Advisory Reimagined with Dave Hartley: Talent, Technology, and Transformation
May 16, 2024
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Dave Hartley, a leading advisory expert from Anders CPAs + Advisors, shares insights on the transformative trends in accounting. He discusses the rapid growth of advisory services and its significance for the profession. The conversation highlights essential strategies for effective change management and building an innovative advisory practice. Hartley emphasizes the need for technology integration and evolving skill sets, focusing on adaptability and relationship-building to attract top talent in the industry. Tune in to gain valuable perspectives on shaping the future of CPA advisory services.
Effective change management and a clear communication of vision are essential for CPA firms to successfully expand into advisory services.
Attracting and retaining top talent in advisory requires firms to showcase diverse career paths and provide opportunities for mobility within service lines.
Deep dives
The Evolution of Advisory Services
The landscape of advisory services within CPA firms is transforming, driven by the need for non-traditional offerings beyond tax and audit. As firms strive for growth, they must adopt change management practices that help employees understand the significance of expanding into advisory services. Leaders must communicate the rationale and establish a clear common vision, as confusion can arise from a lack of understanding. Embracing a culture that accepts and learns from failure is also essential, as not all new service lines will succeed immediately, which contrasts with the traditionally risk-averse nature of CPA practices.
Attracting Talent Through Advisory Practices
Creating a strong advisory practice can position firms as attractive destinations for fresh talent, particularly as younger professionals often seek diverse career paths rather than being limited to tax or audit roles. By highlighting the myriad of service lines within advisory, firms can demonstrate to potential recruits the various ways they can leverage their skills. Retaining talent becomes more feasible when organizations provide opportunities for mobility within different advisory areas, catering to shifts in the professionals' interests over time. This focus on innovative service offerings can help address the scrutiny surrounding the CPA profession's ability to attract new talent.
Building Scalable Advisory Practices
Structuring an advisory practice for scalability requires thoughtful planning and strategic focus on high-revenue potential service lines. Firms must assess existing offerings and identify areas that align with market demand, ensuring that newly introduced services can be developed into significant revenue streams. A key aspect of this is fostering an environment that encourages collaboration while simultaneously embracing distinct operational needs across various advisory segments. Transitioning to a recurring revenue model can also mitigate income fluctuations, allowing firms to plan investments with greater certainty and confidence.
Embracing Change and Technology in Advisory Services
Success in advisory services hinges on CPA professionals adopting a mindset that embraces change and adapts to the evolving technological landscape. Leaders must recognize the value brought by younger employees who possess digital skills and can contribute fresh perspectives, fostering a culture of collaboration and innovation. As firms navigate the integration of different technologies, they should focus on processes rather than specific tools, ensuring that varied service lines can utilize tailored solutions. Ultimately, strong communication skills and an understanding of client needs are vital for delivering proactive, high-quality advice that deepens relationships and drives business success.
Join us on the Digital CPA Podcast as host Kalil Merhib, EVP of Growth & Professional Services at CPA.com sits down with Dave Hartley, a leading Advisory expert from the Top 100 firm Anders CPAs + Advisors. In this engaging episode, Kalil and Dave dive deep into the dynamic world of advisory services and discuss key strategies and innovations shaping this rapidly growing practice area for CPA firms.
Key topics covered in this episode include:
The accelerating growth of firm advisory services and its impact on the accounting profession
Effective change management strategies for building and scaling an advisory practice
Attracting top talent to the profession through innovative advisory services
The introduction and integration of new service lines into traditional firm structures
The crucial role of advisory services in shaping the future of the accounting profession
Tune in to gain valuable insights and expert perspectives from Kalil and Dave as they explore the evolving landscape of advisory services. This episode promises to provide listeners with actionable advice and forward-thinking strategies to enhance their practice.
Don't miss out on this opportunity to learn from industry leaders and stay ahead in the ever-changing world of advisory services.
For more episodes and resources, visit www.CPA.com. Stay tuned for our upcoming episodes featuring industry leaders driving innovation and transformation in finance and technology.
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