The Building Blocks of a Successful Advisory Practice (Griffiths + Associates)

Business Opportunities
May 18, 2022 - Griffiths + Associates Ltd

This is a thought leadership article from member firm Griffith + Associates in Malta about developing an advisory practice and the new advisory services it has introduced.

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It is no secret that a firm’s advisory practice directly affects its corporate practice. How a firm advises its clients, impacts its performance along with key metrics, as well as its employee and client retention. Griffiths + Associates prides itself on its low staff turnover as well as its ability to successfully develop despite the challenges imposed by the COVID-19 pandemic. Key to this success is the firm’s advisory practice.

Leading the way

The Accounting department is led by Director Anton Magro. Having started his career in Griffiths + Associates as an Accounts Executive, Anton rose through the ranks and is now a Director & Senior Accounts Manager and one of the shareholders of the advisory company.

Joining Anton on the leadership team is Managing & Tax Director Peter Griffiths. Peter has played a pivotal role in the transformation of the company’s workflows to accommodate remote working. He introduced e-documentation, new professional software for the audit and legal departments, new digital communication systems, and a corporate website to expand the company’s online presence.

Together, Anton and Peter have helped shape the firm’s advisory practice, which focuses on expanding core services.

Tax advisory services

A key focus for the firm is its tax advisory services. Griffiths + Associates’ approach to tax advisory services is two-pronged: on the one hand, its experts are focused on gaining a clear understanding of their clients' needs in order to provide them with bespoke tax advisory solutions; on the other hand, they foster relationships with the tax authorities built on mutual respect and trust. This approach to tax advisory services has proved successful; today, Griffiths + Associates is recognized as a leading adviser for sophisticated clients with complex international portfolios.

AML (Anti-Money Laundering Services)

Another priority for Griffiths + Associates is AML services. Clients are confronted with a dizzying array of laws, regulations, and guidelines with which they must comply. The consequences of not doing so can be severe. It is in this context that Griffiths + Associates helps its clients by developing effective compliance management systems. As part of this, it offers clients a customizable digital solution that ranges from basic screening services to a dedicated high-tech platform and a full-service platform (including automatic risk assessments and an online data management system). We strive to make such services as convenient and affordable as possible for clients.

They also help clients to comply with local regulations resulting from EU Directives.  One such example is the Companies Act (Register of Beneficial Owners) Regulations. The legislation is extensive, and guidance published by the Malta Business Registry explicitly states that “individuals will need to form their own view on compliance”. This is where Griffiths + Associates steps in. It assists clients to properly interpret and comply with the legislation to avoid penalties for non-compliance, such as fines.

Online events

Griffiths + Associates’ advisory services extend beyond your typical advisory services. As a result of the pandemic, it has embraced the use of technology, and in particular virtual events and presentations, to offer clients unique and informative sessions. For example, it participated in the Virtual Boat Show 2020 and 2022, an online event that allowed visitors to fully immerse themselves in the maritime world. Attendees could create a shortlist of shipbuilders, select and purchase their dream boat and complete 360-degree yacht tours. Griffiths + Associates was the only Maltese company to participate in the event and allowed attendees to register yachts under the Maltese flag.

Ultimately, what Griffiths + Associates has found to be the driving force behind its successful advisory practice is the alignment between its advisory services and its mission:

  • People are its greatest asset;
  • Client-centric approach; and
  • Quality is key to success.

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Griffiths + Associates Ltd

The firm was officially established in 2004 and converted to a limited liability company as from 1st January 2013. Its operations commenced from offices situated in Sliema, Malta and eventually moving to bigger offices in Naxxar. Griffiths + Associates was originally created via the synergy of father and son, James and Peter Griffiths, who decided to create a vehicle which would form the basis of the successful practice growing from strength to strength over the years. James Griffiths himself had set up his sole practice in 1982, and twenty two years later the client portfolio which was created over the years formed the basis for the foundation behind Griffiths + Associates.

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