AN ASSESSMENT OF FUND ACCOUNTING FOR FAMILY OFFICES AND HIGH-NET-WORTH CLIENTS
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Abstract: AN ASSESSMENT OF FUND ACCOUNTING FOR FAMILY OFFICES AND HIGH-NET-WORTH CLIENTS
This study aims to: (1) investigate the unique accounting requirements for family offices, (2) assess the financial management practices for high-net-worth clients, and (3) evaluate the regulatory compliance aspects of fund accounting for this segment. A survey design was utilized to gather data from 320 accountants and financial advisors in Abuja, determined using Taro Yamane's formula. Abuja was chosen for its concentration of high-net-worth individuals and family offices. The survey instrument had a reliability coefficient score of 0.87. Findings reveal that family offices and high-net-worth clients require tailored accounting practices to manage complex financial portfolios and comply with regulatory requirements. The study recommends the development of specialized accounting frameworks and continuous professional development for accountants serving this segment to enhance financial management and compliance.
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