Family Office of America acquires Toone & Associates

Family Office of America’s Maryland subsidiary acquired Maryland-based CPA firm Toone & Associates — the latest example of family offices entering the accounting space.

The deal is FOFA’s entrance into the fragmented accounting services market. The family office, which is based in Centennial, Colorado, plans to roll up CPA practices beginning in affluent and densely populated areas of Maryland, and then offer its family office services to those clients.  Toone & Associates adds tax planning, tax preparation and estate strategies to FOFA’s platform. FOFA is expecting to do a minimum of $1.5 million in revenue, according to its CEO, Patrick Adams.

“We’re thrilled to launch our growth strategy with the acquisition of Toone & Associates, a firm that shares our commitment to excellence and client-centric service,” Adams said in a statement. “A very significant number of CPAs are at retirement age and need an exit strategy. Our focus on artificial intelligence is ripe with opportunity. We intend to put AI to work making our operations more efficient. We believe our financial model is very compelling. The number of potential acquisitions is vast, and our ability to use technology should allow for significant productivity gains. Adding services the client needs provides the potential for very attractive returns for our shareholders and offers great service for our clients. We believe offering Family Office Services to the masses will be the next big trend in financial services and that this will be a great thing for clients.”

Toone & Associates has two partners and offers tax and accounting services for high-net-worth individuals and families. Under the deal, it can offer clients services like investment advisory, personalized wealth planning and risk management solutions.

“Joining forces with Family Office of America is a transformative step for our clients and team. Our reputation for meticulous, client-focused service aligns seamlessly with FOFA’s mission,” Bruce Toone, managing partner of Toone & Associates, said in a statement. “With their support and resources, we’re excited to expand our impact and deliver even greater value to families across Maryland and beyond.”

This deal is the latest in a trend of family offices’ acquiring or investing in accounting platforms. Earlier this month, Chicago-based CPA firm DSWD received an investment from 119th Street Capital, a family office in Indiana. In September, Elevate, a family office-backed accounting firm platform, launched and acquired TYS Advisors and Gilmore Advisors. In July, Windsor Path, another family office-backed platform, acquired WFFA Advisors.