And four qualities of these wealthy clients.
By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice
By design, the clientele of an accounting firm’s high-net-worth practice is the wealthy, defined as having a net worth of $10 million or more.
MORE: Take Time to Tune Your Practice Goals | Nurture Referrals from Wealthy Clients | Four Steps to a High-Net-Worth Practice | Why Tax Planning Matters So Much to the Wealthy
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We know that with clients at this level of net worth, you can indeed build a $5 million high-net-worth practice.
Admittedly, the $10-million criterion is somewhat arbitrary. But in extensively researching the wealthy, coupled with “in the trenches experience,” clients with a net worth of $10 million or more consistently prove very rewarding for most accounting firms.
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