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Advisory, on the other hand, is more similar to a classic management consulting mold.

It is not nearly as consistent as Assurance work, but it is one of the fastest growing offerings within the firm.

The article is structured with bold headings and key takeaway bullet points for those only interested in a quick scan.

Feel free to bounce around if you already have a solid understanding of certain sections.

A former colleague of mine summed it up with the following catchphrase: “What we sell is the space between these two ears.” This bit of Yoda-like wisdom was followed by a slowly pointed finger to my forehead.

At its simplest form, “professional services” is an industry where firms like Ernst & Young provide clients with the right subject matter experience via resources at the right time and place and, of course, at the right price.

Reaching this point has taken an immense amount of patience, hard work, resilience, ambition, and even a little luck. To be clear, this article has not been written under the guise of any Big Four recruiters.

I must confess, however, that this outlook reflects how I feel today, which wasn’t always the case.

It may be a “bad luck” scenario for companies, but it could be a “big opportunity” for their professional advisors.This event could provide the foundation for a “business case” to create a new practice in order to address this potential need of the future.Once the business case is formally presented and a firm commits to the investment…Recruit, train, sell and bam! This exemplifies why professional services firms cannot have a flat or rigid hierarchy.The first division we’ll take a look at is “Assurance”. Assurance mainly encompasses classic audit services, including financial audits.Assurance is a very mature service offering with very well structured methodologies and reoccurring annual audit business; it holds the top spot in terms of the most annual revenue generated for the firm.

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