The top firms in accounting don't necessarily want to be all things to all people — they want to do the right things, for the right people.
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The two strategies are not mutually exclusive, and they rely on at least two of the same main elements: a deep and nuanced understanding of what the client actually wants and needs, and a high level of expertise, either in being able to supply those needs, or in the client's situation.
In their different ways, the success of the two approaches both come down to deep relationships that accounting firms are (hopefully) building with their clients.
"I think the opportunities for growth really are limitless because what we have is a client base that knows us, loves us and trusts us," said Sean Taylor, CEO of Smith + Howard. "I mean, I think next to their doctors, they probably don't trust anybody else more than us. And so when you come to them and say, 'Hey, now we can help you with something that we haven't helped you with before,' their natural inclination is just to say, 'Please do.' Because at its core, it's this relationship that they value."
Clients value it, in part, because it means their accountant knows them and their financial and business situation, inside and out, positioning them to offer advice that's tailored to them.
"Firms that will win are those firms who have relationships that are multiple service lines to a client; they understand the holistic picture, and finally move into this position that's been a little bit evasive of 'true advisory,'" said Reyes Florez, CEO of Platform Accounting Group. "It's something the industry's talked about for a long time and I feel like there is a pathway to that."
"And I think that that's what clients have wanted and clamored for for over a decade," he added.
Being able to help deliver what specific clients need often can mean assembling a larger roster of service capabilities. Whether those are developed internally, acquired through mergers, or accessed through external partnerships, the ability to meet whatever need arises can help keep clients on board for the long haul.
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"Our clients really think of us as a trusted advisor and that really means that they are getting the benefit of the specialty tax advisory offerings we have, the client accounting services, other sort of network partners that are able to meet their need set," said Jake Nice, CEO of Archer Lewis. "They don't really have to leave us until something really evolves in either their business or personal life that would change the need set on their end."
While most of the Fastest-Growing Firms took a more narrowly focused approach to their services, some do aim for more of a one-stop-shop strategy.
"We build what clients need and want from professionals," said Aprio CEO Richard Kopelman. "Clients want one trusted team that can see the full picture of their business, and we continue to build it. They need a team of advisors who will connect the dots across all business needs and work together on their behalf."
For Aprio, that means building an integrated platform that offers accounting, tax, advisory, wealth management, talent, and even legal services in-house.
"Our goal is to be the easiest firm in the profession to work with, because our entire platform moves together, keeping the client at the center," Kopelman explained.
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Moving to more advisory services can be complicated for accounting firms — particularly those that already have lots of compliance work on their plates, and all the admin works that goes along with that.
For accounting firm platforms like Current and Ascend, that means finding ways to get training and resources to member firms to free them up for higher-value work.
"Our intention is to build the most modern advisory platform," said Current CEO Steve Stagner. "We look at it as we want to elevate the professionals from reporting the past to shaping the future. So, we wake up every day to accelerate that potential of the independent firms. We do that through access to talent, purpose-built technology, collaboration, capital, and proven playbooks."
Added Nishaad Ruparel, president of Ascend, "When we free up the time of our partners and advisors who used to have to deal with the administration of their entire firm, in addition to the transformation of their entire firm, in addition to providing best-in-class client service, when you take on a partner that can help you with really all three of those things and put you in front of your clients more often and provide additional services that could be pointed at those clients to create deeper relationships and more value, that has been a very powerful formula for us."
Riches in niches
Related to but often distinct from the focus on advisory services is the move to work with a narrower set of clients, most often in specific industry verticals.
"The biggest opportunity for growth I think is going to be businesses that develop a strong niche," said Jeremy Dubow, president of Prosperity Partners. "We have a niche focused on high earners and ultra-high-net-worth clients, family offices and closely held businesses. And by focusing on the niche and focusing on getting really good at delivering services for those clients, we think that there's opportunity to take more market share, increase wallet size for our existing clients and continue to grow our practices. That group of clients continues to demand more and more services."
TSS Advisors has also leaned into specific sets of clients.
"The main element is really focusing on our niches," said CEO James Godrey. "We have a strong presence in the automotive industry, so we really wanted to focus on that. And we're also trying to stand up a new niche in construction. So it's always looking at new avenues of revenue and we've also added estate and trust planning and compliance.
And Moss Krusick & Associates attributes much of its success to its niche focus.
"We've been very focused on niches from the time I started the firm; we're very niche-driven," said managing partner Ed Moss. "That way, we're really experts in those industries; we can demonstrate our business acumen, help the clients with more than just the regular services and KPIs and dashboards, and so that has really helped."
A win-win
Whether it's through advisory services or niche specialties — or both — a heightened focus on clients and their needs is working out well for all concerned.
"This is the most exciting moment in a generation to be a CPA," said Aprio's Kopelman. "The work is more strategic, more relationship-driven, and more human than it has ever been. Clients want genuine counsel from someone who truly understands their business and their life. Accounting is becoming more human, not less. That's a remarkable story, and we're living it."
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