Brandywine Oak Private Wealth, a member of the St. Petersburg, Fla.-based Dynasty Financial Partners network of independent advisor firms, has appointed Chris Smith, a CPA, to head its new tax practice launch, Brandywine Oak Private Tax Advisory, the company announced in a news release.
Smith, a 15-year industry veteran, most recently served as senior manager with Gunnip & Company CPAs, which he joined in 2013. He received his B.S. degree in accounting from the University of Delaware.
As founding partner and tax director of Brandywine's namesake tax advisory, Smith will devise and implement cost-saving strategies that promote tax efficiency and preserve client wealth for generations to come.
Under his leadership, the new tax practice is also expected to reduce the amount of time professionals at the parent firm spend reviewing tax returns prepared by their clients' outside CPAs. The firm corrects any errors it finds free of charge, and it said that finding and correcting those errors accounted for a third of its time last year.
“Taxes are the single largest expense that many families will have in their lifetimes,” Smith said in the news release. “Many families wisely spend time with their wealth advisors, but often miss out on the many tax planning strategies available to them that could further maximize their after-tax returns.”
The Brandywine Oak team, led by founder and CEO Michael Henley, provides high-net-worth individuals and families with income planning, investment management, estate planning and tax strategies structured to maximize charitable and family gifting while minimizing the impact of federal and local taxes. Henley said in the news release that a tax strategy is often more essential than an investment strategy in managing client wealth.
“The more a family plans, the more the family will keep after taxes,” he said. “If you are investing in the market, yes, you may lose money from time to time, but as long as you stay invested, it will eventually come back. If you overpay in taxes, that is a one-way street; you are never getting that money back.”
In an October 22 email, Henley said that the new tax practice led by Smith was already a success, with 150 clients signing up for its services in just the first three weeks of operation. Henley attributed its success to Smith.
“There have been five tax law changes in just the last three years alone," Henley said. "Having a CPA who stays on top of them is invaluable. And being a CPA, Chris can represent clients in response to inquiries and notices they receive from the IRS and state tax authorities, which include issues such as identity theft. That is incredibly helpful, too.”
Brandywine Oak Private Wealth, with offices in Kennett Square, Pa., and Kiawah, S.C., manages approximately $1.3 billion in client assets.
