4 min read December 2023 — In an interview with Invest:, Jason Wilkinson, market leader for FORVIS, discussed the firm’s achievements during its inaugural year after merging BKD and DHG in 2022. He shed light on the firm’s commitment to the client experience, the growing demand for their services and the evolving landscape of the professional services industry.
What has been keeping the firm busy for the past year?
June 1, 2023, marked the first anniversary of our newly formed firm. This merger brought together two firms, BKD and DHG, resulting in remarkable growth. Our firm has witnessed a 13% increase in growth and substantial client development, with revenues surpassing $1.7 billion across our ten core industries and three service lines. Currently, we have over 6,000 employees operating in 72 offices, making our first year as a merged firm truly successful
What sets FORVIS apart from other players in the market?
We have a mantra: “Unmatched Client Experience.” It’s an integral part of our team culture at FORVIS. While we emphasize having fun and various aspects of our approach, the concept of delivering an unmatched client experience is something we discuss extensively.
This idea centers around our commitment to outperforming the competition when it comes to serving clients. We prioritize being present for our clients, offering consultative guidance and serving as their trusted thought partners. We help them navigate any concerns or anxieties they may have related to managing their businesses or personal affairs. I wanted to highlight this aspect because it directly ties into our impressive Net Promoter Score.
Our Net Promoter Score is more than double the industry average for professional services firms. Achieving such a remarkable score is a result of our unwavering dedication to the principles outlined in our “Unmatched Client Experience” book, which is a core part of our onboarding process for new team members. The principles behind it are straightforward, such as listening to understand and being responsive, but it’s the execution across the board that we believe sets us apart.
What services are experiencing the most demand?
In the Raleigh market, we are witnessing a significant surge in client demand across various key areas. Notably, our IT consulting and IT audit practices have experienced substantial growth in the past 18 months. These practices encompass various service lines, including SOC and HITRUST. IT risk and compliance, which encompasses IT audits, transaction diligence work, and internal control audits are also thriving. We’ve adapted to client needs by creating dedicated teams, addressing needs we didn’t previously cater to at a national level. Our transaction advisory practice is buzzing with activity, focusing on evaluating deals for mergers and acquisitions. This extends to financial and tax diligence in the local market. Additionally, our large C corporation practice has opened doors to exciting opportunities, where we’re entering niche spaces we hadn’t explored extensively before. Lastly, our succession planning services are in high demand among closely held business owners who seek guidance on their exit strategies and asset management.
How does the firm protect the data of its clients and what cybersecurity measures is it implementing?
Cybersecurity is a top priority for us, with stringent controls and monitoring in place to safeguard our IT infrastructure and maintain the utmost client confidentiality. We are committed to ensuring that neither we nor our clients are exposed to any risks resulting from mishandling customer information.
Every year, our employees are required to undergo training as part of their Continuing Professional Education. This training covers various aspects of cybersecurity, including topics such as phishing, malware and best practices for securing laptops, even in airport settings. While much of this may seem like common sense, we believe it’s crucial to provide ongoing training to keep IT security at the forefront of our team’s awareness.
What are some of the key challenges in professional services and how are you mitigating its effects?
Interestingly, in 2022, the American Institute of CPAs reported the lowest number of people taking the CPA exam in the last 17 years, with only 67,000 candidates, impacting our business. When the number of future CPAs entering the profession is lower than in 2010, it prompts us to rethink our approach to attracting talent.
We are introducing a concept we call “Next Evolution of Accounting Resourcefulness,” abbreviated as NEAR. It represents a path for individuals with a two-year associate degree or a four-year degree who haven’t pursued a master’s in accounting. They can join our team, starting with entry-level tax return or audit work and as they gain experience, they can progress, perhaps obtaining a fifth-year degree or advancing from a two-year to a four-year degree. This shift reflects the changing landscape of the accounting profession. Additionally, as we consider factors like inflation and interest rates, we have adapted our in-office approach and real estate utilization.
Regarding recruiting, we require a minimum of three days a week in the office, although many teams choose to be present five days a week. Our success in this transition lies in enhancing the employee experience. We’ve created opportunities for team bonding, whether it’s playing hoops in the break room or enjoying activities like putt-putt golf, Kan Jam and other games within the office space. These initiatives foster a sense of camaraderie, helping our team members reconnect and re-energize, particularly during a crucial recruiting phase with on-campus interviews. It’s about creating an engaging internal culture that empowers our employees to confidently represent our firm in the marketplace, especially after the prolonged dormancy during the COVID shutdown.
What is your outlook for the accounting sector and your top priorities in the near future?
From an accounting perspective, our strategy involves a dual focus. Firstly, we concentrate on our key industries, the ones where we have a deep presence in the Raleigh market. Simultaneously, we leverage our newly merged firm to identify opportunities for recruiting team members from our national practice. This approach helps us generate targeted leads and build brand awareness for our core services and industries that we may not have traditionally served in the Raleigh market.
Our short and long-term goal, which is a continuous endeavor, is to establish ourselves as the employer of choice on campus for our new hires. This extends to the broader marketplace as well, where we actively recruit employees, including those considering switching firms. In these efforts, we aim to present a distinct narrative and outline an alternative to the partnership path. It’s important to recognize that not everyone aspires to become a partner; some may prefer a long-term career as a valued team member without pursuing a partnership. This is an opportunity we’re exploring over the next two to three years, as reflected in efforts such as our “Next Evolution of Accounting Resourcefulness” (NEAR) initiative.
In the past, public accounting offered two primary career destinations: partner or transitioning to work for a client or a prospect. There was limited room for individuals to reach a certain level and excel without immediately pursuing a partnership. However, the competitive talent market has prompted us to reevaluate and reshape our approach. We’re investing in team members for the long run, rather than pressuring them to reach a specific level that might lead to their departure due to excessive demands. We recognize that every team member has their high-water mark in terms of hours worked per week and we aim to accommodate their preferences while ensuring it doesn’t impede the opportunities for the firm to serve clients or for those who want to pursue a partner or leadership role. Effective communication with our team members is key to understanding and maximizing their potential contributions while maintaining a balanced work environment for all.
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