QuantJockMN
Major Contributor
Joined: 26 Aug 2009
Location: United States
Online Status: Offline
Posts: 252
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| Posted: 07 Jan 2010 at 16:53 | IP Logged
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For those of you in public accounting firms, do you have a wealth
management element to your taxation practice? If you do not, do you
have an alliance with a wealth manager to refer clients to?
I'm
meeting a partner of a mid size firm in my area and I'm going to pitch
that additional services, wealth management, is a necessary element to
their firm. Having had some small chats with the partner, this idea
should have some validity. It will also be my niche for a job if it
works.
I've worked at a few asset managers. All of them did not
take tax ramifications into their decision making process. I do not
feel that the tail should wag the dog, but tax consequences should be a
huge consideration when making portfolio decisions.
What I'm wondering is do accounting firms have a guy on staff to manage
a clients retirement or personal investment account, trust, 401k
allocation, and so on.
One in my area I know does a little, but when I dug into it, it is not too much.
I
could see myself enjoying a niche like this. I have 4 years of
experience working in asset managers. When I got laid off I did taxes
at a small CPA firm in my area. There was a huge divide between the
two parties at all of the employers I've worked at. If I were a HNW
client at an accounting firm, it would be nice to know that someone is
on board whom can look at my investment account and render advice,
serve as a second set of eyes so to speak. Same with a CPA on staff at
an investment firm.
Appreciate it.
__________________
MBA by 2011
CFA Level 2 Candidate
CAIA Level 2 Candidate
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Topic: Wealth Management and Taxes
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