Capital Professional Advisors, Inc., one of the success stories in the CPA2Biz family of product offerings, has announced that it will spin out from the AICPA-backed portal and will re-form as an independent venture. The financial services company, which serves accounting firms and their clients, will be jointly owned by 15 founding CPA firms and Nationwide Financial Services, Inc.
Capital Professional Advisors was originally acquired by CPA2Biz in July 2001 with the hopes of adding to its success in helping 15 CPA firms launch their broker-dealer operations. In spinning out of the portal, Capital Professional Advisors is looking to the strength of Nationwide Financial and to the commitment of its member firms to drive the growth of the business.
"The spin-out of Capital allows both organizations to focus on their core competencies," said Erik Asgeirsson, vice president of sales and marketing for CPA2Biz, "For CPA2Biz, this means focusing on a broader approach to delivering premier marketing and technology services for CPAs."
CPA2Biz has struggled in the past year to define itself and its vision of the future. Several rounds of layoffs, high profile resignations, failure to reach an agreement with the state societies, member flack which forced AICPA President Melancon to donate his shares in the venture, concerns about cash flow and the acquisition of Rivio as a platform to deliver many services to the CPA profession in what many critics believe would be a less efficient manner than otherwise commercially available has kept CPA2Biz in a constant state of controversy during 2002.