surveys & research

three ways to work together on wealth

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collaboration can be in house, but it doesn’t have to be.

by anthony glomski

the term “wealth management” comes up time and time again as you seek advice about helping your clients with their financial challenges and opportunities.

more: target the family ceo | how to implement collaborative wealth management | five challenges of liquidating a business
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people throughout the financial services industry like to call themselves “wealth managers” or “wealth advisors,” but research shows that only about 1 in 16 financial professionals really provide collaborative wealth management. this type of client relationship includes not only investment consulting, but all aspects of advanced planning and relationship management. mostly they focus on investment management services that everyone else provides. in most cases, standard investment management services are not enough to make a meaningful difference in your client’s total financial picture. but your role as your clients’ personal cfo does make a huge impact.
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how to destroy your cas profits

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twelve causes to repair asap.

by hitendra patil
client accounting services: the definitive success guide

we discussed that you need to explain the why of your client accounting services pricing. a price is a measurable number. “value” of each of your cas component also needs to be reasonably measurable for your clients and prospects to understand the why. this is easier said than done, and you need to keep rewriting the value statements, testing them and revising them.

more: price by outcome, not time spent | want higher profitability? turn to cas | structure insights as what-why-what | set your processes apart in nine steps | five ways to overcome cas staffing challenges | think cas isn’t for your firm? | convince your firm of cas value
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the best way to define the measurable value of each of your cas components is to state it from the client’s perspective, i.e., which business decisions the client can make based on the information/insight/intelligence you provide in a given cas component, and under which circumstances. then state the measurable impact of such business decisions. e.g., “on an average, we help our clients reduce money stuck in inventory by 11 percent, which in many cases results in lower overdraft interest costs by about 1.3 percent annually.” without the numbers in your value statements, clients can feel you are pitching marketing fluff.
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harper & co. cpas: the perspective of a non-accountant is imperative

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“the perspective of a non-accountant is imperative.”

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transformation talks
with donny shimamoto
center for accounting transformation

center for accounting transformation
center for accounting transformation

glen harper, cpa, says businesses should be willing to reinvent themselves and that diverse perspectives can be a valuable asset. the owner of harper & company cpas should know: he’s had to embrace both philosophies to become successful. 

more transformation talks:  menlo innovations: improve office culture by overhauling internal reviews | dustin wheeler: for serious cas success, hire tech teams | chase birky: overcoming paralysis by analysis | dustin verity: keep an open mind and constantly learn | james ross: csr for cpas: the missing ingredient | o.d. lanier: stepping into advisory | mike maksymiw: the secret to success? a growth and abundance mindset | paul mueller: from tax to transformation

more podcasts & videos: cas or caas? getting clarity | the seller’s guide to getting the best price for your firm | doing nothing is not an option  | why the future is in risk advisory | fine-tuning the subscription fee model | thinking smart about new tech: byron patrick | blake oliver: why tax work yearns to be free | private equity explodes in u.k. | brannon poe: the status quo must go  |  accounting nerds, unlock your super powers  | private equity vs. the cpa firm partnershipthe fintech flood: accounting will never be the same  |  think small to think big with matt wilkinson | your sales tax headaches are only just beginning | when financial statements go extinct with corey schmidt  |  can geraldine carter save accountants from themselves? |  re-inventing accounting with tyler anderson |  turning client service into new revenue | see all podcasts and videos here

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in a recent episode of transformation talks, harper tells host donny shimamoto, cpa, citp, cgma, who is also the founder and managing director of intraprise techknowlogies llc and the founder of the center for accounting transformation, that a good advisor can help you see your business from a different perspective and identify opportunities that you may have missed. he said after some self-reflection, he needed what his successful clients already had–a ceo.

enter julie smith.

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rosenberg map: partner incomes surge 11.4%

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on revenue gains of 11.8%

by charles hylan
rosenberg map survey 

it’s been another amazing year for the accounting profession! but – it comes at a price. as we look at the firms in our survey with revenue greater than $2 million, income per partner was up 11.8%, and revenue was up 11.4%.

more in surveys & research: firms rev up expansion plans | overcoming the five hurdles to advisory services | research: accounting pros cautiously optimistic about generative ai | why compliance still matters. but it’s not enough. |  new businesses mean new business | how to transform your team into trusted advisors

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this is the second year in which profits grew faster than revenue.

this new revenue and additional profits are occurring amidst a severe staffing shortage, resulting in people being stretched to their limits.

so, how do we keep this going at less of a “price tag?”

doing nothing is not an option, and hope is not a strategy.

our profession is experiencing unprecedented pressure from the economy, staffing shortages, technology, and competition. read more →

pcps map: profits and pay lag behind revenue gains at cpa firms

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revenue grows 11%. profit trails at 4%. entry-level salaries not ‘competitive.’


by 卡塔尔世界杯常规比赛时间 research

cpa firm revenues are growing strongly, but profits and entry-level salaries are failing to keep pace, according to new survey data analyzed by 卡塔尔世界杯常规比赛时间.

more in surveys & research: firms rev up expansion plans | overcoming the five hurdles to advisory services | research: accounting pros cautiously optimistic about generative ai | why compliance still matters. but it’s not enough. |  new businesses mean new business | how to transform your team into trusted advisors

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although the average base salary for new entrants to the profession increased by $5,000 to $50,000 in the fiscal year 2022, this still lags behind comparable pay in fields such as engineering, the aicpa says in commentary accompanying the new 2023 national management of an accounting practice survey, adding "competitive compensation is crucial to firms’ ability to attract talent."

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six keys to turning prospects into clients

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six vintage keys

plus seven things that trusted advisors don’t need to do.

by martin bissett
passport to partnership

what makes a written proposal become accepted by the potential client – every time?

more: seven mistakes in winning new fees | tell the world your worth | four surprising keys to communication | culture can’t be ignored | three questions about your competence | 10 can’t-skip steps for business development | attract clients, don’t chase them | success in business comes second | business won’t come to you | forged in fire: the pains of leadership
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proposal writing is a micro-science in its own right but here are the proven principles that it takes to get proposals accepted.
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price by outcome, not time spent

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look at it from the client’s point of view.

by hitendra patil
client accounting services: the definitive success guide

when your prospects shop for client accounting services, what they find out about cas pricing methods and trends defines their pricing expectations. if you follow very different approaches to price your cas offering, it will take significant effort on your part to educate the prospects (and existing clients) about why you are pricing cas the way you are. as they say, it’s easier to ride the horse in the direction it’s going.

more: want higher profitability? turn to cas | cas requires reaching out more | cas reports are better. here’s how. | is it time for your firm to outsource? | raise cas awareness among your clients | which clients are best for cas | how much can automating bank feeds save you?
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it is good to first conform to the perceptions of prospects when it comes to your cas pricing. once you ride the horse, you can direct it to the destination you want to take it to. once you conform to the pricing method (not the dollar value) expectations of the prospect, their anxiety, and perception of risk (what value will they receive in the price they are willing to pay) reduce. after that, they are more open to evaluating the choices you present to them.
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jina etienne: practice fearless inclusion

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accounting is what we do. it is not who we are.

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see the disruptors

the disruptors
with liz farr

jina etienne wants accountants to stop hiding behind our green eyeshades and all the stereotypes we share as cpas. she practices “fearless inclusion,” which is the freedom to be yourself and to create the space for others to do the same.

more podcasts and videos: heather satterley: you’ve got to meet people where they are | bill penczak: stop forcing smart people to do stupid work | sandra wiley: staffing problem? check your culture | scott scarano: first, grow people. then firm growth can follow | jody padar: build a practice that works for you, not vice-versa | ira rosenbloom: with m&a, nobody wants a fixer-upper | peter margaritis: the power skills every accountant needs | joe montgomery: find the sweet spot of the right clients, right services and right prices | marie green: your bad apples are ruining you | megan genest tarnow: hire for curiosity rather than compliance | clayton oates: one way to keep clients for life | randy crabtree: follow these three rules to keep employees happy | erik solbakken: yes, you can work less and make more | donny shimamoto: future firm growth requires a mindshift | jennifer wilson: empower young workers to build the firm everyone loves | mike whitmire: re-think your hiring and training practices | hector garcia: success strategies of a quickbooks youtube superstar | blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go  | accounting nerds, unlock your super powers  | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinson | when financial statements go extinct with corey schmidt | can geraldine carter save accountants from themselves? | re-inventing accounting with tyler anderson

goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

“inclusion happens because of how i show up and the space i make for others,” etienne said. she added that the fearless part means we need to be brave and bold while also interacting with others thoughtfully. when we show our personalities and our humanity, “that fixes a lot of things, actually,” she explained.

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would you buy your own services?

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don’t expect potential clients to if you don’t know what sets you apart.

by steven e. sacks, cpa, cgma, abc

do you ever wonder why after spending many hours on drafting, editing, proofing, and polishing—and proofing and polishing just once more—your engagement proposal efforts did not result in winning the engagement? and if this happens on a semi-regular basis, the frustration is never easier to take.

more steve sacks: how do you value your most important asset? | how to build a winning proposal | six ways to fix your firm agreement | the great resignation or a reshuffling? | listen to learn | build the framework to a solution with five answers | try for success, not a win
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you may have the requisite knowledge, experience, and perhaps even a broad view based on a diverse set of clients. however, you may have become complacent by maintaining a “cookie-cutter” approach to developing your proposals. like the old joke defining a consultant: “a person who takes off your watch, tells you the time, and gives the watch back to you,” implies an approach that you believe is best for your potential client, yet reflects no understanding of what the client actually needs.

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ai + mri = diseases that doctors might miss

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could this patented ai algorithm predict metabolic abnormalities up to a half-decade in advance?

by rick richardson
technology this week

an artificial intelligence platform developed by a british health tech business can analyze mri data to look for early signs of sickness. the company’s strategy, which employs imaging biomarkers, promises better disease diagnosis and treatment decision-making.

more: printer ink: not just expensive, but a blatant scam? | bill gates behind next-generation nuclear plant | electronic skin that can sense touch will transform robotics | four of today’s new technologies that will be tomorrow’s ‘norm’ | solar sensors detect wildfires early, saving lives, money
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twinn health claims to be advancing longevity and preventive healthcare thanks to a $500 million venture capital fund from saudi aramco.
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how to implement collaborative wealth management

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closeup of two older businessmen talking

this is an ongoing process, not one and done.

by anthony glomski
your $5 million high-net-worth practice

just like starting a business or building a practice, most of your successful clients know that nothing truly valuable is free or easy. same goes for their pursuit of financial freedom. it will take hard work, discipline and smart thinking to overcome and solve those challenges.

more: five challenges of liquidating a business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

but what most type-a business owners, executives and professionals you work with don’t realize is that they don’t have to do it alone. there is plenty of help available to empower them to close the gap between where they are today and where they want to be down the road. chances are they’re going to reach out to reach out to you (their cpa) first for guidance. will you be ready when they call?
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