Market voices: Managing money
Craig Armstrong
Miami Office Managing Partner Hancock Askew & Co.
Over the years, I’ve found that the complexity of our clients’ finances began matriculating into the small, private business. Suddenly there were complexities, such as transfer pricing issues and multinational operations. This started to expose a need that was arising from the evolution of the small business. The CPA profession used to be a typical pyramid structure. You would hear the term “leveraging down the work” to lower-rate employees all the time. Today, technology and artificial intelligence are doing a lot of the lower-rate work. It is important to attract and retain high-rate talent and quality professionals, because clients are looking for critical thinkers that can communicate clearly and succinctly.
There is going to be more consolidation. Companies that can keep cash on their balance sheets or invest in businesses that can help generate future growth will be able to withstand this time of uncertainty, and come out of it ahead. This year alone, Fiduciary Trust International acquired two wealth managers, Pennsylvania Trust Company and Athena Capital Advisors. In times like this, weighing the value of stagnant cash versus good acquisition opportunities, and having the courage to pursue deals with strong partners, are essential.
Juan Enjamio
Managing Partner, Miami Office Hunton Andrews Kurth
Regional Managing Director Fiduciary Trust International
Our Latin American practice has been highly successful and fueled a significant portion of our growth in terms of the number of matters we handle and the quality of work we deliver. Since we founded this office over 20 years ago, we have also been leaning heavily on the litigation side. The lawyers in our office have been lead lawyers in major cases not only in Florida courts but also in federal courts across the country, including courts in New York, New Jersey, Massachusetts and Ohio, to name a few, which is a testament to the ability and reputation of the lawyers in our litigation and employment practices.
How we work and where we work has been changed forever. While working permanently 100 percent from home is unlikely, the pandemic has opened the door to added flexibility for our employees. We have realized we can operate efficiently and seamlessly continue to service our clients with people in different locations whether it be home or office. This six-month experiment has worked. We have been through deadlines with our tax group and financial statements group. Engagements are getting completed and we hold our people accountable. As an accounting firm, we expect high professional standards from our teams. Working from home did not change that expectation.
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Michael Cabanas
| Invest: Miami 2020 | PROFESSIONAL SERVICES
Barry Gould
Partner in Charge Florida Offices EisnerAmper LLP