Cresset CEO Warns 50% CPA Pipeline Drop Will Squeeze $100 Million Family Office Services
Updated
Updated · Wealth Management · May 12
Cresset CEO Warns 50% CPA Pipeline Drop Will Squeeze $100 Million Family Office Services
1 articles · Updated · Wealth Management · May 12
Susie Cranston said the bigger wealth-management talent crunch is not advisors but adjacent family office services such as tax and accounting for ultra-high-net-worth clients.
A 50% drop in accounting-school graduation and CPA exam figures, she said, is colliding with rising demand from families with roughly $100 million in assets and with AI eroding entry-level training roles.
Cranston argued AI is unlikely to replace humans in the ultra-high-net-worth segment; instead, scaled firms that can cultivate experienced specialists should gain an advantage as family office demand surges.
At Goldman Sachs' RIA forum, other executives echoed the shift toward more complex human advice: Hightower said top advisors may become pricier, while Dynasty said client breakaways moved about $400 billion into independent RIAs versus $100 billion from advisor breakaways.
Why is a shortage of human accountants, not AI, the real threat to managing America’s wealthiest families?
If AI handles the math, will top financial advice become a luxury service only the ultra-wealthy can afford?
Are industry leaders downplaying a looming crisis in the $3 trillion private credit market flagged by global regulators?