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Financial Literacy, Family Businesses & Wealth Management

Episode 115. In today’s interview, “Financial Literacy, Family Businesses & Wealth Management.”

Rory Henry has 15+ years of experience working in both the tax and most recently financial advisory professions. He has built a program, AFO Wealth Management Forward, that works with accounting firms to implement Holistic Wealth Management Services. A technology enthusiast at heart, Rory is adept at finding ways to improve the client experience using technology to streamline tax, accounting, and wealth management services. He is the co-host of a leading accounting and finance podcast called AFO Wealth Management Forward. Rory’s interviews include the WSJ, Forbes, Fortune Magazine, Accounting Today, AccountingWeb, as well as Venture-Backed Fintech Companies and Nationally Recognized Thought Leaders.

Robert Santos has over 20 years of financial experience working with institutions, companies, and entrepreneurs. Robert is currently the founder of Arrowroot Family Office, LLC, a boutique wealth management firm working with a wide range of international and domestic clients to provide customized and specialized investment and family office services. Robert is also the portfolio manager for Arrowroot Family Office’s fund of alternative funds, Ladrillo Fund, LLC, and Arrowroot Real Estate Fund II LP, a private, sub-advised fund by Roundhouse. Robert serves at the CEO & CCO for Arrowroot Partners, a M&A advisory firm. Robert is also a founder of AFO Wealth Management Forward, an educational program created to allow Accounting Firms to integrate Wealth Management Services into their Practice with ease. Previously, Robert was a Director for Salem Partners, a multi-family office and investment bank in Los Angeles where he served on the investment committee. Prior to Salem Partners, Robert worked at JP Morgan Securities and Bear Stearns, servicing clients in the financial services industry. Robert received his BA from the University of California at Los Angeles (UCLA).

Key takeaways from this episode include:

➤ defining the family office from an accounting perspective in providing holistic financial advice to clients

➤ why historically accountants and CPAs have not been very coachable in new ways of doing things

➤ a way for accountants to generate fees without actually doing any of the work

➤ the dangers for accountants and CPAs if they do nothing to change and take on new ways of working

➤ why working harder is not the solution for accountants and CPAs wanting more choice and revenues

➤ what accountants and CPAs can do to stay relevant to their clients and open up conversations with clients

➤ what is making accountants step up as trusted advisors to clients who are demanding more services and help

➤ what employees in all businesses, including accounting firms, are wanting from their leaders

➤ what is driving a dramatic increase in the values of many businesses and companies

➤ the three things that make up much of the net worth of the average accounting business client

➤ the emergence of estate planning and why accounting firms are best placed to join up the various services

➤ using the tools and technologies to properly service accounting firm clients and how tech has changed the game

➤ how accountants and CPAs can get started with adding wealth management to their service offering

➤ why people still value the human element amidst the automation, the digital world and and tech transformation

➤ the story behind the AFO Wealth Management Forward podcast and its high profile guests

➤ exploring the software that can help accountants and CPAs deliver wealth management services

➤ tapping in a wealth management training program for accountants who want to get started

➤ how accountants and CPAs can turn wealth management services into recurring revenues

➤ rebranding CFO from Chief Financial Officer to Chief Family Officer

➤ the importance of financial literacy in today’s society and why it has been neglected

➤ the dangers and downsides of a generation who have poor or no financial education

➤ why talking about money and finances is often a taboo subject

➤ pushing diversity and how accountants should respond to the changing demographic from white and male

➤ how a more diverse workforce makes for up to a 25% more profitable accounting firm

➤ how the financial advisor of the 1980s and 1990s looks very different to now and what the best advisors now look like

➤ the role technology and data will play for accounting firms in providing wealth management services to clients

https://www.linkedin.com/in/rory-henry-0920b7150/

https://www.linkedin.com/in/rob-santos-afo/

NOTE TO LISTENERS:

The Accounting Influencers Podcast is a CPE-accredited daily radio-style show with four segments coming out every Monday which are repeated on the other 4 weekdays as standalone episodes, plus a bonus ‘from the client’s perspective’ episode on Saturdays. On Sundays, listeners get a short min trailer for the coming week’s episodes.

Every Tuesday the show gives you a relevant news topic from the accounting and fintech world with a direct application to accountants, CPAs and bookkeepers. Great to stay informed and build your commercial acumen.

Every Wednesday and Friday, we feature an uncut interview with top authors, leaders, thinkers and performers in the accounting and fintech world.

Every Thursday the show gives you a practical ‘here’s what works’ tips concerning a key challenge, need or strategy for accountants, CPAs and bookkeepers. Great to stay current and keep your skills topped up.

Finally, every Saturday gives listeners a bonus episode which focuses on the buyers of accounting services – the clients themselves. In particular how they feel, react to and experience their interactions with accountants. That includes why they buy or don’t buy, why they move or stay and why they think how they think about you, your firm, your prices and your offerings.

Martin and Rob love to hear from the show’s 22,000 unique listeners in 150 countries around the world. If you like the show and listen to multiple episodes, we’d really appreciate your appreciation with a review or rating. As most of our listeners tune in via Apple podcasts…

How to leave a review on Apple Podcasts

① Open the Podcasts app on your iPhone, iPad, or Mac.

② Navigate to the page of the Accounting Influencers Podcast.

③ Scroll down to find the subhead titled “Ratings & Reviews.”

④ Under one of the highlighted reviews, select “Write a Review.”

Anything about the style of the show, the frequency, the content, the CPE/CPD, the hosts Martin and Rob, the guests, the different segments or something in particular that’s made a difference. Listeners can rate the show on a scale of one to five stars and can also add a written review. 

Please also recommend the show to people in your network because we’d love to reach a wider audience. Thank you from Rob, Martin and the whole Accounting Influencers Podcast team.