Although 69% of Americans believe they have a high level of financial knowledge, only 24% are able to demonstrate even basic financial literacy, according to a study from the National Endowment for Financial Education. Most aren't sure about their current financial picture, they are uncertain about the tax implications of major purchases, and they don't know what to do if they are audited by the IRS.

Unfortunately, the average CPA with 300 clients is often pulled in too many different directions to be able to offer much in the way of personalized financial advice.

The accounting industry hasn't changed much in the past century. During “busy season,” accountants can expect to work 60, 70 or even 80 hours a week. That's true even for experienced CPAs who have been doing this for 30 or 40 years. There just isn't enough time to spend with each client, and no way to give them the kind of service they want.

In recent years, the concierge model has disrupted the business model of medicine, and now accounting is headed for a similar disruption. CPAs who adopt the concierge model choose to focus their attention on a restricted list of high-value clients in exchange for an added fee.

What Is Concierge Accounting?

Concierge CPAs are the newest trend in the accounting business, which otherwise hasn't changed much in the past century. Concierge CPAs cater to an exclusive client list, providing a level of personalized attention and financial advice formerly reserved for high net worth families.

Myth 1: Concierge CPAs are just for the wealthy.
In the past it may have been, but this is not the case anymore; however, as the CPA population is aging, it is the future of the profession and makes more sense for a CPA looking to pull back on their hours.