The Journal of Accountancy reports that serving the rich and famous is risky business. Specifically, it reports the following:
Money. Fame. It’s not just for the entertainers of the world. Accountants can be well-known and famous or, in some cases, infamous. You may have read about pop stars, actors, and professional athletes being “driven to bankruptcy” by their accountants and financial advisers. CPAs providing a menu of services to these high-profile individuals are at risk of being blamed for a decline in the celebrity’s net worth.
Family office services provided to the rich and famous, as well as to privately wealthy families, may include traditional accounting services such as a full range of tax, accounting, financial planning, wealth management, and administrative support for both personal and business assets. Services may even be nontraditional such as concier