It's an understatement to say that the financial advisory business is becoming a huge part of a CPA's world. In fact, according to The VIP Forum, the supply of potential clients in this area has risen dramatically. Why do I say that? According to a recent survey, the growth in the number of U.S. millionaire households has climbed from 2.1 million in 1994 to 5.4 million last year.
Mark Hurley, the president of Undiscovered Managers (based in Dallas), who not only has authored two major research papers in the investment management business, but served as a Presidential appointee in the Bush Administration (Part 1) at the Office of Thrift Supervision, believes that the advisory business is about to undergo a radical transformation and will soon shift from a collegial, almost academic environment to a total war for current and prospective clients. "While these changes threaten the profitability of every firm, they also offer owners of advisory businesses immense opportunities to build great economic value and personal wealth." Today, large, well-capitalized companies are entering the business along with thousands of new, smaller competitors.
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