Spotlight On: Paul Thompson, Florida Managing Partner, Forvis Mazars
August 2024 — In an interview with Invest:, Paul Thompson, Florida managing partner at Forvis Mazars, highlighted the strong demand for audit, tax, and consulting services, its focus on talent acquisition and retention, and how the formation of a global network with Mazars has positioned it as the eighth largest certified public accounting firm globally.
What major achievements or highlights would you highlight for the firm over the past 12 months?
I would start by talking about the global network with Mazars. It was not a merger, but a global network formed between FORVIS and Mazars that took effect on June 1, 2024. This is significant for us as it builds on the continued momentum and growth we have experienced in North Florida, particularly in Jacksonville. We have seen tremendous growth in various areas, which is exciting. Bringing in this global brand, we are seeing many opportunities to continue growing and building on what we have achieved. Last year, the firm experienced around 9% growth, crossing into the $2 billion range, which firmly places us as the eighth largest certified public accounting firm in the United States. Our new network is the eighth largest accounting network in the world.
This is the successful outcome of our strategy. FORVIS was established on June 1, 2022, through the merger of two large U.S. firms, BKD and Dixon Hughes Goodman (DHG). This merger was part of our growth strategy, and it has been very beneficial for us in North Florida. As part of my role in overseeing Florida, we have seen tremendous growth throughout the state, attracting and hiring new talent, which has fueled our momentum. In 2023, we were up 30 to 35% in new hires across Florida, with Jacksonville being the main office and a mature hub contributing significantly to our overall growth in Florida.
What makes Northeast Florida, specifically Jacksonville, an ideal place for Forvis Mazars to operate and for businesses to migrate to?
Jacksonville has been the steadiest in Florida and serves as the foundation of our operations here. People from all over the country are moving to Florida, and while South Florida and Central Florida have already seen significant growth, people are now starting to see the value and opportunities in North Florida, including Jacksonville.
Now, Jacksonville has become a great destination for both living and working, and companies are beginning to recognize this area as a viable place for business. The Jacksonville market offers numerous opportunities for new business, and we are ready to capitalize on that. Our firm is investing in Florida, particularly in our main areas of Jacksonville, Tampa, and our recently opened office in Boca Raton.
Which of your services are experiencing the highest demand and is there a particular service trend that you are noticing?
From a service line perspective, our firm is about evenly split into audit, tax, and consulting, and this holds true in Florida as well. We are seeing strong, consistent growth in both audit and tax. The consulting side, particularly in transaction advisory and business valuation, has also seen significant growth. There are many merger and acquisition opportunities, and our consulting services have been in high demand. We have teams primarily in Tampa and South Florida who are traveling across the state to seize opportunities to serve clients. Our consulting services include buy-side and sell-side due diligence, business valuation, and CFO advisory work. The consulting and advisory services, along with mergers and acquisitions, have really taken off for us.
Aside from opportunities in audit and tax, in what other sectors or industries do you foresee growth?
Our construction and real estate practice is booming right now. We have seen significant growth, necessitating additional hires to meet demand. Our brand is becoming well-known as a leader in construction and real estate. Commercial products continue to be our largest sector, both in Jacksonville and across Florida. Other key sectors include insurance and healthcare, both of which are significant in Florida. We are pulling more resources into these areas to grow our practice. Additionally, our financial services practice, particularly asset management, is starting to take off. There is so much business investment happening in Florida, and these clients require our services. We expect significant growth in asset management, private client services, and financial services in the coming years.
How do you approach talent acquisition, retention, and workforce development given the growth you are experiencing?
Talent acquisition and retention are crucial parts of our firm’s mission. We ensure that our people have meaningful careers, are successful, and understand that they are making a difference. It is not just about doing accounting, rather it is about professional and personal development. We invest in colleges and universities in Florida, building relationships and pipelines of talent. This grassroots approach is supplemented with direct hires, bringing in experienced professionals and offering them a fresh perspective on working within our culture.
Retention is achieved through clear expectations, transparency, and constant communication. We conduct regular surveys to understand what our employees are experiencing and feeling, which informs our actions. We have a Chief Change Officer who oversees our Change Hub, allowing employees at all levels to submit ideas and be part of the firm’s growth and improvement. This approach empowers our employees and fosters a culture of inclusivity and innovation, ensuring that we remain an attractive place to work.
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What are some of your asset management strategies, especially in the context of high interest rates and other economic hardships?
What I am doing is putting clients in front of the right people. We offer a variety of services to private clients, including tax strategies and wealth advisory opportunities. We have a separate group that specializes in wealth advisory. Under private client services, we have hired wealth strategists who bring opportunities, review personal trusts, and ensure wills meet clients’ specific needs. This adds value that clients may not get directly from attorneys. We focus on detailed structuring and proactive management of portfolios.
We are preparing for potential changes due to the upcoming elections. Our firm stays ahead by analyzing various scenarios and informing our clients early. This helps clients adapt to new challenges and seize opportunities. Additionally, we are setting up a national tax desk in Washington, D.C., to stay informed about changes and better serve our clients nationwide.
What are the global or national trends you are keeping an eye on that may impact your business and the advice you give to your clients?
For me, it is about what is happening in Florida, as that is my area of oversight. The Forvis Mazars network, which reaches into more than 100 countries, will bring a lot of inbound work from across the world, and help bolster the growing international business climate here in Florida. We are already seeing foreign entities setting up offices in Jacksonville. We are prepared to offer the right expertise, especially in international tax and transfer pricing. This network allows us to bring the right resources to our clients in Florida.
This accelerates our growth and presence in the United States, which would have taken us 15-20 years to achieve otherwise. It was a perfect match, creating a global brand that benefits both Forvis and Mazars.
Looking toward the next two to three years, what are the firm’s main priorities?
Our main priorities will be talent retention, development, and growth. The accounting landscape is changing, and we are adapting, too. Our talent is our greatest asset, and we know that having talented people is the key ingredient to providing an unmatched client experience. We need to stay on top of current trends and be proactive rather than reactive. The tax world, especially, could see significant changes with a new administration. We focus on bringing in tax specialists to offer more than just tax returns, including state and local tax, research and development credits, and cost segregation studies.
We encourage our people to be bold and creative, rewarding innovative ideas through competition within the firm. Growth is also a key focus, ensuring we work with the right clients and provide opportunities for their success. We may consider acquiring other firms in Florida to enhance our skill set. We constantly look two to three years ahead to ensure we seize the right opportunities and stay ahead.
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