here’s what you’re looking for: rory henry

michael maksymiw, cpa cgma msa, is executive director, aprio firm alliance at aprio. he connects growing firms with resources to advance client relationships and provides access to subject matter experts in specialties that fall outside a firm’s wheelhouse. he holds a master of science in accounting from university of connecticut.

three ways an integrated model helps attract talent.

by michael maksymiw, cpa cgma msa
the holistic guide to wealth management

a successful future firm has an abundance mindset and an adaptable leadership style. the abundance mindset is based on the belief that there is enough work for everyone. that means the firm can focus on what it wants to – it can pick its niche. and the firm will utilize its network of other firms who think similarly to completely service the client.

more: toward a 21st-century cpa: a dynamic vision | what multiples mean to accounting firms | tsunami of m&a, pe is disrupting the accounting profession | why cpas are best positioned to become financial advisors | how wealth management has evolved | introducing you to a fulfilling return on relationships | rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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a generalist who tries to do everything for a client is the old model. a specialist who finds other specialists to ensure the client has the best team around them for their success is the model of the future.
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susan bryant is a certified public accountant and certified tax strategist. she has earned widespread recognition, including honors as a woman of empowerment, enterprising woman of the year, and being named among the top 50 women in accounting.

seven areas of focus for every firm.

by susan bryant
the holistic guide to wealth management

as the old saying goes: “everyone wants an accountant; no one wants to be an accountant.” whether that saying is true or not, the future of our profession hinges upon casting a new vision.

more: what multiples mean to accounting firms | tsunami of m&a, pe is disrupting the accounting profession | why cpas are best positioned to become financial advisors | how wealth management has evolved | introducing you to a fulfilling return on relationships | rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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accounting has been many things over the years, but “exciting” is not an adjective you hear often to describe it. reliable. dependable. necessary. sure, but rarely exciting.

however, we live in fast-moving and volatile times. everything is changing rapidly. the aftermath of the pandemic, and the seismic shifts it caused in the global and local economies, have upended nearly every aspect of business. sector after sector is scrambling to adapt to our fast-changing world. it’s a world in which the stock market is volatile; inflation is high; war, recession and weather events loom; and millions of boomers are exiting the work force and surging into retirement. with the world changing so fast, every aspect of business services needs to change with it, including accounting.
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plus the appeal of rias.

by rory henry
the holistic guide to wealth management

why are accounting firms measured in revenue multiples while most other businesses are measured in ebitda multiples?

according to allan koltin, accounting industry transaction guru, there is no better reason than because that’s how we’ve always done it in the accounting profession.

more: tsunami of m&a, pe is disrupting the accounting profession | why cpas are best positioned to become financial advisors | how wealth management has evolved | introducing you to a fulfilling return on relationships | rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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“accounting firms have zero ebitda; they clear out the register every year,” noted koltin. “when i talk to firms about private equity, i have to walk them back and explain how you’re going to create your own ebitda. and the biggest piece of it is what we call the ‘scrape of partner compensation.’ you’re making $1.2 million. can you live on $800,000 if we move that extra $400,000 into an ebitda category and put a multiple of 7x to 11x on that and get capital gain?” asked koltin.

“partners 55 and older love it. partners who are 35 are not so sure.”
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return on relationship still just as important as roi.

by rory henry
the holistic guide to wealth management.

there’s no question the pandemic accelerated the accounting profession’s transformation and the entry of private equity (pe) into the marketplace. in many ways the pandemic years were an inflection point. the old way of doing things – meeting clients face to face and providing tax and accounting services – is essentially over. the pandemic and private equity are propelling the profession forward as firms adopt new service offerings, change how they operate, and find innovative ways to recruit, retain and compensate talent.

more: why cpas are best positioned to become financial advisors | how wealth management has evolved | introducing you to a fulfilling return on relationships | rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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pe is considered “smart money” because it has a track record of building better business models, increasing efficiencies and then selling the companies and firms they invest in for a profit. smart money sees enormous potential by investing in accounting firms thanks to technology that makes it easier than ever to integrate professional services on a much larger scale.
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and how the accounting profession has been right alongside.

by rory henry
the holistic guide to wealth management

the accounting profession is evolving rapidly. new business models are emerging, and firms are uncoupling themselves from the constraints of a partnership structure, from outdated service offerings, and from time-based pricing practices.

more: rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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you may be asking yourself: “what business am i truly in?” or perhaps, “what business should i be in?” before answering these questions, consider that you may ultimately be in the relationship business more than you’re in the tax, accounting or bookkeeping business. it doesn’t matter which training, certifications or acronyms you have following your name. if you’re moving into financial planning – or thinking about doing so – you might want to ask yourself: “am i really in the human business?”
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