Member Since: 14th Jun 2021
1st Oct 2021
I closely watched this debate develop in the US as well. Realistically only about 10% of firms we making anything like a serious fist at 'advisory' (and there was a LOT of wriggle room in the definition of what that actually meant).
The majority of firms seemed to broadly accept that it was a good idea but had made little effort to do a great deal about it.
The problems seemed to be twofold.
Firstly the business model change required is not insignificant. Many firms were just getting stuck with issues around pricing, skill sets and, most commonly, confidence.
Secondly the market did not seem to be demanding it. A lot of accountants reported that their clients did not need (and would not pay for) 'advisory' services. In fact the vast majority of the pressure to introduce advisory services was coming from software vendors - not customers.