Nigro Karlin Segal Feldstein & Bolno is a big name in Hollywood and New York, managing the business interests of entertainers such as Bruno Mars and Joan Rivers.
But the Westwood accounting and business management firm wants to be a big name elsewhere – Wall Street, San Francisco, Boston – as it tries to bring in more clients from outside the entertainment industry. Think hedge fund managers, chief executives and wealthy families.
Nigro Karlin is expanding as it tries to lure these wealthy clients with the same kind of concierge-style services that business management firms have long offered to Hollywood stars: everything from financial planning and accounting to hiring a nanny or calling a contractor to fix a leaky roof.
Mickey Segal, managing partner at Nigro Karlin, said the market for those services outside of the entertainment industry is huge.
“The individual with a net worth of $10 million or more would certainly substantially benefit from this service,” he said. “How big is that marketplace? It’s massive. And it’s basically untapped.”
Business management is well known in Southern California, even among executives and wealthy families outside of the entertainment industry, Segal said. But that’s less the case in other parts of the country.
In marketing materials geared toward nonentertainment clients, Nigro Karlin has taken to using the term “personal CFO” instead. Even that’s not perfect, as it implies the firm’s services are only financial.
“The tricky part for us in expanding this business, outside of Los Angeles, is the terminology,” he said. “The services we provide above and beyond paying bills and tax planning is what differentiates us from the bookkeeper or accountant you can hire.”
So what, exactly, are the other services NKSFB is peddling?
“Anything you or your wife pick up the phone and call someone to do, we do,” Segal said.
The firm has helped hire nannies and maids, called plumbers for emergency home repairs and found consultants to advise clients’ children on college admissions. They’ve had movers get a client’s belongings from Colorado to California, and brought in property managers to take care of clients’ second or third homes.
Segal said a client called one morning saying he needed a last-minute birthday gift – a new Mercedes-Benz – delivered to his wife by that afternoon.
“When high-net-worth clients hear this, they say, ‘I didn’t even know this existed,’” Segal said. “When you explain this to someone, their mind wanders to whatever’s been a pain in their butt lately.”
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