Thinking Outside the Box Means Not Putting Yourself In One to Begin With

Shelley Yates, Communications Senior Advisor
October 12, 2018

1st Global President David Knoch, 1st Global advisor Jody Padar and Michael Platt of INSIDE Public Accounting recently sat down to discuss trends in the accounting industry.

Platt remarked on how fee compression has narrowed profit margins.

He said, “Firms now are really shifting their focus to a lot of the other non-traditional services areas, whether that’s a wealth management practice like what 1st Global does, whether it’s technology consulting or payroll processing or HR consulting, they’re … changing their views of what it means to be a public accounting firm. The more progressive ones, I believe, are really shifting their thought process from ‘here are the products that we sell’ to ‘let me sit and talk to the client and find out what they need and we can figure out how to help.’”

However, many CPAs seem to struggle with the conversion from CPA to advisor. Platt echoed Knoch and Padar’s sentiments.

 “I fully agree with David on the attitudinal side of this that shifting from the expert who has all the right answers to the advisor who has all the right questions is a big hurdle for a lot of people,” he said. “They’ve got tremendous skill sets, they’ve got tremendous knowledge and experience with a whole bunch of different kinds of clients, they’ve got the client relationships there and they care deeply about their clients and really want to help them out. All the pieces are there. I do believe that some of what’s holding them back is just their own self-limiting belief that we have to have all the right answers.”



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