beyond compliance: six tips for adding value
take an objective look and build your road map.
by sandi smith leyva
by sandi smith leyva
today's features
what firms should address in partner agreements
… and what partner candidates should know before they sign.
by marc rosenberg
how to bring in new partners
what is a partner agreement?
according to nolo.com, “a partner agreement spells out the rights and responsibilities of the firm’s owners. without one, firms will be ill-equipped to settle or avoid conflicts because if certain key passages are missing or written improperly, the courts will intervene in ways that the partners may not like. a partner agreement allows the firm’s partners to structure their business relationships with each other in ways that suit their desires, needs and preferences.”
more: six systems used to determine partners’ goodwill payments | how partner buyouts work | what buying in actually means | how partner and staff actions impact profits | nuts and bolts of mentoring staff | nine ways to measure staff performance on the path to partner | sixteen duties of a partner
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any post on partner agreements will have an obligatory paragraph like that. here is a more in-depth description that may be illuminating.
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client clues for wealth management opportunities
how to grow your firm outside of wealth management.
by russ alan prince
a pervasive problem many accounting firms face with wealth management practices is how little wealth management business they generate. having an arrangement with a wealth manager or establishing their wealth management practices does not tend to result in very much business.
more: exceptional teams are key to high-net-worth practices | four keys to an elite wealth management team | the biggest obstacle to taking your firm upmarket | wealthy drive expansion of family offices | build your high-performing family office practice | are you missing maximum potential?
indeed, some accountants will send clients over to the wealth management practice because the client asks them to. however, relying on clients to initiate the referral is something other than a solid business development strategy. instead, the wealth manager must show accountants how to identify opportunities and make the proper connections.
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build your team, then choose your clients
five aspects critical to success … and they’re not accounting.
by penny breslin
it’s not just the numbers
before you can build back office support (bos) practice, you need to assess what kind of team you already have. let’s look at two similar and at the same time, uniquely different accounting and tax businesses who contacted me for help in outsourcing some of their bookkeeping.
more: advisory services done your way | yes, you can be an outsourcer | how back office support adds value | ai is not your enemy
both businesses have multiple offices; both have multi-partner owners; both do taxes, accounting and bookkeeping; and both list client advisory services. both have ownership and employees of a similar age. both exist along the same coast. both of these accounting businesses appear successful. one business is full of happy employees, owners and cooperative clients. the other business has the word no figuratively imprinted on their front door.
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why firm culture matters for partners
with insight from our exclusive expert council: dunn, pipe, grundy.
by martin bissett
passport to partnership
the passport to partnership study collated a number of responses from existing partners of accounting practices in a conversational style.
more: five ways to rally your firm to its culture | 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
examples that really stood out on the realities of individual variances in firm culture are showcased below.
“our partners have articulate minds, and that’s what we want to be demonstrated by any new appointees.”
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