It’s a strong opportunity for your high-net-worth practice.
By Russ Alan Prince
There is a high probability that the U.S. will go into a recession. A recession, especially a severe recession, can be very detrimental to the accounting business. There are likely to be fewer wealthy clients looking to their accountants for advice and services.
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On the other hand, a recession can prove – from a business development perspective – very advantageous to proactive, astute accountants working with wealthy individuals and families. Generally speaking, many wealthy individuals and families are poorly served in the best of times. A recession can act as a catalyst for the wealthy to realize they can get much more value than they’re currently receiving by working with competent accountants who are genuinely client-centered.
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