Keith Giddens, Managing Partner, Forvis Mazars

In an interview with Invest:, Keith Giddens, managing partner at public accounting firm Forvis Mazars, talked about the firm’s significant milestones from the past year, notably forming a two-firm network to achieve global reach while maintaining a local focus. The firm anticipates surpassing $2 billion in revenue and expanding to 7,000 team members in the United States, Giddens added.

What were some key milestones for the firm from last year? 

The biggest milestone for us certainly was the recent formation of Forvis Mazars. That is the combination of our national footprint in the United States and Mazars’ reach in more than 100 countries worldwide. We are a two-firm network operating under a single global brand and we believe that gives us the scale, capacity, and coverage to meet client needs worldwide while still focusing on our clients locally here in Charlotte. 

We are also about to eclipse $2 billion in revenue this fiscal year and grow to 7,000 team members just within the United States. All of that adds up to more visibility and market permissions in Charlotte.  

Which of your services are experiencing the highest demand? 

A lot of our demand is driven by regional forces. Charlotte is a major banking sector, and we serve many clients in that industry. We continue to see great demand for those services in Charlotte because of our expertise and being a trusted resource when it comes to regulatory changes or consolidation activity. 

Our tax practice, while always in high demand, is somewhat more muted in the midst of an election year. I anticipate people will examine each candidates’ plans, and I expect an upswing in tax planning and preparation as those candidates’ proposals come into focus. 

How are you leveraging technology to enhance client service? 

Technology remains a hot topic across our industry and overall, with AI in particular being at the forefront. Organizations and their leadership are figuring out how to use it to work smarter and faster. We have a dedicated team continuously evaluating different AI tools, leveraging our current practices, and figuring out the best ways we can use them to enhance client service. One key item for us though is to make sure we do that in a way that protects the data and information of our clients. 

Outside of AI, we have recently released two new products, the first being TaxCred PRO for Clean Energy. It allows companies to enter their clean energy initiatives and the tool will scrape through legislation and determine tax credit eligibility. The second product is LoanPricingPRO, which is geared toward commercial lenders. It helps them eliminate any guesswork and helps them be more strategic in their pricing decisions. All that to say the firm is investing heavily in technology, from AI to individualized solutions that we take to market. 

What are some challenges in the current financial landscape? 

We are not immune to the challenges, but I feel like we are coming out ahead of many of them. The first is talent acquisition. Earlier this year, we hired a record class of new interns and associates, more than 500 across the country, and 40 of those were hired locally here in Charlotte. Trying to meet this talent demand is one of the largest challenges we have because we are seeing fewer accounting students graduate from universities nationwide. I think we are winning that war for talent because we are making huge investments on campus in terms of people and dollars. At UNC Charlotte, for example, we have doubled down on the amount of time that we are spending on campus and our investment dollars. I think that helps us with attracting new talent. As far as hiring experienced talent, one of the advantages for us is our commitment to the partnership model. You are seeing more and more firms looking at other funding and ownership mechanisms that are moving away from the traditional partnership model that has historically been commonplace in the public accounting industry. At Forvis Mazars, we are still 100% funded by our partners’ capital, and that model is something we continue to believe in and provides a great career opportunity for experienced hires. 

How do you cultivate an environment that encourages innovation and forward thinking? 

We have an innovation lab called EDGE. That lab is tasked with taking on innovative ideas that are submitted by our people. They are there to turn problems into solutions or tools that we can use. They were very instrumental in creating TaxCred PRO. 

True innovation comes as a result of a mindset; it is not just one team or one process. We are constantly reaching out to industry teams to collaborate, problem-solve, and share ideas. That is baked into our culture because one of our core philosophies is to be builders, which means we need to invest in the growth of others and challenge ourselves to see possibilities rather than roadblocks. 

What are the firm’s key priorities for the next couple of years? 

Long term, it is about getting it right. Getting it right means maintaining our high standards for providing an unmatched client experience. We have a Net Promoter Score of 83. That measures customer satisfaction and how likely it is for one client to recommend you. Our score of 83 is more than double the accounting industry average, which we are very proud of. We know as we take on these bold initiatives that we have to get it right, so cementing ourselves as No. 8 public accounting network in the world is going to be very important for us in the next year.

Overall, we need to make sure we continue to retain and hire top talent around the world and make sure our solutions and deliverables are cost-friendly and effective for the markets we serve. 

In general, we have a great story and are excited for the future. We are one of the few firms that have a brand story of how we came together, and I think it is an important story that we want to be able to tell the market. When I look at other firms, I see a series of names that are long gone. We are builders, we are bold, and we are nimble to respond to the ever-evolving market. Client service, innovation, and our ability to be a desirable place to build remarkable careers are going to be what makes us successful going forward.