The Innovative CPA Group, a Shelton, Conn.-based accounting firm, is taking a page from large registered investment advisors by bringing together taxes and wealth management.
Innovative CPA Group, which has been doing accounting and tax work since 2017, this month launched Innovative Asset Advisors Group, an RIA focused on investment management, financial administration, tax planning and preparation, and estate and trust strategies.
The firm was created by co-founders Anthony Minopoli and Innovative CPA Group founders Charlie Smith and Lauren Shugrue. Minopoli, who is also a partner in the new RIA, had previously been the chief investment officer of a team managing a $30 billion portfolio for the Knights of Columbus Asset Advisors.
He said the tie-up made sense with Innovative CPA Group clients looking for wealth management capabilities, and his background in institutional investing meaning expanded investment options for high-net-worth clients.
“For me, this is a culmination of 35 years of experience,” Minopoli said. “Then we’ve got the Innovative CPA giant roster of clients that will go on the top of our funnel.”
In addition to ICG clients, Minopoli said the Innovative Asset Advisors will offer to “be the RIA arm” of other CPAs. In these cases, the RIA will agree to non-solicitation agreements regarding tax clients, but a revenue-sharing model for the wealth management services.
“They maintain their independence, but we create a revenue opportunity for them and work with them,” he said. “Most importantly, for the client, we give them a holistic view of what they are doing in the investment landscape, and how that impacts their tax life.”
In recent years, it has been increasingly common for RIAs to acquire or launch CPA divisions, more than the other way around. Since 2023, the of RIAs who have acquired CPAs include Allworth Financial, Mariner, Nepsis, Savant Wealth Management and Sequioa Financial Group.
Conversely, tax firm Wright Ford Young & Co. teamed up with RIA Integrated Partners to launch its own RIA, WFY Wealth Management, last year. Integrated Partners has a CPA alliance program that it has used for years to generate client referrals.
Minopoli said Innovative Asset Advisors Group has launched with “north of” $100 million in client assets. The firm is also hiring, with Minopoli posting for roles on LinkedIn.
He said one of the firm’s selling cards will be his background in institutional investing for the Knights of Columbus, and before that, for large pension funds including Colgate, Con Edison and the NFL. With that background, he will offer alternative investment options both from third-party asset managers and his proprietary relationships.
“We’re really looking at building and bringing institutional asset allocation thoughts and concepts to wealth management,” he said. “I know there’s a lot of democratization going on right now with the thought process of alternatives. The difference is, there are a lot of people in the wealth space that haven’t really been involved with these asset classes.”
On the other hand, ICG has more than 90 employees who provide accounting, tax, fiduciary and business services for individuals and businesses.
Minopoli said that more people, beyond the ultra-wealthy, are looking for financial advisors and accountants who can help them connect the dots between their investments and tax situations.
“Somebody that has worked a good career and has saved a bunch in their 401(k)—maybe $3 or $4 million, and maybe they’ve made more money somewhere else, have [tax] needs for these piles of money,” he said. “The biggest single expense for retirees is taxes, and they need to think about how to plan for that.”
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