Jamie Woell, Office Managing Partner, RSM
In an interview with Invest:, Jamie Woell, managing partner at RSM, outlined a year of record growth across all sectors. RSM’s specialization in the middle market sets them apart, offering tailored services and unique insights into industry needs and growth opportunities.
What are the main highlights for RSM over the past year?
We’ve continued to find success locally, nationally, and globally. As we approach our fiscal year end on April 30th, we’re concluding a record year with significant growth across all our sectors. It’s a success that mirrors the trends in both the local and national markets.
What are some unique aspects of doing business in Minneapolis?
Minneapolis is a leader in several sectors, notably medical technology. It’s home to Medtronic, which pioneered this industry, fostering a robust ecosystem of medical technology organizations here. The financial services and retail sectors are also significant. Moreover, the strong investment from venture capital and private equity groups speaks to the potential and opportunities available in the Twin Cities.
Minneapolis has a great business climate, which continues to evolve. The downtown area is gaining more energy. We’ve seen an increase in activity over the last nine months. Businesses are adapting to a hybrid model, balancing remote work with in-person collaboration. This equilibrium allows for both flexibility and focused teamwork.
What sets RSM apart in such a competitive market?
In the Twin Cities, the competitive nature of the professional services market pushes us to excel. What distinguishes us at RSM is our focus on the middle market. This specialization enables us to offer tailored services and insights that our clients value. Additionally, we provide a unique talent experience, allowing our team to engage with dynamic companies and deliver valuable industry insights and growth opportunities.
Where have you seen the most demand for your services in the region?
There’s been growth across all our service areas, but technology consulting stands out. Firms are investing more in technology, particularly in artificial intelligence, aiming for thoughtful implementation and maximum return on investment. They recognize the importance of these investments and are approaching them in a strategic and informed way.
How have economic challenges impacted RSM?
In professional services, attracting talent is a major challenge. We aim to be the firm that recent graduates choose over others, recognizing that we face stiff competition. We’re mindful of the economic realities our younger talent faces, like rising living costs, and we strive to support their professional ambitions and ensure a meaningful standard of living.
How do you see the role of continuous education evolving in the accounting profession?
Continuous education remains a critical focus in our industry. The requirements for becoming a CPA, such as the years of college needed, are continuously evaluated. We provide ongoing formal education and practical on-the-job experiences, which are vital for our staff to deliver innovative solutions and excel in their roles.
How is RSM tackling the cybersecurity risk landscape and leveraging technology?
Cyber risk is at the forefront of every client’s mind these days, primarily because it’s a constant threat. Our clients are frequently dealing with bad actors, which poses a tremendous risk to their organizations. At RSM, we focus on providing services that help prevent and detect these threats, ensuring that our clients’ core systems are robust and secure.
Our partnerships with our software partners are crucial. They allow us to deliver targeted and specific solutions rather than a one-size-fits-all approach. By collaborating with multiple organizations, we can bring innovative solutions to the table that cater to the diverse needs of our clients. Another significant area is the role of artificial intelligence in our profession and its broader impact on the business community. The influence of AI has been growing exponentially and managing this evolution, keeping our clients’ and employees’ best interests in mind, represents both a professional and societal challenge. Our approach is encapsulated in our audit tagline: “Human insights powered by technology.” The need for skilled professionals remains constant, but how we work and the tools we use are evolving. It’s essential for us to stay ahead, responsive, and strategic in our planning.
How do DEI efforts contribute to RSM’s success?
Diversity, equity, and inclusion are vital for high-performing organizations, which is well-documented. At RSM, we focus on creating an environment where everyone can be heard and contribute to our success. This diversity of backgrounds and experiences enhances our performance. We have formal diversity programs, but more importantly, we ensure that our people feel they belong, can achieve their career goals, and have their voices heard. This fosters a culture where everyone feels connected and integral to RSM.
What regulatory changes are impacting your clients?
Currently, there are significant tax changes underway with new tax bills moving through Congress that will impact our clients. We are focused on providing clarity amid these uncertainties. Additionally, security regulations are evolving, and we are proactive in helping our clients adhere to these changes.
What are RSM’s key priorities for the next two to three years?
Our focus is to continue our strategy centered on serving middle market clients engaged in the global economy, providing valuable services and insights. Equally important is enhancing our workplace, offering our team opportunities for career and personal growth.
