“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