Considering how clients and technology fit together in terms of your practice’s future can be all-encompassing, particularly when trying to manage the day job.
But don’t forget your people when talking strategy. Automation and AI doesn’t mean you’ll need fewer staff. On the contrary, utilising technology may help your practice grow. And your people will have to work differently.
Technology, processes and services all require people for implementation. This means understanding the skills and abilities in your team. And keeping them satisfied, developed and appraised. It also means flexible working structures with robust and attractive remuneration.
Improve processes
The automation of compliance, and the potential for AI tools to ‘learn’ how your firm works and improve processes should free up your team to provide more client-focused services. And that certainly fits the advisory-led model.
The introduction of MTD could be a threat to this model – requiring firms to focus solely on data collection and ‘churn’.
However new data tools, alongside some careful consideration of workflow between clients and firm, means that MTD could accelerate the path to advisory, rather than slow it down.
Direction of travel
An interesting mix of new skills will be required. Data controllers and analysts may be needed in your practice, while people with softer skills and good communication will need to help clients understand their direction of travel.
It can be difficult to change, and even more difficult explaining that change to long-serving staff. But a positive and clear outlook on the future will find them more open-minded about evolving their work, and your practice’s offering, than you may give them credit for.
Foulger Underwood is a team of M&A and strategy consultants focused on the accounting, legal, trust and corporate service and wealth management sectors.
Speak to Julia Whistler to find out more about our broad range of talent management and strategy consulting services.
