outlook & analysis

2019: client service moves to fore

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advisory services crop up in a couple of ways.

by carrie steffen
the rosenberg survey: national study of cpa firm statistics

we’re seeing what i would call cautious optimism. optimistic because we’ve had a relatively good growth year for most, but cautious because firms are struggling with the question of how to sustain that growth and remain relevant in a changing environment.

more from the map survey: 2019: expect more alliances | 2019 trends: client service changes | 2019: shifts in hiring & office space | 2019: firms grapple with change | staff policies improve, but not mentoring
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merger activity continues at a steady pace, with some firms looking at non-cpa firm mergers, such as cybersecurity firms, in response to the relevancy issue.
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2019: expect more alliances

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also: manage your non-charge hours.

by jeff pawlow, the growth partnership
the rosenberg survey: national study of cpa firm statistics

all of this m&a is coming at a price. yes, top lines are growing, but often the challenge of successfully assimilating a disparate culture causes challenges to the bottom line.

more from the map survey: 2019 trends: client service changes | 2019: shifts in hiring & office space | 2019: firms grapple with change | staff policies improve, but not mentoring
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this is a relationship business – and it is almost impossible for a practitioner to function at an advisory level absent true professional intimacy with their clients. sadly, most firms don’t have programs in place to drive these dynamic relationships and are still stuck managing the compliance services at the expense of the advisory work.
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2019 trends: client service changes

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also: staffing grows more complex.

by angie grissom, the rainmaker companies
the rosenberg survey: national study of cpa firm statistics

in 2017, we saw more than ever before how the accounting industry is in a state of substantial transition. from the services clients need, the method on how to best serve them, the makeup of the firm’s professionals, the method on how to recruit, train and retain them and the business model of the traditional accounting firm – all are shifting.

more from the map survey: 2019: shifts in hiring & office space | 2019: firms grapple with change | staff policies improve, but not mentoring
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the biggest struggle firms are facing is how to go about addressing the changes while leading the firm with the existing challenges of staffing, serving clients and acquiring new clients all while retiring out partners.
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cpa wealth advisor survey

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early results show double-digit growth.
by 卡塔尔世界杯常规比赛时间 research

the financial awareness foundation has teamed up with hb publishing & marketing company, llc and other financial associations to gauge the sentiment of independent financial planning and wealth advisory firms after the first two years of the trump presidency.

here’s the link:

2019: shifts in hiring & office space

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also: firms rethink retirement age.

by allan koltin
the rosenberg survey

the issue of capitalization has definitely come to the forefront. with all of the changes taking place in the profession, trends ranging from technology (artificial intelligence) to new products and services, it is apparent that firms will need to make significant investments if they want to remain competitive.

more from the map survey: efficiency can help prevent slowdowns | staff policies improve, but not mentoring
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this dynamic brings in new issues of overall firm profitability, as well as the potential compression of current partner earnings. it is a classic case of the investment in innovation vs. the wants and needs of partners in terms of compensation.
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