Capital Professional Advisors Should Not Be Confused With Centerpoint Advisors, Inc.

The plot surely thickens with the recent announcement of the formation of a holding company, Capital Professional Advisors, through which 10 large local and regional accounting firms are planning to offer investment advice and products. The combined revenue of the 10 firms is in the $400 million range; it includes Larson Allen Weishair & Co (Minneapolis), Clifton
Gunderson LLC (Peoria, Ill.), Cherry Bekaert & Holland LLP (Richmond, Va.), and Parente Randolph Orlando Carey & Associates (Wilkes-Barre, Pa.). Allmerica Financial Corp., an insurance and annuity company, will own 15% in the holding company. This combination of firms is impressive and demonstrates the perceived threat from the consolidation movement as well as the opportunities in offering the full range of investment advisory services.

Capital Professional Advisors should not be confused with the roll-up firm CenterPoint Advisors, Inc., which recently filed with the SEC. A number of CPA firms, including New York's Urbach Kahn & Werlin, will be part of CenterPoint, along with investment advisor and insurance-type firms. To add to the confusion, CenterPoint Advisors, Inc. recently, for a second time, changed its name to Centerprize Advisors, Inc. With that change, any thought of using the CPA acronym is lost.

There should be no confusion, however, that both these organizations represent the changing nature of the accounting profession as firms seek ways to offer services to clients in a competitive way.

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