ParenteBeard Loses Partners in Financial Services Practice

Philadelphia-based ParenteBeard (FY12 net revenue of $169 million) has confirmed that at least 12 partners in the financial services practice have left the firm, the Philadelphia Business Journal reported. “We will not comment as to whom or their prospective professional destinations,” ParenteBeard said in its statement. “This is a personnel matter and we are working closely with our clients and staff during this period of transition.”

UPDATE 6-27-2013: According to the Philadelphia Business Journal, BDO USA has confirmed previous reports that it would acquire 12 partners in the financial institutions practice from ParenteBeard, a group that also includes as many as 97 professional and support staff.

Bob Ciaruffoli, ParenteBeard chairman and CEO, in a statement said that the firm has more than 1,000 team members, and “the simple fact is that we experience turnover.”

He also said, “Regarding the question of our growth, we cannot speak to what other firms do, but, for us, we have made strategic decisions to part ways with practices that were not aligned with our strategic plan.”

Philly.com, the online version of the Philadelphia Inquirer, called Ciaruffoli the “ architect” of the Parente firm’s recent expansion through mergers and its move from Wilkes-Barre to Philadelphia in 2004.  Philly.com also reported that the partners are negotiating to possibly join rival BDO’s Philadelphia office, which has also expanded in recent years.

“Certainly, we take the issue of corporate culture seriously and since the merger in 2009, we have been attentive to it,” Ciaruffoli said. “What we’ve found as we’ve grown over the past decade is that we’ve been able to attract new and different talent to ParenteBeard – talent that is passionate about working here. And we’ve made an investment in cultivating that talent. In the end, our decisions are driven by what serves our team members and clients best.”