5th October, 2023
In this episode of Fiscal Therapy, learn how Mauro is taking a more comfortable approach to financial advice, especially among new business owners.
In the world of finance and accounting, the traditional approach has often been one of formality, rigidity, and a sense of intimidation.
Clients would walk into a boardroom, faced with accountants in suits, and feel overwhelmed by the corporate atmosphere.
However, there is a growing need for a more comfortable and casual approach to financial advice, especially among younger demographics and new business owners.
This is where “comfortable conversations” come into play.
Julian Mauro, the director of Mauro, recognised this need and set out to create a practice that offers expert financial advice in a supportive and non-judgmental environment.
Through comfortable conversations, clients can seek guidance without feeling overwhelmed or intimidated.
This approach aims to make professional financial advice accessible to everyone.
One of the key aspects of Mauro’s approach is their emphasis on education.
They recognise that many people find accounting and finances daunting and scary, leading them to bury their heads in the sand and avoid dealing with it.
However, Mauro understands that this approach is not sustainable in the long run.
By providing educational resources and engaging in conversations with their clients, they aim to demystify accounting and finances, making it more accessible and less intimidating.
The educational piece is not only beneficial for the clients but also for Mauro as a practice.
When clients are more aware of what they are doing in their businesses and understand their taxes, it makes conversations with Mauro easier and more productive.
By building a foundation of knowledge and understanding, the trust between Mauro and their clients is strengthened, leading to long-term relationships.
Additionally, Mauro recognises the importance of delivering advice in a way that is easily understandable and relatable.
They acknowledge that accountants can sometimes use complex language to justify higher fees, taking advantage of the fear and intimidation associated with the field.
However, Mauro takes a different approach. They aim to give people the education they need to understand what Mauro is doing and why, ultimately building trust and fostering long-term client relationships.
Accountants have traditionally been perceived as introverted individuals who excel in technical skills but lack people skills.
However, Julian challenges this stereotype. He believes that while technical skills are important, having a personable approach is equally valuable in the accounting profession.
Julian emphasises the significance of building relationships with clients and effectively communicating complex financial concepts.
He believes that accountants need to be able to break down information and have meaningful conversations with their clients.
This requires a level of personability and interpersonal skills that go beyond technical expertise. Julian values the ability to connect with clients and establish a rapport, as it ultimately contributes to a positive client experience.
In Julian’s hiring process, he seeks individuals who possess both technical accounting knowledge and strong people skills.
He acknowledges that while accounting knowledge can be taught, the ability to build relationships is also a crucial aspect.
Julian has found success in recruiting individuals who share his mission and vision for the firm, as they are more likely to provide a positive client experience.
Julian attributes much of Mauro’s success to their consistent approach in dealing with clients.
He emphasises the importance of upholding the values and beliefs of the firm while consistently delivering on promises.
By focusing on building strong client relationships, Mauro has been able to retain and grow their client base.
While technical expertise is undoubtedly crucial, the ability to communicate effectively and establish strong relationships with clients is equally important.
Accountants must be able to clearly and concisely explain complex financial concepts to their clients.
By doing so, they can ensure that their clients fully understand their financial situation and make informed decisions.
Mauro understands this crucial aspect of the profession and prioritises effective communication in its interactions with clients.
Additionally, Mauro believes that a successful accountant-client relationship is built on trust, understanding, and empathy.
By taking the time to understand their clients’ individual needs and goals, Mauro can provide personalised financial advice and solutions.
This approach not only helps clients achieve financial objectives but also fosters a long-term partnership based on mutual trust.
Furthermore, Mauro recognises the power of social media platforms in educating and engaging with clients.
By using social media, Mauro can disseminate financial information in an accessible and digestible manner. This helps to establish Mauro as a thought leader in the industry.
This way, Mauro can actively engage with clients, address their concerns, and provide valuable insights.