BDO USA has expanded its Wealth Advisory Practice by merging in LBA Wealth Management in Jacksonville, Fla., with $350 million in assets under management.
The deal comes after BDO merged in an affiliated firm, the LBA Group, last November (see
BDO USA merges in LBA Group). LBA Wealth Management will join the LBA Group staff in BDO’s offices in Jacksonville.
“When the LBA Group informed us of their intention to join BDO USA last fall, it was always our intention to reach a similar agreement with BDO’s Wealth Advisory practice,” said LBA Wealth Management managing partner David Albaneze in a statement. “We share numerous clients with the accounting practice and there are obvious advantages to being able to provide complementary services under one roof. As part of a national firm, our clients will have access to a wider range of services and our people will have access to many more opportunities to pursue career growth.”
BDO New York offices
BDO USA has more than 400 staff in Florida, with offices in Coral Gables, Fort Lauderdale, Jacksonville, Lakeland, Miami, Orlando, Tampa, West Palm Beach and Winter Haven. The firm has expanded quickly in recent years, entering 25 new cities and building its presence in 12 other markets in the past four years.
“I want to welcome Dave Albaneze and his staff to BDO,” said BDO USA national leader of wealth advisory services Steve Parish, in a statement. “LBA’s experience working with high-net worth clients in Jacksonville, Gainesville and throughout North Florida, combined with our previous expansion in South Florida last year, greatly increases our wealth management resources in the state of Florida. Florida will serve as a stronghold for the continued expansion of our Wealth Advisory practice throughout the Southeast.”
BDO USA, based in Chicago, ranked 7th on Accounting Today’s 2017 list of the Top 100 Firms, with $1.29 billion in annual revenue.
Financial terms of the latest deal were not disclosed. However, LBA Wealth Management's $350 million in assets under management will double BDO Wealth’s assets under management to $700 million. LBA Wealth Management is a fee-only investment advisory firm with seven professionals, and Accounting Today recently ranked it among the top CPA firms by assets under management. The deal is expected to take effect on April 1.
Michael Cohn, editor-in-chief of AccountingToday.com, has been covering business and technology for a variety of publications since 1985.