Prospecting for Niches
Electronic Accountant (01/18/01) Vol. 95, No. 12 p.23; Staples, Edward

Accounting firms are focusing on providing advisory services in particular disciplines--from process reengineering to investment advice. Practical Accountant magazine says that most firms develop expertise in a discipline and then concentrate on that. Today, firms are talking about making money unrelated to billable time, and are looking into assets under management, contingent fee revenue, and commissions. The division between accounting and the rest of financial planning is weakening, as the walls between insurance, commercial banking, and investment banking grow thin.


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