PLANNING NICHE GROWS FOR CPASFinancial planning has helped fuel an increase in revenues at CPA firms, according to a new study by the American Institute of CPAs and CPA firm Moss Adams. The survey found an average financial planning practice size of $460,000 among the 431 CPA firms that responded, with an average yearly growth rate of 34.9 percent between 2004 and 2006. Respondents anticipated a 20.6 percent increase in assets under management in 2007.
Average revenue for the firms surveyed in fiscal year 2006 was $1,619,224, an increase of 16.9 percent from the previous year. Thirty-eight percent are affiliated with an independent broker/dealer, while 28 percent are affiliated with an insurance agency/broker, 47 percent are listed as a registered investment advisor, and 26 percent have no affiliation.
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