advisory & consulting

build a seven-figure firm in four hours a week

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welcome to the crossroads of advisory.

by jackie meyer

are you an accountant, tax advisor or financial consultant who’s feeling overwhelmed by long hours, endless compliance work and ever-increasing client demands? or maybe you’re in a corporate job dreaming of entrepreneurial freedom. are you tired of trading hours for dollars, only to find yourself burned out and undervalued? do you dream of a practice that generates significant revenue and provides you with the freedom to live a balanced, impactful and fulfilling life?

more: jackie meyer: earn more with fewer clients
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you’re not alone. in fact, according to a 2023 report by the illinois cpa society, 41 percent of accounting and finance professionals are either looking for a new job or plan to start looking by the end of the year, citing factors such as salary, burnout and lack of work-life balance. many advisors report working 60 to 80 hours a week, only to see their income plateau while their stress levels skyrocket. this isn’t just about numbers; it’s about a fundamental shift in how we define success and build our practices. if you relate to these struggles, you’re in the right place.
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bridge the advice gap for better financial futures

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timeline
source: bento engine

 

portrait of philipp hecker
hecker
 philipp hecker is a co-founder and the ceo of bento engine, a fintech at the intersection of technology and impactful wealth management advice. at j.p. morgan he founded and led the wealth planning & advice organization. he holds an mba from harvard business school.

fifteen age-based client milestones for advisors to note.

by philipp hecker
the holistic guide to wealth management

despite the significant growth of the u.s. wealth management industry over the past few decades, the state of advice in this country falls short of its potential. americans deserve more and better advice beyond just investment-related matters. several concerning statistics highlight this issue:

  • a caring.com survey finds that a staggering 67 percent of americans pass away without a will, lacking even the most fundamental trust and estate documents.
  • an edward jones survey finds just one in five u.s. parents have saved, or are planning to save, for their children’s education using a 529 plan. in fact, two thirds (67%) of survey respondents said they were not aware of the features and potential tax benefits of 529 plans.
  • vanguard data finds that just one in six retirement account holders over age 50 are making catchup contributions to which they are eligible.

more: help clients manage and embrace investment risk | quantifying the value of an advisor | subscriptions beat aum and hourly fees for wealth management | tax advisory services: a pathway to greater financial freedom | raise your rates to change your clientele | pursue excellence to win the battle for talent | leverage ai to grow and protect revenue: six steps | how wealthtech is reshaping the future of holistic advice | seven tech keys to a holistic service model | four ways to provide wealth management in your accounting practice | profile of a modern firm: putting the vision into practice | toward a 21st-century cpa: a dynamic vision | what multiples mean to accounting firms
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our firm’s research found that three in five investors (60%) who have advisors are not getting the guidance they need about making retirement catchup contributions, while two in five (40%) lack clarity about fundamental decisions around the optimal timing for initiating social security benefits.

imagine what it’s like for the majority of americans who don’t have financial advisors.
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advisory financial statements just got a little easier

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woman handing document across desk to client

the aicpa clarifies.

by 卡塔尔世界杯常规比赛时间 research

guess what: there are two kinds of financial statements.

more: surviving tariff turbulence | arc | the accounting comeback: why the profession is bouncing back stronger | new opportunities in estate planning stem from changing attitudes | what struggling small businesses need | five ways to head off reluctant leadership | big growth coming for client advisory services | scams getting more sophisticated | you need capable successors for a seamless transition | mark koziel: the future of the profession | gear up for growth | america’s running short of financial advisors | maybe the pipeline problem is technology
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one kind is prepared under ar-c section 70, which provides information for public consumption. the other can be a little looser, meant to be provided as part of a consulting service for internal use only.
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rethinking audits: shift to advisory

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four people on lower stairs, one on upper stairs, gap between

move from quality control to quality assurance.

by alan anderson, cpa
transforming audit for the future

for decades, a&a has stood for audit and accounting. it’s been focused on compliance. but sooner than we may want to believe, business owners and stakeholders will be using technology to provide the assurance they need.

this is already happening. to remain viable, we need to move a&a from audit and accounting to assurance and advisory.

more by alan anderson
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now all auditors take the quality control standards of our profession seriously. but quality control that only happens at the end is more about satisfying the minimum requirements for compliance. it won’t let you move out of providing the commodity service that clients need to keep their stakeholders happy. quality at the end doesn’t provide an opportunity to really look under the hood and think about what the client really wants.
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new attitudes spell new opportunities in estate planning

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is the american postmortem dream dead or just drifting?

by 卡塔尔世界杯常规比赛时间 research

in an unsettling shift, the old american dream of hard work leading to opportunity and financial advancement is fading into history.

more: what struggling small businesses need | five ways to head off reluctant leadership | big growth coming for client advisory services | scams getting more sophisticated | you need capable successors for a seamless transition | mark koziel: the future of the profession | gear up for growth | america’s running short of financial advisors | maybe the pipeline problem is technology
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

sixty percent of americans are abandoning the traditional value system as younger generations prioritize “personal fulfillment, social impact and even digital legacy over traditional wealth accumulation,” according to trust & will, an online estate planning firm.
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what struggling small businesses need

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bar charts

digital apps and credit cards are helping.

by 卡塔尔世界杯常规比赛时间 research

small businesses with one to 100 employees were struggling a bit in the year ending october 2024, according to a survey conducted by intuit quickbooks, but may be starting to get back on their feet.

more: five ways to head off reluctant leadership | big growth coming for client advisory services | scams getting more sophisticated | you need capable successors for a seamless transition | mark koziel: the future of the profession | gear up for growth | america’s running short of financial advisors | maybe the pipeline problem is technology | what if the staffing shortage is just a myth? | staffing, tech, prices top tax pros’ concerns
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

the survey results may be of interest to accounting practices that are advising small businesses in various sectors and regions. in that digital and ai applications are giving advantage to companies that use them, accounting clients may be looking for advice on how to put these tools to work.
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artificial intelligence may go vertical first

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how cas could be affected.

by 卡塔尔世界杯常规比赛时间 research

artificial intelligence is just beginning to impact, embolden and facilitate the accounting industry, but it still has a long way to go.

but make no mistake: it’s going and it’s going to get there.

more: america’s running short of financial advisors | maybe the pipeline problem is technology | five ways to fill the staffing gap | cfos see ai as top risk and opportunity | does accounting belong in stem? | accounting arc | artificial intelligence may already be plateauing | twelve years and out: seasoned accountants join the exodus | gen ai in accounting: epic transformation, or overheated hype?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

the big question of the moment is what path ai will follow as it becomes pervasive in the accounting industry.
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big growth coming for client advisory services

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bar chart

 

but firms must prepare for it.

by 卡塔尔世界杯常规比赛时间 research

firms committed to client advisory services are projecting a median growth rate of 99 percent over the next three years, according a benchmark survey issued by the american institute of cpas.

more: america’s running short of financial advisors | maybe the pipeline problem is technology | what if the staffing shortage is just a myth? | staffing, tech, prices top tax pros’ concerns | five ways to fill the staffing gap | top 10 red flags to watch for in accounting offices | arc | deals 2024: over 100 cpa firm mergers and acquisitions | barry melancon: private equity and the partnership | gear up for growth | cfos see ai as top risk and opportunity | artificial intelligence may already be plateauing | ten ways to manage price increases
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

yes, 99 percent. and yes, that’s a median. half of the 206 participating firms expect to grow faster than that.

the survey lays out seven insights and conclusions plus commentary and suggestions for cpa firms.
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ten ways to create a culture of empowerment

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two men talking across a table, one holding a sheet of paper, window and brick wall in background

small changes make a powerful impact.

by alan anderson, cpa
transforming audit for the future

empowerment seems like it would be the easiest attribute to build up in a firm, but it’s actually one of the hardest. firms go to these kumbaya events on leadership and trusting your team, but then when they go back to the office the next day, nothing has changed.

more by alan anderson
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empowerment is last in my book because it’s the furthest from what clients value most. clients look at what’s in it for me – they value what’s relevant to them. but empowerment is the most important attribute in our framework. it’s the key to unlocking the power of your team.
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scams getting more sophisticated

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man staring at computer screen in shock

how accountants can help.

by 卡塔尔世界杯常规比赛时间 research

scams are getting more sophisticated, more subtle and more likely to lead to more loss, according to a report from the better business bureau institute for marketplace trust.

more: america’s running short of financial advisors | maybe the pipeline problem is technology | what if the staffing shortage is just a myth? | staffing, tech, prices top tax pros’ concerns | top 10 red flags to watch for in accounting offices | arc | barry melancon: private equity and the partnership | gear up for growth | cfos see ai as top risk and opportunity | does accounting belong in stem? | accounting arc | artificial intelligence may already be plateauing | how will private equity impact accounting careers? | twelve years and out: seasoned accountants join the exodus | gen ai in accounting: epic transformation, or overheated hype?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

if you don’t believe the prevalence and danger of scams, check your email inbox. count the messages from nigerian widows, pill pushers, fake companies, dietitians, contest announcements, purveyors of snake oil, and so on. imagine if that many thieves were sniffing around your house day and night.

many of these scams aren’t so easy to identify, and every accountant should be helping clients identify the dangers.
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what empowerment should look like … and shouldn’t

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man intently listening to woman in office

six skills that an auditor needs.

by alan anderson, cpa
transforming audit for the future

empowerment means that teams feel like they have ownership over the outcome, outputs and the process of what they are doing. they need to feel it’s ok to try doing things differently and even to make a mistake – and learn from it. the quality of everyone’s work improves when they have the confidence to present new ideas, and to push back when they think there’s a better way to do something. and empowerment delivers results – especially when it is partnered with owned accountability.

more by alan anderson
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unfortunately, most of us have a better idea of what an empowered team and empowering managers do not look like than what they do look like. let’s look at a few of the ones you may have seen in your time working.
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america’s running short of financial advisors

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bar chart
note: values are estimates. source: mckinsey analysis

 

guess who can fill that gap.

by 卡塔尔世界杯常规比赛时间 research

good news for accountants: america’s running short of financial advisors.

bad news for accounting: america’s running short of financial advisors.

more: maybe the pipeline problem is technology | what if the staffing shortage is just a myth? | staffing, tech, prices top tax pros’ concerns | five ways to fill the staffing gap | top 10 red flags to watch for in accounting offices | arc | deals 2024: over 100 cpa firm mergers and acquisitions | barry melancon: private equity and the partnership | gear up for growth | does your firm suffer cultural deficiencies? | opportunity awaits incoming aicpa ceo | salary guides for accountants vary widely: whom do you believe? | are you earning what you deserve?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

110,000 short

as if the accounting industry didn’t have enough of a talent shortage, the financial advice industry may soon be looking to scarf up money-savvy professionals from other financial areas. and cpas will be a perfect fit.
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