Financial Services Company to be Spun Out of CPA2Biz

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.

You may like these other stories...

Here's a CPA who truly walks the walk. On March 15, Frank Ryan, CPA, departed San Diego, California, with plans to be in Ocean City, Maryland, by July 2 to teach a course at the Maryland Association of CPAs’ (MACPA...
When Theodore J. Flynn first joined the Massachusetts Society of CPAs (MSCPA) in 1970, it was a different world and a different profession.  The "Big Eight" were still headquartered in Boston. Vietnam War...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.