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liz scott: bookkeepers may beat cpas in the race to advisory | the disruptors

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the real value of accounting isn’t in the numbers but in the conversations we’re not having.

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the disruptors
with liz farr

liz scott, like many other disruptors, prefers keeping her firm small. “i did try and grow my firm to this million-dollar firm. and i found myself in a spot where i was managing 10 team members, and that’s all that i had time for,” she recalls. “so i wasn’t able to do the thing that i actually really love, which is the tech development. i love that piece.”

more podcasts and videos:  ashley francis: ai’s a partner, not a replacement | richard roppa-roberts: collaboration over competition | ira rosenbloom: m&a numbers are easy – culture fit is hard | roman villard: ditch the suit & shine | monique swansen: align firm values with services | tina mcgill: how to create lasting client impact | stefan van duyvendijk: develop operational mindset | steve evans: why traditional hiring methods fail | roger knecht: can you be an accountrepreneur? | beth whitworth: focus on outcomes not hours |mike sylvester: learn to say no | salim omar: identify your client’s $100,000 problem | jackie meyer: earn more with fewer clients | jack fleherty: don’t be a ‘yes’ person | greg adams: from finance to storytelling | the disruptors | jody padar: make radical changes now if you want to be relevant in 2030 | rebecca driscoll: amplify reach by helping other firm owners | rory henry: create the return on relationships | mike maksymiw: be the leader you wish you had |

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her firm, accounting lifeline, serves as an incubator across various industries and technologies so she and her team can test different apps. at the same time, the consulting side of her business, liz scott training and consulting, dives in deeper to spend time testing apps and giving feedback to developers.

scott was attracted to accounting because she wanted to help other entrepreneurs in her family understand and grow their bottom lines. “if you’re going to be spending time working, how do you maximize your efforts? so how can you make the most money in the least amount of time?”

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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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subscriptions beat aum and hourly fees for wealth management

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man talking to pair of people seated across from him

make clients feel like members.

by rory henry
the holistic guide to wealth management

recently i listened to a lively debate about financial advisor compensation between ramit sethi, author of the best seller “i will teach you to be rich,” and michael kitces, host of the financial advisor success podcast. sethi was highly critical of the traditional 1 percent of assets under management (aum) model that so many wealth advisors charge. instead of 1 percent of aum, sethi argued that advisors should think of themselves as accountability partners (i.e., personal trainers for clients’ money) and instead charge them based on how they help them modify their behaviors to produce better outcomes.

more: 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 | why cpas are best positioned to become financial advisors | 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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for instance, a good advisor can help clients adopt good behaviors such as saving more of every paycheck and sticking to their investment plan during volatile times. good advisors, said sethi, also help clients from engaging in their old wealth-destructive behaviors such as speculating on hot stocks in the news or cashing out of the market at the first sign of trouble. by the way, helping clients modify behaviors and produce better outcomes is what an advis-ror™ does.

let’s explore how an aum/subscription model using a virtual family office is a win for both firms and the clients they serve.
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