In 1980 June Stein was a CPA with an Arthur Young & Co background. Lee Stein was an attorney with a Coopers & Lybrand background. Together, they formed Stein & Stein, Incorporated to service high net worth clients primarily in the entertainment industry. While most medium sized businesses have either a chief financial officer or an accounting department, most rock stars and movie stars do not have in-house finance capabilities even though their business affairs are worldwide in nature and more complicated then the typical medium sized business. A boutique industry exists, located primarily in Beverly Hills, to serve as turn key cfo/finance departments for such talent, essentially serving as a general contractor of professional services usually with power of attorney.

Stein & Stein, Incorporated was formed to serve such a role. When actively engaged in practice on behalf of clients, the clientele was approximately 40% music, 40% film and 20% high net worth non industry families. Essentially, most individuals do not change financial representatives when everything is going well in their financial lives. Each new client was essentially a turn around situation, with some pressing need that caused them to change advisors. While client matters are confidential, some former clients have demonstrated gratitude by offering a special thank you in very public ways.

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