WEALTH MANAGEMENT

Attract Talent with an Integrated Model

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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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Seven Focuses for Your Firm’s Evolution

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portrait of Susan Bryant
Bryant
 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.

Work toward a dynamic vision of a 21st-century CPA.

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.

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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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Haylett: Redefine Success in Retirement | Holistic Guide to Wealth Management

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The most dangerous day of retirement is a psychological challenge more than a financial one.

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By Rory Henry CFP®, BFA™
For CPA Trendlines

When most people think about retirement planning, they picture spreadsheets and savings targets. But as Dan Haylett, author of The Retirement You Didn’t See Coming and host of the Humans vs. Retirement podcast, explains, the real challenge of retirement is not mathematical—it’s psychological. 

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“People focus on the numbers because they think that will solve all their challenges,” Haylett says. “But retirement is a complex human problem. Spreadsheets will not tell us who we are without a business card or what gets us out of bed in the morning.” 

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Revenue Multiples Vs. EBITDA Multiples

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Plus how to factor in 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.

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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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Private Equity, Mergers Transforming the Accounting Profession

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cresting ocean wave made of $20 bills

Focus on return on relationship, not just 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.

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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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