With more and more firms looking at how they can generate higher margins and add value for clients by providing 'advisory services,' it seemed sensible to explore what exactly 'advisory' means.
Elliott Davis is a major accounting firm based out of Greenville, South Carolina, that boasts a 750-strong team of trusted advisors. AccountingWEB's publisher, Andy North, sat down with their Practice Director for management consulting, Tom Uva, to discover what's involved in a true advisory engagement from their perspective.
We learned that while the scale of the clients and resources that Elliott Davis has at their disposal is large compared to most accounting firms, the challenges and approaches that they take to overcome them are surprisingly similar. In particular, Tom's comments about the nature of the relationship between the client and the advisor illustrate this.
If you're one of those looking to take their service in this direction, there are great lessons to be learned from the interview.
Filmed at the Right Networks studio at Scaling New Heights 2019.