growth strategies

why accountants fail at wealth management

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due to one reason. and it’s a big one.troubled businessman adobestock_73444359 1000w copy.jpeg

by russ alan prince

a growing percentage of accounting firms have wealth management practices by one name or another. most of these practices provide investment management services, life insurance, or both.

more: what level of advice do entrepreneurs need? | three approaches to investment consulting | the role of the personal cfo | three components of collaborative wealth management | 2022世界杯32强赛程表时间
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but an estimated 75% to 90% of these wealth management practices are severely underperforming.

the reason why is both simple and difficult.

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leadership growth is a two-way street

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road with painted arrows heading two directionsfive skills to nurture.

by carrie steffen

bemoaning a lack of future leaders within the firm is not a solution to the perceived problem. instead, it behooves current leaders to identify and nurture potential leaders, helping them develop the relevant skills and clearly communicate a defined path to leadership as well as expectations for applying targeted competencies. young professionals with aspirations of leadership, in turn, must embrace opportunities and demonstrate willingness to meet current leaders partway.

more: how to encourage firm ownership | change when? continuously | win with an intentional culture | each generation must change
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firms are at a crossroad when it comes to transitioning to the next generation of leaders. according to the cpaca study on succession readiness, 48.3 percent of firms of all sizes cite “lack of future leadership talent” as a primary obstacle in their succession.
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how to encourage firm ownership

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what better way to shape the culture?

by sandra wiley

there’s a general assumption these days that younger professionals don’t have as much inclination toward, or ability for, firm ownership compared to previous generations. data is scarce to support that idea; however, it may be a misperception stemming from factors other than simply desire and potential. when asked, firm leaders young and old express enthusiasm about the opportunities for emerging leaders.

more: change when? continuously | win with an intentional culture | each generation must change
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in our discussion of bridging the gap between management and emerging leaders, we would be remiss in not addressing the topic of moving from emerging leader to owner. the perception among many in our profession is that there are fewer individuals at the senior and manager levels who aspire to be an owner, and even when they show a desire, they simply do not seem technically capable.
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what’s your ‘kg’ value?

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the quick and easy system for measuring top talent.

by ed mendlowitz
202 questions and answers

q: i suspect that my partner has “maxed out” and cannot grow further, which will retard our growth. what can i do or how can i deal with this?

more: how to stop yourself | what good managers know about bad judgment | audit reports without doing the work? | ask these 10 questions before adding financial services | 10 reasons clients don’t pay
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a: this is a frequent question, and sometimes it is the person asking it who has “maxed out.” but sometimes the partner or a key staff member wants to be made a partner.

i developed a knowledge gap (“kg”) method to provide a way of measuring the difference in growth when you interact with people.

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when an audit is a great thing

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two businessmen talking at officebonus breakdown: audits vs. reviews vs. compilations.

by ed mendlowitz
77 ways to wow!

one of my clients generously gave me his take on the benefits he received from the audited financial statements we issued for him. i was appreciative of this and want to share his views with you.

more on advisory: how to read a financial statement | the kpi an absentee manager needs | which kpis do you need? | 77 thoughts about client needs | the seven-minute financikal statement
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he began with an introduction explaining how he started his business and shepherded its growth by concentrating on developing his services and delivering them quickly and on time to his clients. the business grew rapidly, and little time was spent on the recordkeeping except for getting invoices to the clients or making payroll, while keeping the back office as lean as he could. at the same time there were legal, regulatory, hr, occupancy and tax issues from operating in multiple states and countries and he was spending quite a lot of time and fees on these activities, because he had to, while pushing aside and neglecting the accounting work.
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change when? continuously

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build improvement into your culture.

by dustin hostetler

change is never easy, and the accounting profession has often shown a particular resistance to relinquishing traditional patterns. but for those firms that embrace change at all levels through process improvement initiatives such as lean six sigma, the results have been both visible and rewarding.

more: win with an intentional culture | each generation must change
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when this kind of initiative succeeds, generational conflicts melt away as the shared vision and firmwide efforts unite older and younger team members in their quest for the common goal.
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how to read a financial statement

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young black woman with magnifying glassfifty pages of notes? review them all.

by ed mendlowitz
77 ways to wow!

publicly traded companies are required to issue audited financial statements annually. there are seven parts of the statements that are briefly described here in the usual order they are presented:

more on advisory: when an audit is a great thing | the kpi an absentee manager needs | which kpis do you need? | 77 thoughts about client needs | the seven-minute financikal statement
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1. report of independent registered public accounting firm. this provides their opinion that the financial statements were in conformity with u.s. generally accepted accounting principles (gaap); that the company maintained effective internal controls; that the audits were conducted in accordance with standards of the u.s. public company accounting oversight board (pcaob) and some other things and that their audits provided a reasonable basis for their opinion; and that the internal control may not prevent or detect fraud. this needs careful reading and understanding, as do all seven elements of the statement, but on some level, this type of report is the gold standard for public companies.
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what good managers know about bad judgment

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yes, you can teach staffers how to make better decisions. here’s how.

 by ed mendlowitz
202 questions and answers

q: recently, a colleague asked me, “how do you teach judgment?” and before i could respond, he answered it himself with, “you can’t teach judgment!”

more: when clients call you at home | how to handle referrals with attorneys | why checklists? | thirteen things to know before selling your practice | 10 reasons clients don’t pay
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a: everyone working for you has and uses judgment – they have homes, families, organizations they belong to, and they manage their careers. each of these requires exercising judgment many times a day. they all have judgment.
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the kpi an absentee manager needs

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psst … you might be that absentee and not know it.

by ed mendlowitz
77 ways to wow!

the author contends that almost every business owner or manager is an absentee owner or manager, regardless of the amount of time they spend at their business.

more on advisory: when an audit is a great thing | how to read a financial statement | which kpis do you need? | 77 thoughts about client needs | the seven-minute financikal statement
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while many are ever-present either physically or virtually by phone, texts and emails, they are not managing but rather working in their business on what needs to be done at that moment or that day. they are responding to normal business routines; customer, supplier and personnel requests or problems; and myriad other situations that demand their time, such as banking relationships, cash flow planning, hr issues including hiring, discharging and compliance, interactions with outside professionals, including their attorneys and accountants, and regulatory and occupancy issues. some have partner issues and if they are managing a not-for-profit organization, then board and possibly funding and development issues. they are functioning as a necessary and essential employee and are not really running the business or organization – as if they were not there or were in another part of the country.
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when clients call you at home

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consider privacy issues.

by ed mendlowitz
managing an accounting practice, the complete 2-volume set: 202 questions and answers:

q: i try to respond quickly to my clients’ calls and emails, but now they even call me at home. what can i do about this?

more: how to handle referrals with attorneys | audit reports without doing the work? | ask these 10 questions before adding financial services | 10 reasons clients don’t pay
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a: you told me you have an office and also give your clients your cell number to use. you also told me that you carry a smartphone and told your clients you prefer emails and can respond quicker to them. you also told me you get many compliments on your responsiveness.
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four tips for cpas replacing clients

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longevity takes planning.

by sarah johnson dobek
inovautus consulting

do you have a strategy for replacing your aging clients? cpa firms and their clients have the same options when it comes to aging leadership. those who choose to continue their business will do so through internal succession or by merging or selling. then there are those who face unplanned succession or just choose to close up shop.

more: five lead generation mistakes to avoid | five post-tax season growth ideas | five better ways to say no | are you solving your clients’ problems? | five ways to grow new service lines | business development and sales aren’t scary
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every accounting firm will face one of these situations at some point, so here are four things your accounting firm should consider as they look at client replacement.
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what do you want advisory services to be?

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woman on video conference with four other peoplebonus: a case study for bos work.

by penny breslin
it’s not just the numbers

what do you want to do for your clients? define it, implement it in yourself and build a team that wants to be a part of your defined image. watch it grow, and adapt it to the changing times.

more: meet the new bos | why ai is not the enemy
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added knowledge and insights assist the client in taking future action on sustainability and growth of their company. cooperation between the client, the account manager and the cloud ai makes this work in order to provide the space for advisory.
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how to expand into business valuation

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bonus checklist: 47 types of bv services.

by ed mendlowitz
managing an accounting practice: 202 questions and answers

q: i am exploring the business valuation credential as a way to expand our practice. i’m still (relatively) young to the profession and would (i think) love to expand into this niche area.

more: how to handle referrals with attorneys | audit reports without doing the work? | ask these 10 questions before adding financial services | 10 reasons clients don’t pay
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a few things:

  • we don’t do any bv now so my ability to acquire the abv credential would be difficult without the experience aspect.

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