionals to work with.
- The client may not have control over the recommended professionals and their expertise.
- Building a team of specialists through referrals can be time-consuming and may not result in an effective and coordinated approach.
- The virtual family office model offers a team-based approach where professionals work together to provide holistic and coordinated services.
Benefits of a virtual family office
- A virtual family office is a collection of professionals who specialize in different areas and work together to provide comprehensive services.
- The team-based model allows for better coordination and communication between professionals, ensuring that the client's goals are met.
- The approach is more efficient and cost-effective compared to traditional referral models.
- The client remains in control and can pick and choose which recommendations to implement.
Importance of proactive planning
- The book emphasizes the importance of proactive planning and being future-oriented.
- Compliance-driven professionals focus on past tax returns, while the virtual family office takes a more proactive approach to help clients save money and maximize their wealth.
- CPAs and tax professionals should read the book to stay informed and provide clients with holistic solutions and proactive advice.
Examples of practical applications in the book
- The book provides practical examples of how the virtual family office approach can benefit clients.
- Examples include increasing cash flow for college expenses, utilizing tax deductions for real estate transactions, and setting up trust structures to mitigate taxes.
- The book is packed with big ideas but can be read in just over an hour.
About Our Guest:
LinkedIn: https://www.linkedin.com/in/jameslavorgna/
Website: https://spencervfo.com/
Email: jlavorgna@spencervfo.com
Additional Resources Mentioned In This Episode:
Elite Resource Team
About Your Host: Paul G. McManus is an accomplished author and expert in helping financial professionals grow their businesses. With over eight years of experience working exclusively with financial professionals, Paul has helped his clients generate tens of millions of dollars in fees and commissions.
Chapters
1. 037: Revolutionizing Wealth Management: Insights from 'Wealth Unleashed' with Jim Lavorgna (00:00:00)
2. Stand Out in Noisy Marketplace (00:00:05)
3. Team-Based Model in Wealth Management (00:11:08)
4. The Concept of Virtual Family Offices (00:18:26)
65 episodes
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