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Russ Prince: How Accounting Firms Become Family Offices

by fa-mag.com posted 1month ago 14 views
These days, many accounting services are considered commodities; there are more competitors vying for the same business with no discernible difference between offerings and there's pressure to reduce fees in order to attract new revenue. Accounting clients are also becoming more discerning, meaning they take more time to service, resulting in lower profits. At the same time, one of the most profitable practice areas within accounting firms is the "family office." A well-managed family office practice is-on a per partner basis-extremely profitable.

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