Accountants That are Trusted Advisors

Bill Hagaman, Withum’s Managing Partner/CEO sends an email to everyone at our firm on Monday mornings. This week the topic was the difference between Being a Trusted Advisor and Providing Advisory Services. Here is what Bill wrote:

“We are hearing questions like: “I’m a tax professional; do I now have to learn how to provide digital advisory services?” The answer is emphatically NO. While not mutually exclusively Being a Trusted Advisor and Providing Advisory Services are definitely not one and the same. I’d like to lend some clarity between the two.

1. Being a Trusted Advisor means you have such good, deep relationships with our clients that whenever they have a business problem in need of solving, they call you. They stop thinking of you simply as their tax guy/gal or their auditor; instead, they pick up the phone whenever they have a problem of most any kind. How do you get to this point? Two ways:
   First, become familiar with all of the service solutions we provide right here at Withum. Visit the Advisory section of our corporate website to read about the many non-traditional advisory services we offer, which help solve a myriad of common business issues. You don’t need deep technical knowledge of each solution; just a basic understanding of the problems they solve.
2. Next, ask questions and then listen. Whether meeting with a current client or prospective client, spend 20% of the time explaining the core service they are receiving or asking for. Then spend 80% of the time asking them questions about their business. Listen for the pain points and connect the dots to how we can help them. “Why are you having problems with creating the reports you need?” This discussion could lead to software implementation services. “Where do you see the company in three years?” This could lead to transaction advisory work or uncover a need for succession planning. Know the details of our clients’ businesses so you can help provide the solutions or resources they need.

Providing Advisory Services is the job responsibility of our Advisory Team members, who do the actual work for our clients. At Withum, we have professionals who have specialized knowledge and training to better serve our clients in a variety of disciplines: digital advisory; business advisory; forensic & valuation services; data analytics; outsourced accounting; cybersecurity. The list goes on. 

For Withum to remain relevant long into the future, we need to offer our clients different business solutions outside of traditional tax and audit. Advisory is truly a catalyst for growth and success…for our firm and our clients!” Please be sure to let our clients know about these opportunities to serve them, and make it a point to reach out to our advisory service specialists to personally speak with your clients when you’ve identified a need.
Jim Bourke
Managing Director of Withum’s Advisory Services

I hope this information was helpful. It is imperative that we focus on having an advisory mindset, which will strengthen our client relationships.  They will happily pay additional fees when receiving specialized value from their engagement teams who operate like a true business partner. Many times, uncovering clients’ problems is a result of simply asking what is keeping them up at night. 

Have a fantastic week!

Bill

I am sharing this to provide a glimpse of the broad range of services available at Withum, and if you are not a Withum client, then the minimum of what you should expect from your accounting firm.  Enjoy!

Do not hesitate to contact me with any business or financial questions at [email protected] or fill out the form below.