What is PWA?
Private Wealth Accounting, often called running a Family Office, is where an accountant helps high net worth clients manage their own wealth. The accountant works with them to reduce service charges, maintain clarity over their financial and investment position, and basically ensure a high return form their cash-flow and investments.
For more detail see the PWA page.
What is PWA not?
Being a PWA does NOT involve giving financial advice. A PWA will NOT manage their clients' portfolios either.
A PWA will help their clients get the best out of their money, and that may sometimes involve working with a financial adviser, but the PWA does not in any way replace or become a financial adviser.
What is the PWA Association?
The PWA Association looks for accountants who wish to grow their practices and get better financial rewards for themselves and their clients. It then introduces them to the world of high-net worth accounting, where this can be achieved.
By joining the association, accountants can bring many of their existing clients with them into this sector, then find new clients on the back of their success. More details are on this page.
Can anyone join the PWA Association?
No - only qualified accountants or qualified financial advisers can join the association.
What is Asset Management, and how does it differ from PWA?
Asset Management is the direct handling of a clients' investment portfolio, making decisions on clients' behalf in order to maximise their financial rewards.
A PWA will NOT do this - a PWA will help their clients manage their own portfolios or work with a financial advisor, whichever is appropriate for the client and the situation.
Why would my clients want work to with me if they already have
A financial adviser advises your clients on investments they might make.
Your role will be much wider, expanding on your existing work with your clients to encompass cash-flow analysis, monitoring, risk analysis and having an overview of the clients' financial performance. Your clients may take some of the control back from their financial adviser or continue to use them in the same way - you will help your clients monitor the value they receive from the relationship.
Can I use these new techniques on all my existing clients?
Some accountants will be able to do this, others will not; it really depends on the makeup of your clientele.
Self-employed or business owners may be prime candidates for a migration to PWA, particularly if they are showing signs of great success.
Will I still offer my current services to my clients?
That is completely your decision. In the early days you almost certainly will, as your practice grows and matures it may change.
What is PWA?