Prime Financial partners with accounting firms to help them deliver an integrated wealth management solution and has recently embarked on an acquisition path targeting accounting firms across the country.
As part of this, Prime chief executive Simon Madder said he has undertaken extensive study of numerous firms to understand what works and what creates value in the professional services space.
Mr Madder said firms need great leaders with the ability to steer the firm to achieve a plan if they want to improve.
“You can have the best plan in the world but if you don't empower a leader or leaders to execute on that plan then it all becomes a little bit rudderless.”
“Having a designated CEO or managing partner, even if it’s part of their time and not full time, having that person empowered by a board to go about executing on that business plan becomes really, really important.”
“One of the hardest things for professional services firms, I believe, is that everyone wants to have a say in all parts of the business – absolutely they should be engaged in the direction of the business but not every little detail,” he said.
According to Mr Madder, staff engagement is essential and fantastic, but “it can also flip back the other way and drive a lot less accountability if not managed, so there has to be an appropriate corporate structure that facilitates the ultimate plan for the business.
“That is something that I see is often lacking. A lot of businesses don't have a clear business plan, clear value proposition, marketing plan, business development plan etc and they often don’t have someone empowered to go about executing that plan,” Mr Madder said.