March 17, 2014
Rob Babek, Partner-In-Charge, Los Angeles Office, Quoted in Los Angeles Business Journal Article, "More Money Men."
Wealth management firms know that Rob Babek, a partner in charge of accounting firm Marcum’s Century City office, keeps the books for some of the richest families in Los Angeles.
Which is why at least twice a week, Babek gets cold calls from brokers and investment advisers. They’re pretending they can help him drum up business, but really they’re looking for an in with his wealthy clientele.
"They always start off with the same line: ‘I could refer you a lot of business.’ But in reality, it’s the other way around," Babek said. "The competition is brutal."
And it’s getting more so. In the past two years, out-of-town firms have been buying local wealth management shops or opening their first West Coast offices here. New shops are cropping up, too, as money managers leave big firms and start their own practices.