Pulse of the Practice

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

SummaryIn 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.TakeawaysTechnology 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.

Paul and Mo discuss how important it is to reset a client relationship and provide tips on how to do that on a regular basis. 

Paul and Mo are back to check on the pulse of the practice!

It's bittersweet moment as Paul and Mo reflect on key moments this year and what they're looking forward to in 2025. 

Paul and Mo discuss the new AI-powered tech with Ready to Advise during Thomson Reuters SYNERGY. 

Mo surprises Paul with a special Pulse of the Practice Anniversary announcement.

Paul and Mo are joined by Adrian Johnson, Chief Product Officer with SafeSend. They discuss how the use of technology has helped many firms address challenges within their workflow, both on the front-end and on the back-end, and how this is an ongoing evolution and growth.

Paul and Mo are joined by Michael Horwitz, Executive Director of BDO Alliance USA. They discuss recent trends in the profession, challenges, and opportunities.

Paul and Mo have a casual conversation about tax deadline, challenging relationships, evaluating and grading those relationships, and how to communicate scope changes to clients. 

In this week's episode, Paul and Mo are joined by Brady Lievens, Chief Revenue Officer with Protection Plus. They discuss notices and audits and how Protection Plus partners with, and offers Tax and Accounting firms defense services.

In this week's episode, Mo goes back in time.. into the school days, and asks Paul about student loans and tax and planning stragies.

Paul and Mo are joined by Thomas J (TJ) Sabotka, Managing Partner of O'Brien Shortle Reynolds & Sabotka, PC. TJ shares his firm's journey, acquisitions, and how being the leader of change and having a coaching mindset are both important contributors to his success. 

Paul and Mo are joined by Thomas J (TJ) Sabotka, Managing Partner of O'Brien Shortle Reynolds & Sabotka, PC. TJ shares his firm's journey, acquisitions, and how being the leader of change and having a coaching mindset are both important contributors to his success. 

In this week's episode, Paul and Mo are joined by Tim Petrey, the CEO of HD Growth Partners. They have a discussion around the challenges and opportunities in the past, the current, and the future accounting firm. 

In this week's episode, Paul and Mo are joined by Tim Petrey, the CEO of HD Growth Partners. They have a discussion around the challenges and opportunities in the past, the current, and the future accounting firm. 

Paul and Mo go LIVE from Carlsbad, CA during the Thomson Reuters annual Advisory Symposium, interacting with a live audience for the first time, and bringing them an exciting conversation with Tom Hood, CPA, CITP, CGMA. Tom is currently the EVP Business Growth & Engagement for AICPA-CIMA and the Business Learning Institute. He was named in the top three most influential people in accounting by Accounting Today Magazine for the eleventh year. His focus is elevating and accelerating the role of CPAs and CGMAs in corporate and management accounting.

Paul and Mo go LIVE from Carlsbad, CA during the Thomson Reuters annual Advisory Symposium, interacting with a live audience for the first time, and bringing them an exciting conversation with Tom Hood, CPA, CITP, CGMA. Tom is currently the EVP Business Growth & Engagement for AICPA-CIMA and the Business Learning Institute. He was named in the top three most influential people in accounting by Accounting Today Magazine for the eleventh year. His focus is elevating and accelerating the role of CPAs and CGMAs in corporate and management accounting.

To guilt or not to guilt! In this week's episode, Paul and Mo have a discussion on a specific prospective client situation, and the conflict between the feeling of guilt and the right time to say No.

To guilt or not to guilt! In this week's episode, Paul and Mo have a discussion on a specific prospective client situation, and the conflict between the feeling of guilt and the right time to say No.

Paul and Mo are joined by Nathan Nelson, Attorney and Co-Founder of Virtus Law, as they have a part 2 discussion around the Beneficial Ownership Information (BOI) reporting rules and managing client information. 

Paul and Mo are joined by Nathan Nelson, Attorney and Co-Founder of Virtus Law, as they have a part 2 discussion around the Beneficial Ownership Information (BOI) reporting rules and managing client information. 

Paul and Mo have a discussion around their experience of the first Partner Summit in 2024! They recall some highlights from the event and how the mindset of many peers in the profession has shifted into understanding advisory and realizing value.  

Paul and Mo have a discussion around their experience of the first Partner Summit in 2024! They recall some highlights from the event and how the mindset of many peers in the profession has shifted into understanding advisory and realizing value.  

Paul and Mo have a discussion about the IRS ramping up its enforcement efforts and the operating plans for more audits. They also discuss initiatives that could be done to make sure clients have all their paperwork in order. 

Paul and Mo have a discussion about the IRS ramping up its enforcement efforts and the operating plans for more audits. They also discuss initiatives that could be done to make sure clients have all their paperwork in order. 

What do firms do after the April deadline? Other than maintenance work, do firms have a retrospective, staff development plan, key initiatives, etc.? In this week's episode, Paul and Mo discuss post deadline development and initiatives.  

What do firms do after the April deadline? Other than maintenance work, do firms have a retrospective, staff development plan, key initiatives, etc.? In this week's episode, Paul and Mo discuss post deadline development and initiatives.  

In this week's episode, Paul and Mo have a discussion around deadlines and the unnessary stress that it brings sometimes, and how to manage that between staff and clients.

In this week's episode, Paul and Mo have a discussion around deadlines and the unnessary stress that it brings sometimes, and how to manage that between staff and clients.

In this week's special episode… what makes it special you ask? They're on video! Paul talks about a common client relationship challenge when other professionals are involved in a transaction. 

In this week's special episode… what makes it special you ask? They're on video! Paul talks about a common client relationship challenge when other professionals are involved in a transaction. 

In this week's episode, Paul and Mo are joined by Julia Hampton, CPA. They discuss client and staffing challenges, and the importance of change and thinking different for a better work life balance. 

This week, Paul and Mo are joined by Bryan Amberg, Business Advisory Consultant with Thomson Reuters Professional Services, and hear his perspective and experience working with firms in an advisory capacity. 

Paul and Mo are joined by Brad Tafoya with Tafoya, Barrett, and Associates in Durango, CO. They discuss firm challenges with staffing and bandwidth, and how Brad was able to overcome those challenges by implementing advisory first mindset. 

In this week's episode, Paul and Mo are joined by Nick Magone, with Magone & Company in New Jersey. Nick shares insight on how building confidence, taking time to understand client needs, and starting even when uncomfortable, are all important factors in allowing him to keep growing his firm and moving forward in his journey. 

In this week's episode, Paul and Mo are joined by Jennifer DeJesus with DeJesus & Associates PC. Jennifer shares her experience running a small accounting firm and how change is implemented with family only working at the firm.  

Paul and Mo have a discussion around financial advisors shifting to tax planning and how that could impact the profession. 

And just like that… 2024 is here! Paul and Mo are back at it to check on the pulse of the practice. 

Paul and Mo have a lot to catch up on! This week they share their thoughts on trends from the last couple of events they've been to. 

Special Edition from SYNERGY 2023 broadcast booth.

Special Edition from SYNERGY 2023 broadcast booth.

Paul and Mo have a discussion around trends in the profession and possible steps we can take to address some of the challenges. 

This week Paul and Mo are joined by Nathan Nelson, Attorney and Co-Founder of Virtus Law, to discuss the beneficial ownership information (BOI) reporting rules.

Paul and Mo have a discussion around new staff expectations, flexible work environments, hybrid/remote, and more. 

This week Paul and Mo talk about client onboarding; the initial phase of internal client onboarding, the client facing advisory onboarding, and the next phase of client onboarding to ensure value recognition and measure success and progress in the relationship. 

Paul and Mo have a discussion around deadlines, both internal and external, and managing client relationship and expectations. 

Paul and Mo have a discussion around re-establishing the future ideal client persona to work with.

This week Paul and Mo are joined by Trisha Floyd, CPA, owner of Ramos & Floyd CPA's LLC. Trisha takes us through her journey of buying an accounting firm, analyzing her book of business, and implementing advisory services to drive profitability.