Advisory services are often seen as the holy grail for accountants and bookkeepers – a high-value offering that strengthens client relationships and boosts revenue. But for many firms, the dream quickly turns into a nightmare. Despite good intentions, they find themselves stuck, overwhelmed, and questioning whether advisory services are worth it.
Why does this happen? David Ross, seasoned accountant and business coach, knows the answer. “Advisory gets a bad name because people jump in without planning – it’s not a light switch you can just flip on,” he explains. In this blog, we’ll unpack David’s key insights into why advisory services fail and explore actionable strategies to make them work for your firm.
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The overpromise problem
One of the biggest myths in the industry is that advisory services can be automated or simplified with the right software. Marketing messages often suggest that delivering advisory is as easy as clicking a button.
David calls this out as a dangerous fallacy:
“The software does a great job, but it pitches itself as a product the client will buy. Then the client doesn’t buy it, and you’re left with shelf-ware.”
This overpromise leads to wasted time, money, and effort. Firms invest in expensive tools without addressing the foundational work required to deliver impactful advisory services. The result? They lose interest, abandon the effort, and conclude that advisory “doesn’t work.”
Key takeaway:
Avoid the tech trap. Tools can support your advisory services, but they aren’t the solution. Start by building a strong foundation first.
The mismatch between clients and services
Another common failure point is misalignment between the advisory services a firm wants to offer and the needs of its client base.
David shares a clear example:
“I worked with a regional firm whose client base was filled with primary producers, self-managed super funds, and deceased estates. Their current clients weren’t suited for the type of advisory services they wanted to deliver.”
Before diving into advisory, firms need to ask themselves:
• Do my clients need or want these services?
• Does my team have the skills to deliver them effectively?
If the answer is no, it’s time to pivot. David advises firms to conduct a segmentation exercise to identify clients who would benefit most from advisory and adjust their services accordingly.
Key takeaway:
Understand your clients. Advisory success starts with tailoring your offerings to meet their unique needs.
The missing foundation
Many firms fail because they lack the preparation and structure required to make advisory work.
David highlights this as a critical oversight:
“You can’t just delegate advisory to someone on your team who’s never done it before. As a partner, you need to step in, design the process, and get wins on the board before scaling.”
Common issues include:
• No defined process for delivering advisory services.
• No internal champion to lead and refine the initiative.
• Unrealistic expectations about immediate results.
Key takeaway:
Start small. Focus on getting a few early wins with a select group of clients before attempting to scale your advisory services firm-wide.
The fix – Building a sustainable advisory model
So how can firms succeed in advisory services? David recommends a thoughtful, intentional approach that prioritises planning and process over shortcuts.
Step 1:
Assess your client base and team capabilities.
Understand who your ideal advisory clients are and whether your team is equipped to deliver value.
Step 2:
Start with a pilot program.
Test your advisory process with a small group of clients to refine your approach and build confidence.
Step 3:
Develop a framework.
Tools like scorecards or regular review cycles can help standardise your advisory offerings and ensure consistency. As David explains,
“Scorecards are great for qualifying clients and uncovering advisory opportunities.”
Step 4:
Use CRM tools to track progress.
Invest in a CRM to manage advisory conversations, track client needs, and ensure nothing falls through the cracks.
“The CRM is critical for consistency in your sales process,”
David notes.
Conclusion
Advisory services often fail because firms dive in without proper planning, misalign their offerings with client needs, and over-rely on software. But with the right approach, advisory can become a powerful, profitable addition to your firm.
As David Ross puts it:
“Success starts with intent, preparation, and a clear process. Focus on getting wins on the board before trying to scale.”
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