In the face of ongoing market volatility and uncertainty, the resilience of high-net-worth (HNW) business is a bright spot — and one that warrants a greater focus on the part of the firms that serve them. For example, despite the turbulence of the past year, HNW/family office practices remained steady, according to our recent survey of accounting and family office firms.
Eight-three percent of respondents indicated that the pandemic had either a neutral or positive impact on their HNW practices. When asked specifically whether the pandemic increased or decreased HNW client demand, 37% said it had increased. Only 6% indicated a decrease in demand.
The dependability, resilience and steadiness of HNW clients show that there are still big opportunities for firms in this space. As a result, many firms are looking for ways to further improve service delivery while also expanding their offerings to these clients. Which services are most in-demand among these clients? Which existing services do they value most — and how can firms build on their successes in these areas? How can firms expand on the reliable, significant revenue streams provided by HNW accounts? Now is the time for firms to actively seek ways to better serve HNW clients, expanding their capabilities and strengthening those already in place.
Our findings offer some practical insights on the most significant opportunities for driving the next phase of HNW growth.
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