PODCAST: How to build a successful advisory practice

By Jessica Salerno, OSCPA senior content manager  

Firms interested in growing an advisory practice need to be intentional and strategic about their approach, said Amy Vetter, CPA.  

“It really does take an entrepreneurial mindset,” said Vetter, CEO of The B3 Method Institute, speaker, author and member of the Ohio Society of CPAs executive board. 

Vetter joined the State of Business podcast this week to discuss the process of building an advisory practice in a way that’s purposeful and will continue to grow for years.  

Woman smiling for camera.

Advancements in technology have created opportunity for advisory services, Vetter said, as professionals benefit from the elimination of previously manual tasks like data input. 

“But that also changes the expectation of the client as technology gets better and more information is available to them,” Vetter said. “They've got more questions, they want to understand why numbers are showing up the way that they are, or how do they achieve certain goals.”  

Building an advisory practice takes considerable time and thought, Vetter said, but is well worth the effort. Vetter will present more on these topics June 22 at a webcast covering how to become a successful adviser, “Advisory Services: The Simple Sales Process.” 

“It really does take more foundational thinking about the clients that you want to attract and how you're going to deliver the services,” she said. “To make money at this service, you really need to think about how you're going to process work, who is going to actually be the one speaking to the clients and thinking about the process differently than other service lines.”  

A common mistake Vetter sees practitioners make when it comes to setting up an advisory service line is managing it like tax or audit. Advisory will require a different strategic plan to ensure success long-term.  

It’s beneficial to think through what type of clients make sense for advisory, Vetter said, and finding the niche that makes sense for your business. She said she hears practitioners who have not done this complain about not making enough money or dealing with difficult clients.  

“There is a way to make money at this practice,” Vetter said. “But it does take that effort and time to put in to make sure you're really thinking through how you want that practice to run and who you want to market to.” 

“The most important thing to our clients is having us as their strategic partner, someone that can help them through their business,” said Amy Vetter. “They don't have our expertise, and they want to think strategically, but they need that partner that has that financial expertise that they don't have.”  

Listen to the podcast episode now.

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