Page 3 - Family Business Institute - Re-Fire
P. 3
Future of the Professions Traditional Professional Paradigm
– The Pareto Effect?
Client Focus Discipline Focus Client Focus
AI systems will increase levels (10%) (80%) (10%)
of automation for information
processing, data analysis Diagnose Expert Implement
and the provision of “expert” Process
advice.
AI / Expert Systems
Time-based fees will reduce
by at least 75%, as traditional Agile Adviser Paradigm
activities are automated and
commoditised. Client Focus Discipline Focus Client Focus
(30%) (20%) (50%)
Lost fees will be replaced by
greater scope and volume of Diagnose
work: more and new services
to current and new clients. Diagnose Expert Implement
Diagnose Process
Successful firms will
strengthen and leverage client
relationships to provide a
broader range of “human-
oriented” services, especially
diagnostics, interpretation to
action, and implementation
assistance.
Expanded Professional/Non-Technical
(Trusted Adviser) Services
Current traditional professional services will remain core to
practice, but they’ll earn far less in fees.
Current Trusted Adviser relationships should be leveraged to
create demand for a broader range of client services.
Expanded, Trustworthy Adviser Services should be
developed to attract new clients and to help service a far
broader range of client needs.
Successful Succession + Expanded Firm Private Clients / Family Business
Partners / Principals / Directors
Re-Firees remain connected Partners / Principals / Directors
to the firm. Managers / Associates
Junior Professional Staff
Succession delivers renewal and
opportunity.
Expanded services, styles and skills Managers / Associates
improve the firm’s competitiveness,
reputation, revenues, and profits.
Higher level engagement attracts Junior Professional Staff
better clients, staff and work.
