Addition Brings BDO Wealth’s Assets Under Management to $700 Million
Chicago, IL – BDO USA, LLP, one of the nation’s leading accounting and consulting firms, today announced an expansion of its Wealth Advisory Practice through the addition of LBA Wealth Management, LLC in Jacksonville, Florida. The practice, a fee-only investment advisory firm encompassing seven professionals with $350 million in assets under management, was recently ranked among the top CPA firms by assets under management by Accounting Today. This announcement follows on the heels of The LBA Group, the Jacksonville-based accounting firm, joining BDO USA last November. The two entities will continue to cohabitate in BDO’s Jacksonville offices at 501 Riverside Avenue. David Albaneze, managing partner of LBA Wealth Management, will be joining BDO as managing director for BDO Wealth Advisory’s Southeast region. The combination of BDO and LBA Wealth Management is subject to customary closing conditions and is expected to be completed on April 1, 2017.
“I want to welcome Dave Albaneze and his staff to BDO. LBA’s experience working with high-net worth clients in Jacksonville, Gainesville and throughout North Florida, combined with our previous expansion in South Florida last year, greatly increases our wealth management resources in the state of Florida,” said Steve Parish, National Leader of Wealth Advisory Services at BDO USA. “Florida will serve as a stronghold for the continued expansion of our Wealth Advisory practice throughout the Southeast.”
“When the LBA Group informed us of their intention to join BDO USA last fall, it was always our intention to reach a similar agreement with BDO’s Wealth Advisory practice. We share numerous clients with the accounting practice and there are obvious advantages to being able to provide complementary services under one roof,” said David Albaneze. “As part of a national firm, our clients will have access to a wider range of services and our people will have access to many more opportunities to pursue career growth.”
- BDO USA has more than 400 staff serving Florida businesses from offices in Coral Gables, Fort Lauderdale, Jacksonville, Lakeland, Miami, Orlando, Tampa, West Palm Beach and Winter Haven.
- Over the past four years, BDO has expanded rapidly, entering 25 new cities and adding critical mass in 12 existing markets.
- BDO represents companies ranging from closely-held private businesses to leading non-profits to Fortune 500 multinationals.
- BDO USA has industry practices specialized in serving businesses in the construction, energy, financial institutions, asset management, government contracting, healthcare, insurance, manufacturing, nonprofit, private equity, real estate, restaurant, retail and technology sectors.
- For four consecutive years (2013-2016), BDO USA has gained more SEC audit clients than any other accounting firm (source – Audit Analytics).
- BDO has been named a Best Company by Working Mother Magazine for six consecutive years and been recognized with the When Work Works Award for Business Excellence in Workplace Flexibility for seven consecutive years.
- BDO has more than 60 offices and more than 400 independent alliance firm locations around the country.
- BDO USA has been serving clients for more than 100 years since its founding in 1910 (as Seidman & Seidman).
- As an independent member of BDO International Limited, the firm can leverage the resources of more than 1,400-member firm offices in over 150 countries around the world.
Compliments of BDO – a member of the EACCNY