Type Private Founded 2005 | Website wtpadvisors.com | |
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Subsidiaries WTP Capital Markets, WTP Cross Border, WTP Interest and Penalty Advisors Profiles | ||
WTP Advisors is an international-tax advisory and consultancy firm. Inc. Magazine ranked the company as one of the fastest growing businesses in the United States in 2011, 2012, 2013. The 2012 Inc. 500 and 5000 survey ranked WTP Advisors at 1,184; within the business products and services category, the company ranked 75th. The company was founded in 2005 by Ian Boccaccio, Michael Minihan, David Wain and James Fyhrie all former employees of PricewaterhouseCoopers. The partners saw an opportunity to provide international tax consulting for small and medium businesses and be competitive with the “Big Four” accounting firms: PricewaterhouseCoopers, Ernst & Young, Deloitte Touche Tohmatsu and KPMG.
Contents
History
Ian Boccaccio, Michael Minihan, David Wain and James Fyhrie founded WTP Advisors in 2005. The company was originally known as Worldwide Trade Partners LLC. The founders planned to meet the tax advisory and compliance needs of small multinational companies. Boccaccio, Wain and Fyhrie formerly worked in the Quantitative Solutions division of PricewaterhouseCoopers, while Minihan served as a senior international tax advisor.
The early goal of WTP Advisors was to offer small companies a more efficient and affordable tax solution than that offered by any of the Big Four accounting firms. The partners believed that matching dedicated experts with each client, rather than temporary consultants or fresh college graduates, represented a more compelling business model. Early expansion of WTP Advisors included the opening of offices throughout the United States in locations such as Minneapolis, Chicago, Denver, and Cleveland. WTP Advisors is the Association of Leaders in Equipment Distribution's preferred provider of the Like-Kind Exchange Program.
In September 2013, Boucher Stickley Group merged with WTP Advisors to become its forensic accounting practice area. In November 2013, WTP Advisors was recognized with the New York SmartCEO 2013 Future 50 award.
Operations
Effective with the Ryan Acquisition of WTP Advisors New York. WTP Advisors is now headquartered in Minneapolis, Minnesota. Previously, WTP Advisors was headquartered in White Plains, New York. It has 40 offices in 29 countries across North and South America, Asia, and Europe. The company operates both a tax advisory and business advisory service. Major client industries include consumer products, defense, digital media, manufacturing, real estate, asset management, technology and pharmaceuticals.
Growth
Beginning in 2010, WTP Advisors’ growth strategy included the creation of referral and affiliate programs throughout the world’s major economic markets. Programs in Canada, France, Spain, Ireland, Australia, and Japan connected global corporations with the services of WTP Advisors.
Early 2012 witnessed further growth for WTP Advisors. Firms in Argentina, Brazil, India, Indonesia, Korea, and the Philippines joined the affiliate program. From its four founders, WTP Advisors grew to 26 consultants in 2008. By 2009, that number had grown to more than 40. As of early 2012, WTP Advisors employed 75 tax and finance professionals.
A primary factor that drives growth for WTP Advisors is a demand for highly skilled tax and financial professionals. According to Inc., WTP Advisors had a growth rate of 62% from 2010 to 2013. The company's revenue increased from $11.8 million in 2010 to $19.2 million in 2013.
Philanthropy
Through the VITA (Volunteer Income Tax Assistance) program, WTP employees donate their time to help low-income individuals file income tax returns. The company also provides support to Streetwise, an organization focused on helping underprivileged students earn college admission.
WTP Advisors also contributes monetary gifts to DOMUS, a local non-profit group that provides help for needy children and families. DOMUS operates charter schools and residential programs that give physical and emotional support to low-income individuals.
The tournament program at Sterling Farms Golf Course is sponsored in large part by contributions from WTP Advisors. The course is located in nearby Stamford, Connecticut, and is rated as one of the best public courses in the state. With the sponsorship of WTP Advisors, citizens are able to compete on the course at deeply discounted rates.