what’s your advisory process?
by gary bolinger
profit in disruption
every firm that is serious about advisory services needs one client-facing advisory process that you can articulate to the market, but that is also consistent with how you deliver advisory services and of course operate internally. there is no need to “customize” the advisory process based on the client.
more bolinger on advisory: you can’t separate the business from the client |tell managers what ownership means | clients: what accountants don’t understand | why accountants fail at consulting | advisory vs. low-value clients | what + who leads firms to better service | how accountants are profiting in disruption | ask the right question(s) | seven elements of engagement for cpas | true advisory work isn’t just consulting
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coming soon: how accountants profit in disruption – a special report from 卡塔尔世界杯常规比赛时间 by gary bolinger.click here to be notified when it’s ready.
the value in advisory services is not just in fees from strategic reviews but from all of these services, and often the fees from consulting can be very significant. for this reason, your advisory services need to be structured and not ad hoc. it is important that you have an articulated, repeatable advisory process, which must be client-facing, not just a list of technical services.
your advisory process enables you to leverage best practices and maintain quality control in this developing area of your firm. to support these new services, you need a practice culture that recognizes the fundamental importance of client-centric advice, rather than the now worn “added value, icing on the cake” message. just like you routinely have with audits and tax, it’s a very sound idea to have an advisory standard operating process or sop. in fact, why wouldn’t you follow what you know to be the way to achieve leverage and quality in other key services?
an sop procedures manual requires these basic ingredients:
- your agreed market positioning
- an articulation of your internal advisory culture
- your introductory discovery processes
- the process for delivering the annual strategic review, including details of the order, content, questions, structure and importantly, deliverables
- the process for delivering the annual wealth review
- a defined advisory process
- pricing and charging policies
- packaging of services to clients
- a list of consulting services, with details of delivery
- systems and engagement letters
- access to education, training and support resources
every firm will integrate advisory services at a pace that suits them. you need to decide what range of services you will offer and the support processes to deliver these services. any level of improved advisory engagement will have a positive impact on you as the advisor, your firm and your clients.