Yelena Papiryan is a partner operating in Duffy Kruspodin’s Woodland Hills and Beverly Hills offices and has been with the firm for 17 years. She serves clients in a variety of industries and leads the Firm’s International Taxation Group.
Russ Alan Prince: Please tell me a little about the clients you help succeed.
Yelena Papiryan: My major clients are fast food franchisees and manufacturer representatives in different industries. One of them is a Motorola representative, and he is growing fast. This year, he will bring in about $35 million. I have two major franchisee groups, and they are both making around $60 million in annual revenue. So, in terms of sectors, my main clients are restaurant franchises and manufacturer representatives.
One of my specialties is helping people and companies navigate the complexities of international taxation. I have vast experience working on a broad range of international tax matters, such as complex compliance reporting and cross-border tax planning. I would say that it is about 10% of my practice.
I also work on estates and trusts for my domestic clients, which I truly enjoy. Additionally, I work with many small businesses and individuals, which I find incredibly rewarding. For these clients, you can see their whole financial picture, and we can provide them with additional services they may not know they need or that we offer, such as CAS (client advisory services), which provides them with the expert analysis necessary to make better financial decisions.
For some clients, we act as their accounting department, while for others, we offer a single service, such as bookkeeping, payroll or consulting. Also, when needed, I introduce them to other consultants who can help them, like Kris and Homer at DK Wealth Management and the attorneys that I work with. I get very involved with all my clients; I make sure that I am helping them optimize their tax situation. It is very rewarding to see the smiles on their faces and watch them prosper and grow over the years.
Prince: Do you have a case study you would like to share?
Papiryan: Sure. It would be my client that I mentioned, who is a manufacturer representative for Motorola, and he may be their largest. He covers most of the western and central parts of the U.S. We have helped him along the way, restructuring his business and connecting him to our wealth management team.
We also handle his bookkeeping, tax preparation and internal financials and consult with him quarterly. However, we provided the most help when he acquired additional business during the pandemic. It was a pivotal moment in his business and a big reason he is expanding. He took a risk, and we supported him by providing him with financial analysis and connecting him with CNB Bank, which provided him with a generous line of credit. Our CNB connection, along with our consulting and guidance, has helped him triple the size of his business!
Prince: How do you integrate wealth management into your practice?
Papiryan: When we started DK Wealth Management, I identified clients who may benefit from their services, and we met with them to see if they were interested. I don’t push extra services on my clients unless they can benefit from them, and for some of my clients, it made sense.
For example, one of my clients was waiting for a huge amount of capital gains from a business restructuring, so he was working on his long-term goals and his estate and succession plans. Initially, he was hesitant to work with Homer and Kris at DK Wealth Management, but after several meetings, he felt comfortable moving forward.
Prince: How do you see the accounting industry changing?
Papiryan: The industry is constantly changing. Before, we needed to be accountants, tax preparers, consultants and psychiatrists. Now, we also need to be an IT person to be on the cutting edge of technology to stay competitive.
Another aspect in which the industry is changing is globalization. For example, we need to pay close attention to foreign investments for our clients because they might trigger foreign reporting compliance. Globalization is also important regarding outsourcing, which most firms are using.
I would like to see our role as accountants transition to a more consultative approach. If you look at Europe, accountants primarily summarize a person’s finances because all the information on the income, even expense information, is provided directly by the taxation authorities to the revenue authorities in their respective countries. So, basically, the tax return is already prepared, and the accountants are helping clients reconcile the totals. We provide more value to our clients on the consulting side, and I hope we move more in that direction.
Prince: Thank you very much. After helping people all day with their finances, what do you like to do to relax?
Papiryan: I really enjoy music, ballet and good movies. I go as far as possible to see live dance performances, especially ballet. Also, I like hiking and spending time with my family. I work most weekends, so I really enjoy unwinding since I take very, very short breaks.
Russ Alan Prince is a strategist for family offices and the ultra-wealthy. He has co-authored 70 books in the field, including Making Smart Decisions: How Ultra-Wealthy Families Get Superior Wealth Planning Results.