Expert Opinion Articles

According to our 2017/18 Accountants Research Report, attracting new business clients is the top concern for accountants.

If one of your objectives in 2018/19 is to grow your advisory services, creating leverage to achieve this goal can be a major challenge. However, with the right approach, it can also be one of the biggest growth opportunities for your practice.

We are proud to announce that we will soon be releasing an independent 2018 SMSF Insights Report for BGL Corporate Solutions.

Over the last couple of years, I have been raising the issue of the need for Accountants to develop industry and service specialisations to grow their practice revenue and attract new ‘ideal’ clients. Accountants considering developing service specialisations should tailor these solutions to the key needs of their clients.

Accountants need a services solution to replace declining compliance fees. A key growth opportunity is to offer Family Office Services and manage all the personal, family and business needs of their ‘ideal’ clients. Many accountants have the client relationships, and skills to offer this service, but have not taken advantage of the opportunity.

I believe the number one growth opportunity for accountants in public practice is to convert an existing compliance client into an advisory client and then generate up to 7 new revenue streams per client.