September 1998 Issue

SALOMON SMITH BARNEY CREATES STRATEGIC ALLIANCE WITH CPA FIRMS

Salomon Smith Barney recently announced that it has expanded its Professional Alliance Program to 30 states. Approximately 140 CPA firms have entered into the program, under which CPAs collaborate with Salomon Smith Barney's financial consultants to introduce investment consulting services to their clients.

In recognition that clients of CPAs are often in need of investment advice, Salomon Smith Barney saw the potential benefits of a team approach--tax and business consulting through the CPA and investment planning through Salomon Smith Barney.

As part of the professional team, CPAs receive a percentage of the fees the clients pay to Salomon Smith Barney for this comprehensive service and the arrangement is fully disclosed to clients.

The Professional Alliance Program was first introduced in September 1997 and is currently available in the 30 states where CPAs are permitted to receive fees for this type of service, including Massachusetts, Florida, and Pennsylvania. It presently is unavailable in New York, because of the current prohibition under licensing regulations for CPAs to be paid commissions. The Uniform Accountancy Act, now being considered in many jurisdictions, does allow CPAs to receive commissions for nonattest clients with disclosure.

For more information on the Professional Alliance program, call (800) EARNS-IT, ext.800. *

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