Chicago-based BDO USA (FY16 net revenue of $1.29 billion) announces the expansion of its wealth advisory practice through the addition of LBA Wealth Management of Jacksonville, Fla.
The announcement follows on the heels of The LBA Group, also of Jacksonville, (FY15 net revenue of $16 million) joining BDO USA last November.
The practice is a fee-only investment advisory firm encompassing seven professionals with $350 million in assets under management. The two entities will continue to share BDO’s Jacksonville offices.
David Albaneze, MP of LBA Wealth Management, will be joining BDO as managing director for BDO Wealth Advisory’s Southeast region. The combination of BDO and LBA Wealth Management is expected to be completed on April 1.
“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,” Albaneze says. “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.”
“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,” says Steve Parish, national leader of Wealth Advisory Services at BDO USA. “Florida will serve as a stronghold for the continued expansion of our Wealth Advisory practice throughout the Southeast.”