Why did the big 4 get rid of its financial planning groups? Anyone have any insight?

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I’d guess for two reasons.

1. They couldn’t profitably do the work, or
2. Service restrictions prohibit them from doing the work as a sufficient scale to make it sustainable.

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Why do they have to keep it?

It’s not about them having to keep it. I am curious to the reason behind them ending those groups.

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Outsourced FP&A? If that’s what you mean EY FAAS is trying to reignite this.

Do you mean financial planning as in wealth management? That’s what CFP’s and mutual funds are for not CPA’s. Also HNW tax folks do some consulting work that is akin to Financial planning but rich people have access to private bankers and the like who are infinitely more valuable than accountants

This and Sarbanes. Some of the firms were also penalized early 2000s for tax shelter sales to HNW individuals. Get out of a risky line of business for what is not a lot of fees.

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