Serving the Wealthy

Source: Accounting Today

Wealthy individuals and families often use the following advisors:

·    CPAs

·    Financial planners

·    Brokers (Financial advisors)

·    Personal bankers

·    Lawyers

CPAs and financial planners are used more than the others.

This information is from research by the Oechsli Institute, consultants to the financial planning industry. According to their study, over half the people who use these advisors are not satisfied. The reason—dramatic growth in the industry has created a very high level of expectations.

Here is what wealthy people want from their personal financial advisors:

·    To be contacted with tax and investment opportunities

·    Transparent fee arrangements

·    An understanding of their goals and needs

·    Expertise in related disciplines

·    A formal plan

·    Organization of documents

·    Help with investment decisions

CPAs are in good position to capitalize on the opportunities if they use their strengths and find other experts to complement them.

For the complete article, see Accounting Today, February 7, 2005, or go to

http://www.webcpa.com/article.cfm?articleid=10549&;pg=acctoday