Los Angeles (Nov. 24, 2003) -- CPA financial planners Michael Glowacki and Joel Framson have parted ways in what both called an amicable split after five years as partners.

Framson left the fee-only planning firm, formerly called Glowacki Framson Financial Advisors, to join Los Angeles-based Allied Consulting Group as a principal. Framson said his decision to leave was due to both his commitment to serve a two-year term as chair of the American Institute of CPAs Personal Financial Planning Division Executive Committee and to his work related to "Prudent Investment Practices: A Handbook for Investment Fiduciaries."

"I knew when I decided to take on the role in the PFP division that I needed to have a bigger organization with more people behind me," Framson said. In addition to the time commitment, Framson said it's become his personal "mission" to implement the fiduciary processes outlined in the book, starting at Allied's institutional department. "Our discussions started going in different directions," Framson said. "I needed to have a firm that embraced fiduciary practices and could implement them. It was hard in a two-person firm to do what I envisioned doing."

"My priority is on client focus. My focus and the direction I'm moving the firm toward is on integrating financial decisions and life coaching for wealthy families," said Glowacki, who noted that he became a certified professional coach last year. "Joel was going in a different direction. This was really the evolution of each of our growths."

GFFA has been renamed The Glowacki Group. The firm serves high-net-worth individuals and families with $3 million to $30 million in assets and, on average, have $3 million in assets at the firm, according to Glowacki.

At Allied, which provides fee-only consulting and advice to affluent individuals, institutions, and closely held businesses, Framson will work on both the institutional and high-net-worth client division.

-- Melissa Klein

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