Albany, New York-based BST & Co. CPAs LLP has transferred its wealth management clients to Dopkins Wealth Management, a registered investment advisory firm owned by the partners of Dopkins & Co. LLP, a CPA firm headquartered in Buffalo.
The firms have agreed to a revenue-sharing arrangement under which BST will share in the fees paid by its clients to Dopkins Wealth Management. BST has 23 partners and 100 staff members. The Dopkins organization (combining Dopkins & Co. and Dopkins Wealth Management) has 11 partners and 116 staff members.
"We are thrilled to expand our financial planning services, capabilities and offerings through Dopkins Wealth Management," said BST & Co. managing partner Ron Guzior in a statement Thursday. "This collaboration will offer clients comprehensive wealth management strategies while enhancing referral opportunities for both firms. Our current and future clients will reap the benefits of an extensive and strategic suite of services that this new alliance will make possible."
Both BST and DWM have been serving clients in their respective regions of upstate and western New York for decades.
"We have known the professionals at BST & Co. for more than 30 years and know their core values and guiding principles align with ours," said Thomas Emmerling, managing member of Dopkins Wealth Management, in a statement. "Our firms share the same wealth management philosophy and are industry-focused. We look forward to working with BST to create a dynamic team to best serve our clients on either side of the state and throughout upstate New York."
BST has offered wealth management services for over 20 years and sees the deal with Dopkins as a way to advance its services for both existing and future clients. In addition to wealth management, it's been providing accounting, auditing, tax, consulting, valuation, forensic accounting and litigation support. BST's outsourcing division includes accounting, talent strategies and marketing services.
Dopkins Wealth Management was founded in 1999 by the partners of Dopkins & Co. and advises individuals, businesses, trusts, foundations and endowments, not-for-profit organizations and retirement plans.
