Kevin Murphy, Partner, Forvis Mazars

April 2026 — Invest: spoke with Kevin Murphy, partner of Forvis Mazars, about how the firm is broadening its platform in Central Florida while keeping a tight focus on industry specialization and long-term client relationships. “Rather than taking a one-size-fits-all approach, we organize around industries and, where possible, the subsets within those industries,” Murphy said.

How does Forvis Mazars tailor its audit, tax, and advisory services to meet the specific needs of businesses in Central Florida?

At the core of how we operate is specialization, and we try to align our teams with what clients actually do day to day. Rather than taking a one-size-fits-all approach, we organize around industries and, where possible, the subsets within those industries. People like to work with advisers who truly speak their language, because every sector has its own terms, priorities, and pressure points.

Healthcare is a clear example. Hospitals operate very differently than nursing homes, and continuing care retirement communities are different again. We build teams that understand those distinctions so clients are not spending their time explaining the basics. The same mindset applies to financial services, insurance, and other regulated industries, where the details matter and the risks can be higher if you are not current. That industry focus really drives everything else we do.

When you look back on the past year, how would you characterize your performance in Greater Orlando, and what milestones stand out for the Orlando practice?

It has been a year of transition and momentum. Before joining Forvis Mazars, I led MSL, P.A., which was headquartered in Orlando and embedded in Florida for more than 50 years. We grew alongside many of our clients, and as they became larger and more sophisticated, their expectations of their advisers changed too.

At the same time, the accounting and advisory landscape has been changing, with consolidation, new competitors, and private equity dollars entering the market. We reached a point where we believed we needed to join forces with a firm that had significant bench strength, so we could expand what we offered without compromising quality.

Since the combination, a lot of the work has been practical and client-first, making sure the transition was seamless, communicating clearly, and ensuring relationships remained strong. Forvis Mazars was not established in Orlando previously, so another major focus has been building awareness and explaining, in concrete terms, what the expanded platform now allows us to do for businesses across Central Florida.

How has that expanded platform changed what you are able to deliver for clients?

The most immediate change is access to a wider set of specialized skill sets and services. A Florida-based firm can do excellent work, but there are limits to how many niche capabilities you can staff at scale. Now, we can support areas like M&A consulting, cost segregation studies, transfer pricing, and R&D studies, and we can do that in a way that is fully integrated for the client.

It also opens doors in industries we previously did not pursue. Banking is a good example. In our view, banking is not something you dabble in, you either have the specialization or you should not do it. Forvis Mazars has strong teams in that area, so we can now bring that expertise to the Central Florida market. The same is true for insurance and other specialized segments, where the opportunity is meaningful but the learning curve is steep.

Ultimately, the goal is to meet clients where they are and stay in step as they grow, whether that means expansion, a major transaction, new reporting requirements, or a strategic shift in the business.

From your 50-year view of the market, which sectors are growing most in Central Florida compared to 20 or 30 years ago?

Hospitality remains a juggernaut here, and I do not see it slowing. Tourism, entertainment, and everything that supports them are still major economic drivers. Construction is also very strong, and that is fueled by population growth and business growth. Residential construction can wobble when interest rates rise, but underlying demand is significant, and housing availability influences the broader economy.

Healthcare continues to grow as well, in part because Florida attracts retirees from across the country and around the world. That sector is also tied to governement funding, so performance can swing based on federal and state budgets and priorities, but the need is clearly here.

Aerospace and defense is another sector that is quietly strong in Central Florida, especially when you consider what is happening on the coast and how much that feeds into that ecosystem. The University of Central Florida plays a real role, particularly through engineering talent and programs that support those industries. When you put those pieces together, you get a market that is steady and diversified.

How are regulatory and accounting complexities affecting local businesses?

At a high level, it is the sheer volume of regulatory compliance requirements.  Keeping up with changing rules can be overwhelming, whether those requirements are industry-specific or tied to federal, state, and local reporting. If you are focused on running your business, you cannot reasonably stay on top of every change without bringing in experts.

Our role includes helping clients stay compliant, reduce risk, and build processes that do not become a constant drain on their time and attention. With regards to regulatory and reporting complexities, our goal is to ease that burden so our clients can focus their energies on their clients.

Beyond regulation, what other complexities are rising to the top for your clients?

Technology is one of the biggest, both for clients and for professional services firms. IT needs keep evolving, and staying current requires investment in systems, training, and people. That includes cybersecurity, data management, and the tools businesses use to make decisions.

AI is also part of that conversation. It is still early, and the impact varies by industry, but it is coming quickly. AI can manipulate large volumes of data and produce work products in seconds that would otherwise take far longer. That is valuable, but it also introduces a new kind of risk if people treat AI output as automatically correct.

In our own testing, it can generate something that looks polished and complete, but when you slow down and evaluate it, you can see where context is missing, where assumptions are unclear, and where bias or fuzzy sourcing can creep in. We also have to be thoughtful about where information comes from and who controls digital content, because that affects what AI learns from and what it reproduces. The right approach is to treat it as a tool that can improve efficiency, while keeping professional judgment and skepticism in the driver’s seat.

How do you help companies that are preparing for mergers, acquisitions, or liquidity events?

We bring in teams that are built specifically for that kind of work. If a client is considering a transaction, we connect the decision makers with specialists in M&A, valuation, tax strategy, and advisory services. Our role is not to make decisions for them, but to help them see the landscape clearly, understand the trade-offs, and avoid surprises.

That includes walking through tax consequences, succession planning and estate planning considerations, financing implications, and any specialized issues that emerge. If a company has operations abroad, we can coordinate with international teams, including in-market professionals, to help address local tax rules and cross-border planning.

If there is a liquidity event, we can also connect clients with wealth advisers who focus on wealth strategy, estate planning, and long-term planning for what comes next. The goal is to support the business and the people behind it, not just the transaction.

Is there any trend you think leaders in Orlando should be watching more closely?

Private equity is one of the biggest forces reshaping markets right now, including the professional services world. It is affecting businesses across industries, and it is now affecting public accounting firms as well. That is relatively new, and it has snowballed quickly.

It changes who owns firms, how decisions get made, and what the long-term strategy looks like, and it is becoming a major influence on the industry overall. It is an important development for business leaders to understand as they think about their competition, staffing, partners and succession planning.

Want more? Read the Invest: Greater Orlando report.