how well do you know your clients’ strategic plans?
by jeff pawlow
while firms intellectually understand what it means to move from a “compliance” to an “advisory” posture, most are lagging when it comes to actually making the pivot.
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part of this is based on the fact that most firms are still run the way they have always been run – designed to produce the core services as efficiently as possible. in order to function in an advisory capacity, a complete retooling is necessary – where the emphasis is less about efficiency and more about engagement.
developing “professional intimacy” with a client is the foundation of an effective advisory relationship, and it must be intentionally built over time. i am struck by how few of our cpa clients have taken the time to become familiar with their client’s strategic plan or to develop a keen understanding of their organizational goals.
this is mainly because our legacy systems reward production as opposed to investment. until this changes, firms will struggle to truly position themselves to succeed within an advisory framework.
i believe that firms that can make this cultural adjustment in a timely manner can gain significant first-mover advantage over their peers. the emerging model will reward knowledge that is applied against a specific client’s situation as opposed to the efficient production of commoditized core services, but it is paramount that we adjust our internal management practices to support this switch.