Professional services trends.

• Author: King, Heather
• Position: Business Trends - Accounting, brokerage, law firms

In a turbulent world, it's good to know there is someone to turn to in times of need, someone who has earned your trust, someone you can depend on to help you with complicated issues. That is the role that many in the law, accounting, and brokerage industries find themselves in today--trusted advisor, confidant and, sometimes, lifesaver.

Accounting

Even with the big five accounting firms reeling from bad publicity, research suggests that demand for accounting services is growing. Smaller firms are seeing their client lists grow as businesses and individuals look to companies that haven't been rocked by scandal and that can offer personal service along with competitive prices.

Danny Long Jr., senior staff accountant at Bountiful-based Shaw & Co., P.C., states, "I haven't seen much effect from the so-called slowdown in the economy ... if anything, smaller firms are just as busy if not busier."

Tax planning is becoming more popular and important. Long notes that average citizens are getting accountants involved earlier and more often in even routine transactions because many people have seen their portfolios cut in half by the market plunge and need to protect what they have. 'Our recommendation to clients is that they call us when they have issues about anything financial or that they think may have tax implications. It's good to talk to a CPA, because, in the long run, it saves money. It's always easier to look at it and see what the tax consequences are before doing something, because, after the fact, they're stuck."

On a larger scale, many organizations are taking a hard look at the bottom line. Shaw & Co. specializes in auditing work for nonprofit organizations and, Long explains, "One thing we've noticed in doing our audits is that 9/11 has had a major effect on local nonprofit organizations." Americans have been so focused on the national level, contributions at the local level are far below normal, and some organizations are being forced to tighten their budgets just to remain solvent.

The good news is that most individuals and businesses already know what to do to protect their money--diversify. Long concludes, "We tell all our clients to diversify because that's common sense now. If it's not now, it should be."

Brokerages

As people utilize the services of accountants more, they are also turning to other experts to help them build or rebuild a solid financial future. In the view of Tern Yeckley, GSA, senior vice president of...