A family office practice can be one of the most lucrative business lines at any accounting firm. The keys to success are selecting a business model that suits the firm, assembling and delivering the right mix of expertise, including outsourcing to specialists, and knowing how to source high-quality clients. Accounting firms that can address these three components have all the ingredients for extremely attractive growth.
Russ Alan Prince, president of R.A. Prince & Associates, is a consultant to family offices, the ultra-wealthy and select professionals.