Anybody can provide Wealth & Family Office Services as defined by the PWFO Chart. Licensing depends on the jurisdiction you operate in. As the services related to money matters, you will likely get clients to serve only if you can demonstrate that you have the education and credentials to stand out from your peers.
Like specialising in Corporate Services, Accounting, Trusts, Taxation, Auditing, Liquidation, Wealth Services demand "educational, experience, and ethical requirements which are licensed by the PWFO Association indicates.
A Certified PWFO starts his Wealth Course by being already a graduate and the PWFO course adds another 70 hours of education with tests and culminates in an examination and compliance with the Code of conduct and professional ethics of the Association.
PWFO implies being a specialist in and overall becoming a PWFO denotes a significant investment of time and energy which the potential pay-off justifies.
Surveys acknowledge that CPAs, ACCAs, Chartered Accountants, CFAs, and TEP professionals make between 5 to 15% more than those without such a certification in the corporate sectors that we are familiar with.
A PWFO employee will command at least the top of the premium at 15% and more in the 25-30% bracket.
For those in practice, the main benefit of taking the exclusive PWFO course is the potential to increase earnings. This can be at least 60% or more per existing client. Supporting a single-family office with its data management and investment accounting and risk management functions would typically generate fees similar that you would earn from a good corporate client whilst going for a multi-family approach would bring in the equivalent of a premium client.
And a new client acquired for wealth and family office services will almost certainly generate other revenue in other services.
Whilst the revenue potential is high, the costs associated with running a wealth and family office business are also higher as it demands more specialisation. These costs are principally in certifications, training, IT systems, and processes.
The period for converting leads to fee-paying clients is also long. But this cost is minimised when joining PWFO. The Association creates networking opportunities to formless costly joint ventures with other specialists allowing you to offer a complete range of services including technological, legal, and administrative support.