|Previous||1 of 2||Next|
Something new is under way in the Miami office of Haskins & Sells, and Henry D. Forer, tax partner and nationally recognized specialist in the savings and loan industry, is part of it. That he should be is not surprising, for Henry has always been interested in the innovative, the unexplored, the unique. The years since World War II have been ones of spectacular growth for the savings and loan industry in Florida, where industry assets now exceed $22 billion. Over the last ten to fifteen years our Miami office and the others in Horida have taken advantage of this growth. More than 40 of the state's 130 associations are clients, including 8 of the 10 largest. Twelve audit partners in our practice offices handle these clients. This strong position has stimulated the creation of a Horida Offices Savings and Loan Services group, conceived by Henry and partner in charge Larry Walsh. Joining Henry in the group, which began operating in January, are Lynn Stokes and Jack Goldstein. "We are totally immersing ourselves in S&Ls," says Henry, "to serve our clients better both in income tax and in regulatory accounting. Too often, knowledge is limited to one or the other of these topics, and we want to bridge this gap. We also assist our audit partners and managers in coordinating financial and tax reporting." Complementing the three-man Miami-based team and offering broader geographic scope are Sergio Fernandez in the Miami Small Business Department, and tax specialists such as Pat Dougherty in Orlando and Bill Rowse in Palm Beach. Along with several others, these men can provide on-the-spot assistance to savings-and- loan clients throughout the state. For Henry Forer the creation of this group represents an extension of his dedication to our savings-and-loan clients and his commitment to rendering them high-quality service. His interest in the S&L industry dates from the time when he was a graduate student at the University of Horida at Gainesville and wrote his master's thesis on the subject. After his senior year at the university, Henry interned with the Horida firm of 28 Pentland, Purvis, Keller & Co. and was employed full time after military service. One of the many outstanding accountants who joined Haskins & Sells in 1961 with the PPK merger, Henry became a partner in 1968. He explains how his specialty evolved: "I had worked on the audit of the Miami office's three S&L clients in the early sixties at a time when, for all practical purposes, the associations were still tax exempt. I then transferred to the Tax Department to work under Allen Tom-linson and saw that this exempt status was about to change. In fact, in 1962 the S&Ls did become subject to income tax. I've never been interested in covering what has already been done, in rehashing old ground. This was the virgin territory I was looking for, something new which presented a challenge." As his interest grew, Henry began to study the industry, familiarizing himself with its many aspects, and the Forer byline began appearing frequently on articles in professional and industry publications. "This was not an academic pursuit," Henry says. "In large part my background material comes from on-the-job experience working directly with clients." While focusing on savings and loan, he continued to explore other related areas such as commercial banking and real-estate transactions. "I may be a specialist, but I also want to see what I can glean from these other sources that is pertinent to my industry," he explains. Henry believes firmly in specialization, People in H&S: Henry D. Forer In photo on facing page, Henry Forer (center) confers with Jack Goldstein (1.) and Lynn Stokes about activities of the recently formed Florida Offices Savings and Loan Services group. Not shown in photo is Ralph Wagner of our Fort Lauderdale office, newly appointed member of the group. and it is a belief that is manifested in the way the Savings and Loan Services group operates. The three men subdivide current S&L topics so that the client can turn to one person with a question on a particular matter. "Because there is so much happening in the industry," Henry says, "I can't realistically expect to become an expert in each new development. It is for this reason that I want the client to know that he can go to Lynn or Jack or the others for top-quality information. I also have a solid commitment to the team effort, although I mean a team with independent members. A single mind may not always be sufficient for finding the best possible strategy, sol like to bounce my ideas off at least one other person for his suggestions and thoughts. I learned this technique from Allen Tomlinson, and it has stayed with me ever since." And Henry has good minds available in his other "team members." Lynn Stokes joined Haskins & Sells in 1969 after graduation from the University of Horida. Having started on the audit staff, he soon switched to tax. Jack Goldstein, a University of Mami alumnus, spent three years with IBM before coming to the Firm in 1969. The two were recruited for the Savings and Loan Services group because of their experience with clients in the industry, as well as for their interest and aptitude. How did they get sufficiently interested in S&L to make it a specialty? "I was intrigued by the tax aspects, the SEC requirements, the whole package of current developments stemming from the mutual associations considering going public," Jack says. "The industry has enough facets to merit this degree of specialization and still be interesting," Lynn adds. Henry is a man of strong opinions, articulately voiced. One of his tenets is that it is essential to know as much about the industry as the client does—and more. "To maintain our position I think we must be able to anticipate what the client will want to know. We do this by devoting a substantial amount of time to the industry. The client spends his entire day involved in savings-and-loan matters, and so does our group."
People in H&S: Henry D. Forer
Carlebach, Michael L.
Pentland, Purvis, Keller & Co.
Forer, Henry D.
Walsh, Lawrence M.
Forer, Henry D.
Haskins & Sells. Miami Office
Haskins & Sells. Orlando Office
Haskins & Sells. Palm Beach Office
H&S Reports, Vol. 12, (1975 summer), p. 28-29
|Source||Originally published by: Haskins & Sells|
|Rights||Copyright and permission to republish held by: Deloitte; Photograph by Michael L. Carlebach, Black Star|
|Format||PDF page image with corrected OCR scanned at 400 dpi|
|Collection||Deloitte Digital Collection|
|Digital Publisher||University of Mississippi Library. Accounting Collection|