What are the issues of accounting firms going into financial services market?

I don't know that much about accounting or financial investing, but it doesn't sound like a good idea to me to combine these two companies together under one roof. I am not saying that one person can't own both of these companies at the same time, but they should be kept separate as two different entities.

When in the accounting business, you have to remain loyal to your clientele, because they might happen to be in the business of mutual funds, which is an investment company. If you gave your client advice where they could get a better investment return by going to a different mutual fund investment group, then that could be a conflict of interest to your client who also owns a mutual fund investment group.