Start a UHNW Tax Advisory and Estate Planning Practice

1. 1

   Confirm the credential matches the work

   Advising on tax for compensation and representing clients before the IRS requires the right license: CPA, enrolled agent, or attorney, all governed by Circular 230. Estate documents themselves are legal work reserved for attorneys, so a CPA-led practice partners with estate counsel rather than drafting wills and trusts. Be precise about what your license covers and build the practice inside that line.

2. 2

   Choose a wealthy-client specialty

   UHNW tax work rewards depth: business owners approaching a sale, executives with concentrated and equity compensation, real estate families, cross-border and expatriate households, or families in generational transfer. Each has recurring, high-stakes questions that generalists handle poorly. Your specialty determines your referral sources, your pricing power, and the technical depth you must maintain.

3. 3

   Design the retainer and project menu

   Structure the practice around proactive planning rather than returns: monthly advisory retainers commonly run $1,500 to $3,500 for wealthy households, comprehensive annual planning engagements $15,000 to $30,000, entity restructuring projects $10,000 to $75,000 or more, and pre-IPO or pre-sale planning $10,000 to $25,000 or more per month during the event window. Returns can remain as a deliverable inside the retainer, not the product itself.

4. 4

   Build the professional referral triangle

   Wealthy clients arrive through their other advisors: estate attorneys who need a planning-minded tax partner, investment advisers whose clients face liquidity events, and business brokers and bankers who see exits coming. Give these professionals a specific reason to refer you, such as a defined pre-sale planning process. The triangle of attorney, adviser, and tax strategist is how this market actually hires.

5. 5

   Deliver planning as a documented process

   Run each client through a defined annual cycle: a deep review of entities, income, basis, and estate exposure; a written plan with quantified strategies; implementation coordinated with counsel and advisers; and quarterly check-ins as laws and circumstances shift. A documented process justifies retainer pricing and makes the work delegable as you grow.

6. 6

   Stay rigorously inside professional standards

   This clientele attracts aggressive scheme promoters, and your license is the asset that must outlast every engagement. Follow Circular 230 and your professional body's standards, document advice and its authority, avoid strategies you cannot defend on examination, and carry professional liability insurance sized to the stakes. Saying no to a marginal strategy is part of the product.

7. 7

   Compound through multi-generational relationships

   A wealthy family's tax needs never end: entities evolve, assets move between generations, and each event produces project work on top of the retainer. Serve the founders well and you will be introduced to their children, their partners, and their companies. A practice of a few dozen substantial households, retained year after year, is the mature shape of this business.

Do not take our word for the money. Put your own numbers in and see what this idea has to earn before it works. Free, instant, no account needed.

Best for: Licensed CPAs, enrolled agents, and tax attorneys ready to sell planning instead of paperwork

Not for: This is not for anyone without a CPA, EA, or attorney credential, since selling tax advice without one is illegal, and it is not for professionals drawn to aggressive schemes, because the license must outlast every clever idea. It also suits builders of long relationships more than seekers of quick transactional wins.