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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
July 29, 2004 at 08:00 PM
NU Online News Service, July 29, 2004, 5:12 p.m. EDT
The new federal financial reporting rules took a bite out of profits at Clark Inc., Barrington, Ill., during the second quarter.[@@]
The benefits consulting firm is reporting $1.7 million in net income for the latest quarter on $71 million in revenue, compared with $2 million in net income on $77 million in revenue for the second quarter of 2003.
At the firm’s executive benefits practice, renewal revenue fell to $8.1 million, from $9.9 million, but first-year revenue increased to $4.6 million, from $4.3 million.
Clark points out that complying with the Sarbanes-Oxley Act of 2002, the law that requires public company managers to work with auditors to verify the integrity of their financial controls, cost it $650,000. SOX compliance ate up 0.9% of Clark’s revenue during the second quarter.
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