Accounting firms always turn to efficiency to solve their growth problem.
Better workflows. More automation. More staff.Faster turnaround times. More services.
And yet, many firms still feel stuck.
Better margins are always under pressure and compliance work is gradually becoming commoditized. Existing clients are more price sensitive. And AI is changing how production work is being done.
As a result, firms are stuck with the same question:
How do we sell more?
In this conversation between Rory Henry, Director of ArrowRoot Family Offices and Maanoj Shah, Co-Founder at Finsmart Accounting, a very different question emerged.
What if firms are not under-monetizing their services?
What if they are under-monetizing their relationships?
That is the foundation of Rory’s philosophy:
Return on Relationships.
And honestly, it may become one of the most important shifts accounting firms need to make over the next decade.
Most Firms Are Already Sitting on Their Biggest Growth Opportunity
They just don’t see it yet.
During the conversation, Rory made a fascinating point. He mentioned that many accounting professionals are operating like family offices anyway. They just don’t realize it yet.
They already:
- Understand the client’s business
- Guide financial decisions
- Advise on taxes
- Interact during life transitions
- Become the most trusted financial voice in the room.
But most firms still treat that relationship transactionally.
As Rory put it:
“They are already a de facto family office.”
That one statement completely changes how you look at the accounting profession.
The best thing about family offices is that they are not built on isolated services. They are built around holistic relationships.
That is exactly the model Rory has built his business around — helping firms evolve into what he calls a “virtual family office” through:
- Tax planning
- CAS
- Wealth management
- Estate planning
- M&A advisory
- Behavioral finance
- Long-term financial guidance.
Not as disconnected offerings.
But as one integrated relationship.
And that distinction matters because clients do not experience their financial lives in silos. Only firms do.
Accounting Firms Have Spent Years Monetizing Tasks Instead of Trust
This can easily be seen as the profession’s biggest blind spots. Historically, firms built revenue around:
- Returns filed
- Books closed
- Reports delivered
- Hours billed
- Compliance completed
But clients rarely think in those categories.
Clients think in uncertainty, growth, retirement, family, succession, financial freedom, risk, and identity. That is why Rory repeatedly brought the conversation back to one critical insight:
“Numbers don’t move people.”
This thought exposes one of the biggest limitations of traditional accounting relationships. While the firms continue to focus on technical precision, they forget what interests their clients. And to understand the needs of the clients better, accounting firm owners need to focus on 3 things:
Clarity
Confidence
Guidance
Especially during major life and business transitions.
Rory described how financial professionals are invited into some of the most intimate moments of a client’s life. Like the birth of a child, divorce, inheritance, retirement, selling a business, job loss, or generational wealth transfer, for example.
When the accountants are involved in such personal affairs of their clients, they must build something far more valuable than the service engagement.
That creates trust, the kind software can’t replicate.
The Future of Advisory May Belong to Firms That Understand Humans Better Than Spreadsheets
One of the most powerful sections of the conversation was Rory’s discussion around behavioral finance.
Not financial planning.
Behavioral finance.
The psychology behind money decisions.
Because two clients can have:
- Identical balance sheets
- similar revenue
- comparable businesses…
…and still make completely different decisions.
Why?
Because money is emotional.
Past experiences matter. Fear matters. Identity matters. Family conditioning matters.
Rory explained it beautifully: “We’re really in the feeling business.”
And this statement is bound to build some discomfort in a profession built around logic and precision.
But it is true.
A client does not hire an advisor merely to optimize numbers. They hire someone to help them navigate uncertainty. And uncertainty is emotional.
That becomes even more important in a world where AI can increasingly handle technical work faster than humans.
Rory openly acknowledged this reality:
“AI is going to do a lot of the number work.”
Which means the competitive advantage of firms is rapidly shifting.
Away from:
- data processing,
- compliance execution,
- and information access.
Toward:
- interpretation,
- judgment,
- trust,
- communication,
- and human understanding.
The firms that survive this transition will not simply be the most automated. They will be the most relational.
“Return on Relationships” May Become Accounting’s Next Big Business Model
This is where Rory’s framework becomes incredibly important.
For years, firms have focused heavily on:
- return on labor,
- return on efficiency,
- return on utilization,
- return on technology investments.
But Rory reframes growth entirely.
He asks:
What is the return on the relationship itself?
Because the deeper the relationship becomes, the more naturally firms can expand into:
- financial planning,
- wealth advisory,
- succession planning,
- estate discussions,
- strategic consulting,
- and long-term life planning.
And unlike cold service expansion, these conversations emerge organically from trust.
That is a completely different type of growth.
Rory even pointed out something fascinating: many accounting firms already have stronger client relationships than wealth advisors.
They simply have not structured their firms to monetize that trust effectively. Which is why he believes accounting professionals are uniquely positioned for the future.
As he explained:
“It is the accounting professional that is invited into these many life moments.”
That insight is massive. Because technology may automate transactions. But relationships compound.
The Firms That Win the Next Decade May Stop Acting Like Vendors
And start acting like life advisors. This was probably the deepest shift hidden inside the entire conversation.
Rory repeatedly framed financial professionals not as technicians — but as coaches, guides, accountability partners.
Humans helping other humans make difficult decisions.
At one point he said:
“We’re really coaches.”
That may define the future of advisory better than any AI prediction ever could. Because clients are no longer struggling with access to information.
They are struggling with:
- decision fatigue,
- overwhelm,
- uncertainty,
- conflicting priorities,
- and emotional complexity.
The future value of firms may therefore come less from providing answers and more from helping clients think clearly.
That requires a completely different relationship dynamic.
Not vendor-client.
Partner-client.
The Profession May Be Entering Its Most Human Era Yet
Ironically, the more technology advances, the more valuable human connection becomes.
That was the underlying thread throughout Rory’s entire perspective.
AI may automate:
- Reporting
- Reconciliations
- Forecasting
- Analysis
- Planning assistance
- Administrative work
But there is still enormous value in empathy, context, judgment, coaching, accountability, and trust.
Especially when clients are making life-changing decisions.
Toward the end of the conversation, Rory said something that perfectly captures where the profession is headed:
“They’re going to want that human that has that close connection.”
And maybe that is the real opportunity for accounting firms moving forward.
Not becoming more transactional.
Becoming more relational.
Because in the future, the firms with the strongest relationships may ultimately become the firms with the strongest revenue models too.
Watch Rory’s complete conversation here: https://youtu.be/swdaViOKRdM?si=zTzQ3rq12sIUox4c
In this Article
editor
Maanoj Shah is the Co-founder & Director of Growth Strategy & Alliances at Finsmart Accounting, where he pioneered the “Accounting Seat” model—a revolutionary offshore embedded staffing solution purpose-built for Accounting and CPA firms. Widely recognized as an outsourcing and offshoring expert, Maanoj’s insights have been featured in leading accounting publications, and he regularly speaks at premier industry conferences including Scaling New Heights, Bridging the Gap, BKX, and Women Who Count.
A dynamic growth leader with over two decades of experience, Maanoj has incubated, scaled, and exited ventures across Fintech, HR, and Consulting sectors, holding various CXO roles throughout his career. His passion for scaling businesses is matched by his commitment to social impact. He is the Co-founder of Mission ICU, a national healthcare initiative that installs critical care units in underserved areas of India, and was recognized by the World Economic Forum for its last-mile impact.
Outside of work, Maanoj leads an active lifestyle as an avid tennis player and passionate golfer, blending strategy and agility on and off the court.
CONTENT DISCLAIMER
The content in this article is for general information and education purposes only and should not be construed as legal or tax advice. Finsmart Accounting does not warrant or guarantee the accuracy, completeness, adequacy, or currency of the information in the article. You should seek the advice of a competent lawyer or accountant licensed to practise in your jurisdiction for advice on your particular situation.
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