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GROWTH STRATEGIES

Whitman: New Firm Deals: Flexibility, Culture, and the Rise of “31 Flavors” | Holistic Guide to Wealth Management

Firms that prioritize, listen, and align position themselves for better long-term outcomes.  

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By Rory Henry CFP®, BFA™
For CPA Trendlines

Phil Whitman, President and CEO of Whitman Advisory, works with hundreds of CPA firms and more than 230 strategic investors across private equity, family offices, wealth management aggregators, and publicly traded consolidators. He sees a profession undergoing unprecedented transformation, and Whitman has a front-row seat.

In this episode of Holistic Guide to Wealth Management, Whitman shares his observations with me from his unique vantage point.  

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Whitman points to 2021 as the inflection point for the profession’s transition. That’s when EisnerAmper became the first major CPA firm to accept private equity (PE) investment, followed shortly by Citrin and Cherry Bekaert. Those deals opened the gates for capital providers and ignited a wave of consolidation across firms of all sizes. The profession hasn’t looked back since. 

Transaction activity has since accelerated, creating unprecedented competition for deals and pushing accounting firm valuations into territory the profession has never seen before.

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PRO Member Exclusive

Overcome Your Three Biggest Tech Adoption Fears

Johnston
 Randy Johnston, shareholder, K2 Enterprises, is a nationally recognized educator, consultant and writer with over 40 years of experience in strategic technology planning, accounting software selection, paperless systems and network integration, and business continuity and disaster recovery planning.

Plus seven tech keys to a holistic service model.

By Randy Johnston
The Holistic Guide to Wealth Management

In order to provide clients with the holistic service model that we’ve explored throughout our book, you’ll need a technology stack that can keep up.

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There are seven important reasons why a holistic service model is particularly beneficial for accounting professionals. Below I’ll explain how having the right technology in place will significantly facilitate your transition from tax preparer/financial historian to trusted holistic advisor.
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PRO Member Exclusive

How to Offer a Virtual Family Office

portrait of Rob Santos
Santos
 Rob Santos is CEO of Arrowroot Family Office, which he founded in 2013, and of Arrowroot Advisors, an investment bank focused on M&A for software-based companies. He works with affluent families providing bespoke family office services.

Four paths, plus tips on clients.

By Rob Santos
The Holistic Guide to Wealth Management

At a California Society of CPAs conference our firm attended, a panelist said that before he made the transition to wealth management, he was very reluctant to register as an investment advisor. Why? Because he thought that registering would be too much trouble.

“Eventually I made the decision to set up a separate RIA firm,” he said “because as a CPA, we are regulated by the California Board of Accountancy. I didn’t want to also have another regulator, whether it was the state of California or the SEC, in my accounting firm.”

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That CPA-turned-advisor hasn’t looked back since. He told us later that he only wished he had set up his registered investment advisor many years prior. By setting up a separate firm he must be “very careful” about which hat he is wearing. “I don’t want to be a registered investment advisor in my accounting firm,” he said, “and I don’t want to be an unregistered CPA in my advisory firm.” He also told me there are very clear lines that his colleagues follow when it comes to which firm does the services for their clients. “All things considered, the obstacles weren’t all that great,” he added.
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PODCAST

Stein Smith: Blockchain, AI, and the Future of Advisory | Holistic Guide to Wealth Management

Firms that translate AI-driven data into clear insight will lead the next era of advisory. 

Sponsored by Tax Season Readiness: Practical Steps for a Smoother Busy Season, Dec. 10, 2 pm, 1.5 CPE  | See Today’s Special Offer

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Is your firm truly ready for tax season—or just hoping to survive it? Join this 90-minute webinar featuring an Accounting ARC Live panel with thought leaders who know what it takes to optimize performance under pressure.

By Rory Henry CFP®, BFA™
For CPA Trendlines

Few people have been able to bridge the gap between emerging technology and the accounting profession the way Dr. Sean Stein Smith does. A CPA, researcher, Forbes contributor, and professor at Lehman College, Stein Smith serves on the advisory board of the Wall Street Blockchain Alliance and has spent more than a decade helping practitioners make sense of blockchain, crypto, and artificial intelligence. 

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MORE Dr. Sean Stein Smith | Crypto Tax Planning – Beyond the Basics & What Practitioners Need to Know Going Forward | Dec. 11, 12:30 p.m. ET | On-Demand

“The whole blockchain conversation has moved from the back burner to the front [burner],” he says. “Every major financial institution is entering the on-chain space.”

And CPAs can no longer afford to ignore it.  

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ADVISORY & CONSULTING

Attract Talent with an Integrated Model

Maksymiw
 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.

Put your vision into practice.

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.

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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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