Transformation Talks Podcast: Transformation into Advisory
Transforming from Compliance to Advisory. One firm’s transformation journey
Transformation Talks host Bill Penczak welcomes Odysseus (O.D.) Lanier, a founding partner of one of the fastest growing firms in the country, who describes transforming his career, pros and cons of building versus buying a new service line, and the four (or five) steps to becoming an advisory-focused firm.
Why are CPAs moving from tax and audit to get into advisory work? The bottom line, according to Lanier, is that advisory work is lower risk with a higher margin. Advisory services offer firms the opportunity to create a strong bond with clients, as they can allow conversations about broader business issues and can increase the client’s trust in the firm. This in turn, according to Lanier, can increase revenue opportunities with clients and improve client retention. Additionally, creating or expanding advisory service offerings provides another career path option for audit and tax professionals, which can aid in firm retention efforts.
Read more about the Four – or Five – Steps for Moving into Consulting on CPA Trendlines.