Pulse of the Practice

In this insightful episode of "Pulse of the Practice," hosts Mall Harbor and Paul sit down with Kevin Stewart, a seasoned CPA and second-generation firm owner, to discuss the journey from traditional compliance work to an advisory-driven practice. Kevin shares candid stories of taking over his father's firm, scaling to 55 employees, and confronting the overwhelming "hamster wheel" of accounting work. He reveals the pivotal moments that inspired a shift towards a value-based, client-focused advisory model and the challenges and triumphs encountered along the way.

Listeners will learn how Kevin successfully implemented new strategies, tackled the fear of change, and built a legacy-focused firm that empowers the next generation—including his own daughter. The conversation delves into practical tips for CPA firm owners: moving away from giving away free advice, building effective teams, protecting time for strategic work, and transitioning existing clients to a more profitable model.

Whether you’re a solo practitioner or a firm leader looking to modernize your accounting practice, this episode is packed with real-world advice on working "on" your business, not just "in" it. Discover how to escape the cycle of being “too busy,” embrace change, and create a firm culture centered on deeper client relationships and sustainable growth.

In this insightful episode of Practice Pulse, host Mo sits down with industry veterans Paul and John for a candid conversation live from the Nashville Partner Summit. Together, they dive deep into the realities of modern accounting practice, addressing common challenges, the power of peer support, and actionable strategies for firm transformation.

John, a CPA with 35 years of experience, shares his personal journey—discussing the pressures of running a firm, the impact of constant change in the industry, and the importance of staff engagement. Mo and Paul guide the discussion through practical advice on improving client communication, managing workflow, and fostering a culture of continuous improvement.

Listeners will discover:

• The top three challenges accounting firms face today
• How to initiate meaningful change within your team
• Strategies for client communication and expectation management
• The value of stepping outside your comfort zone for professional growth
• Why attending industry summits can catalyze transformation for your firm

Whether you’re a seasoned practitioner or a new firm leader, this episode offers relatable stories, expert insights, and motivating takeaways to help you take your practice to the next level.

keywords: accounting, CPA, practice management, firm leadership, team building, client communication, change management, Nashville Partner Summit, professional growth, workflow optimization, staff engagement, accounting conference, Practice Forward, firm transformation, Mo, Paul Miller, John, accounting challenges, business development, accounting podcast, accounting industry trends

Join us for a dynamic live episode of “Pulse of the Practice” from the 2025 Advisory Symposium in Miami! Hosts Mo and Paul kick off with lively banter, audience engagement, and a look behind the scenes at the evolution of their own professional journeys. This special session dives into the rapid pace of innovation and adaptation in various industries, spotlighting the transformation of Amazon from humble beginnings to global powerhouse. Discover how Amazon’s relentless drive for innovation—and its willingness to learn from failures—offers valuable lessons for the accounting and tax advisory profession.

Hear from special guest Elizabeth Bystrom, President of Tax at Thomson Reuters, who shares insights into the launch of the groundbreaking “Ready to Advise” platform. Elizabeth discusses the importance of client relationships, the transition from transactional services to strategic advisory, and how AI and automation are reshaping the future of tax practices. The episode also features interactive games, audience prizes, and shout-outs to sponsors like Protection Plus.

Whether you’re a tax professional, accountant, or business leader looking to stay ahead of industry trends, this episode offers actionable strategies, innovation milestones, and a look at the next wave of advisory technology. Don’t miss this fun, insightful, and forward-thinking conversation that will inspire you to embrace change and lead your practice into the future!

Key Topics Covered:

• The evolution and innovation journey of Amazon and its impact on client expectations
• How disruption in the retail industry provides lessons for the accounting profession
• The importance of continuous innovation in tax and accounting services
• Introduction to Thomson Reuters’ “Ready to Advise” platform and its benefits
• Leveraging AI and automation to enhance efficiency and client relationships
• Overcoming resistance to change and embracing technology in professional services
• Live audience interaction, prize giveaways, and more!

Keywords: tax advisory, accounting innovation, Amazon business case, industry disruption, Thomson Reuters, Ready to Advise, tax technology, AI in accounting, automation, client relationships, tax practice growth, CPA evolution, professional services trends, accounting symposium

Summary

In this episode, Mo Arbas and Paul Miller discuss the recent Partner Summit and the evolving landscape of advisory services in the accounting industry. They reflect on the challenges firms face, including pricing strategies, client relationships, and the impact of AI. The conversation emphasizes the importance of understanding client perspectives and the need for firms to adapt to changing market conditions while maintaining strong relationships with clients.

Takeaways

• AI is becoming a crucial part of advisory services.
• Firms are facing challenges with pricing and client expectations.
• Building confidence in pricing changes is essential for firms.
• Legacy clients can be difficult to transition away from.
• Communication with clients about changes is vital.
• Customization in services can lead to unsustainable practices.
• The accounting industry must evolve to remain competitive.
• Understanding client perspectives can improve relationships.
• Firms need to balance legacy clients with new business models.
• Sustainability in business practices is a growing concern.

Keywords: partner summit, advisory services, client relationships, legacy clients, business sustainability, change management, AI in accounting, pricing strategies, firm evolution, client communication

Summary

In this episode, Mo Arbas and Paul Miller engage with Trisha Floyd, a CPA firm owner, discussing her journey in transitioning from traditional accounting to advisory services. Trisha shares insights on the importance of client education, building trust, and the integration of wealth management into CPA practices. The conversation highlights the evolving landscape of the service industry and the opportunities for CPAs to provide higher levels of service and support to their clients.

Takeaways

• Trisha Floyd emphasizes the importance of client education in advisory services.
• Building trust is crucial for CPAs to effectively offer wealth management.
• The integration of wealth management into CPA practices can enhance client relationships.
• Understanding client needs goes beyond tax returns; it's about holistic financial planning.
• Trisha's firm aims to provide customized plans for clients of all ages.
• The service industry is evolving, with a growing demand for comprehensive financial services.
• CPAs can leverage their expertise to offer higher levels of service and support.
• Effective communication and asking the right questions can uncover additional client needs.
• The future of advisory services lies in the ability to adapt and provide tailored solutions.
• Trisha is excited about the potential of marrying CPA services with wealth management.

Keywords: CPA, advisory services, wealth management, client education, financial planning, trust, client relationships, service industry, tax planning, financial advisory

Summary

In this conversation, Mo Arbas and Paul Miller discuss the evolving landscape of advisory services in the accounting and tax industry. They reflect on their recent experiences at a conference, the importance of understanding what advisory truly means, and the challenges firms face in delivering value to clients. The discussion highlights the need for structured advisory services, the role of technology, and the importance of client relationships. They also touch on the future of advisory services and the necessity for firms to adapt to changing client expectations.

Takeaways

• Advisory services are becoming increasingly important in the accounting industry.
• There is a need for clarity in what advisory services entail.
• Firms must evolve their client relationships to provide more value.
• Technology plays a crucial role in enhancing advisory services.
• Clients are looking for proactive solutions rather than reactive ones.
• Understanding client needs is essential for delivering effective advisory services.
• The advisory landscape is broad and requires firms to define their niche.
• Private equity is recognizing the potential in the advisory space.
• Firms should focus on structured processes for delivering advisory services.
• The future of advisory will involve more collaboration and integration of services.

Keywords: advisory services, client relationships, tax advisory, accounting, technology, client expectations, business transformation, private equity, consulting, financial planning

Summary

In this episode, Mo Arbas and Paul Miller engage with Michael Foguth, a prominent figure in the financial services industry. They discuss Michael's journey into financial services, the importance of tax planning, current trends in wealth management, and the role of AI in enhancing client relationships. The conversation emphasizes the need for collaboration between financial advisors and tax professionals to provide comprehensive services to clients. Michael shares insights on how to educate clients about financial strategies and the future of advisory services in a rapidly changing landscape.

Takeaways

• Michael Foguth's journey into financial services was inspired by personal experiences with financial literacy.
• The importance of tax planning is often overlooked in favor of tax preparation.
• AI will enhance efficiency in financial services but will not replace the human element.
• Collaboration between financial advisors and tax professionals is crucial for client success.
• Clients need to understand the value of financial strategies beyond just costs.
• Financial literacy should be a priority in education to empower individuals.
• The future of financial advisory services lies in integrating various financial services for clients.
• Understanding client emotions is key to effective financial advising.
• The financial services industry is evolving, and firms must adapt to stay relevant.
• Planning for taxes should be a year-round process, not just at tax time.

Keywords

financial services, wealth management, tax planning, Michael Foguth, AI in finance, collaboration, financial literacy, retirement planning, advisory services, family office

Summary

In this conversation, Mo Arbas and Paul Miller discuss the complexities of client management in the advisory sector, emphasizing the importance of proactive engagement and understanding the annual client cycle. They explore the challenges of balancing technology with client needs, the significance of routine communication, and the necessity of shifting mindsets regarding tax preparation. The discussion highlights strategies for building successful client relationships and managing expectations throughout the year.

Takeaways

• Technology can be a double-edged sword in client management.
• Learning to say no is crucial for prioritizing tasks.
• Client relationships are ongoing and require continuous engagement.
• Tax filing should be a routine part of a larger process.
• Proactive communication can prevent last-minute rushes.
• Understanding the annual client cycle is essential for effective management.
• Routine check-ins can alleviate end-of-year stress.
• Clients often view tax preparation as just another step in the process.
• Effective client management requires clear scope and engagement definitions.
• Building a knowledge base can enhance client communication and service.

Keywords: technology, client management, annual cycle, proactive engagement, communication, tax preparation, client relationships, advisory services, workflow, business strategy

In this conversation, Mo and Paul discuss the challenges of navigating tax season, the evolving nature of client engagements, and the generational shifts in client expectations. They explore the role of meetings in client relationships, emphasizing the need for effective communication and understanding client dynamics. The discussion highlights the importance of adapting to new client behaviors and the necessity of balancing traditional practices with modern expectations.

• 
  Navigating tax season can be challenging but rewarding.
• Younger clients often prefer electronic communication over in-person meetings.
• Generational shifts are changing client expectations in the tax industry.
• Meetings should focus on knowledge transfer rather than routine tasks.
• Clients today are more dismissive of their financial responsibilities.
• Effective communication is key to understanding client needs.
• Legacy clients may require different engagement strategies than new clients.
• The role of technology in client interactions is increasingly important.
• Firms must adapt to changing client dynamics to remain competitive.
• Team collaboration is essential in managing client relationships.

Keywords: tax season, client engagement, generational shifts, meetings, client dynamics, tax returns, electronic communication, legacy clients, firm culture, client expectations

In this episode, Mo and Paul discuss the evolving landscape of advisory services in the context of AI and technology. They explore how AI tools like ChatGPT are being integrated into client interactions, the importance of maintaining a human element in advisory roles, and the future implications for professionals in the industry. The conversation highlights the need for advisors to adapt to changing client expectations and the potential for AI to enhance, rather than replace, the advisory relationship.

• AI is becoming increasingly efficient in client interactions.
  Advisors must focus on implementation, not just information.
• The human element in advisory services remains crucial.
  Clients are using AI for financial advice more frequently.
  Advisory roles will evolve with technology advancements.
• AI can serve as a valuable tool for advisors.
  Understanding client needs is essential in a tech-driven world.
• The pace of change in the industry is accelerating.
  Advisors should embrace AI to enhance their services.
  Starting to use AI tools can lead to significant efficiencies.