Why Planning for Your Platinum Years or Third Act is a Must
Why Planning for Your Platinum Years or Third Act is a Must We are often asked why the baby boomers have yet to depart their firms. In the professional services industries, there has been much anticipation since the late 1990’s for this time to arrive, and that time is well and truly with us now.…
Read MoreTrying to Control Your Firm’s No. 1 Expense – Staffing Costs
Trying to Control Your Firm’s No. 1 Expense – Staffing Costs For professional firms, staffing costs are the most significant expense that will be incurred, but this is money well spent because without our personnel it is very difficult to leverage our skills, expertise and time to adequately service clients. That said, historically the ratio…
Read MoreWhat’s your Back Up Plan if you Die at your Desk?
What’s your Back Up Plan if you Die at your Desk? Firstly, let’s acknowledge that this is a terrible subject to discuss or consider, however it’s because of this awkwardness that so many people, including professionals, fail to plan for such scenarios. As our baby boomer generation continue to work longer, we need to be…
Read MoreThe Continuing Disconnect Between Advisers & Clients in Terms of Reasonable Fees
The Continuing Disconnect Between Advisers & Clients in Terms of Reasonable Fees I recall around the time of the implementation of FoFA, data was published highlighting the results of a survey which suggested the general public expected the preparation of a financial plan to cost around $300 whilst practitioners felt $3,000 was a more appropriate…
Read MoreIs it Necessary to Use a Broker to Sell your Practice?
Is it Necessary to Use a Broker to Sell your Practice? An easy question to answer…..absolutely not! In fact, my gut feel is that the majority of professionals do not utilise a broker when it comes to selling their firms. Why? Probably for a couple of reasons; one being the associated cost, and two being…
Read MoreAre Valuations Really Beneficial or Necessary at the Time of Equity Exchange?
Are Valuations Really Beneficial or Necessary at the Time of Equity Exchange? If I had a dollar for every time I was asked what an accounting, financial planning or legal firm was worth, I would be a very wealthy woman. Of course, my reply is generally, “how long’s a piece of string” or “that depends…
Read MoreReal Succession Planning Includes Planning for a Loss of Skill & Expertise
Real Succession Planning Includes Planning for a Loss of Skill & Expertise As will generally be recognised and often read when considering the topic of succession planning, successful succession planning includes a timeframe of at least a couple of years. Having this time enables indepth consideration, review and preparation, all of which is often overlooked…
Read MoreIs Your Firm as Efficient and Productive as it Could Be
Is Your Firm as Efficient and Productive as it Could Be In September we released our latest efficiency and productivity benchmarks based on the 2016 FY. I thought it may be helpful to revisit some of the traditional targets firms have historically utilised and comment on some more recent trends within this space. So, two…
Read MoreExtra Succession Planning for Audit Services
Extra Succession Planning for Audit Services As most within the accounting profession will acknowledge as a concern, the number of registered company auditors (RCAs) are dwindling. While I appreciate that not all non-SMSF audits require the RCA status, we tend to find those who perform these type of audits have had a long standing involvement…
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