Episode description

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...