Drawing on stories from firms around the world, in this episode of the Authentic Advisor, James Mason speaks with Abu Bakkar, Chief Innovation Officer at HLB International, about the critical role of innovation in professional services. They discuss innovation as a continuous journey, the balance between pushing boundaries and maintaining client relevance, and the impact of AI and ESG on the industry.

Abu shares insights on implementing innovation through best practice frameworks, building a culture that embraces risk-taking, and the importance of consulting clients during the innovation process. The conversation highlights the need for firms to adapt and evolve in a rapidly changing landscape.

Takeaways

• Innovation is a continuous improvement process.

• Standing still isn't an option for organisations.

• Innovation should be part of the culture.

• Always consult your clients in innovation.

• Don't be afraid to try something new.

• Innovation is not a special event.

• AI is ingrained in what we're starting to do.

• We need to redefine roles in advisory services.

• Make innovation practical for everyone.

• Risk-taking is essential for innovation

Chapters

00:00 Introduction to Innovation in Professional Services

02:35 The Continuous Journey of Innovation

05:42 Balancing Innovation and Client Relevance

07:52 Trends in Innovation: AI and ESG

10:05 Implementing Innovation: Strategies and Frameworks

12:12 Building a Culture of Innovation

15:13 Staying Grounded: External Insights and Trends

18:57 The Role of AI in the Future of Advisory

24:14 Avoiding Innovation Traps and Embracing Risk

A CIO's Perspective: Innovation Strategies for Advisory Firms with Abu Bakkar, HLB International