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Florida Institute Opts Out of Money Management, Turns Business Over to Lockwood TALLAHASSEE, Fla., Aug. 9, 2000 (SmartPros) Citing slow growth, the Florida Institute of CPAs has left the money management business, closing the doors on its turnkey asset management program, CPA Service Corp., after less than two years. FICPA has turned all of the registered investment advisory firm's existing business over to Lockwood Financial Services Inc., the firm that provided the program's back office support, said Vicki Yarbrough, FICPA's senior director of public affairs. FICPA originally formed the venture in hopes of offering small accounting firms a way to expand their services to compete against the likes of American Express. Only 20 CPA firms joined the program, bringing in $16 million in assets under management, far short of the $50 million target FICPA executives said was needed to make operating the program cost effective, Yarbrough said. "We thought CPAs would embrace money management much faster," she said. "But the one-stop shop model hasn't taken hold as fast as we expected. The transition has been excruciatingly slow. Despite the knowledge that they have about their clients and their financial situation, many CPAs aren't comfortable marketing the services and closing the deal." -- By Melissa Klein Send comments to information@smartpros.com 2000, Smartpros Ltd. All Rights Reserved. |
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