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Ellin & Tucker Chartered, a Baltimore accounting firm, has struck an agreement with Legg Mason Inc. that allows it to sell mutual funds, insurance and other financial products through a Legg Mason subsidiary.
The move is part of a nationwide trend by accounting firms to make more money by expanding into nontraditional businesses such as consulting, and even selling products that the firms once only recommended.
Ellin & Tucker has established a formal relationship with Legg's LM Financial Partners Inc. that will allow a group of certified public accountants at the firm to provide financial planning services to its clients through Legg Mason, a Baltimore investment firm.
Ellin & Tucker CPAs will work in conjunction with Gregory S. Hurlbrink, a Legg Mason broker. The participating accountants will share in the brokerage commissions and will therefore not bill their clients on an hourly basis as they would for traditional accounting services, he said.
Four Ellin & Tucker CPAs will initially offer these money management services, said Edwin R. Brake, managing director at Ellin & Tucker. The...