Episode #579 - Leading a Modern Advisory Firm: Interview with Matt Armanino

Ron and Ed welcome Matt Armanino, CEO of Armanino Advisory, for a conversation about what it really takes to lead a modern professional services firm in an era of relentless change. Under Matt’s leadership, Armanino has pushed beyond the traditional boundaries of accounting — building advisory depth, embracing technology, and reimagining how firms create value for the businesses they serve.

In this episode, Matt shares his perspective on scaling culture, navigating growth without losing identity, and balancing innovation with institutional stability. They explore what leadership looks like when your firm is no longer “just” an accounting practice but a multidimensional advisory organization — and what it means to build something designed to endure.

As a Soul of Enterprise guest, Matt embodies the show’s core inquiry: how do we elevate the profession from compliance to contribution? This conversation goes beyond tactics to mindset — and what the next generation of firm leadership must understand if it hopes to thrive.

SHOW NOTES

Segment one

  • When thinking about advisory services, Matt had a great quote at the beginning of the show: “Most of us want to be a professional service. To serve other people.”

  • “Everyone one of our clients has a dream, something they want to accomplish.” —Andy Armanino, founder of Armanino

  • On private equity in the industry, “The trend to a more modern capital structure allows firms to make much bigger bets towards the future. Towards transformation.” —Matt Armanino

  • “Firms that are positioning themselves to be winners are the ones that are most agile right now, and are questioning things. I think that’s where Armanino sits.” —Matt Armanino

Segment two

  • Did PE cause Armanino to be inwardly focused? No. “Our entire strategy for where we’re investing is centered on the client. On the needs of the client.” —Matt Armanino

  • “The type of core middle market companies that we serve, that see us as a key relationship partner, actually value investments in technology.” —Matt Armanino

  • KPMG demanded a discount from its auditor for AI cost savings https://www.afr.com/companies/professional-services/kpmg-demanded-a-discount-from-its-auditor-for-ai-cost-savings-20260210-p5o117 

  • “If our clients perceive that we are the best firm to work with, because we are the only firm and they can’t get it from anyone else, then guess what? There’s a lot less focus on price. It’s a focus on value.” —Matt Armanino

Segment three

  • How does the shift to value pricing manifest itself at Armanino? “Making a shift to a pricing change? That is very simple. Sitting down and investing on the front end in your relationship and having a value-based discussion with a client. That’s important.” —Matt Armanino

  • “If you are only monetizing the value of what you do based on increments of time then, as you reduce time, you effectively reduce your pricing and impact.” —Matt Armanino 

  • As an example, Matt cited managed services and had this to say: “That’s an example of where you see the core external trends in the marketplace becoming a virtuous element of a recurring service model.” —Matt Armanino

  • “At the core of who we are—the core purpose of our firm—is the desire to be the most innovative and entrepreneurial firm. […] That is why our business was founded.” —Matt Armanino

  • Built to Last : Successful Habits of Visionary Companies by James C. Collins and Jerry I. Porras https://www.amazon.com/Built-Last-Successful-Visionary-Essentials/dp/0060516402 

Segment four

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits.