it’s time to transform your services.
by jackie meyer
for too long, the accounting and tax profession has been synonymous with one thing: compliance. filling out forms, meeting deadlines, making sure all the boxes are checked.
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compliance is important – don’t get me wrong – but it’s only part of the story. to truly thrive today, and to build a practice that aligns with the balanced millionaire philosophy, you must shift your focus from compliance to advisory.
compliance vs. advisory: what’s the fundamental difference?
let’s clarify these terms:
- compliance is the reactive, mandatory side of our work. it’s about fulfilling legal and regulatory requirements: filing tax returns, preparing financial statements, payroll filings, sales tax, etc. compliance is often seen as a commodity. clients view it as a necessary evil – “i have to do this, so i guess i have to pay someone to handle it.” the value is rarely felt by the client; they mostly notice if it’s done wrong (penalties, errors). it’s expected to be correct and on time, and that’s about it. in short, compliance keeps people out of trouble.
- advisory is the proactive, strategic side. it involves providing insights, planning for the future, and helping clients achieve their financial and life goals. advisory is about going beyond the numbers and being a trusted partner. examples include tax planning (versus just tax prep), business consulting, financial coaching, virtual cfo services, growth strategy, wealth management, etc. advisory work is forward-looking: it helps clients navigate what’s coming and make informed decisions that improve their situation.
in essence, compliance is about looking backward (reporting what happened), and advisory is about looking forward (shaping what will happen).
why make this shift? because this is where the value is – for both your client and you:
- commoditization of compliance: technology and automation are rapidly handling more compliance tasks. tax software gets better every year; bookkeeping can be automated or outsourced cheaply. compliance services are becoming commodities, which drives down prices and differentiates you less. competing on being the fastest or cheapest tax return preparer is a race to the bottom (and frankly, a losing game against artificial intelligence and big tech over time).
- clients expect more: today’s clients (especially the types we want to work with) aren’t satisfied with just form-filing. they are looking for guidance. they want someone to help them make money or save money, not just count money. they may not articulate it as “i want advisory services,” but they do express frustrations like “i wish i had better tax planning” or “i don’t understand my numbers” or “is there a way to … (whatever their goal is)”. they want a strategic partner.
- greater impact: when you help a client save $50,000 in taxes, or grow their revenue by 20 percent through your advice, or free up their time by streamlining their processes, you change their life. that’s far more impactful (and rewarding) than simply delivering a correctly filed tax return. you build long-lasting relationships because you’re intertwined with their success.
- higher fees and profitability: advisory services naturally command higher fees because they are based on value, not time. as we touched on with roi pricing, clients will pay for results. if you help a client make $100,000, a $20,000 fee is a no-brainer. if you save them $30,000 in taxes, a $10,000 fee is fair. these kinds of margins are impossible in pure compliance where maybe they’d only pay $2,000 for the tax return prep regardless of value. also, advisory services are often ongoing or project-based, giving you more pricing flexibility (monthly retainers, value-based project fees, etc.).
- personal fulfillment: honestly, doing only compliance can be draining and, dare i say, boring after a while. advisory work is engaging. every client’s situation is a puzzle to solve or an opportunity to innovate. it leverages your creativity and problem-solving skills, not just your ability to follow regulations. it feels meaningful when you see clients sleep better at night or achieve their dreams partly thanks to your counsel. this sense of purpose feeds back into your quality of life (remember the “joy” and “purpose” assets from shift).
so, shifting to advisory isn’t just a trend – it’s a necessity if your goal is a thriving, future-proof, high-impact firm.
strategies for transitioning existing clients to advisory
if you have a roster of clients currently mostly using you for compliance (tax prep, bookkeeping, etc.), you might be wondering how to get them to value (and pay for) advisory services. it requires a thoughtful approach:
- identify opportunities: review your client list and highlight those who have more complex situations or significant goals. these are clients who likely need advisory services. for example, a client who just started a business, or one who had a big income jump, or who mentioned a life change like retirement or selling a business. also identify which clients you like and would want to deepen relationships with.
- educate your clients: many clients don’t realize what they’re missing. they think a tax preparer is just that. you need to open their eyes. start having conversations: “did you know i could help you with planning to save on next year’s taxes? we have strategies we haven’t explored yet because we’ve only been doing the annual filing …” explain the value of proactive planning, perhaps by sharing an example from another client (anonymously). you might send out a newsletter or one-pager to all clients announcing new “tax strategy sessions” or similar.
- start small – offer a tasting: not all clients will jump on comprehensive advisory right away. offer a small advisory service first to test the waters. for instance: a one-time tax planning strategy session each summer for a flat fee, where you review their projected income and suggest strategies. or a business health check where you spend a few hours reviewing their financials for improvements. gauge interest – those who bite likely have potential for more.
- showcase your expertise: you need to reposition yourself in clients’ minds from “my accountant” to “my trusted advisor.” one way is content: share brief insights or tips in emails, or host a short webinar on “year-end tax moves for small biz” exclusively for clients. when they see you providing valuable info proactively, they’ll start thinking of you as a source of guidance, not just a number-cruncher. also, when you identify an opportunity specific to a client, bring it up. example: “hey, i noticed your business has extra cash this quarter. have you considered setting up a retirement plan to save taxes and invest that? this is something i help clients with.” now you’re planting seeds that you can do more.
- focus on their pain points: tailor your advisory pitch to what each client cares about. a busy entrepreneur might value time-saving systems and someone to “handle the finance stuff.” a high earner might value aggressive tax savings. a retiree might value assurance they won’t outlive money. talk about their needs, not your services. use their language: “i know tax time has been stressful – what if we met a couple times a year to make it go smoother and avoid surprises?” show empathy and then a solution (which is your advisory offering).
as you implement these, you’ll find some clients enthusiastically say “yes, i’d love more help!” and some who say “no, i’m fine just with the basics.” and that’s okay. in the long run, you might actually let go of those “compliance-only” clients who don’t value more – they may not fit your balanced millionaire model. but don’t jump to that yet; first try to convert as many as possible.
attracting new advisory clients
while transitioning existing clients is great, you also want to attract new clients who come primed for advisory (especially ones that fit your niche). here’s how:
- lead with advisory in marketing: on your website and materials, emphasize planning, strategy and outcomes. for example, instead of “tax preparation and planning” as a line item, you might say “proactive tax strategy: we help you save tens of thousands by legally reducing taxes.” notice how that leads with the outcome. make it clear you are not just a form-filler; you’re a partner in their success.
- content and authority: create content (blogs, short videos, linkedin posts) that speaks to advisory topics for your niche. if your niche is dentists, a blog titled “5 ways dentists can cut taxes by $40,000 this year” is gold. when prospects read that, they see you know your stuff and you care about saving them money (not just doing their filings). this draws in exactly the type of clients you want. speaking at industry events or on webinars/podcasts for your niche can also establish you as the go-to advisor for that community.
- networking strategically: identify where your ideal clients hang out (both in person and online) and go there. if your niche is tech startups, maybe it’s local entrepreneur meetups or online forums. for physicians, maybe a medical association event. when networking, don’t introduce yourself as “i’m an accountant” (boring). say something like, “i run a boutique tax advisory firm that helps (your niche) significantly increase their take-home by optimizing taxes and finances.” (see how that uses your niche and a value prop? it sparks interest.)
- offer free initial consults (wisely): many advisors offer a free consultation. that’s fine, but frame it as a “free strategy session” or “discovery call” where you specifically aim to identify opportunities for the prospect. come prepared. for example, if they filled out an intake form with some numbers, do a quick analysis. in that initial call say, “i already see a couple areas where i think i can save you about $x in taxes or improve y … if that’s something you’d like help with, that’s exactly what i do in my advisory engagements.” now the prospect tangibly understands the value.
- use case studies and testimonials: social proof helps. share short stories (in person or in marketing) of how you helped a client go from point a to point b. e.g., “i worked with a salon owner who was paying too much in taxes; over a year we reorganized her business and saved her $20,000 – now she’s opening a second location with those savings.” these success stories paint a picture of what’s possible with you as an advisor.
- refine your “ask”: remember that “ask” from niches? make sure it highlights advisory. e.g., “i help busy doctors keep more of what they earn through proactive tax and financial planning.” this tells anyone who hears it that you do more than just crunch numbers – you deliver results.
by focusing your marketing and networking on the advisory side, you’ll start to attract clients who come specifically seeking that higher level of service. they will be more likely to engage in value pricing and long-term relationships.
the importance of communication and education in the shift
whether it’s existing clients or new ones, clear communication is key in successfully shifting from compliance provider to advisor:
- articulate your value (over and over): don’t assume clients inherently understand what “tax planning” means or why it’s worth $5,000 when they used to pay $500 for a tax return. you have to connect the dots: “tax planning with me might save you $x, reduce headaches, achieve goals y and z.” regularly highlight wins (e.g., in a quarterly email, “this quarter we helped clients save a combined $300,000 in taxes!”). this reinforces why they pay you.
- set expectations: when you move a client to an advisory engagement, explain what they can expect from you in terms of communication and deliverables (e.g., “we’ll have monthly check-in calls, a midyear strategy review, and i’m available for questions all along.”) also clarify what you expect from them (provide info timely, etc.). this prevents miscommunications.
- be proactive: one hallmark of an advisor is that you reach out first. don’t wait for the client to ask “should i do anything before year-end?” you should be the one sending that email in fall saying “let’s discuss year-end moves.” proactivity builds trust and reinforces that you’re managing their financial blind spots.
- avoid jargon: remember, part of advisory is educating clients. speak plainly. if you introduce a concept (like “entity restructuring” or “cost segregation study”), briefly explain it in layman’s terms and focus on the benefit (“… which means you could accelerate depreciation on your property and save a lot on taxes”). clients appreciate advisors who make the complex simple.
- provide regular updates: keep clients in the loop about what you’re working on for them and the results. for example, “this quarter, we implemented a new retirement plan for you that will save approximately $8,000 in taxes annually. next up, we’ll look at insurance strategies.” short updates like this remind them of ongoing value.
- be responsive and accessible (within reason): clients venturing into advisory want to feel they have you “on their team.” that doesn’t mean being on call 24/7, but it does mean responding within a reasonable time and making yourself available for planned meetings or urgent issues. remember the boundaries we set earlier though; you can be responsive and have boundaries (e.g., set an expectation like “i respond to all emails within 24 hours during weekdays”).
determine what you love doing and brings you the most purpose
as you shift into offering more advisory services, it’s worth considering: what aspects of advisory do you love the most and find most fulfilling? the reason is, there are many directions you can go – tax strategy, business consulting, financial planning, coaching, etc. ideally, you’ll gravitate to the services that align with your personal joy and purpose. because when you focus on what you love, you’ll naturally excel at it and attract clients who value it.
take a moment and think: what parts of my work energize me? is it diving into tax law to find creative solutions? is it listening to a client’s aspirations and helping map a plan? is it using tech tools to streamline processes? is it mentoring a client in business skills? there’s no wrong answer – it’s about your unique abilities and passions.
by identifying what you love and where you feel you bring the most purpose, you can further refine your service offerings. for example, i realized i loved the coaching/mentoring side – helping other accountants achieve what i did – so i moved in that direction in my career. you might love the technical side and become known as the absolute wizard of tax strategy. or you might enjoy the client relationship side most and grow your team to handle the technical while you focus on being the front-facing advisor and big-picture thinker.
the beautiful thing about building your firm is you get to design your role. so keep that in mind as we continue: gravitate toward what gives you energy and purpose, and delegate or minimize the rest over time. that’s how you create a business that not only makes money, but also makes you happy.
you’re now well on your way to repositioning yourself and your firm from compliance to advisory. you’ve trimmed the wrong clients, educated the right ones, and started to attract prospects seeking your higher-value services. this is a game-changer in your journey to the balanced millionaire lifestyle.
action items
- make a client transition plan: list your existing clients and note which ones you will approach for advisory services, and what specific service you’ll pitch (e.g., planning session, upgraded monthly package, etc.). also note any clients you suspect will never convert so you can later consider letting them go or keeping them compliance-only with minimal effort.
- draft an education email: write a short, friendly email to all (or select) clients explaining a new service or offering. for example, “this year we are offering a mid-year tax strategy review for our clients. many have already saved thousands through proactive planning. i’d like to invite you to schedule yours.” keep it non-technical and benefit-focused.
- update your website/linkedin: ensure your profile no longer just says “tax preparation, bookkeeping” but highlights advisory: “strategic tax planning, virtual cfo, profit maximization strategies,” etc., whatever suits your offerings. first impressions count.
- schedule outreach: set dates in the next month to call top clients just to check in (with an eye toward opening the advisory conversation). relationship building is key.
- identify a quick win: find one client situation where you see an obvious advisory opportunity (like a clear tax saving). do the analysis and present it to them as an example of the value you can provide beyond compliance. whether they bite or not, it’s good practice in articulating value.
- list three new places to find clients: based on your niche and the advisory focus, list at least three events, organizations or platforms where you can connect with ideal prospects. plan to engage in at least one within the next quarter (attend, speak, contribute content, etc.).