Did you ever wonder what CPA firms with financial planning practices had in assets under management, also known as AUM? Is it in the million or billion-dollar range? You needn't wonder any more. Here now is CPA Wealth Provider's first-ever ranking of firms by AUM.
The idea for such a ranking began some six months ago when the editors of this publication decided to plow an area that had previously been left untouched. A survey was prepared and sent to a wide listing of CPA firms and the response was staggering. In the top list are 11 firms that are in "The Billion Dollar Club" while another 41 firms are in "The $100+ Million Club." Then there are those in the eight-figure category listed as "Rising Stars."
Not content with just a ranking, the editors delved beneath the surface and unearthed what affiliations each firm had, such as broker/dealers, wire-houses, financial services companies, and the like. Going even deeper, the survey reveals the area of financial planning products that each firm recommends in basic categories such as IRAs, 401(k)s, mutual funds, life insurance, bonds, 529 plans, to name a few.
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For inclusion in this survey we had two criteria for consideration: they must be a CPA firm that has a financial planning practice, even as a subsidiary or affiliate, and the financial planner in the office must hold a CPA credential. We had an overwhelming response, so much so that we expect to do another survey early next year.
There are a few footnotes and explanations to these rankings you should keep in mind. First, the numbers listed are, in some respects, based on calendar year figures, as reported by the firms, and others are on fiscal years. Then too, because of space limitations, we did not have the room to list LLPs, LLCs, corporate designations, partnerships, and the like. To simplify, we just listed the basic name of the firm.
Moreover, some firms had controlling principals, CEOs, presidents, and the like. Again, for simplification purposes, we used the term "managing partner." And finally, we did not have the room to include all the various licenses held by the different firms. There were just too many.
But all in all, we believe the following information in our various charts, graphs, and the like will shed some important light on this burgeoning field. We feel this is a good start to an annual event.
The Billion Dollar Club
AUM $ FIRM NAME CITY, STATE MANAGING PARTNER AFFILIATIONS (specific custodians, broker/dealers, etc.)
$5,254,000,000 Plante Moran Financial Advisors Southfield, MI Robert M. Palmer P&M Corporate Finance, Plant Moran Trust, P&M Holding Group
$4,648,292,480 Gilman Ciocia Poughkeepsie, NY Michael Ryan Prime Capital Services, Asset & Financial Planning
