Money manager

Hi,

I was wondering if anyone offers "Money manager" services. i.e. paying clients bills etc on their behalf and then charging them for it on a periodic basis?

It seems like this kind of service would fit in fairly well with a CPA tax practice.

Also, are there any regulatory hurdles that you know of? (We are in California).


Thanks for any advice!!!!

I would see a potential for great liability, so, I would want to make sure you had the type of insurance that would protect you from not only the client, but others, such as potential heirs. You should check with your malpractice carrier to see if this service can be covered through the policy and, if not, you will have to look for insurance that covers this.

I would think that whatever bill rate you could charge for what are essentially admin services would not be enough to compensate for the risk profile.

If the client is that busy, might be better off if they hired a part-time administrative assistant or full-time admin staff, depending on their need.

I would think that whatever bill rate you could charge for what are essentially admin services would not be enough to compensate for the risk profile.

If the client is that busy, might be better off if they hired a part-time administrative assistant or full-time admin staff, depending on their need.

I attempted to bid services like this a few years ago. This was the key dynamic I couldn't overcome. People who need these services also need an assistant for many other items. If they don't have that need filled, they will try to scope creep on you.
I'm not saying it can't be done, but be very clear about scope and timing to begin with and be diligent in sticking to that.

Great, thanks for the insight!

As someone who works in this field, it can be very rewarding, time consuming, and very stressful. Depending on the client. Some clients are on monthly retainers while others are charged a commission, % of gross annual receipts. This is really a niche that's only worth what people are willing to pay for it, so your target clientele will be HNW and UHNW individuals, families, and related businesses.

https://www.billboard.com/pro/billboard ... 2021-list/

IMO, the liability involved isn't worth it for anyone who couldn't afford to pay, at least, a few thousand a month for such a service.