{"id":69759,"date":"2020-01-05t13:00:44","date_gmt":"2020-01-05t18:00:44","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=69759"},"modified":"2020-01-07t09:50:22","modified_gmt":"2020-01-07t14:50:22","slug":"2020-outlook-becoming-the-most-valuable-advisor","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/01\/05\/2020-outlook-becoming-the-most-valuable-advisor\/","title":{"rendered":"2020 outlook: becoming the most valuable advisor"},"content":{"rendered":"

\"\"<\/a>staying independent? be bold.
\n<\/strong><\/p>\n

by allan koltin
\nrosenberg map survey<\/a><\/em><\/p>\n

it amazes me that there are still firms out there unaware of the industry disruption and changes going on in the marketplace.<\/p>\n

more: <\/b>top three tips for 2020 success<\/a> | 2020 outlook: where do you want to be?<\/a> | 2020 outlook: dicey disruptions<\/a> | 2020 outlook: upstream mergers<\/a> | 2020 outlook: staffing gets creative<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

i am envisioning a scenario in which we will see major changes in associations, alliances, and networks from how we know them today.<\/p>\n

i think you’re going to see more groups emerge where they, in essence, have a “big brother” who is providing much of the technology innovation, as well as many of the advisory, consulting and outsource services that the firm will need going forward. we are already seeing evidence of this trend in some groups where the one to two largest firms have stepped up and formalized their process of sharing their expertise with other member firms.<\/p>\n

while disruption can be scary and often cause controversy, i believe the profession will be stronger once this wave of change takes place and, ultimately (as others have already said), we will evolve from that of the most trusted advisor to that of the most valuable advisor!<\/p>\n

the typical partner retreat i facilitate often starts with me talking about the e factor. the e stands for “evaporation,” which is the evaporation of compliance services over the next five years. i ask the firms what their annual revenue is and what percentage of that is compliance (it doesn’t matter if it’s audit or tax). i then ask them to go through a “what if.” the “what if” is, “what if, in five years, 50 percent of their compliance revenue literally evaporated?” usually i need to support this by talking about specific examples in which firms have created bots and the hundred of working hours that will essentially be eliminated. once firms come to grips with this they are, for a split second, very optimistic as they simply think that the profit margins will be greater on compliance work until they realize it is a commodity service and either we (the accounting firms) or the marketplace will continue to drive the price down for these commodity type services.<\/p>\n

this usually leads into my talking about the “go-go” years being over and the need for investing, not only in ai, but also converting the lost compliance revenues into consulting, advisory and outsourced services. we typically go through an exercise and it becomes apparent that the firm will need more capital to sustain itself if, in fact, it is going to make these investments. the output of this discussion has pretty much been the same. there’s a handful of choices available, as follows:<\/p>\n