The PWA Association has been set up to help accountants to move into a new and more lucrative area - Private Wealth Accounting.
The aim of the association is to take a successful business model pioneered by wealth management experts. This is being rolled out to accountants who are keen to get more from their existing clients, grow into new, more lucrative areas, and generally grow their reputations and their practices.
The story behind the business model defined and executed by Cabinet Comptable Rawat is told in more detail here but these are the defining principles which underpinned the practice's success:
- Stay completely independent of any financial institutions and or the management of any funds
- Never invest or give investment advice
- Maintain a full understanding of each client's risk profile and his or her life objectives, making sure that the client also understands his or her own profile.
- Client driven - undertake documented due diligence on each of the client's service providers
- Comply completely, competently and efficiently with all regulatory and related responsibilities, and client mandates
- Accounting and reporting - implement excellent reporting systems, with proper tracking and audit trails, to demonstrate compliance throughout. This was achieved with a significant investment in information systems enabling regular communication with clients
This business format, with a wealth of knowledge and support, is now available to forward-thinking accountants. Those who want to take this opportunity to grow their practices and help rebuild the trust which has dissipated from the financial services sector, with one mis-selling scandal after another, are welcome to join the PWA Association.
There's a wealth of information on these pages and if you think this is the right challenge for you, get in touch.
For further reading about our background and credentials, Read this.