In an interview with Invest:, Steve Yardumian, partner-in-charge of Withum’s Boston office, shared how the firm provides strategic advice to navigate market uncertainties. He noted that there is a high demand for tax consulting services, and that the firm’s blend of world-class resources, personalized client service, and expertise distinguishes it in the market.
What have been some significant achievements for Withum in the Greater Boston region in the past 12 months?
Over the past 12 months, we have seen continued growth and the continued integration of New England-based firms that joined Withum over the last couple of years. These firms have seamlessly integrated into the Withum culture, becoming increasingly significant contributors to our growth in this region. It has been an incredibly positive development for us.
What unique offerings does Withum provide to its clients that distinguish it from its competitors?
We offer a remarkable blend of world-class resources focused on the needs of our clients, spanning numerous service lines and industries. Our expertise is both broad and deep, ensuring we can cater to diverse client needs. Complementing this is our hands-on, high-touch client service approach, which prioritizes problem-solving and personalized attention. Internally, our collaborative culture plays a pivotal role. It enables key service team members to seamlessly connect with one another to address client concerns promptly and effectively. This collaborative spirit ensures that we build the right service teams to consistently deliver exceptional service to our clients.
What services or industries are in highest demand in the Greater Boston region?
There is considerable demand for tax consulting services, spanning both local and international levels. Clients seek assistance with state and local taxation, as well as with navigating complexities in international tax matters. Additionally, outsourced bookkeeping and CFO functions through our OASyS group remains highly sought-after.
As for industries, construction, technology, life sciences, financial services, automotive dealerships, manufacturing, distribution, logistics, and real estate continue to thrive. It is encouraging to see such diverse demand across various sectors.
What key growth opportunities are you seeing in the region, and how are you leveraging them?
We always want to make sure that the marketplace recognizes us and is aware of our capabilities. While many are familiar with us, there is always room to bolster our brand visibility. We have launched several national advertising campaigns on platforms like Bloomberg and CNBC, reaching audiences both in and beyond New England. Additionally, we’ve engaged in regional marketing activities to cater to specific audience segments. Some of these are wide-reaching (highway billboards) and others are more focused (involvement in industry trade groups). It’s all about ensuring that local and broader audiences know us and are aware of our capabilities.
Are there specific cybersecurity, data compliance, or innovation strategies you are implementing amid the evolving risk landscape?
Cybersecurity consulting continues to be a hot market for us, reflecting the continued concern around digital security with the increasing adoption of cloud technology and remote/hybrid work environments.
As for technology impact, AI looms large on the horizon. While still in its early stages, its potential impact on our business cannot be overstated. Many predict it to be the most significant technological advancement in the past 50 years, surpassing milestones like mobile devices, the internet, and the PC revolution. As we further explore its implications, we are proactively preparing for its integration into both our own day-to-day operations and those of our clients.
How are you guiding your clients through market trends, such as interest rates and inflation, and has this affected your organization?
In the current marketplace, we all hear mixed messages regarding, among other things, the timing and magnitude of potential interest rate cuts, the likelihood of a recession and the ability of the Fed to control inflation over the long term. Overall, our clients continue to fare relatively well amid these conditions, but everyone is watching closely with a mix of optimism and caution. We work hard to ensure we are up to date with market trends and conditions so we can be both a resource and sounding board for our clients.
Given labor constraints and competitive hiring, how have you managed to attract and retain top talent?
We have largely adopted a hybrid workplace environment, recognizing the need for in-person training and collaboration and the flexibility our team members want in balancing their professional and personal lives. We’re fortunate that our team members understand that benefits such as a hybrid policy are also tools that allow us to provide first-rate client service.
Our efforts in fostering collaboration and flexibility have yielded positive results. By prioritizing a collaborative culture and providing opportunities for industry learning, we are able to ensure a positive experience for our team members within our organization.
Do you have any specific partnerships or collaborations established for workforce development?
We are dedicated to reaching out to colleges and even high schools to raise awareness about our industry and our firm’s opportunities. With respect to our current team members, it is essential that they stay updated not only on accounting practices but also on technological advancements and broader business innovations. Therefore, we design our Continuous Professional Education (CPE) programs to cover a wide spectrum of topics, ensuring that our team members remain well-equipped to help our clients navigate the evolving landscape of our industry.
What legislative actions, whether at the state, federal, or international level, are you monitoring?
The upcoming election casts uncertainty over a number of topics, including potential shifts in tax rates, business regulation and the overall economic climate. There is also apprehension regarding the trajectory of globalization, with concerns about potential impacts such as increased tariffs affecting importing and exporting activities. While specifics remain unclear, the outcome of the election in November holds considerable sway over the direction we may take moving forward.
What is your outlook for the next two to three years and your top priorities within this time frame?
Our focus remains steadfast on continual growth, providing ongoing opportunities for development, and nurturing a growth mindset among our team members. This is critical in meeting our commitment to assist our clients in navigating the ever-evolving landscape of challenges they encounter. Whether it is regulatory changes, market shifts, or other obstacles, we are dedicated to working with our clients to overcome whatever hurdles they face.
