The demise of Advisory and the rise of conversations

The demise of Advisory and the rise of conversations
7min Read

Are we seeing the death of advisory – and the associated role of the accountant as strategic business advisor? No but we are seeing a change in what advisory is and how it is delivered.

The accounting industry has been fixated upon advisory with a capital A for many years now. The creation and delivery of a discrete set of specific services labelled as Advisory, paid for separately from compliance and perhaps even delivered by different people in the firm. However, when we spoke to our customers about Advisory, their overwhelming response was that things had (or needed) to move on. Many are no longer speaking or thinking about advisory in this way.

Why ‘A’dvisory is dead

Advisory has become a very loaded term, with everyone in the industry talking about the topic. It’s been proclaimed as the future of accounting since we started Silverfin 10 years ago—but hardly anything has actually changed in that time.

Our Technology Trends research shows that every year for the past three years, most firms have said that in the future, the bulk of their revenue will come from advisory. But every year, the number of firms that achieve this has pretty much stayed the same. So is advisory all talk and no action? Is it just a myth? Or is it indeed, dead? Do clients really want these services?

Yes clients need advice, they just might not need ‘A’dvisory services.

Conversations are the new advisory

When we say advisory is dead, this doesn’t mean that firms should solely focus on compliance. Instead, we need to reframe how we perceive advisory, understanding that any additional non-compliance-related value that accountants provide first starts with a conversation. Conversations might not be as exciting or new as advisory once was, but conversations are the catalyst to unlocking greater value for clients and for your firm. Once we recognise this, everything else falls into place.

The Cambridge Dictionary defines a conversation as a “talk between two or more people in which thoughts, feelings, and ideas are expressed, questions are asked and answered, or news and information is exchanged”. The key aspect to remember is that conversations involve exchanging and developing ideas. So, when firms speak to their clients, they need to remember that a conversation is not a one-way street—it’s not about accountants talking and clients listening. It is also a time when news or new ideas are shared and explored.

Conversations seek to build understanding and mutual respect, to exchange benefits, insights or experience. Firms might ask their clients what their long-term goals are, while clients might ask how firms have helped similar companies grow in the past.

These questions will spark ideas, which can then spark revenue-generating (or cost-saving) opportunities. The most important element of these conversations isn’t just to pass on information or explain some numbers, but to make it a meaningful interaction.

That sounds a lot like advice or advisory to me.

So what about the issue of using advisory conversations as a new revenue stream. Think about it. If having a conversation in a meaningful way creates an opportunity to sell new services or bill for more time, then it follows that if you want more revenue, you should have more conversations. Once you develop your relationship with your clients and master the art of having valuable conversations with them, you should have them all the time. The more you talk with your clients, the more questions it will spark, the more revenue it will generate, and you’ll deliver more value to your clients.

It’s a win-win situation for client and firm.

How to become a conversation-led firm

You can’t have more conversations unless you’re continuously on top of how your clients are performing. If you want something to talk about, your clients’ numbers should be up-to-date all the time—not just once a year. You should be talking about what is happening now, not what was happening months ago or even last year. Plus if you keep your clients up-to-date all the time, not annually, you benefit from more consistent and steady work load across the year. An end to the intense pressures associated with annual submissions not only means a more healthy balance for your teams but it also makes resourcing a lot easier.

Armed with constantly up-to-date data, you’re able to look at what is happening now and also explore how lessons from the past may inform the future. This will help you have meaningful, two-way, structured conversations. That last point—structure—is crucial.

Client conversations are rarely structured. They may be structured on an individual basis, with each partner applying their own framework according to their style and personality, and sometimes that structure is passed on from the partner to the junior. However, there’s rarely a standard format for the conversation across a firm.

We’re not saying that the conversation should be scripted, stilted, controlled, or even robotic. Not at all. We’re all humans, so our conversations need to be human. But if there is a shared structure, toolkit and data created to drive these conversations with enough flexibility to make it natural, then that conversation becomes repeatable.

A common structure for these advisory conversations (with a small ‘a’) means all of your clients will have a consistent experience and know what to expect from your firm. Most importantly, it means that the success of any given conversation isn’t solely dependent on an individual’s style or personality.

Beyond ensuring conversations are repeatable and deliver a consistent experience, having a structure ensures the relevant questions are triggered. You can’t always predict what advice you will give each client in advance—but you can provide them with information that enables them to ask the right questions for their business.

Structure also helps you to efficiently train your people, providing juniors with a set framework, data and toolkit to follow. Associates shouldn’t have to go through an undefined rite of passage before they can start having these types of conversations with clients. Or worse still – have to defer the right to an advisory conversation to the partner or senior on their account, delegating their contribution in the minds of their client. And minimising your opportunities to advise.

Ensuring your conversations follow a repeatable structure, are informed by data and the collective wisdom of the firm in report form, you can iterate on your approach and continue to optimise it. Tweak something here, change something there, and see how these changes affect the final outcome.

Conversations are the key to advisory success

We should no longer be talking about advisory as this discreet (somewhat ill defined) set of services delivered by specific individuals in the firm authorised to dispense insight and knowledge. We should instead focus on having the whole team engaged in continuous structured conversations with clients informed by easy access to the data, insights and experience they need to serve the needs of their clients.

We’re incredibly excited about this idea at Silverfin, as it’s a logical extension of what we’ve been working on all along. Building powerful data stores that drive insights. Automating complex compliance work to free up time to dig into this data to unlock insights. And finally creating the analytics and reporting tools – not to mention collaboration tools – required for the delivery of advisory conversations at scale.

Book a demo with a member of our team to find out more about how Silverfin can spark valuable client conversations in your firm.

More Posts

Accounting firm software

Optimising Your Firm’s Capabilities with Accounting Firm Software 

Facing mundane manual tasks and tight deadlines, accounting firms often find their teams overwhelmed, leading to human errors and missed opportunities.  That’s where accounting firm ...
Read More

The evolving landscape of M&A in the accounting sector

Explore how private equity and M&A are reshaping the accounting sector. Learn key strategies for managing growth, preserving culture, and keeping clients at the centre ...
Read More

Artificial intelligence in accounting: market trends for 2025 and beyond 

Explore the evolving role of artificial intelligence in accounting in the UK, with our market outlook for 2025 and beyond.
Read More

Insights on the future of entrepreneurship: What the UK can learn from Europe

With over 2000 SMEs surveyed across Europe, unlock key insights that can inform UK accountants on how to better serve their clients.
Read More

The 3 Best AI Tools for Accounting  

The application of AI tools for accounting in the UK, such as Silverfin Assistant and Dext Precision, extends far beyond chatbot interfaces like ChatGPT, offering ...
Read More
silverfin

Rising corporation tax complexity: Key considerations for UK firms

Streamline compliance and boost efficiency with AI-powered tools. Explore strategies for tackling tax challenges and delivering greater value to clients.
Read More

iXBRL Tagging Tool: Ensuring Compliance and Precision in Reporting 

iXBRL, or Interactive eXtensible Business Reporting Language, ensures that financial reports are precise and compliant.  However, the process can be intricate and time-consuming.  Unless you ...
Read More

Caseware vs Silverfin: which offers better value for accounting firms

Accounting firms continually seek ways to streamline operations, improve accuracy, and add value to their client experience.  However, the challenge lies in selecting the right ...
Read More

Streamlining client management with digital solutions

Explore how client management software enhances efficiency, improves collaboration, and automates tasks for accountants.
Read More

The limitations of Excel for accounting: why it’s no longer the go-to choice for Working Papers 

Excel for accounting firms has long been a staple. Its flexibility and accessibility make it an easy-to-use and essential tool for financial management.  However, as ...
Read More
DAS AI panel discussion

Making AI Humanly Possible: A People-First Conversation on AI at DAS 2025

At this year’s Digital Accountancy Show, Silverfin had the privilege of hosting a panel that tackled one of the most important—and often overlooked—aspects of AI ...
Read More
The risk of falling behind competitors who are embracing AI

What’s really at stake? The risk of falling behind competitors who are embracing AI

In this chapter from our recent AI whitepaper ‘Beyond the hype: the real benefits of AI for your accountancy firm’, we start to unpick the ...
Read More

Let’s Chat

Scroll to Top