<p>I’ve heard of something called personal banking where really rich people hire people to take care of all of their banking needs, and the people who work in this area can make a lot of money since their clients are wealthy and they can charge a premium for their services.</p>
<p>Do you think that this sort of scenario can occur for solo CPAs that open their own firm? I’d imagine that it’s possible if they build up a network of HNWIs who need help with their taxes and things like that. But do you know if this sort of thing happens often in the accounting world? I’d imagine that the accountants who are able to do this would be making a lot of money for basically overcharging their clients.</p>
<p>Also, do solo CPAs only do tax work? What sort of things, since they probably won’t be auditing too many or else very small businesses, do households need audit help with?</p>