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MyCFO cuts staff, acquires consultancy

The online wealth-management service quietly lays off 10 percent of its staff and says it has acquired a Seattle estate and tax consulting firm.

MyCFO, an online wealth-management service, has quietly laid off 35 employees as part of a shift in its business strategy.

The Mountain View, Calif.-based company made the cuts, which amount to 10 percent of its staff, in its Web content department two weeks ago to refocus its technology development from Web content services to making software tools, a company representative said. After the layoffs, MyCFO employs 335 workers, the representative said.

The company, which was founded by Netscape co-founder Jim Clark, also said it acquired Doran Anderson Nelson, a Seattle-based estate and investment tax consulting firm. Financial details were not disclosed, but MyCFO said it expects to gain approximately 30 new clients representing a combined net worth of about $750 million.

MyCFO manages the assets of the rich using what the company describes as a unique, holistic approach to financial planning. The company says it has attracted 340 clients with approximately $40 billion in assets under management.

Clark and fellow Netscape co-founder Jim Barksdale launched the company in 1999. Clark also sits on the boards of two other privately held companies--digital photo company Shutterfly and genetics research company DNA Sciences, formerly known as Kiva Genetics. He invested money in online health care company WebMD.