Firms are building specialised expertise to differentiate themselves and meet evolving client needs, and insights from PrimeGlobal’s recent survey of over 700 members shed light on the most significant areas of growth for firms of the future.

Where the growth lies

Globally, 51% of firms expect advisory services to expand the most over the next five years. This is followed closely by corporate finance and M&A. Sustainability reporting is also gaining significant traction, particularly in EMEA, Asia Pacific, and Latin America, as international standards evolve.

Cybersecurity and IT consulting are becoming priorities, particularly in Asia Pacific and Latin America, as firms respond to rising digital risks. With AI adoption accelerating, data security concerns are growing, positioning firms as both advisors and assurance providers.

Meanwhile, trust, estate, and wealth management are expanding, especially in North America and larger firms, driven by an aging population and the rise of family-owned businesses. Firms are stepping in to offer strategic financial planning and succession solutions.

At the same time, outsourcing and offshoring are reshaping service delivery, with firms leveraging Client Accounting Services (CAS) and finance function outsourcing for greater efficiency. However, this shift also presents challenges in recruiting, managing and retaining offshore talent effectively.

Rethinking service delivery: the new skills and models firms need

For decades, firms centered services around tax, accounting, and audit, but the growing demand for advisory, cybersecurity, and sustainability is reshaping service delivery. This shift requires different skills, structures and strategies.

With automation handling transactional tasks, advisory services must focus on human insight, trust, and strategic guidance to deliver real value. Rather than continually expanding teams, firms are prioritizing AI-driven automation while training professionals to interpret insights, drive strategy, and provide industry-specific expertise.

Meanwhile the next generation of professionals seek flexibility, faster advancement, and earlier rewards. Firms are adapting with new approaches to compensation, career progression, and leadership development.

Different service lines require tailored business measures. Firms must ensure governance structures support agility, innovation, and risk management. As AI, automation, and cloud-based services become standard, strong governance and cybersecurity strategies are essential to maintaining trust and compliance.

Many firms are successfully leveraging AI to enhance productivity, streamline operations, and drive cost savings. Pinion, for example, is integrating machine learning for document extraction and implementing Robot Accounts to automate data entry and reconciliations, the firm has significantly improved efficiency. AI-driven expansion into new markets, including agricultural consulting and CAS practices, showcases its strategic use of technology to foster innovation and enhance service offerings.

Firms must also embed sustainable practices into their business models, aligning with ESG principles to drive long-term value through carbon footprint reduction, community impact initiatives, and responsible economic growth.

We know this is happening among our member firms, Jegard Creatis, for example, has taken a comprehensive approach to integrating sustainability into its business model, focusing on three key areas: mitigation of climate and social risks, adaptation to future challenges, and regeneration of the environment.

Evolution of business models: more choices, more change

Beyond expanding service offerings, firms are reassessing business structures to stay competitive. Rising capital demands are driving a shift toward more corporate-style decision-making, enhancing efficiency and strategic focus. Many firms are adopting alternative practice structures, including employee ownership models, which provide an alternative to external investment while fostering engagement and long-term stability.

Private equity (PE) ownership and firm consolidation remain key trends, but the next phase of PE evolution may bring further consolidation and the emergence of new networks and alliances as firms change hands. By embracing these structural shifts, firms can position themselves for sustainable growth in an evolving market.

Preparing for the next era

Firms are evolving with diverse service offerings no longer taking the same shape as in the past. While each firm’s journey is unique, a common thread is the use of technology to drive compliance, leverage data, and enhance advisory capabilities. The ones to thrive will be those embracing digital transformation and reshaping their business models.

The most successful firms will go beyond compliance, positioning themselves as strategic business partners. By leveraging AI, specialization, and deep client relationships, they will stay ahead in a rapidly changing profession.

PrimeGlobal will be supporting this evolution by fostering best practices and forums that accelerate progress. As our survey confirms, advisory, corporate finance, and sustainability will be defining growth areas, while firms strategically adapt their ownership structures and services. The practice of the future is already here and we look forward to helping firms succeed.