Sheri Fiske Schultz, Managing Partner, Fiske

In an interview with Invest:, Sheri Fiske Schultz, managing partner at Fiske, noted the rise in fraud and litigation that is driving the demand for forensic accounting, explained why they are focusing on technology to focus on high-value advisory services, and shared strategies that have proven successful in attracting and retaining top talent.

Reflecting on the past year, what have been the most significant milestones or achievements for Fiske?

Our most significant milestone was joining Springline Advisory in December 2024. Springline is a platform of advisory firms throughout the country, under private equity leader Trinity Hunt. We are extremely excited about the outlook this partnership brings to our team and the value it offers to our clients and prospective clients.  This association will allow us to be a “boutique with reach” – encompassing the personal service and family working atmosphere we hold dear whilst giving our team and clients access to additional services and greater resources.  With Springline’s support, we are excited to broaden our “Scale with Soul!”

Other important milestones include the addition of several team members who were onboarded throughout 2024, which expands our level of service and knowledge to our clients. While the accounting and business advisory fields have been challenged in the past several years by a talent shortage, we believe our strong family-like culture and South Florida location have been key to attracting the top professionals in our field. With year-round sunshine and mild temperatures, no state income tax, and a vibrant cultural scene, South Florida continues to attract new businesses, creating limitless opportunities.

How have you strengthened culture and client services over the past year, and what feedback have you received?

We launched an initiative called CultureWise, where we discuss, practice, and model a different firm “fundamental”  each week. These fundamentals are essential to our firm and resonate with our staff. We encourage team members to participate in weekly discussions – every internal meeting includes a 2-5 minute forum on the fundamentals of the week.  This allows our team to share ideas, opinions, thoughts, and, most importantly, to put those values into practice. For example, one of the fundamentals is “Speak Directly,” which inspires open and honest communication. Our discussions and focus on these values each week allow our team to explore the impact the fundamentals have, both professionally and personally. This habit fosters a deeper appreciation among our staff for our culture and values.

As for the hybrid working model that we implemented during COVID-19, it has now become a permanent fixture. We are extremely flexible, which our team values immensely. One of our new tax managers recently shared how much he appreciated our firm’s work-life balance. For instance, we reminded our team that Martin Luther King Jr. Day is a holiday at our firm, even though it falls during a busy tax season. He mentioned that he had never worked at a firm that prioritized work-life balance like we do. We ensure that when staff members take time off, they can fully disconnect and recharge without worrying about work. This people-centric approach is crucial to maintaining a productive team. This is also essential to client services – allowing staff the flexibility to meet with clients in the office as needed, as well as have dedicated time in their home offices when they need to focus on a specific project without in-office distractions.

What steps are you taking to build partnerships with schools and universities to attract talent?

Our firm has always had great partnerships with local schools and universities, offering students summer internships and converting interns into full-time hires.  We are also proud that during COVID-19 when other firms were not taking on summer interns, we kept our internship program intact.  

In addition to internship opportunities, our firm also loves supporting our local universities via educational programs and speaking engagements sponsored or hosted by the schools and/or their community outreach and alumni engagement relations. 

How has the demand for forensic accounting services, such as fraud investigations and litigation support, evolved in recent years?

Unfortunately, there has been a significant increase in fraudulent activity in recent years. As technology advances, so does the ability for individuals to commit and cover up fraud. Forensic accounting is critical in analyzing these false accounting records, digging deep into the numbers, and understanding the true financial picture. We have observed a substantial uptick in cases involving the misappropriation of assets and a particular increase in cases tied to Condo and Homeowner’s Associations. Not surprisingly, we also encounter similar cases in the governmental and non-profit sectors.  

Additionally, the landscape is increasingly litigious. People are more inclined to engage in litigation to address shareholder disputes, where one shareholder suspects another of misconduct, or in instances involving shareholder oppression issues.

With recessionary fears and persistent inflation over the last several years, organizations are more susceptible to fraud, which is often driven by financial pressures faced by individuals within these organizations. Notably, many organizations are proactively seeking expert advice on ways to improve internal controls and prevent fraud, or at least detect it earlier – which nearly always helps limit the amount of loss.   

With advancements in technology and data analytics, how is Fiske incorporating these tools into its forensic accounting and advisory practices?

We are leveraging artificial intelligence and advanced data analytics to analyze financial records more efficiently. Utilizing these technological tools has significantly improved our workflows, reduced errors, and allowed our professionals to focus on high-value advisory services. Technology has been transformative in our industry, enabling us to deliver better services to our clients.

Taking a broader look at the economy, how have ongoing changes in the market impacted your organization, if at all?

Inflation has significantly impacted us, primarily through increased labor costs, amidst the war for talent. In addition, many young professionals are less concerned with long-term job stability and the extended partnership path, as was common once in professional services firms.  Generations are now more interested in attaining ownership stakes earlier in their careers.  This burgeoning entrepreneurial spirit has significantly shifted the professional services industry – from traditional partnership models dominated by an aging leadership class to the introduction and now prevalence of ESOPs, private equity investment, and even publicly owned entities.   

How has the demand for your services evolved given the influx of high-net-worth individuals and businesses in South Florida?

Indeed, there is an influx of high-income individuals and new companies relocating and/or expanding operations into South Florida. These stakeholders require advisory services to optimize their taxes, increase cash flow, and support future plans. This trend has significantly increased our workload, providing revenue stability. However, it also presents challenges, including servicing a growing roster of clients with varying needs. That is why our partnership with Springline is essential – this collaboration enables us to better allocate our resources to deliver the quality of service our clients expect, whilst having a boundless “bench” to lean on as needed.

What do you see as the biggest challenges for accounting and advisory firms in the next two to three years, and what are your top priorities? 

Embracing and understanding new technology is the most significant challenge — and also the most significant opportunity. Technology enables us to serve clients better by automating basic tasks and elementary analysis and focusing on more complex, value-added work. Firms that fail to adopt these advancements risk falling behind. By leveraging these tools, we can enhance efficiency and provide greater value to our clients.

Our primary goal is to become the largest forensic valuation firm in South Florida. To achieve this, we are focused on hiring and retaining the best talent available, as well as supporting our existing staff in their quest to further their knowledge and experience base and providing them with cutting-edge training and growth opportunities. Partnering with Springline has been instrumental in providing us with additional resources and technological support. This partnership allows us to better serve our clients, enabling them to grow and, in turn, contributing to South Florida’s economic growth.